ANALISIS FENOMENA UNDERPRICING SEBAGAI STRATEGI PADA PERUS-AHAAN GO PUBLIC DI INDONESIA

Patricia Diana

Abstract


Research Purposes. This study aims to enrich findings about the underpricing phenomenon and to find underpricing trends in various economic conditions that affect stock market activity in the period of the year used in this study.

Research Method. The underpricing phenomenon in this study was carried out in a reasonably long research period of 5 years from 2015 to 2019. A total of 72 companies were used as samples in the study. Data were analyzed using multiple regression analysis.

Research Result and Findings. The results found that company size as measured by the number of company assets is the most significant factor for investors in determining their investment for companies that have just listed shares on the stock exchange. An assessment of a company's assets can be the basis for measuring risk, prospects, and the ability to provide returns in the future.

Save to Mendeley


Keywords


Auditor; Ukuran Perusahaan; Underpricing; Underwriter

Full Text:

PDF

References


Ahmad, M. M., Hunjra, A. I., Qureshi, S. A., dan Hanif, M. (2021). Impact of Asymmetric Information on Capital Structure Decisions of Agriculture-Allied and Non-Financial Firms. Pakistan Journal of Social Sciences, 41(1), 1-12.

Baker, E. D., Boulton, T. J., Braga-Alves, M. V. and Morey, M. R. (2021). ESG Government Risk and International IPO Underpricing. Journal of Corporate Finance, 67. Didapat dari https://e-resources.perpusnas.go.id:2111/10.1016/j.jcorpfin.2021/101913, 21 Mei 2021, pukul 13.14 WIB.

Beisland, L. A., Mersland, R., dan Strom, O. (2018). Use of Big Four Auditors and Fund Raising: Evidence From Developing And Emerging Markets. International Journal of Emerging Markets, 13(2), 371-390.

Budianto. (2018). Pengaruh Ukuran Perusahaan, Profitabilitas, Reputasi Auditor, dan Market Activity Terhadap Internet Financial Reporting Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia. Media Riset Akuntansi dan Bisnis, 2(1), 13-27.

Connelly, B. L., Certo, S. T., Ireland, R. D., Dan Reutzel , C. R. (2011). Signaling Theory: A Review And Assessment. Journal Of Management, 37(1), 39-67.

Ghosh, Saurabh. (2005). Underpricing of Initial Public Offerings: The Indian Experience. Emerging Market Finance and Trade, 41(6), 45-57.

Gumanti, T. A., dan Alkaf, Nafisah. (2011). Underpricing Dalam Penawaran Saham Perdana dan Penawaran Saham Susulan. Jurnal Akuntansi dan Keuangan Indonesia, 8(1), 21-35.

Gunawan, Barbara, dan Halim, Mazda. (2012). Ownership Retention, Auditor’s Reputation, Company’s Profit, and The Underpricing on Value of The Firm With Managerial And Institusional Ownership As Moderating Variabel. Jurnal Analisis Bisnis Ekonomi, 10(1), 17-29.

Gupta, V., Singh, S., dan Yadav, S. S. (2020). Impact of Anchor Investors on IPO Returns During Pre-market and Aftermarket: Evidence From India. Journal of Advances in Management Research, 17(3), 351-368.

Hussainey, Khaled. (2009). The Impact of Audit Quality on Earnings Predictability. Managerial Auditing Journal, 24(4), 340-351.

Jeanne, Maria dan Eforis, Chermian. (2016). Pengaruh Reputasi Underwriter, Umur Perusahaan, dan Persentase Penawaran Saham Kepada Publik Terhadap Underpricing (Studi Pada Perusahaan Yang Go Public Pada tahun 2010 – 2014 dan Terdaftar di Bursa Efek Indonesia). Ultima Accounting, 8(1), 53-74.

Kurniawan, M. Ferry dan Septianti, Ratna. (2015). Analysis of Factors Affecting Underpricing Stock Level at Initial Public Offering (IPO) in Indonesia Stock Exchange. Jurnal Akuntansi dan Keuangan, 20(1), 129-132.

Mayasari, T., Yusuf, dan Yulianto, A. (2018). Pengaruh Return on Equity, Net Profit Margin, dan Ukuran Perusahaan Terhadap Underpricing. Jurnal Kajian Akuntansi, 2(1), 41-53.

Papaioannou, G. J. dan Karagozoglu, A. K. (2017). Underwriting Services and the New Issues Market. United Kingdom: Candice Janco.

Retnowati, Eka. (2013). Penyebab Underpricing Pada Penawaran Saham Perdana di Indonesia. Accounting Analysis Journal, 2(2), 182-190.

Rosyidah, Lailatur. (2014). Pengaruh Karakteristik Perusahaan, Reputasi Underwriter dan Reputasi Auditor Terhadap Tingkat Underpricing. Jurnal Ilmu Manajemen, 2(3), 965-978.

Safitri, Tety Anggita. (2013). Asimetri Informasi dan Underpricing. Jurnal Dinamika Manajemen, 4(1), 1-9.

Sitompul, A. Y. S. N., Purwohedi, U., dan Warokka, A. (2017). Manajemen Laba: Bagaimana Dampaknya Terhadap IPO Underpricing? Jurnal Keuangan dan Perbankan, 21(2), 228-237.

Utamaningsih, Arni. (2014). Peringkat Penjamin Emisi, Underpricing, dan Kinerja Pasar Sekunder Saham IPO Di Bursa Efek Indonesia. Jurnal Keuangan dan Perbankan, 18(2), 172-180.

Vonna, S. M., dan Nadia, Rizka. (2018). Pengaruh Eraning Per Shares (EPS), Reputasi Underwriter, dan Reputasi Auditor Terhadap Initial Return Pada Perusahaan Yang Melakukan Penawaran Umum Saham Perdana di Bursa Efek Indonesia Periode 2014 – 2016. Media Riset Akuntansi dan Bisnis, 2(2), 86-100.

Walker, Thomas. (2008). Family Control, Underwriter Prestige, and IPO Underpricing: A Cross Country Analysis. Multinational Business Review, 16(2), 1-42.

Wang, X. A., Wan, W. P., Yiu, D. W. (2019). Product diversification Strategy, Business Group Affiliation, and IPO Underpricing: A Study of Chinese Firms. Strategic Entrepreneurship Journal, 13, 179-198.




DOI: https://doi.org/10.33508/jako.v14i2.3326