THE FACTORS OF INITIAL RETURN RELATED TO IPO COMPANIES ON THE INDONESIA STOCK EXCHANGE

Glynae Widyawati, Bambang Juanda, Trias Andati

Abstract


Companies that conduct IPOs will increase company’s value with an optimal capital structure. Initial return is a profit that investors can obtain from the initial share price is lower than the opening price of the secondary shares on the first day. Underpricing conditions occurs because the initial stock price is lower than the secondary stock price on the first day. This study aimed to analyze factors that impact initial returns on companies that conduct IPOs on the Indonesia Stock Exchange, analyze the effects of financial factors (ROE, DER, and BI Rate) and non-financial factors (professional auditors and underwriters) on initial returns to companies conducting IPOs in IDX, and how the behavior of investors towards those analysis. The linear regression data processing using SPSS 16 produced result that only the BI Rate variable which affected the initial return on the seven days, 30 days, and one year after the IPO observation period. The statistical results show the best r-square value is 17.6 percent, which means that the independent variables can be used to explain the effect to the initial return on 17.6 percent.

Keywords


Financial variables; initial return behavior; investor behavior; non-financial variables; underpricing

Full Text:

PDF

References


Azhari, D.F., Rahayu, S.M., Zaharoh, Z.A. (2016). Pengaruh ROE, DER, TATO, dan PER terhadap harga saham perusahaan properti dan real estate yang go public di Bursa Efek Indonesia. Jurnal Administrasi Bisnis, 32.

Benigno, A.M. (2016). Relationships Between Interest Rate Changes and Stock Returns: International Evidence Using A Quantile-On-Quantile Approach. Universidad Complutense de Madrid, Madrid.

Emilia LS, Roy S. (2008). Faktor-Faktor yang Mempengaruhi Initial Return 1 Hari, 1 Bulan, dan Pengaruh Terhadap Return 1 Tahun Setelah IPO. Journal of Applied Finance and accounting. 1(1).

Field, L.C., Dennis, P.S., (2004). IPO Underpricing and Outside Blockholdings. SSRN Electronic Journal, 10(2) .

Graham, J.R., Harvey, C.R. (2001). The heory and practice of corporate finance: evidence from the field. Journal of Financial Economics, 60(2), 187-243.

Gumanti, T.A., Alkaf, N. (2011). Underpricing dalam Penawaran Saham Perdana dan Penawaran Saham Susulan. Jurnal Akuntansi dan Keuangan Indonesia, 8(1).

Hanafi, M., Abdul, H. (2000). Analisis Laporan Keuangan. Yogyakarta: UPP AMP YKPN.

Hartono, J. (2013). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE

Junaeni I., Rendi, A. (2013). Analisis Faktor-faktor yang mempengaruhi Tingkat Underpricing Saham pada Perusahaan yang melakukan Initial Public Offering di BEI. Jurnal Ilmiah WIDYA, 1(1).

Kewal, SS. (2012). Pengaruh Inflasi, suku Bunga, Kurs, dan Pertumbuhan PDB terhadap Indeks Harga Saham Gabungan. Jurnal Economia, 8(1), 53-64.

Li, M., Steven X.Z., Melissa, V.M. (2005). Underpricing, Share Retention, and The IPO Aftermarket Liquidity. International Journal of Managerial Finance, 1(2).

Pompian, Michael, M. (2006). Behavioral Finance and Wealth Management. New York: John Wiley & Sons, Inc.

Ratnasari, A., Gunasti, H. (2013). Analisis Pengaruh Informasi Keuangan, Non Keuangan serta Ekonomi Makro terhadap Underpricing pada Perusahaan ketika IPO. Jurnal Buletin Studi Ekonomi, 18.

Risqi, I.A., Puji, H. (2013). Analisis Faktor-faktor yang mempengaruhi Underpricing ketika Initial Public Offering (IPO) di Bursa Efek Indonesia . Diponegoro Journal of Accounting, 2(3).

Ritter, J.R.,Welch, I. (2002). A review of IPO activity, pricing and allocations. The Journal Of Finance, 57(4).

Samsul, Mohammad. (2006). Pasar Modal dan Manajemen Portopolio. Jakarta: Erlangga.

Sawir, Agnes. (2009). Analisa Kinerja Keuangan dan Perencanaan Keuangan Perusahaan. . Jakarta(ID): PT. Gramedia Pustaka Utama

Usman, Marzuki. (1990). ABC Pasar Modal Indonesia. Jakarta(ID): Ikatan Sarjana Ekonomi Indonesia.

Ritter, J.R., Welch, I. (2002). A review of IPO activity, pricing and allocations. The Journal Of Finance, 57(4).




DOI: https://doi.org/10.29244/jcs.4.2.119-135

Refbacks

  • There are currently no refbacks.




EDITORIAL OFFICE

Journal of Consumer Sciences
Department of Family and Consumer Sciences Building Level 2, IPB University
Kampus IPB Darmaga, Bogor 16680, Indonesia
Phone +62-251-8627432
e-mail: jcs.ikkipb@gmail.com/jcs@apps.ipb.ac.id
http://jurnal.ipb.ac.id/index.php/jcs


©Copyright of Journal Of Consumer Sciences (e-ISSN: 2460-8963) Supported by OJS 

Creative Commons License

Journal of Consumer Sciences is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.