IPO-Underpricing: Reputasi Underwriter dan Tingkat Pengembalian Operasi Aset
Abstract
Kondisi underpricing pada saat penawaran saham perdana (IPO) pada bursa efek Indonesia yang dipengaruhi tingkat pengembalian atas aset dan reputasi dari underwriter merupakan tujuan dari dilakukannya penelitian ini. Terdapat 84 perusahaan yang digunakan sebagai sampel penelitian dari 159 perusahaan yang mengalami kondisi underpricing selama periode 2015 sampai dengan 2019 di Bursa Efek Indonesia. Dengan menggunakan regresi linear berganda dalam metode pengujian hipothesisnya, penelitian ini membuktikan bahwa reputasi underwriter dan tingkat pengembalian atas aset memberikan pengaruh negatif pada kondisi underpricing. Hasil empiris ini memperlihatkan perusahaan dengan kinerja aset yang lebih tinggi dan menggunakan underwriter yang berreputasi terbukti dapat memperkecil kondisi underpricing pada saat IPO
The condition of underpricing at the time of the initial public offering (IPO) on the Indonesian stock exchange which is influenced by the rate of return on assets and the reputation of the underwriters is the purpose of this research. There are 84 companies used as research samples from 159 companies that experienced underpricing conditions during the period 2015 to 2019 on the Indonesia Stock Exchange. By using multiple linear regression in the hypothesis testing method, this study proves that the underwriter's reputation and the rate of return on assets have a negative effect on the underpricing condition. This empirical result shows that companies with higher asset performance and using reputable underwriters are proven to reduce underpricing conditions at the time of the IPO.
Keywords
Full Text:
PDF (Bahasa Indonesia)References
Afza, T., Yousaf, H., & Alam, A. 2013. Information Asymmetry, corporate governance and IPO under-pricing. Science International (Lahore), 25(4), 989-997.
Akerlof, G.A. 1970. The market for ‘Lemons’: quality uncertainty and the market mechanism. Quarterly Journal of Economics. Vol. 84 No. 3, pp. 488-500.
Beatty, R.P. and Ritter, J.R. 1986. Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics, Vol. 15 No. 1, pp. 213-232.
Chhabra, S., Kiran, R., & Sah, A. N. 2017. Information asymmetry leads to underpricing: validation through SEM for Indian IPOs, Program, 51, 116-131.
Chen, C., Shi, H. and Xu, H. 2013. Underwriter reputation, issuer ownership, and pre-IPO earnings management: evidence from China. Financial Management, Vol. 42 No. 3, pp. 647-677.
Cornanic, A., and Novak, J. 2015. Signaling by underpricing the initial public offerings of primary listings in an emerging market. Finance a Uver, 65, 307-335. doi:10.2139/ssrn.2273470
Dai, Y.Y., Pan, Y. and Chen, J. 2014. Dual sponsors’ reputation, social trust and IPO approval. Journal of Financial Research, No. 6, pp. 146-161
Djashan, I. A. 2017. Analisis Faktor-Faktor Terhadap Underpricing Saham Perdana. Jurnal Bisnis Dan Akuntansi, 19(2), 251–258.
https://doi.org/10.34208/jba.v19i2.277
Gumanti, T. A., Lestari, A. R., & Mannan, S. A. 2017. Underpricing and number of risk factors of initial public offerings in Indonesia. Business: Theory & Practice, 18, 178-185. doi:10.3846/btp.2017.019
Jensen and Meckling. 1976. Theory of the Firm. Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economic.
Jogiyanto, H. M. 2015. Teori Portofolio dan Analisis Investasi. BPFE
Leland, H. E., & Pyle, D. H. 1977. Informational asymmetries, financial structure, and financial intermediation. The Journal of Finance, 32(2), 371-387.
Loughran, T., & Ritter, J. R. 2002. Why don’t issuers get upset about leaving money on the table in IPOs? Review of Financial Studies, 15(2), 413-443.
Loughran, T., & McDonald, B. 2013. IPO First-Day Returns, Offer Price Revisions, Volatility and Form S-1 Language. Journal of Financial Economics, 109(2), 307–326.
Lowry, M., Michaely, R. and Volkova, E. 2017. Initial public offering: a synthesis of the literature and directions for future research. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2912354
McDonald, J. G., & Fisher, A. K. 1972. New issue stock price behaviour. Journal of Finance, 3(1).
Mumtaz, Muhammad Zubair, Zachary A. Smith and Ather Maqsood Ahmed. 2016. An Examination of short-run performance of IPOs using Extreme Bounds Analysis. Estudios de Economia. Vol.43-No.1 Junio 71-95.
Moshirian, F., Ng, D. & Wu, E. 2010. Model specification and IPO performance: New insights from Asia. Research in International Business and Finance, Vol. 24; 62-74.
Pennacchio L. 2014. The Causal Effect of Venture Capital Backing on the Underpricing of Italian Initial Public Offerings. Venture Capital, Vol. 16, No. 2, pp. 131-155.
Reiche, O. 2015. The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets. Anchor Academic Publishing. https://doi.org/3954897954
Rock, K. 1986. Why new issues are underpriced? Journal of Financial Economics, Vol. 15 Nos 1/2, pp. 187-212.
DOI: http://dx.doi.org/10.35137/jabk.v9i1.636
Copyright (c) 2022 Ari Purwanti, Ak., CA., CSRA.
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Editorial Office
Jurnal Akuntansi dan Bisnis Krisnadwipayana (JABK)
Universitas Krisnadwipayana
Kampus Unkris Jatiwaringin Pondok Gede Jakarta Timur 17411
Email: jurnalakuntansi.prodi@gmail.com
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.