Journal articles on the topic 'Underpricing'
To see the other types of publications on this topic, follow the link: Underpricing.
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 journal articles for your research on the topic 'Underpricing.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse journal articles on a wide variety of disciplines and organise your bibliography correctly.
1
Setyowati, Trikosiwi Koco, and Siti Aisiyah Suciningtyas. "ANALISIS TINGKAT UNDERPRICING SAHAM PADA PERUSAHAAN YANG MELAKUKAN PENAWARAN SAHAM PERDANA (IPO) DI BEI PERIODE 2012-2016 Studi Kasus Pada Perusahaan Yang Melakukan IPO di Bursa Efek Indonesia Tahun 2012-2016." Jurnal Ekonomi dan Bisnis 19, no. 1 (January 11, 2018): 89. http://dx.doi.org/10.30659/ekobis.19.1.89-98.
Full textAbstract:
The aims of this study is to find out the effect of Profitability, Leverage, against Underpricingto firms at Intial Public Offering (IPO) on Indonesia Stock Exchange 2012-2016 which ismediated by Stock Liqudity. The population in this study are 105 companies at Intial PublicOffering (IPO) that listed on Indonesia Stock Exchange 2012-2016. After selection by using thepurposive sampling method in the population, obtained the results of the census of 71 firmswere through underpricing used as samples. The secondary data collection method that usedis documentation method and indirect observation. Data analysis technique used regressionanalysis of panel data. Based on the results of research, Based on the results of the research,partially profitability has a positive effect to stock liquidity. Leverage has negative and nosignificant effect to stock liquidity. Profitability, Leverage, and Stock Liquidity have a significantnegative effect on underpricing. And simultaneously, Profitability, Leverage, and Stock Liquidityhave an effect on Underpricing.Keywords: Profitabilty, Leverage, Stock Liquidity, Underpricing
2
Hadi Cahyadi, Novellia Dwijaya,. "Faktor-Faktor yang Mempengaruhi Tingkat Underpricing: Studi Empiris Perusahaan Keluarga IPO di BEI." Jurnal Ekonomi 26, no. 11 (September 8, 2022): 337–94. http://dx.doi.org/10.24912/je.v26i11.783.
Full textAbstract:
This study aims to examine and analyze whether there is a partial or simultaneous influence between firm size, underwriter reputation, firm age, financial leverage, and capital market conditions on the level of underpricing. The population in this study is a family company that has conducted an IPO and has been listed on the Indonesia Stock Exchange for the 2016-2021 period. The method in this research is purposive sampling and the research object used is 45 samples. The results of this study are: company size, underwriter reputation, and company age have a positive and significant effect on the level of underpricing, while financial leverage and capital market conditions have no significant effect on the level of underpricing.Â
3
Zuhafni, Zuhafni. "ANALISIS FAKTOR-FAKTOR YANG BERPENGARUH TERHADAP UNDERPRICING DALAM INITIAL PUBLIC OFFERING (IPO) PADA KELOMPOK PERUSAHAAN KEUANGAN DAN NON KEUANGAN DI BURSA EFEK JAKARTA (BEJ)." Jurnal Apresiasi Ekonomi 2, no. 1 (December 19, 2018): 33–45. http://dx.doi.org/10.31846/jae.v2i1.55.
Full textAbstract:
Tujuan riset ini adalah untuk membuktikan; apakah Reputasi Penjamin Emisi mempengaruhi underpricing pada penawaran saham perdana (IPO), apakah Offer Size (gross proceeds) mempengaruhi underpricing pada penawaran saham perdana (IPO), apakah Stock Volatility mempengaruhi underpricing pada penawaran saham perdana (IPO) dan untuk menguji apakah underpricing pada kelompok perusahaan keuangan lebih kecil dibanding dengan kelompok perusahaan non keuanga. Hasil riset ini menunjukkan; reputasi penjamin emisi tidak berpengaruh terhadap underpricing, offer size menunjukan tidak berpengaruh terhadap underpricing, terdapat pengaruh positif secara signifikan antara stock volatility dengan menggunakan proksi pengukuran standar deviasi LOGHL dan underpricing pada kelompok perusahaan keuangan lebih kecil apabila dibandingkan dengan kelompok perusahaan non keuangan. Faktor-faktor yang sangat mempengaruhi underpricing pada penawaran saham perdana (IPO) di BEJ, Offer size ternyata tidak berpengaruh terhadap underpricing (tingkat pengaruh hanya 5%). Terdapat hubungan positif secara signifikan antara stock volatility dengan menggunakan proksi pengukuran standar deviasi LOGHL dan Underpricing pada kelompok perusahaan keuangan lebih kecil apabila dibandingkan dengan kelompok perusahaan non keuangan dengan menggunakan abnormal return. Kata kunci: Underpricing, IPO, Stock Volatility, Abnormal Return, Penjamin Emisi
4
Sembiring, Era Franatalia, Gina Rahmawati, and Ferby Wijaya Kusumawati. "Analisis Faktor Yang Mempengaruhi Underpricing Pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2016." Jurnal Inspirasi Bisnis dan Manajemen 2, no. 2 (December 31, 2018): 167. http://dx.doi.org/10.33603/jibm.v2i2.1721.
Full textAbstract:
Abstract. The aim of this research is to analyze the influencing factors stock underpricing in the year of 2010-2016. This research analyzes the influence Debt to Asset Ratio (DAR), Return on Equity (ROE), and the firm size to stock underpricing. This research uses purposive sampling method so, from 155 companies of the population, there are 96 companies were selected as research samples. The test consists of a classic assumption test and statistical hypothesis test namely partial test and simultan test uses multiple regressions. The results of the research show partially, variable return on equity (ROE) take effect negatively and significant to underpricing, firm size take effect positively and significant to underpricing, but variable debt to asset ratio (DAR) there is no effect to company underpricing. Simultaneously, debt to asset ratio (DAR), return on equity (ROE), and firm size jointly have a significant effect to underpricing. For further research, is expected to add to the research period and add more research variable allows affect underpricing. Keywords: DAR, IPO, ROE , Size, Underpricing Abstrak. Penelitian ini dilakukan dengan tujuan untuk menganalisis faktor-faktor yang mempengaruhi underpricing saham pada tahun 2010-2016. Penelitian ini menganalisis pengaruh Debt to Asset Ratio (DAR), Return on Equity (ROE), dan ukuran perusahaan terhadap underpricing saham. Metode pengambilan sampel dalam penelitian ini adalah purposive sampling sehingga dari 155 perusahaan yang menjadi populasi terpilih 96 perusahaan yang dijadikan sampel penelitian. Pengujian terdiri dari uji asumsi klasik dan uji hipotesis statistik yaitu uji parsial dan uji simultan menggunakan multiple regresi. Hasil penelitian menunjukkan bahwa secara parsial variabel return on equity (ROE) berpengaruh negatif dan signifikan terhadap underpricing, ukuran perusahaan (Size) berpengaruh positif dan signifikan terhadap underpricing, sedangkan variabel debt to asset ratio (DAR) tidak berpengaruh terhadap underpricing perusahaan. Secara simultan debt to asset ratio (DAR), return on equity (ROE), dan ukuran perusahaan (size) secara bersama-sama berpengaruh signifikan terhadap underpricing. Untuk penelitian selanjutnya diharapkan untuk menambah periode penelitian dan menambah varibel penelitian yang lebih memungkinkan mempengaruhi underpricing. Kata Kunci : DAR, IPO, ROE , Size, Underpricing
5
Jayanarendra, Anak Agung Gede, and Ni Luh Putu Wiagustini. "PENGARUH REPUTASI UNDERWRITER, UKURAN PERUSAHAAN, DAN RETURN ON EQUITY TERHADAP UNDERPRICING SAAT IPO DI BEI." E-Jurnal Manajemen Universitas Udayana 8, no. 8 (August 3, 2019): 4731. http://dx.doi.org/10.24843/ejmunud.2019.v08.i08.p01.
Full textAbstract:
This study aims to analyze the influence of the factors that influence underpricing on the Initial Public Offering (IPO). The sample of this study amounted to 102 companies that experienced underpricing in 2013-2017 which were listed on the Indonesia Stock Exchange, the sample was conducted based on purposive sampling technique, with the criteria of companies conducting IPOs on the IDX in the period 2013-2017 and experiencing the phenomenon of underpricing. The method of data analysis uses multiple linear regression using the SPSS 20 program. The findings of the study are that company size and return on equity have a significant negative effect on underpricing, while the underwriter's reputation does not affect underpricing. This shows that the higher the size of the company and return on equity, the lower the underpricing of the company. Unlike the reputation of the underwriter who has no influence on underpricing.
Keywords: initial public offering, underpricing, underwriter reputation, firm size, return on equity
6
Muhamad khoirul iqbal, Iqbal, and Aina Zahra Parinduri. "FAKTOR FAKTOR YANG MEMPENGARUHI UNDERPRICING PADA SAAT IPO STUDY KASUS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI 2019 -2021." Jurnal Ekonomi Trisakti 2, no. 2 (November 20, 2020): 1049–62. http://dx.doi.org/10.25105/jet.v2i2.14758.
Full textAbstract:
Penelitian ini bertujuan untuk mengetahui seberapa besar faktor – faktor yang mempengaruhi underpricing pada saat Ipo study kasus perusahaan manufacture yang terdaftar di BEI 2019-2021. Analisis yang digunakan dalam penelitian ini adalah metode purposive sampling dengan menggunakan program SPSS Versi 24.00 dengan signifikan sebesar 5% dan menggunakan model statistik regresi linear berganda, korelasi linear berganda, dan uji koefisien determinasi linear berganda dengan Ukuran perusahaan, Leverage, Return On Equity, Dan Likuiditas sebagai variabel bebas dan Underpricing sebagai variabel terikat. Hubungan antara Ukuran Perusahaan tidak berpengaruh secara parsial terhadap Underpricing. Hubungan antara Leverage berpengaruh secara parsial terhadap Underpricing. Hubungan antara Return On Equity berpengaruh secara parsial terhadap Underpricing. Hubungan antara Likuiditas tidak berpengaruh secara parsial terhadap Underpricing. Hubungan antara Ukuran perusahaan, Leverage, Return On Equity, Dan Likuiditas berpengaruh secara simultan terhadap Underpricing
7
Jain, Neeta, and C. Padmavathi. "Underpricing of Initial Public Offerings in Indian Capital Market." Vikalpa: The Journal for Decision Makers 37, no. 1 (January 2012): 83–96. http://dx.doi.org/10.1177/0256090920120107.
Full textAbstract:
This paper is an attempt to empirically explore the determinants of underpricing of Initial Public Offerings (IPOs) in the Indian Capital Market. IPOs are one of the largest sources of capital for the firms to invest in the growth opportunities. It encourages investment activities in the economy by mobilizing funds from low growth opportunities to high growth opportunities. It has been observed that IPOs are underpriced in most of the countries (Loughran, Ritter and Rydqvist 1994). Underpricing is the pricing of the issue at lesser price than the true value of the issue. The degree of underpricing varies from country to country and issue to issue in the same country. The underpriced IPO leaves money on the table which is a cost (loss of capital) for the company and the same becomes a gain for the investors in the form of positive initial returns on the underpriced shares. Though underpricing is a cost for the issuing company, the issuing company underprices the issue. There are many theoretical explanations for underpricing of IPOs. This is an empirical study which aims to find out the factors which are causing underpricing in India. The underpricing of IPOs is a serious problem for any economy. On the one hand, high underpricing tendency in the primary market discourages IPOs issued by those companies which cannot afford or do not want underpricing (leaving money on the table). On the other hand, it creates arbitrage activities in the secondary market and in the grey market. The underpricing of IPOs thus hampers the growth opportunities and creates instability in the secondary market. In India, introduction of book building mechanism of IPOs in 1998 aimed to reduce underpricing because in the book building mechanism, offer price of the issue is determined on the basis of market feedback. The present study on 227 book-built IPOs for the period of 2004 to 2009 found that the average underpricing during this period was 28 per cent while the maximum underpricing was around 242 per cent. Thus underpricing of IPOs is still an issue of concern.
8
TRẦN THỊ HẢI, LÝ, and KHA DƯƠNG. "Evidence of Underpricing of Initial Public Offerings in Vietnam." Journal of Asian Business and Economic Studies 217 (July 1, 2013): 74–91. http://dx.doi.org/10.24311/jabes/2013.217.05.
Full textAbstract:
This study was conducted to find evidence of short-term underpricing of initial public offerings (IPOs) and factors that explain the level of underpricing based on IPO samples in the period between January 2005 and July 2012 in Vietnam. The authors found certain evidence to support the underpricing, with the underpricing rate set at 38% and 49%. Having bootstrapping regression model employed, the results showed that the two factors ? the exceeding purchase ratio and the starting price of the auctions ? negatively correlated as expected with underpricing rate while impact of market conditions appeared relatively weak. Other factors such as size, listing lateness, company age, state ownership after IPOs did not correlate with the underpricing levels in Vietnam
9
Purnama, Rita Lian. "FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING SAHAM PADA PENAWARAN UMUM PERDANA DI BURSA EFEK INDONESIA TAHUN 2009 - 2013." JURNAL FAIRNESS 4, no. 1 (April 1, 2021): 61–72. http://dx.doi.org/10.33369/fairness.v4i1.15300.
Full textAbstract:
This study aimed to examine the effect of underwriter’s reputation, corporate profitability (ROA), financial leverage (DER), firm’s scale and firm’s age on the level of underpricing. This study uses 36 companies which run IPOs in Indonesia Stock Exchange in the period of 2009-2013 as its samples. Secondary datas were used and obtained from the Indonesian Stock Exchange by using multiple regression analysis testing to prove the research’s hypothesis. The results shows that the underwriter's reputation and firm’s age do not significantly affected the level of underpricing. Corporate profitability (ROA) affected the underpricing negatively, financial leverage (DER) affected on the level of underpricing positively and the scale of companies underpricing affected negatively on the level of underpricing.
10
Tan, Qile, William Dimovski, and Victor Fang. "The Underpricing of Infrastructure IPOs: Evidence from China." Review of Pacific Basin Financial Markets and Policies 18, no. 04 (December 2015): 1550025. http://dx.doi.org/10.1142/s0219091515500253.
Full textAbstract:
This study investigates the underpricing of 135 infrastructure IPOs in China from 1996 to 2012. It follows infrastructure IPO studies in Australia and India which report average underpricing returns to subscribers of 3.5% and 25.4%, respectively. The average underpricing return for Chinese infrastructure IPOs is substantially higher at 86.3%, but interestingly substantially lower than the underpricing of Chinese IPOs generally. The issue size, government ownership and the pre-IPO earnings per share are helpful in explaining the underpricing of Chinese infrastructure IPOs while the underwriter reputation does not appear to have much explanatory power. In addition, we find the underpricing of infrastructure IPOs in China is also affected by its local GDP levels.
11
Irfandi, Moch, Sri Muljaningsih, and Kiki Asmara. "Analisis Pengaruh Faktor-Faktor Terhadap Underpricing pada Penawaran Umum Saham Perdana Di Bursa Efek Indonesia." Syntax Idea 3, no. 9 (September 20, 2021): 2127. http://dx.doi.org/10.36418/syntax-idea.v3i9.1491.
Full textAbstract:
Underpricing is an IPO phenomenon in the capital markets and have been proven by researchers in many countries. This study aims to determine the effect of debt to equity ratio, earnings per share, company age, return on assets on underpricing listed on the Indonesia Stock Exchange in the 2015-2019 period. This study uses multiple linear regression analysis where debt to equity ratio, earnings per share, company age, return on assets as independent variables, and underpricing as dependent variable. This study uses a quantitative approach and the data used in this study are secondary data taken from periodic underpricing data listed on the Indonesia Stock Exchange from 2015 to 2019. The test results show that the variable debt to equity ratio, earnings per share has a positive and significant effect. on underpricing, the firm age variable has no effect on underpricing and the variable return on assets has a negative and significant effect on underpricing.
12
Chong, Terence Tai-Leung, Shuo Yuan, and Isabel Kit-Ming Yan. "An Examination of the Underpricing of H-Share IPOs in Hong Kong." Review of Pacific Basin Financial Markets and Policies 13, no. 04 (December 2010): 559–82. http://dx.doi.org/10.1142/s0219091510002074.
Full textAbstract:
The main purpose of this paper is to study the empirical determinants of the underpricing of H-share initial public offerings (IPOs) during the 1993–2003 period. A special characteristic of H-shares is that they are shares of companies incorporated in China, but are also listed abroad. Our estimates indicate that the average IPO underpricing level of H-shares was about 16.8%. We find that the conventional explanations for the worldwide IPO underpricing are not adequate in explaining the underpricing level of H-shares. Some new factors that are important in explaining the underpricing phenomenon in H-shares are identified. We show that the degree of IPO underpricing is positively associated with market conditions prior to issuance. It is also negatively related to the range of the issuing prices as well as to the growth rate of historical profits. In addition, it is found that firms cross-listed in Hong Kong and America have higher underpricing levels.
13
Tian, Lihui, and Wei Zhang. "Extreme IPO underpricing." Nankai Business Review International 5, no. 2 (May 27, 2014): 225–55. http://dx.doi.org/10.1108/nbri-02-2014-0012.
Full textAbstract:
Purpose – The purpose of this paper is to model the Chinese unique regulation changes with the supply-and-demand analytical framework and structure the relationship between initial public offerings (IPO) underpricing and institutional changes with the comparative static method. A well-functioning stock market is crucial to the transition into a market economy, but the Chinese stock market is somehow twisted with frequent government interventions, particularly the IPO market. Can the underpricing issue be mitigated in the changing institutional settings? Can the market-orientated incremental reform of regulations succeed in the Chinese stock market? Design/methodology/approach – The theoretical analysis confirms that IPO underpricing becomes relatively better with dynamic changes of relaxation of the approval and pricing systems. Collecting and examining the data of newly listed firms from 1993 to 2010, the influence of institutional changes on IPO underpricing with regressions, such as ordinary least square (OLS), bootstrap and two stage least square (2SLS) estimation methods was further empirically examined. Findings – The magnitude of the Chinese IPO underpricing during the past two decades is as high as 181.6 per cent on the average. The sizes of IPO underpricing significantly reduce with an increase in the issuing sizes and the ratios of price-earnings ratios. The dummy variables of government-approved regulations are negatively associated with IPO underpricing. The dummy variables of pricing regulations are positively related to IPO underpricing and the coefficients become smaller with newer regulations. Generally, the magnitude of the Chinese IPO underpricing decreases over time. Originality/value – This paper enriches the IPO literature by dynamically examining the effect of institutional changes on IPO underpricing in Chinese primary markets. We argue that institutional changes characterized by incremental marketization can help to alleviate extreme IPO underpricing and to promote financial development. The Chinese transition from the planning system to the market system in the IPO market will be a long and strenuous process, but it works.
14
Khaira, Nadya, and Josephine Sudiman. "Hubungan Likuiditas, Profitabilitas, Leverage Dan Earning Per Share Terhadap Underpricing pada Perusahaan Yang Melakukan Initial Public Offering (IPO) Tahun 2009-2018." Jurnal Pasar Modal dan Bisnis 1, no. 2 (December 30, 2019): 187–204. http://dx.doi.org/10.37194/jpmb.v1i2.30.
Full textAbstract:
Penelitian ini bertujuan untuk mengetahui hubungan likuiditas, profitabilitas, leverage dan earning per share terhadap underpricing pada perusahaan yang melakukan Initial Public Offering (IPO) tahun 2009-2018, menggunakan metode purposive sampling dengan total sampel 156 perusahaan. Jenis data yang digunakan yaitu data sekunder yang diperoleh dari prospektus dan laporan keuangan perusahaan. Pengujian hipotesis menggunakan korelasi spearman rank-order correlation. Hasil penelitian ini menunjukkan bahwa : (1) Likuiditas tidak mempunyai hubungan terhadap underpricing, (2) Profitabilitas mempunyai hubungan yang rendah terhadap underpricing, (3) Leverage (DER) mempunyai hubungan yang sangat rendah terhadap underpricing, (5) Earning per share (EPS) tidak mempunyai hubungan terhadap underpricing.
15
Dimovski, Bill, Christopher Ratcliffe, and Monica Keneley. "Another piece of the puzzle: REIT IPO underpricing after the financial crisis." Journal of Property Investment & Finance 35, no. 3 (April 3, 2017): 264–76. http://dx.doi.org/10.1108/jpif-07-2016-0060.
Full textAbstract:
Purpose The purpose of this paper is to investigate the underpricing of real estate investment trust (REIT) initial public offerings (IPOs) from January 2010 to June 2015, as the sector recovered from the global financial crisis. Design/methodology/approach This study analyses the first day returns of US REIT IPOs in the post financial crisis period. The study then employs regression analysis to examine the factors that influence IPO underpricing. Findings The study observes that underpricing, on average, is not significantly different to zero. Furthermore, the REIT IPOs examined display underperformance in the longer term. In contrast to the earlier data samples of Chen and Lu (2006), the authors do not find that underwriting costs are a direct substitute for the indirect cost of underpricing, instead the authors find that higher underwriting costs are associated with higher underpricing. Also in contrast to the mainstream underpricing literature, the data suggest larger capital raisings require higher underpricing. The authors also find that newly listed REITs provided significant excess dividend returns over the post-listing period. Practical implications For institutional and retail investors, the results will help to further inform investment opportunities in REIT IPOs. Originality/value This paper adds to the ongoing academic debate of the lack of underpricing in REIT IPOs relative to industrial companies. Research has shown periods of underpricing are often replaced with periods of overpricing suggesting that the pattern of behavior in REIT markets is substantially different.
16
Dimovski, Bill. "Differences in underpricing of A-REIT IPOs and Australian property company IPOs." Journal of Property Investment & Finance 34, no. 2 (March 7, 2016): 107–15. http://dx.doi.org/10.1108/jpif-06-2015-0041.
Full textAbstract:
Purpose – A variety of papers have analyzed the underpricing of REIT IPOs or property company IPOs. The purpose of this paper is to compare the two sectors and examines differences in the underpricing of the two types of IPOs. Design/methodology/approach – An OLS regression is used to identify factors influencing the underpricing of A-REIT and property company IPOs from 1994 until 2014. Findings – This study finds that A-REIT IPOs have a significantly lower underpricing on average than Australian property company IPOs. The time taken to list appears to influence the underpricing of both A-REIT IPOs and property company IPOs, in that issues that are filled more quickly have higher underpricing but with the magnitude of the impact being less for A-REITs. The sentiment toward the stock market also appears to impact on the underpricing of A-REIT and property company IPOs again with the magnitude of the impact being less for A-REITs. Practical implications – The paper provides information to new A-REIT and property company issuers, underwriters and investors. Originality/value – The study is the first to compare and examine the differences in the underpricing of both REITs and property companies in the one country over the same time period.
17
Farida, Nasyiatul. "Kondisi Pasar yang Mengalami Underpricing Saham pada Bursa Efek Indonesia." Jihbiz : jurnal ekonomi, keuangan dan perbankan syariah 2, no. 2 (July 21, 2018): 171–85. http://dx.doi.org/10.33379/jihbiz.v2i2.774.
Full textAbstract:
Tujuan penelitian ini adalah untuk memberikan pembuktian empiris mengenai faktor-faktor kondisi pasar, reputasi penjamin emisi, reputasi auditor, dan umur perusahaan terhadap underpricing saham perusahaan pada saat penawaran umum perdana dilakukan, serta untuk mengetahui faktor-faktor dominan yang mempengaruhi underpricing saham. Sampel penelitian ini adalah 16 perusahaan yang mengalami underpricing saham pada saat penawaran umum perdana saham di Bursa Efek Indonesia tahun 2014-2017. Metode sampel yang digunakan adalah metode purposive sampling. Analisis data yang digunakan dalam penelitian ini adalah metode analisis regresi linier berganda. Hasil regresi linier berganda menyimpulkan bahwa variabel dominan yang mempengaruhi underpricing adalah reputasi underwriter. Hasil penelitian ini menyimpulkan bahwa: secara simultan faktor-faktor yang meliputi kondisi pasar, reputasi underwriter, reputasi auditor, dan pengaruh umur perusahaan terhadap underpricing saham terjadi. Secara parsial, kondisi pasar berpengaruh signifikan terhadap underpricing saham yang terjadi pada perusahaan yang listing di Bursa Efek Indonesia tahun 2014-2017. Sedangkan reputasi underwriter, reputasi auditor, dan umur perusahaan tidak berpengaruh terhadap underpricing saham yang terjadi pada perusahaan yang listing di Bursa Efek Indonesia tahun 2014-2017.
18
Nurmazatillah, Ramzijah,. "PENGARUH FAKTOR FINANCIAL LEVERAGE DAN RETURN ON EQUITY (ROE) TERHADAP UNDERPRICING SAHAM PADA PERUSAHAAN YANG MELAKUKAN IPO DI BURSA EFEK INDONESIA PERIODE 2014-2017." Jurnal Ekobismen 1, no. 1 (January 21, 2021): 49–64. http://dx.doi.org/10.47647/jeko.v1i1.324.
Full textAbstract:
Underpricing telah menjadi fenomena tersendiri pada saat perusahaan melakukan IPO. Underpricing adalah suatu fenomena dimana harga penawaran di pasar perdana lebih rendah dibandingkan harga penutupan di pasar sekunder. Penelitian ini bertujuan untuk melihat pengaruh faktor financial leverage dan ROE yang mempengaruhi tingkat underpricing harga saham perusahaan IPO di Bursa Efek Indonesia (BEI) pada periode 2014-2017. Penelitian ini menggunakan variabel bebas yaitu financial leverage, dan Return on Equity (ROE). Analisis data dilakukan menggunakan metode regresi berganda dan penarikan sampel dilakukan dengan metode purposive sampling dengan jumlah sampel sebanyak 18 dari 91 perusahaan yang IPO di BEI dari tahun 2014-2017. Hasil dari penelitian ini menunjukkan bahwa secara silmutan seluruh variabel independen yaitu financial leverage, dan ROE berpengaruh secara signifikan dengan nilai 0,032 terhadap underpricing. Sedangkan secara parsial hanya variabel independen financial leverage dengan nilai signifikan 0,026 yang berpengaruh secara signifikan terhadap underpricing namun variabel independen lainnya yaitu ROE berpengaruh tapi tidak signifikan terhadap underpricing. Kata Kunci : Financial Leverage, dan Return on Equity (ROE). Initial Public Offering (IPO), Underpricing
19
Setiawan, Doddy. "Determinan Underpricing Pada Saat Penawaran Saham Perdana." Assets: Jurnal Akuntansi dan Pendidikan 7, no. 2 (October 31, 2018): 111. http://dx.doi.org/10.25273/jap.v7i2.2474.
Full textAbstract:
Penelitian ini bertujuan untuk menguji determinan <em>underpricing</em> pada saat penawaran saham perdana di Indonesia. Teknik Analisis menggunakan regresi berganda. Hasil penelitian menunjukkan bahwa ukuran perusahaan dan kualitas auditor berpengaruh negatif terhadap <em>underpricing</em>. Perusahaan kecil memiliki <em>underpricing</em> yang lebih tinggi dibandingkan perusahaan besar, sedangkan perusahaan yang diaudit oleh KAP Big-4 mempunyai <em>underpricing</em> yang lebih kecil. Variabel lainnya yaitu umur perusahaan, <em>leverage</em> dan tingkat <em>Return on Assets</em> tidak berpengaruh terhadap <em>underpricing</em>. Ketika dilakukan pemisahan subsampel antara perusahaan kecil dan perusahaan besar, ditemukan bahwa hanya variabel kualitas auditor yang berpengaruh signifikan terhadap <em>underpricing</em> pada kedua subsampel tersebut.
20
Wołoszyn, Adrian, and Dariusz Zarzecki. "The impact of the january effect on the IPO underpricing in Poland." Folia Oeconomica Stetinensia 13, no. 1 (December 1, 2013): 121–35. http://dx.doi.org/10.2478/foli-2013-0010.
Full textAbstract:
Abstract We examine the initial public offering (IPO) underpricing phenomenon in Poland using data from the Warsaw Stock Exchange (the main market). In the article we survey historical average IPO underpricing in Europe and outside Europe. We discuss the determinants of the IPO underpricing which is based on asymmetry of information, ownership and control, institutional explanations and behavioural explanations. We discuss the calendar effect and we examine the influence of the January effect on the IPO underpricing. On the Warsaw Stock Exchange in 2005-2011, the IPO underpricing was bigger for companies that debuted in January than for companies that debuted in other months. The empirical results are not statistically significant.
21
Widjaya, Kunthi, and Tina Sulistiyani. "ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI TINGKAT UNDERPRICING PADA PERUSAHAAN GO PUBLIC YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) TAHUN 2012-2014." Jurnal Fokus Manajemen Bisnis 7, no. 2 (February 13, 2020): 109. http://dx.doi.org/10.12928/fokus.v7i2.1739.
Full textAbstract:
This study aims to determine the factors that influence underpricing. The variables studied were earnings per share (EPS), debt to equity ratio (DER), underwriter reputation, auditor reputation, industry type. Which method used in this research is purposive sampling, obtained as many samples 47 companies out of a population of 77 companies. This research was conducted with using multiple linear regression analysis with a significance level of 5%.The results of the study concluded that earning per share (EPS) variable successfully demonstrated a negative influence on the current underpricing of shares Initial public offering, debt to equity ratio (DER) failed to show there is a negative influence on the level of underpricing, the reputation of the underwriter is not managed to show a positive influence on underpricing, reputation. The auditor failed to show a negative effect on underpricing, and industry type variables did not work out negative effect on underpricing.
22
Sisharini, Nanik, and Yestina Beatrix Kutu. "Analysis of Factors Affecting Underpricing Company Stock Prices at the Initial Public Offering (IPO) on the Indonesia Stock Exchange." Bismar: Business Management Research 1, no. 1 (January 21, 2022): 35–47. http://dx.doi.org/10.26905/bismar.v1i1.7338.
Full textAbstract:
This research purposes to determine an effect of ROA, ROE, DER, DAR, and CR to underpricing the company's stock price at Initial Public Offering on the IDX. The analysis uses multiple regression with the dependent variable underpricing stock prices at the time of the IPO, while the independent variables are ROA, ROE, DER, DAR and CR. The population in this study were companies that haved underpricing during the 2015-2019 period, while the sample used was 30 companies with the largest underpricing difference. The results showed that the variables ROA, ROE and CR had a significant effect on underpricing, while the variables DER and DAR had no effect on underpricing stock prices at the time of the IPO. This means that to invest more investors consider the return and company liquidity. Debt owned by the company is not a consideration for investors to invest.
23
Gunawan, Jazzlin Marvella, and Kazia Laturette. "Pengaruh Good Corporate Governance, Reputasi Underwriter Dan Roa Terhadap Underpricing Tahun 2016-2019." Equilibrium: Jurnal Ekonomi-Manajemen-Akuntansi 17, no. 1 (April 29, 2021): 27. http://dx.doi.org/10.30742/equilibrium.v17i1.1138.
Full textAbstract:
One of the phenomena that occur in Indonesia capital market is underpricing. The underpricing phenomenon occurs when IPO shares are priced lower in the primary market than the closing price on the secondary market. The high level of underpricing can be detrimental to the company because the additional capital obtained through the IPO is not optimal, while the beneficiaries are investors because they get the initial return. This study purpose was to examine the influence of the components of Good Corporate Governance which include the board of commissioners, the independent board of commissioners, the board of directors and ownership concentration, non-financial variables, namely underwriter reputation and financial variables, namely Return On Assets (ROA) on underpricing. Samples were taken using the purposive sampling method. The number of samples finally used was 123 companies from all company sectors that conducted IPOs on the Indonesia Stock Exchange in the 2016-2019 period and experienced underpricing. This study used secondary data obtained from the prospectus, annual report, e-bursa and IDX Factbook in 2016-2019. The results of the multiple linear regression test show that variables including the board of commissioners, independent board of commissioners, board of directors and ROA have a significant negative effect on underpricing which means the larger/higher these variables can minimize underpricing. While the concentration of ownership and underwriter’s reputation did not influence underpricing.
24
Yuniarti, Diana, and Akhmad Syarifudin. "Pengaruh Leverage, Profitabilitas dan Ukuran Perusahaan Terhadap Underpricing pada Saat Initial Public Offering." Jurnal Ilmiah Mahasiswa Manajemen, Bisnis dan Akuntansi (JIMMBA) 2, no. 2 (April 30, 2020): 214–27. http://dx.doi.org/10.32639/jimmba.v2i2.464.
Full textAbstract:
Tujuan dari penelitian ini adalah untuk mengetahui pengaruh leverage, profitabilitas dan ukuran perusahaan terhadap tingkat underpricing saat Initial Public Offering (IPO) pada perusahan go public pada tahun 2015-2018. Pada penelitian ini underpricing diukur dengan menggunakan initial return (IR) perusahaan yaitu harga tutup dikurangi harga IPO dibagi dengan harga IPO. Sampel pada penelitian ini terdiri dari perusahaan yang melakukan go public periode 2016-2018 yang berjumlah 88 perusahaan. Penelitian ini menggunakan metode nonprobability sampling, yaitu teknik purposive sampling. Teknik analisis yang digunakan adalah analisis regresi linier berganda dengan bantuan aplikasi SPSS 21. Hasil penelitian ini menunjukkan bahwa leverage tidak berpengaruh terhadap tingkat underpricing, profitablitas berpengaruh terhadap tingkat underpricing dan ukuran perusahaan berpengaruh terhadap tingkat underpricing.
25
Zulhawati, Zulhawati. "Pengungkapan Intellectual Capital, Reputasi Underwriter dan IPO Underpricing." Jurnal Manajemen dan Bisnis Indonesia 1, no. 2 (February 1, 2014): 313–27. http://dx.doi.org/10.31843/jmbi.v1i2.25.
Full textAbstract:
This study examines the effect of Intellectual Capital Disclosure and Underwriter Reputation to IPO Underpricing the company public on Indonesia Stock Exchange 2007-2012. The Results of research on the observation period there was 80% of companies experiencing IPO underpricing. Underpricing phenomenon is deliberately done to get the attention of the company's stock price increases in the first day listing or may occur due to information asymmetries between issuers and underwriters among and investors who have information about the issuer's prospects. Information asymmetry can be reduced by presenting financial information and non-financial information in the prospectus, one of non- financial information to be presented is intellectual capital. Information about the underwriter's reputation is also required by investors as a measure of financial information that is relevant and reliable. The results of multiple regression statistical test indicates that intellectual capital disclosure and underwriter reputation negatively affect the level of underpricing. This suggests that the higher intellectual capital disclosure can reduce IPO underpricing, as well as a good underwriter reputation can reduce IPO underpricing.
Keywords: IPO underpricing, intellectual capital disclosure, underwriter reputation, infor-mation asymmetries
26
Gunawan, Jhoni, and Tri Gunarsih. "Analisis Pengaruh Variabel Keuangan dan Non Keuangan terhadap Underpricing pada Penawaran Saham Perdana di Bursa Efek Indonesia Periode 2016-2018." Telaah Bisnis 20, no. 2 (March 7, 2021): 37. http://dx.doi.org/10.35917/tb.v20i2.179.
Full textAbstract:
Initial Public Offering (IPO) merupakan kegiatan penawaran saham perdananya kepada masyarakat luas. Fenomena yang terjadi ketika akan melakukan IPO pada umumnya adalah underpricing. Underpricing adalah kondisi yang menunjukkan bahwa harga saham di pasar primer lebih rendah dibandingkan hari pertama di pasar sekunder. Tujuan dari penelitian ini untuk mengetahui pengaruh antara variabel keuangan dan non keuangan terhadap underpricing saham. Faktor-faktor yang diteliti adalah debt to equity ratio, return on equity, reputasi underwriter, tingkat inflasi dan kurs rupiah. Populasi dalam penelitian ini adalah perusahaan yang melakukan penawaran saham perdana di BEI periode 2016-2018. Sampel yang digunakan sebanyak 99 perusahaan yang didapat melalui metode purposive sampling dan metode analisis yang digunakan adalah analisis regresi linier berganda. Hasil penelitian ini menyatakan bahwa variabel keuangan dan non keuangan secara simultan berpengaruh terhadap underpricing saham. Secara partial hasil penelitian pada variabel keuangan debt to equity ratio dan return on equity tidak berpengaruh secara signifikan terhadap underpricing. Variabel non keuangan reputasi underwriter dan kurs rupiah terbukti secara partial berpengaruh negatif signifikan terhadap underpricing saham dengan tingkat signifikansi 5%. Sedangkan variabel non keuangan inflasi tidak berpengaruh negatif signifikan terhadap underpricing.
27
Andari, Buyung, and Adhie Saryadi. "Pengaruh Return On Asset (ROA), Debt To Equity Ratio (DER), Ukuran Perusahaan, Umur Perusahaan, Jenis Industri Dan Reputasi Underwriter Terhadap Underpricing Saham Pada Perusahaan IPO Di Bursa Efek Indonesia Periode (2016-2018)." Jurnal Ilmu Administrasi Bisnis 9, no. 4 (November 30, 2020): 496–506. http://dx.doi.org/10.14710/jiab.2020.28778.
Full textAbstract:
Abstract: In fulfilment funds for operate his business company almost chose does a Go Public with issuing shares and trade it to the public known as IPO or Initial Public Offering to gain an additional funds. However oftentimes the company experience an Underpricing when they do an Initial Public Offering (IPO). Underpricing is positive difference a stock price in the first day at secondary market and the IPO price. This research aimed to analyze the influence of Return on Asset (ROA), Debt to Equity Ratio (DER), Firm Size, Company Age, Type of Industry and Underwriter Reputation on the Underpricing. The data were secondary data from company financial report that Indonesia Stock Exchange are published. Total companies that used to be sampled are 72 and used purposive sampling. This research is explanotary research. The technique used in analyse the data was linear regression analysis with a significance of 0,05 with SPSS application. The result indicated that partially ROA, Firm Size, Company Age have a significant negative effect to Underpricing, meanwhile DER, Type of Industry and Underwriter Reputation have no effect to Underpricing. In simultaneously (test-F), ROA, DER, Firm Size, Company Age, Type of Industry, and Underwriter Reputation have a significant effect on Underpricing. The company hopefully will be more concern with high rate of ROA, how much company total asset, and how old Company Age that will reduce rate Underpricing while company does IPOKeywords: Return On Asset (ROA); Debt to Equity Ratio (DER); Firm Size; Company Age; Type of Industry; Underwriter Reputation; Underricing Abstrak: Dalam pemenuhan dana untuk menjalankan usahanya perusahaan seringkali memilih untuk melakukan Go Public dengan menerbitkan saham dan menjualnya pada masyarakat umum atau disebut juga Initial Public Offering (IPO) untuk mendapatkan tambahan keuangan. Akan tetapi seringkali perusahaan mengalami Underpricing ketika melaksanakan IPO. Underpricing diartikan selaku perbandingan positif harga saham ketika hari pertama di pasar sekunder dan harga IPO. Penelitian ini dilaksanakan agar dampak Return On Asset (ROA), Debt to Equity Ratio (DER), Ukuran Perusahaan, Umur Perusahaan, Jenis Industri serta Reputasi Underwriter pada Underpricing dapat diketahui. Data penelitian ini yakni data sekunder dari Laporan Keuangan Perusahaan yang diumumkan ke publik oleh BEI. Total perusahaan selaku sampel yakni 72 perusahaan dan sampel dipilih melalui teknik purposive sampel. Tipe penelitian ini yakni explanotary research dengan teknik analisis yaitu analisis regresi linier dengan signifikansi 0,05 melalui program aplikasi SPSS. Hasil memperlihatkan bahwasanya secara parsial ROA, Ukuran Perusahaan, Umur Perusahaan memberi pengaruh negatif signifikan pada Underpricing. Lalu DER, Jenis Industri dan Reputasi Underwriter tak berpengaruh pada Underpricing. Secara simultan (Uji-F) atau bersamaan, ROA, DER, Ukuran Perusahaan, Umur Perusahaan, Jenis Industri serta Reputasi Underwriter memberi pengaruh signifikan pada Underpricing. Perusahaan diharapkan akan lebih memperhatikan tingginya tingkat ROA, besarnya total aset perusahaan dan lamanya umur perusahaan untuk mengurangi tingkat Underpricing saat perusahaan melaksanakan IPO. Kata kunci: Return On Asset (ROA); Debt to Equity Ratio (DER); Ukuran Perusahaan; Umur Perusahaan; Jenis Industri; Reputasi Underwriter; Underpricing
28
Geng, Peixuan, and Qingmei Tan. "CULTURAL VALUES, ECONOMIC GROWTH, AND INTERNATIONAL IPO UNDERPRICING: EVIDENCE FROM CHINESE COMPANIES." Journal of Business Economics and Management 22, no. 2 (February 15, 2021): 537–56. http://dx.doi.org/10.3846/jbem.2021.13914.
Full textAbstract:
Listing markets have different cultural backgrounds and experience different economic development. This study examines the impact of cultural values and the moderating effect of economic growth on IPO underpricing issued by Chinese companies in different stock markets. Using a sample of 2429 IPOs issuing in four different stock markets for the 2000–2018 period, the results suggest that in markets with higher power distance or longer-term orientation, IPOs experience higher underpricing; in markets with higher uncertainty avoidance scores, masculinity, individualism, or indulgence, IPOs experience lower underpricing. The greater the multidimensional cultural distance is to the Chinese A-share market, the less underpricing IPOs experience. Economic growth has a significant moderating effect, thereby intensifying or restraining the relationship between culture and IPO underpricing. The additional analysis considering cross-listing companies, and the robustness tests considering alternative measures of culture further support the above conclusions. This study highlights the cultural and economic factors motivating IPO underpricing, can help managers select listing markets from cultural and economic perspective.
29
Faisal, Muhammad, and Gerianta Wirawan Yasa. "The Influence of Intellectual Capital Disclosure, Economic Value Added Analysis, and Inclusion of Warrants on the Level of Underpricing in Shares." E-Jurnal Akuntansi 28, no. 3 (September 12, 2019): 1682. http://dx.doi.org/10.24843/eja.2019.v28.i03.p04.
Full textAbstract:
The underpricing phenomenon often occurs when a company conducts an initial public offering or commonly known as IPO (Initial Public Offering). This condition causes stakeholders receive not enough information for assessing the company value. This study aims to analyze the effect of intellectual capital disclosure, economic value added, and inclusion of warrants on the level of underpricing of shares. This research was conducted in all companies that conducted IPOs on the Indonesia Stock Exchange (IDX) in the period 2012-2014. The number of samples taken was 60 companies, with a purposive sampling technique. The data analysis technique used is multiple linear regression. The results of testing the partial test hypotheses found that intellectual capital disclosure variables negatively affect the level of underpricing, while the variables of warrants participation have a positive effect on the level of underpricing. The economic value added variable does not affect the level of underpricing.
Keywords : Initial Public Offering (IPO), Underpricing, Economic value added, Warrant.
30
Karnatak, Udayan, and Chirag Malik. "Presence of analyst before IPO and underpricing: a Meta-analysis." Applied Finance Letters 10 (November 8, 2021): 114–29. http://dx.doi.org/10.24135/afl.v10i.431.
Full textAbstract:
The effect of analyst presence on underpricing has shown a contrasting result. By synthesizing the result using meta-analysis for twelve studies with more than 20400 firms we found conclusive evidence of the relation between analyst presence and underpricing of IPOs. With the increase in analyst presence by 1% the IPO underpricing increases by 4.9%. Moreover, meta-regression between effect size and moderator variables found the significant and positive role of the reputed underwriter to increase underpricing when the IPO has coverage of analysts. Our results are striking for the US market IPOs in which reputed underwriters as moderator affect underpricing significantly and positively which shows reputation increase information asymmetry. Whereas in emerging markets IPOs reputed underwriters increase market efficiency and information symmetry.
31
Mandiratta, Priya, and GS Bhalla. "Underpricing in Privatized Public Offerings: The Indian Experience." Think India 22, no. 2 (October 31, 2019): 561–69. http://dx.doi.org/10.26643/think-india.v22i2.8799.
Full textAbstract:
Underpricing of IPOs is the sale of shares at low prices and it is a well-documented fact of empirical equity market research. Present study aims to examine the same by estimating the magnitude of underpricing in disinvestment oriented IPOs and FPOs. Along with this, it also aims to compare the degree of underpricing across IPOs and subsequent stages of FPOs. Total number of IPO and FPO cases to be analyzed are 46 (8 IPO, 25 FPO-I, 10 FPO-II, 3 FPO-III) which have been introduced during 2003-2017 by Govt-owned enterprises in India. Market adjusted excess return methodology has been used to compute underpricing. Results depict that underpricing do exists in privatized public offerings. The study also witness the reduced underpricing levels from IPO to third stage of FPO which indicate towards high cost of raising equity at IPO and gets reduced at subsequent stages of FPOs. Based on the findings, the research recommends that divestment activity should spread over different stages of offerings i.e. IPOs and FPOs. This research contributes to the literature by estimating and comparing the magnitude of underpricing in “privatized” public offerings and provides the Governmental institutions and investors with the base and information to make appropriate decisions.
32
Aipassa, Ezra, and Hermi Hermi. "FAKTOR DETERMINAN YANG BERPENGARUH TERHADAP STOCK UNDEPRICING." Jurnal Ekonomi Trisakti 2, no. 2 (August 25, 2022): 567–80. http://dx.doi.org/10.25105/jet.v2i2.14043.
Full textAbstract:
Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh Umur Perusahaan, Ukuran Perusahaan, Tujuan Penggunaan Dana, Kondisi Pasar dan Persentase Saham Yang Ditawarkan terhadap Stock Underpricing yang IPO di Bursa Efek Indonesia pada tahun 2018-2021. Populasi yang dipergunakan adalah perusahaan-perusahaan yang IPO di BEI tahun 2018-2021, sedangkan sampelnya adalah perusahaan IPO yang mengalami underpricing sebanyak 187 perusahaan, dengan teknik pengambilan sampel menggunakan metode purposive sampling. Jenis data yang dipergunakan adalah data sekunder. Metode pengumpulan data yang dipergunakan adalah dokumentasi. Alat analisis yang dipergunakan adalah regresi linear berganda dengan menggunakan uji F dan uji t. Hasil pengujian menunjukkan Umur Perusahaan dan Ukuran Perusahaan berpengaruh negatif terhadap stock underpricing. Tujuan Penggunaan Dana tidak berpengaruh terhadap stock underpricing. Sedangkan Kondisi pasar dan Persentase Saham Yang Ditawarkan berpengaruh positif terhadap stock underpricing.
33
Utami, Seftiana Dwi, Akhmad Toha, and Ika Sisbintari. "Analisis Faktor yang Mempengaruhi Tingkat Underpricing Perusahaan yang Melakukan Penawaran Saham Perdana Periode 2020-2021." Jurnal Strategi dan Bisnis 10, no. 2 (October 21, 2022): 157. http://dx.doi.org/10.19184/jsb.v10i2.34052.
Full textAbstract:
Underpricing merupakan sebuah fenomena Initial Public Offering (IPO) yang sering terjadi di pasar modal dan telah dibuktikan oleh para peneliti di berbagai Negara. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi tingkat underpricing. Variabel yang diteliti meliputi Debt to Equity Ratio (DER), ukuran perusahaan, dan persentase saham ditawarkan. Penelitian ini dilakukan dengan analisis statistik deskriptif dan analisis regresi linier berganda. Alat pengumpulan data yang digunakan adalah teknik observasi non partisipan dengan metode purposive sampling dan diperoleh 87 perusahaan sebagai sampel penelitian dari populasi sebanyak 104 perusahaan. Hasil penelitian menyimpulkan variabel ukuran perusahaan berpengaruh secara positif signifikan terhadap tingkat underpricing, sedangkan variabel DER dan persentase saham ditawarkan tidak terbukti berpengaruh signifikan terhadap tingkat underpricing.
Kata Kunci: Underpricing, Debt to Equity Ratio (DER), ukuran perusahaan, dan persentase saham ditawarkan
34
Triana Yani, Lukman Effendy, and Indria Puspitasari Lenap. "ANALISIS PERBANDINGAN TINGKAT UNDERPRICING PADA INITIAL PUBLIC OFFERING (STUDI KASUS PADA PERUSAHAAN DI INDONESIA DAN MALAYSIA YANG MELAKUKAN IPO PERIODE 2015- 2018)." Jurnal Riset Mahasiswa Akuntansi 1, no. 4 (December 30, 2021): 115–30. http://dx.doi.org/10.29303/risma.v1i4.111.
Full textAbstract:
Tujuan penelitian ini adalah untuk menganalisis adanya perbedaan tingkat underpricing di Indonesia dan Malaysia. Selain itu, penelitian ini juga bertujuan untuk menguji pengaruh ROA, DER, dan ukuran perusahaan terhadap tingkat underpricing saham pada penawaran perdana saham (IPO) yang terdaftar di Bursa Efek Indonesia dan Malaysia periode 2015-2018. Populasi dalam penelitian ini adalah perusahaan yang melakukan Initial Public Offering (IPO) pada tahun 2015-2018 di Malaysia dan Indonesia yang tercatat pada bursa efek masing-masing negara tersebut. Metode pengambilan sampel yang akan digunakan dalam penelitian ini menggunakan teknik sampling purposive dan diperoleh 136 sampel perusahaan dari 183 perusahaan yang melakukan Initial Public Offering (IPO) pada tahun 2015-2018. Metode analisis pada penelitian ini menggunakan Uji Mann Whitney dan analisis regresi berganda. Hasil penelitian Uji Mann Whitney menunjukkan bahwa terdapat perbedaan tingkat underpricing saham di Indonesia dan Malaysia. Dimana rata-rata tingkat underpricing saham saham di negara Indonesia lebih tinggi dari Malaysia. Hasil penelitian analisis regresi berganda tingkat underpricing di Indonesia dipengaruhi oleh ROA, DER, dan ukuran perusahaan. Sedangkan tingkat underpricing di Malaysia hanya dipengaruhi oleh ROA, dan DER.
35
Setya, Vabila Ananta, Indri Supriani, and Bayu Arie Fianto. "Determinants of Underpricing in Islamic and Non-Islamic Shares on IPO." Shirkah: Journal of Economics and Business 5, no. 1 (April 30, 2020): 70. http://dx.doi.org/10.22515/shirkah.v5i1.276.
Full textAbstract:
This study aims at investigating the factors affecting the share’s underpricing in service companies of the Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) covering the period from 2011 to 2017. Compared to the precedent studies, this study provides an empirical comparison between Islamic and non-Islamic shares on 22 underpricing stock samples from 44 IPOs in Islamic service shares and 21 underpricing samples from 32 IPOs in non-Islamic service shares. This study adopts a multiple linear regression analysis and an independent sample t-test method. It is revealed that the underwriter's reputation and auditor's reputation have a significant effect on the underpricing of IPO on IDX, both in Islamic and non-Islamic service companies. The result of independent samples t-test indicates that Islamic service shares companies have better financial performance compared to non-Islamic service shares companies. Predicated upon the results, this study implicatively insinuates that companies based on Shariah compliance could anticipate the underpricing level more expeditiously since the Shariah principles are in line with the decreasing level of underpricing.
36
Liu, Yang, Peng Cheng, Zhe OuYang, and Ao Wang. "Information Asymmetry and Investor Valuations of Initial Public Offerings: Two Dimensions of Organizational Reputation as Stock Market Signals." Management and Organization Review 16, no. 4 (September 5, 2019): 945–64. http://dx.doi.org/10.1017/mor.2019.28.
Full textAbstract:
ABSTRACTThe uncertainty and information asymmetry that surround initial public offering firms (IPOs) often introduce difficulties for potential investors to discern organizational value, thereby leading to ‘underpricing’. Using the signaling theory, we investigate the role of organizational reputation in the underpricing of IPOs. We analyze 463 initial public offerings in China from the period of 2010 to 2016 and find that being known for quality and generalized favorability dimensions of reputation are negatively related with underpricing on the first day of trading. In addition, we find that the negative effects of organizational reputation on underpricing are mediated by investor attention.
37
Gao, Simon, and Tony Chieh-Tse Hou. "An Empirical Examination of IPO Underpricing Between High-technology and Non-high-technology Firms in Taiwan." Journal of Emerging Market Finance 18, no. 1 (March 28, 2019): 23–51. http://dx.doi.org/10.1177/0972652719831535.
Full textAbstract:
This study investigates the determinants of initial public offering (IPO) underpricing by focusing on variables relating to information asymmetry, investor sentiment and corporate governance and examines whether the determinants of IPO underpricing in high-technology and non-high-technology IPOs differ. With data from Taiwan for 2009–2011, this study finds that overallotment is negatively related to underpricing, whereas market momentum, first-day trading volume and managers’ ownership retention rates are positively related to underpricing, particularly for high-technology IPOs. Our results support the signalling hypothesis in high-technology IPOs. JEL Classification: G12, G14, G24, G32
38
Pradnyadevi, Made Aida, and I. Made Sadha Suardikha. "Pengaruh Informasi Akuntansi dan Permintaan Investor terhadap Underpricing." E-Jurnal Akuntansi 30, no. 3 (March 14, 2020): 746. http://dx.doi.org/10.24843/eja.2020.v30.i03.p16.
Full textAbstract:
Underpricing is a phenomenon that often occurs from IPO activities on the IDX. Underpricing is the difference in stock prices that occur in the primary .market’ and secondary’ market, where the bid price is lower than the closing price of the first trading day. The purpose of this research is to find out the effect of accounting information and investor demand on underpricing.This research was conducted’.at companies whose IPO on .the’ Stock .Exchange in 2016-2018. Data collection was obtained from the collection of prospectuses and company financial statements. The total sample of 81 companies using a purposive sampling method. The analysis technique used is multiple linear regression analysis. This study proves that profitability and firm size negatively affect underpricing, while financial leverage and investor demand have no effect on underpricing.
Keywords: Underpricing; Profitability; Company Size; Investor Demand.
39
Setya, Vabila Ananta, and Bayu Arie Fianto. "PENGARUH VARIABEL KEUANGAN DAN NON-KEUANGAN TERHADAP UNDERPRICING SAHAM PADA PERUSAHAAN JASA SAAT INITIAL PUBLIC OFFERING (IPO) DI BURSA EFEK INDONESIA (BEI): STUDI KASUS PADA SAHAM SYARIAH DAN NON SYARIAH PERIODE 2012-2017." Jurnal Ekonomi Syariah Teori dan Terapan 7, no. 5 (July 3, 2020): 886. http://dx.doi.org/10.20473/vol7iss20205pp886-900.
Full textAbstract:
This study aims to investigate the factors that influence the underpricing of stocks in service companies during an initial public offering (IPO) on Bursa Efek Indonesia (BEI) for the period 2012-2017 (Comparison of Sharia and non-sharia stocks). The data used in this study consist of 20 stocks that experienced the underpricing from a total of 44 IPOs of sharia-compliant service companies and 19 stocks that experienced the underpricing from a total of 32 IPOs of non-shariah-compliant service companies. The research approach used is a quantitative approach with multiple linear regression analysis techniques. This research reveals that the underwriter reputation and auditor reputation have a significant effect on the underpricing at the IPO on Bursa Efek Indonesia (BEI) for the period 2012-2017.Keyword: Underpricing, Underwriter Reputation, Auditor Reputation, Financial Leverage, Return on Assets, Initial Public Offering (IPO)
40
Rianty N, Martha, and Dwi Riana. "Pengaruh Variabel Keuangan dan Non Keuangan terhadap Underpricing pada Perusahaan yang Melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia." Akuntansi dan Manajemen 15, no. 1 (June 1, 2020): 42–54. http://dx.doi.org/10.30630/jam.v15i1.56.
Full textAbstract:
Underpricing is a phenomenon in initial public offering that often occurs in the capital market and has been proven by research in many countries. This study aims to analyze financial and non-financial factors that effect underpricing. This research is done in Indonesia stock exchange specifically on those companies that are going on initial public offering in 2010-2015. Underpricing is measured using intial abnormal return which is the dependent variable of this study. Meanwhile the independent variables are financial leverage (financial variable), auditor reputation, underwriter reputation, (non-financial variables). 114 companies are selected as the sample through purposive sampling method. Logistic regression model is used to test the relationship between the variables. The results show that the reputation of underwriter and auditor are significant and positive in affecting the underpricing. Meanwhile, financial leverage are found to be insignificant in affecting the underpricing.
41
Füllbrunn, Sascha, Tibor Neugebauer, and Andreas Nicklisch. "Underpricing of initial public offerings in experimental asset markets." Experimental Economics 23, no. 4 (December 26, 2019): 1002–29. http://dx.doi.org/10.1007/s10683-019-09638-7.
Full textAbstract:
AbstractThe underpricing of initial public offerings (IPO) is a well-documented fact of empirical equity market research. Theories explain this underpricing with market imperfections. We study three empirically relevant IPO mechanisms under almost perfect market conditions in the laboratory: a stylized book building approach, a closed book auction, and an open book auction. We report underpricing in each of these IPO mechanisms. Uncertainty about the aftermarket behavior may partly explain IPO excess returns but underpricing persists even in the repeated setting where uncertainty is negligible and despite the equilibrium adjustment dynamics, that we observe in the data. The data reveal a market-wide impact of investors’ reluctance to sell in the aftermarket at a price below the offering price. We conclude that a behavioural bias similar to the disposition effect fosters IPO underpricing in our setting.
42
Mayasari, Triya, Yusuf ., and Agung Yulianto. "Pengaruh Return on Equity, Net Profit Margin dan Ukuran Perusahaan Terhadap underpricing." Jurnal Kajian Akuntansi 2, no. 1 (June 30, 2018): 41. http://dx.doi.org/10.33603/jka.v2i1.1271.
Full textAbstract:
Abstract One of the ways the company to develop its business, namely by means of expansion by making an Initial Public Offering (IPO). Interesting phenomenon at the time the company did an Initial Public Offering is the phenomenon of Underpricing. The phenomenon of underpricing is a phenomenon where the stock price is offered at the primary market is lower compared to the price of the stock when it was trading in the secondary market. The purpose of this study was to analyze the influence of Return On Equity (ROE), the Net Profit Margin (NPM) and the size of the company (Firm Size) of underpricing. The population in this research is the company that did the Initial Public Offering (IPO) in BEI 2013-2016 year. The selection of the sample in this study using a purposive sampling method and retrieved 54 samples of 82 companies who are doing an initial public offering in BEI 2013-2016 year. Methods of data analysis using multiple linear regression. The results of penenlitian showed that the Return On Equity (ROE) and the size of the company (Firm Size) effect on the IPO underpricing companies in Indonesia stock exchange. While the Net Profit Margin (NPM) has no effect on the company'S IPO underpricing on the Indonesia stock exchange.Keywords: Underpricing, Return On Equity, Net Profit Margin, Firm size Abstrak Salah satu cara perusahaan untuk mengembangkan usahanya yaitu dengan cara ekspansi dengan melakukan Initial Public Offering (IPO). Fenomena menarik pada saat perusahaan melakukan Initial Public Offering adalah fenomena Underpricing. Fenomena underpricing merupakan fenomena dimana harga saham yang ditawarkan pada pasar perdana lebih rendah dibandingkan dengan harga saham ketika diperdagangkan di pasar sekunder. Tujuan penelitian ini adalah menganalisis pengaruh Return On Equity (ROE), Net Profit Margin (NPM) dan Ukuran Perusahaan (Firm Size) terhadapunderpricing. Populasi dalam penelitian ini adalah perusahaan yang melakukanInitial Public Offering (IPO) di BEI tahun 2013-2016. Pemilihan sampel dalam penelitian ini menggunakan metode purposive sampling dan diperoleh 54 sampel perusahaan dari 82 perusahaan yang melakukan initial public offeringdi BEI tahun 2013-2016. Metodeanalisis data menggunakan regresi linear berganda. Hasil penenlitian menunjukkan bahwa Return On Equity (ROE) dan Ukuran Perusahaan (Firm Size)berpengaruh terhadap underpricing pada perusahaan yang IPO di Bursa Efek Indonesia. Sedangkan Net Profit Margin (NPM) tidak berpengaruh underpricing pada perusahaan yang IPO di Bursa Efek Indonesia.Kata kunci: Underpricing, Return On Equity, Net Profit Margin, Ukuran Perusahaan
43
Ma, Yu, Guiling Liu, and Chaoping Qi. "IPO Pricing, Investor Behavior, and IPO Underpricing of High-Tech Companies: Evidence from SSE STAR Market and Nasdaq Market." Discrete Dynamics in Nature and Society 2022 (March 26, 2022): 1–14. http://dx.doi.org/10.1155/2022/1711645.
Full textAbstract:
There is a significant IPO underpricing phenomenon in the stocks of high-tech companies on China Science and Technology Innovation Board (STAR Market). In order to analyze the causes of high IPO underpricing on STAR Market, from the perspective of investor behavior, this paper uses the Two-tier Stochastic Frontier Model to decompose IPO underpricing into two parts, the pricing impact of the primary market and the transaction impact of the secondary market, and then studies the differences of the impact of different markets on IPO underpricing. The results show the following: (1) the primary market pricing of most stocks, that is, the difference between the issuance price of stocks and the real value of stocks is small, which shows that the primary market pricing has a weak impact on the IPO underpricing of the STAR Market, which in turn shows that the implementation of the registration system has significantly improved the IPO pricing efficiency of the STAR Market; (2) the closing price of most stocks fell on debut, that is, the trading price of stocks is significantly higher than its real value, which shows that the blind optimism of investors in the secondary market and the irrationality of investor structure are the main factors leading to the IPO underpricing of the STAR Market; and (3) through the variance decomposition and the robustness test of grouping the industry to which the enterprise belongs, the year of listing, and issuance and the size of the enterprise, we find that in different years and different industries, the impact of investor behavior in the secondary market on IPO underpricing is significantly higher than that in the primary market. In addition, the IPO underpricing of enterprises is not affected by the size of enterprises. This shows that the behavior of investors in the secondary market has always been the main means to affect the IPO underpricing of the STAR Market. This paper expands the analysis idea of IPO underpricing, which has a certain reference significance for the reform of STAR Market and the listing and financing of scientific and technological innovation enterprises.
44
Setiawan, Doddy, Muhammad Agung Prabowo, Irwan Trinugroho, and Bany Ariffin Amin Noordin. "Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia." ETIKONOMI 20, no. 1 (February 22, 2021): 185–200. http://dx.doi.org/10.15408/etk.v20i1.19156.
Full textAbstract:
This research examines how the board of commissioners' structure and ownership retention affect IPO underpricing in Indonesia. In this study, we have examined the following three aspects: the number of board of commissioners, percentage of independent commissioners, and percentage of female commissioners. In total, 186 Indonesian companies that have conducted IPO from 2001 to 2016 were included in this study. This study uses multiple regressions to test the hypothesis. Our findings show that ownership retention has a negative implication on underpricing. Furthermore, the number of board of commissioners and independent commissioners has also been determined to reduce the level of underpricing. However, female commissioners were found to have no significant effect on IPO underpricing; furthermore, it demonstrated no significant effect in reducing the level of underpricing. These results show that higher ownership retention, a smaller number of board members, and a higher percentage of independent commissioners can reduce IPO underpricing.JEL Classification: G30, G32How to Cite:Setiawan, D., Prabowo, M. A., Trinugroho, I., & Noordin, B. A. A. (2021). Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia. Etikonomi, 20(1), 185 – 200. https://doi.org/10.15408/etk.v20i1.19156.
45
Jeanne, Maria, and Chermian Eforis. "Pengaruh Reputasi Underwriter, Umur Perusahaan, dan Persentase Penawaran Saham 53 kepada Publik terhadap Underpricing." Jurnal ULTIMA Accounting 8, no. 1 (June 1, 2016): 53–74. http://dx.doi.org/10.31937/akuntansi.v8i1.577.
Full textAbstract:
The objective of this research is to obtain empirical evidence about the effect of underwriter reputation, company age, and the percentage of share’s offering to public toward underpricing. Underpricing is a phenomenon in which the current stock price initial public offering (IPO) was lower than the closing price of shares in the secondary market during the first day. Sample in this research was selected by using purposive sampling method and the secondary data used in this research was analyzed by using multiple regression method. The samples in this research were 72 companies conducting initial public offering (IPO) at the Indonesian Stock Exchange in the period January 2010 - December 2014; perform initial offering of shares; suffered underpricing; has a complete data set forth in the company's prospectus, IDX monthly statistics, financial statement and stock price site (e-bursa); and use Rupiah currency. Results of this research were (1) underwriter reputation significantly effect on underpricing; (2) company age do not effect on underpricing; and (3) the percentage of share’s offering to public do not effect on undepricing.
Keywords: company age, the percentage of share’s offering to public, underpricing, underwriter reputation.
46
Mulyani, Erly, and Rahmah Maulidya. "Underpricing Saham pada Saat Initial Public Offering (IPO): Pengaruh Ukuran Perusahaan, Umur Perusahaan, Reputasi KAP dan Profitabilitas." Wahana Riset Akuntansi 9, no. 2 (October 4, 2021): 139. http://dx.doi.org/10.24036/wra.v9i2.112970.
Full textAbstract:
The phenomenon that often occurs when a company conducts an Initial Public Offering (IPO) is underpricing, which means that the stock price determination in the primary market is lower than the price of the same stock after being traded on the secondary market. This study examined the effect of firm size, firm age, public accountant reputation and profitability of the underpricing. The population in this research are the companies that did the Initial Public Offering (IPO) in Indonesian Stock Exchange in the period of 2017-2020. The selection of the sample in this study using the purposive sampling method and retrieved 147 samples from 192 companies who are doing an initial public offering in BEI 2017-2020. This research use the multiple linear regression analysis. The results from t-test (partially) showed that public accountant reputation significantly effected on underpricing. While the firm size, firm age and profitability didn’t significantly effected the underpricing. The results from F-test (simultaneously) showed that firm size, firm age, public accountant reputation and profitability significantly effected the underpricing. Keywords: Firm Age; Firm Size; Profitability; Public Accountant Reputation; Underpricing.
47
Kirana Astuti, Diah, and Said Djamaluddin. "Underpricing Determinants on the Public Offering of Primary Shares (IPO) in Indonesia Stock Exchange 2015-2019." Dinasti International Journal of Economics, Finance & Accounting 2, no. 1 (March 23, 2021): 28–45. http://dx.doi.org/10.38035/dijefa.v2i1.732.
Full textAbstract:
This study aims to obtain empirical evidence about the influence of Underwriter's Reputation, Return On Assets, Company Age, Company Size, Debt to Equity Ratio on Underpricing. The independent variables used in this study are Underwriter's Reputation, Return On Assets, Company Age, Company Size, Debt to Equity Ratio. The dependent variable used in this study is underpricing which is measured by initial return. This research was conducted on companies that made initial public offerings (IPO) from 2015-2019 on the Indonesia Stock Exchange. Sampling was done using purposive sampling method resulting in 114 companies as the research sample. The results of this study indicate that the Underwriter's Reputation and Debt to Equity Ratio variables have an effect on Underpricing. Meanwhile, Return On Asset, Company Age, Company Size have no effect on Underpricing. So an underwriter with a good reputation can reduce the level of underpricing and not result in loss of additional capital receipts for the company. And the higher the DER, the higher the level of underpricing. Because companies with high DER indicate a high risk of failure for the company and will influence public or investors interest in investment decision makers.
48
Dewi, Kadek Melya Sintya, Lulup Endah Tripalupi, and Iyus Akhmad Haris. "PENGARUH RETURN ON EQUITY (ROE) DAN EARNING PER SHARE (EPS) TERHADAP UNDERPRICING PADA SAHAM PERDANA DI BURSA EFEK INDONESIA TAHUN 2016." Jurnal Pendidikan Ekonomi Undiksha 10, no. 1 (September 3, 2019): 200. http://dx.doi.org/10.23887/jjpe.v10i1.20115.
Full textAbstract:
Penelitian ini bertujuan untuk mengetahui secara parsial dan simultan pengaruh return on equity dan earning per share terhadap underpricing pada saham perdana di Bursa Efek Indonesia Tahun 2016. Jenis penelitian ini merupakan penelitian kuantitatif kausal. Data dikumpulkan dengan metode dokumentasi untuk memperoleh data sekunder berkaitan dengan laporan keuangan tahunan yang dimiliki oleh perusahaan berupa return on equity, earning per share dan underpricing. Teknik analisis data menggunakan analisis regresi linier berganda berbantuan program SPSS 24.0 for Windows. Hasil penelitian menunjukkan bahwa return on equity berpengaruh terhadap underpricing yang ditunjukkan dengan nilai uji t -3, 425 dengan tingkat signifikan 0,002 < dari α = 0,05, earning per share berpengaruh terhadap underpricing yang ditunjukkan dengan nilai uji t– 3,193 dengan tingkat signifikan 0,003 < α = 0,05; dan secara simultan return on equity dan earning per share berpengaruh terhadap underpricing yang ditunjukkan dengan nilai uji Fhitung sebesar 17,986 dengan tingkat signifikan 0,000 < α = 0,05.
49
Pujihastuti, Isti, and Raushan Fikri Adhistiono. "Effect of Underwriter's Reputation, Financial Information, and Inflation Rate on Underpricing of Companies during IPO (2016-2020 Period)." ENDLESS : International Journal of Future Studies 4, no. 2 (August 9, 2021): 310–19. http://dx.doi.org/10.54783/endless.v4i2.123.
Full textAbstract:
Underpricing occurs because of mispriced in the primary market due to an imbalance of information between underwriters and issuers, known as information asymmetry. This research is quantitative research with a descriptive analysis approach. The research design is in the form of conclusive research between the X variable (Underwriter Reputation, Financial Statements, Inflation Rate) and Y (Company Underpricing). Research data in the form of secondary data obtained from various sources. The sample in this study consisted of 75 companies with an observation period of 2016-2020. Testing of research data is carried out with Normality Test, Multicollinearity Test, Autocorrelation Test, Classical Assumption Test, and Hypothesis Testing. The underwriter reputation variable partially has a negative and insignificant effect on the underpricing variable. The Financial Information variable partially has a negative and significant effect on the underpricing variable. The inflation rate variable partially has a negative and insignificant effect on the underpricing variable.
50
Andani, Meri, and Salma Taqwa. "Pengaruh Konservatisme Akuntansi Terhadap Underpricing Saham IPO (Initial Public Offering)." JURNAL EKSPLORASI AKUNTANSI 2, no. 1 (March 4, 2020): 2494–512. http://dx.doi.org/10.24036/jea.v2i1.225.
Full textAbstract:
This study examines how the effect of accounting conservatism to IPO’s underpricing and information asymmetry effect the association of accounting conservatism with IPO’s underpricing. The sample of this study using the 97 a-shares companies that went public through IPO’s at both Indonesia Stock Exchage during 2015-2018. Sampling was done by using total sampling method. The type of data used is secondary data obtained from annual report companys and stock price. Based on regression analysis with Eviews9 we find (1) Accounting conservatism has no effect to IPO’s underpricing. (2) Has no effect of high information asymmetry or low information asymmetry on association between accounting conservatism and IPO’s underpricing.