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"Penelitian ini bertujuan untuk menganalisis pengaruh reputasi underwriter, reputasi auditor dan auditor spesialisasi industri terhadap IPO underpricing. Penelitian ini menggunakan 77 sampel perusahaan yang melakukan IPO pada periode 2008-2012 di Bursa Efek Indonesia.Penelitian ini membuktikan bahwa:1) tidak adanya pengaruh yang signfikan antara reputasi underwriter terhadap IPO underpricing,2) tidak adanya pengaruh yang signfikan antara reputasi auditor terhadap IPO underpricing,3) tidak adanya pengaruh yang signfikan antara auditor spesialis industri terhadap IPO underpricing.

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The main objective of this research is to analyze the effect of underwriter reputation, auditor reputation and industry differentiation auditor on IPO underpricing. This study uses sample of 77 IPO company in Indonesia Stock Exchange for the period 2008-2012.

This research finds that:

1) there is no significant relationship between underwriter reputation and IPO underpricing.

2) there is no significant relationship between auditor reputation and IPO underpricing.

3) there is no significant relationship between industry differentiation auditor and IPO underpricing."

"Skripsi ini bertujuan untuk menganalisis pengaruh manajemen laba terhadap underpricing saham IPO yang terdaftar di Bursa Efek Indonesia (BEI) periode 2008-2012. Proksi utama dari manajemen laba yang digunakan dalam penelitian ini adalah abnormal accruals. Penelitian ini merupakan penelitian kuantitatif dengan menggunakan regresi berganda. Hasil penelitian menunjukkan bahwa perusahaan yang melakukan manajemen laba agresif selama periode sebelum IPO cenderung lebih underpriced dibandingkan dengan perusahaan lain. Hal ini konsisten dengan teori asimetri informasi dimana manajemen laba agresif meningkatkan ketidakpastian perusahaan IPO dan investor menuntut potongan harga atas harga saham IPO tersebut.

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The aim of this study is to analyze the impact of earnings management on underpricing of IPO firms listed in Indonesia Stock Exchange in 2008-2012. The primary proxy of earnings management is abnormal accruals. This research is quantitative and used multivariate regression. This study finds evidence that firms with aggressive earnings management during pre-IPO period tend to be more underpriced than firms without it. It is consistent with the asymmetric theory of underpricing that aggressive earnings management increases the uncertainty of IPO firms and investor demands price discounts."

"Skripsi ini bertujuan untuk menganalisis pengaruh reputasi underwriter terhadap manajemen laba dan untuk mengetahui efek moderating dari reputasi underwriter terhadap hubungan antara manajemen laba dan kinerja saham jangka panjang perusahaan IPO yang terdaftar di BEI periode 2002-2010. Proksi dari reputasi underwriter adalah dengan menggunakan 20 most active broker berdasarkan total trading value, volume dan frekuensi yang dikeluarkan oleh Bursa Efek Indonesia (BEI) setiap tahunnya. Proksi dari manajemen laba adalah Discretionary Current Accrual (Modified Jones) dan Proksi dari kinerja saham jangka panjang adalah Buy And Hold Abnormal Return (BHAR). Penelitian ini merupakan penelitian kuantitatif dengan menggunakan regresi berganda. Hasil Penelitian dalam model penelitian pertama menunjukkan bahwa terdapat hubungan yang negatif dan signifikan dari reputasi underwriter terhadap manajemen laba. Pada model penelitian kedua menunjukkan bahwa terdapat pengaruh yang negatif dan signifikan dari reputasi underwriter terhadap hubungan antara manajemen laba dan kinerja saham jangka panjang (3 tahun setelah IPO).

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The aim of this study is to analyze the impact of underwriter reputation on earnings management and to analyze moderating effect of underwriter reputation on the relationship between earnings management and long-term stock performance of IPO firms listed in Indonesia Stock Exchange in 2002-2010. The proxy of underwriter reputation is using 20 most active broker based on the total trading value, volume and frequency, issued by Indonesia Stock Exchange (annually). The proxy of earnings management is Discretionary Current Accrual (Modified Jones) and the proxy of the long run performance is Buy And Hold Abnormal Return (BHAR). This research is quantitative and used multivariate regression. The first analysis model finds evidence that there is a negative and significant relationship between underwriter reputation and earnings management. In the second analysis model finds that there is a negative and significant effect on the reputation of underwriters reputation on the relationship between earnings management and long-run performance of IPO ( 3 years after IPO )."

"Skripsi ini meneliti mengenai faktor-faktor yang mempengaruhi underpricing saham IPO seluruh perusahaan yang terdaftar di BEI periode 2002 - April 2012. Faktor -faktor yang diuji antara lain opening spread, reputasi penjamin emisi, reputasi auditor, ukuran perusahaan, umur perusahaan. Kelima faktor tersebut berpengaruh negatif terhadap underpricing. Dari kelima faktor tersebut, opening spread, reputasi penjamin emisi, reputasi auditor berpengaruh negatif signifikan terhadap underpricing, sedangkan ukuran perusahaan dan umur perusahaan berpengaruh negatif tidak signifikan terhadap underpricing.

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This research examines the factors that influence underpricing of stock IPO for all companies that listed in the BEI for period 2002 until April 2012. The factors that were tested include opening spread, underwriter?s reputation, auditor's reputation, firm size and firm age. These five factors have negative correlation with underpricing. All of factors such as opening spread, underwriter's reputation, auditor?s reputation are significantly negative effect on underpricing, whereas firm size and firm age are not significantly negative effect on underpricing."

"ABSTRAKPenelitian ini bertujuan untuk menguji pengaruh intellectual capital disclosure terhadap undepricing pada perusahaan yang melakukan IPO periode 2008-2018. Variabel intellectual capital disclosure diukur dari indeks intellectual capital milik Bukh et al yang terdiri dari 86 komponen intellectual capital yang dibagi menjadi tiga kategori yaitu human capital, structural capital , dan relational capital. Untuk variabel underpricing diukur dari initial return pada saat perusahaan tersebut listing. Penelitian ini menggunakan pendekatan kuantitatif, pengumpulan data dilakukan melalui data sekunder dari prospektus perusahaan dengan total sampel 235 perusahaan yang melakukan IPO periode 2008-2018. Analisis data pada penelitian ini dilakukan dengan analisis deskriptif, uji normalitas, uji asumsi klasik, dan regresi berganda. Pengungkapan intellectual capital secara keseluruhan terbukti berpengaruh signifikan negatif dengan underpricing. Untuk pengungkapan komponen intellectual capital secara terpisah (structural capital, human capital, dan relational capital) terbukti semua berpengaruh negatif signifikan terhadap underpricing. Hasil penelitian menunjukkan bahwa semakin luas pengungkapan yang dilakukan, maka akan mengurangi tingkat undepricing.

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ABSTRACT

This study aims to examine the effect of intellectual capital disclosure on undepricing in companies conducting an IPO for the 2008-2018 period. The variable intellectual capital disclosure is measured from the index of intellectual capital belonging to Bukh et al which consists of 86 components of intellectual capital divided into three categories, namely human capital, structural capital, and relational capital. The underpricing variable is measured from the initial return when the company is listed. This study use a quantitative approach, data collection is done through secondary data from prospectus companies with a total sample of 235 companies that conducted an IPO for the period 2008-2018. Data analysis in this study was conducted with descriptive analysis, normality test, classic assumption test, and multiple regression. Disclosure of intellectual capital as a whole is proven to have a significant negative effect on underpricing. For the disclosure of the components of intellectual capital separately (structural capital, human capital, and relational capital) all have a significant negative effect on underpricing. The results showed that the broader the disclosure made, it would reduce the level of undepricing.

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"[Penelitian ini bertujuan untuk menguji pengaruh jumlah perusahaan IPO, reputasi

penjamin emisi, dan rasio utang terhadap tingkat underpricing saham di pasar

perdana yang diukur menggunakan model mean-adjusted. Pengujian hipotesis

menggunakan model regresi berganda dengan sampel sebanyak 73 perusahaan yang

melakukan IPO di Bursa Efek Indonesia (BEI) tahun 2009-2014. Hasil penelitian

ini menunjukkan semua variabel yang diuji yaitu, jumlah perusahaan IPO, reputasi

penjamin emisi, dan rasio utang mempunyai efek negatif. Jumlah perusahaan IPO

dan reputasi penjamin emisi tidak mempunyai pengaruh signifikan. Sedangkan,

rasio utang mempunyai pengaruh signifikan terhadap tingkat underpricing saham

di pasar perdana.;The objective of this research is to examine the effect of number of IPOs, reputation

of underwriter, and debt ratio on the level of underpricing of stocks in primary

market measured using mean-adjusted model. Hypotheses testing uses multiple

regression models with observations from 73 IPOs in Indonesia Stock Exchange

during the period of 2009-2014. The results indicate that all variables tested,

number of IPOs, reputation of underwriters, and debt ratio have negative effect.

Number of IPOs and reputation of underwriters have no significant effect.

Meanwhile, debt ratio has a significant effect on the level of underpricing of stocks

in primary market.;The objective of this research is to examine the effect of number of IPOs, reputation

of underwriter, and debt ratio on the level of underpricing of stocks in primary

market measured using mean-adjusted model. Hypotheses testing uses multiple

regression models with observations from 73 IPOs in Indonesia Stock Exchange

during the period of 2009-2014. The results indicate that all variables tested,

number of IPOs, reputation of underwriters, and debt ratio have negative effect.

Number of IPOs and reputation of underwriters have no significant effect.

Meanwhile, debt ratio has a significant effect on the level of underpricing of stocks

in primary market., The objective of this research is to examine the effect of number of IPOs, reputation

of underwriter, and debt ratio on the level of underpricing of stocks in primary

market measured using mean-adjusted model. Hypotheses testing uses multiple

regression models with observations from 73 IPOs in Indonesia Stock Exchange

during the period of 2009-2014. The results indicate that all variables tested,

number of IPOs, reputation of underwriters, and debt ratio have negative effect.

Number of IPOs and reputation of underwriters have no significant effect.

Meanwhile, debt ratio has a significant effect on the level of underpricing of stocks

in primary market.]"

"Penelitian ini bertujuan untuk menganalisis pengaruh Initial Public Offering (IPO) terhadap return dan volume saham-saham dalam industri yang sama dengan saham IPO. Pengujian pertama untuk melihat pengaruh IPO terhadap return, variabel independennya adalah covarians antara return industri dengan return IPO. Pengujian kedua untuk melihat pengaruh IPO terhadap volume, variabel independenya adalah volume dan frekuensi saham IPO. Pengujian pertama dan kedua dilakukan dengan menggunakan data panel. Dengan menggunakan data sebanyak 66 perusahaan yang IPO dari tahun 2009-2013, penulis tidak menemukan pengaruh yang signifikan antara IPO dengan return serta volume industri sejenis.

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This study aims to analyze the effect of Initial Public Offering (IPO) on the return and volume of stocks in the same industry as IPO shares. The first test is to study the effect of IPO to return, where the independent variable is covariance between industry returns with the return of the IPO. The second test is to study the effect of IPO on volume, where the independent variable is the volume and frequency of IPO shares. The first and second tests done using panel data. Using data from 66 companies which IPO of the year 2009-2013, the result of this study shows that no significant affect between IPO to return and volume of the industry."

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Penelitian ini membahas mengenai faktor-faktor yang memengaruhi penerapan manajemen risiko reputasi dan pengaruh dari penerapan manajemen risiko reputasi terhadap nilai perusahaan (Tobins Q) pada perusahaan perbankan dan asuransi yang terdaftar di Bursa Efek Indonesia tahun 2008-2017. Sampel yang digunakan mencakup 360 hasil observasi firm-year yang terdiri dari 36 perusahaan selama 10 tahun. Pengujian hipotesis dalam menentukan determinan penerapan manajemen risiko reputasi dilakukan melalui regresi panel logistik dan pengujian hipotesis pengaruh penerapan manajemen risiko reputasi terhadap nilai perusahaan dilakukan menggunakan metode regresi data panel fixed-effects. Analisis univariat juga dilakukan untuk melihat perbedaan antara hasil observasi perusahaan yang menerapkan RRM dan tidak menerapkan RRM. Hasil penelitian menunjukan semakin besar ukuran (firm size), tingkat hutang (leverage) dan kesadaran akan reputasi (reputation awareness) maka semakin besar probabilitas perusahaan untuk menerapkan RRM dan hasil ini signifikan secara statistik. Selain itu, terdapat pula tanda awal bahwa RRM memengaruhi nilai perusahaan dilihat dari analisis univariat dimana perusahaan yang menerapkan RRM memiliki rata-rata nilai Tobins Q yang lebih tinggi dari perusahaan yang tidak menerapkan RRM dan signifikan secara statistik meskipun dari hasil regresi hubungan antara RRM yang positif memengaruhi nilai perusahaan tidak signifikan secara statistik.

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This study discussed the factors that affect the implementation of Reputation Risk Management (RRM) and the effect of the implementation of Reputation Risk Management (RRM) on the firm value (Tobins Q) in banking and insurance firms listed on the IDX in 2008-2017. The sample used includes 360 firm-year observations consisting of 36 companies over 10 years. The hypothesis testing regarding the determinants RRM is done through panel logistic regression and hypothesis testing on the effect of RRM implementation on firm value is carried out using the fixed-effects panel data regression method. Univariate analysis was also conducted to see the differences between the results of observations of companies implementing RRM and not. The results shows that the greater the firm size, leverage and reputation awareness of the firm, the greater the probability of the company to implement RRM and this result is statistically significant. In addition, there is an initial indication of the value-relevance of RRM seen from univariate analysis that shows firms applying RRM have a higher firm value on average than companies that do not implement RRM and are statistically significant eventhough the regression results between RRM relationships are positive influencing firm value has not been statistically significant.

 

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