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Hasil Pencarian

Ditemukan 2 dokumen yang sesuai dengan query
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Adhenia Keumala
Analisis Faktor Ex Ante Uncertainty, Investor Sentiment, Risk Return Trade Off, dan Windows Of Opportunity yang Mempengaruhi Underpricing pada Perusahaan IPO di Bursa Efek Indonesia Periode 2009-2018 = Analysis of Ex Ante Uncertainty, Investor Sentiment, Risk Return Trade Off and Windows of Opportunity Influencing Underpricing in IPO Companies In Indonesia Stock Exchange Period 2009-2018
Abstrak :
ABSTRAK Penelitian mengenai IPO underpricing telah banyak dilakukan oleh peneliti tetapi belum menjadi kesimpulan yang sama mengenai faktor-faktor apa saja yang mempengaruhi terjadinya IPO underpricing. Penelitian ini bertujuan menganalisis underpricing yang diproksikan oleh initial return dan market adjusted abnormal return dan pengaruh variabel firm age, issue size, listed board, lag period, investor sentiment, IPO volume, hot and cold issue period, market volatility, offer risk, offer price, privatization, dan industry effect terhadap underpricing. Sampel penelitian terdiri dari 229 perusahaan yang melakukan penawaran umum perdana di Bursa Efek Indonesia pada periode 2009-2018. Penelitian ini menggunakan metode analisis stepwise multiple regression. Hasil penelitian ini menemukan hubungan yang signifikan antara ukuran penawaran, volume IPO, risiko penawaran, usia perusahaan, jeda waktu, papan pencatatan, volatilitas pasar, dan hot market dengan underpricing. Penelitian ini juga menemukan hubungan yang tidak signifikan antara harga penawaran, sentimen investor, privatisasi, dan jenis industri dengan underpricing. Secara rata-rata IPO di Indonesia mengalami underpriced sebesar 29.83%, underpricing lebih umum terjadi di pasar saham Indonesia. Investor dapat memanfaatkan kondisi ini untuk mendapatkan capital gain dan perusahaan yang berniat go public perlu mengantisipasi terjadinya underpricing.
ABSTRACT Research on IPO underpricing has been done by many researchers but it has not been the same conclusion regarding what factors influence the occurrence of underpricing IPO. This study aims to analyze the underpricing proxied by initial returns and market adjusted abnormal returns and the influence of firm age, issue size, listed boards, lag periods, investor sentiment, IPO volumes, hot and cold issue periods, market volatility, offer risk, offer price, privatization, and industry effect on underpricing. The research sample consisted of 229 companies which made an initial public offering on the Indonesia Stock Exchange in the period 2009-2018. This study uses a stepwise multiple regression analysis method. The results of this study found a significant relationship between issue size, IPO volume, offer risk, firm age, time lag, listed board, market volatility, and hot market with underpricing. This study also found an insignificant relationship between offer price, investor sentiment, privatization, and industry effect with underpricing. On average, IPOs in Indonesia experience an underpriced of 29.83%, underpricing is more common in the Indonesian stock market. Investors can take advantage of this condition to get capital gains and companies that intend to go public need to anticipate underpricing.
Depok: Fakultas Ilmu Administrasi Universitas Indonesia, 2020
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UI - Skripsi Membership  Universitas Indonesia Library
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Aisyah Amalia Raodah
Faktor-Faktor yang Mempengaruhi Initial Public Offering Perusahaan Berbasis Teknologi di Bursa Saham Nasdaq dan New York Stock Exchange = Factors Affecting Technology-Based Company Initial Public Offering in Nasdaq and New York Stock Exchange
Abstrak :
Penelitian ini bertujuan untuk mengetahui pengaruh dan korelasi venture capital (VC), reputasi underwriter, reputasi auditor dan faktor ex-ante uncertainty (firm age, harga penawaran, firm size, lag days dan risiko penawaran) terhadap initial return penawaran umum perdana (IPO) perusahaan berbasis teknologi di pasar saham Nasdaq dan New York Stock Exchange (NYSE). Data yang digunakan dalam penelitian ini adalah IPO dalam industri teknologi yang melakukan IPO di Nasdaq dan NYSE selama periode 2009 2019. Hasil yang diperoleh dalam penelitian ini menunjukan bahwa VC, reputasi underwriter, harga penawaran, dan risiko penawaran memiliki pengaruh positif terhadap underpricing IPO. Sedangkan faktor reputasi auditor dan firm size berpengaruh signifikan dengan arah korelasi negatif terhadap initial return IPO di pasar saham Nasdaq dan NYSE. Adapula faktor firm age dan lag days tidak mempengaruhi initial return IPO perusahaan berbasis teknologi.
This study aims to determine the effect and correlation of venture capital (VC), underwriter's reputation, auditor's reputation, and ex-ante uncertainty factors (firm age, offer price, firm size, lag days and offer risk) toward the initial return of technology-based company IPOs on Nasdaq and New York Stock Exchange (NYSE). The data used in the research are IPOs from tech companies that go public on Nasdaq and NYSE stock markets from 2009 - 2019. This research used the Ordinary Least Square (OLS) method with robustness checking as an analysis tool for hypotheses testing. The results obtained in this study indicate that VC, underwriter's reputation, offer price, and offer risk have a positive impact on IPO underpricing. While the auditor's reputation and firm size factor significantly have a negative correlation to the initial return of the tech companies' IPO on Nasdaq and NYSE. The other variables, firm age and lag days, do not affect the initial return of IPO technology-based companies.
Depok: Fakultas Ekonomi dan BIsnis Universitas Indonesia, 2020
S-pdf
UI - Skripsi Membership  Universitas Indonesia Library