REPUTASI PENJAMIN EMISI, REPUTASI AUDITOR, PERSENTASE PENJAMIN EMISI, UKURAN PERUSAHAAN DAN FENOMENA UNDERPRICING: STUDI EMPIRIS PADA BURSA EFEK JAKARTA
Apriliani Triani1
Nikmah2
ABSTRACT
The purposes of this research are to find empirical evidences about (1) the influence of underwriter reputation, auditor reputation, stock offering percentage, firm size, firm age, value stock offering, standard deviation of return, the kind of industry, and economy condition to the initial return, 15 days return after IPO and firm performace one year after IPO and (2) to examine whether there are difference factors have influence on the initial return, 15 days return after IPO and firm performace one year after IPO with both category stock offering persentages. The sample are all the firm do IPO in JSX during 1994-2000 outside financial firms. Base on the settled criteria, are obtained 90 of companies sample. This research use OLS regression and chow test to test the hypothesis which has developed.
The result of this research shows that if control variable was not include, underwriter reputation have positive significant influence to initial return, stock offering persentage influence negative significant to performance firm one year after IPO. With or no control variable, auditor reputation not show correlation with initial return, 15 day return after IPO and performance firm one year after IPO, .Firm size have positive significant sign to initial return, 15 day return after IPO and perfomance firm one year after IPO with or no included control variable. Economy condition of control variable influence positive significant to initial return and performance firm one year after IPO and value stock offering influence negative significant to initial return and 15 day return after IPO. With use chow test, we found that different factors infuence 15 day return after IPO and peformance firm one year after IPO with both category stock offering persentage under average and stock offering persentage upper average, but no different factors influence initial return to both category.
Key Words: Initial Return, 15 Days Return After IPO, Performance Firm One Year After IPO, Non Accounting Information, Underwriter Reputation, Auditor Reputation, Stock Offering Persentage, Firm Size
selengkapnya...
Apriliani Triani1
Nikmah2
ABSTRACT
The purposes of this research are to find empirical evidences about (1) the influence of underwriter reputation, auditor reputation, stock offering percentage, firm size, firm age, value stock offering, standard deviation of return, the kind of industry, and economy condition to the initial return, 15 days return after IPO and firm performace one year after IPO and (2) to examine whether there are difference factors have influence on the initial return, 15 days return after IPO and firm performace one year after IPO with both category stock offering persentages. The sample are all the firm do IPO in JSX during 1994-2000 outside financial firms. Base on the settled criteria, are obtained 90 of companies sample. This research use OLS regression and chow test to test the hypothesis which has developed.
The result of this research shows that if control variable was not include, underwriter reputation have positive significant influence to initial return, stock offering persentage influence negative significant to performance firm one year after IPO. With or no control variable, auditor reputation not show correlation with initial return, 15 day return after IPO and performance firm one year after IPO, .Firm size have positive significant sign to initial return, 15 day return after IPO and perfomance firm one year after IPO with or no included control variable. Economy condition of control variable influence positive significant to initial return and performance firm one year after IPO and value stock offering influence negative significant to initial return and 15 day return after IPO. With use chow test, we found that different factors infuence 15 day return after IPO and peformance firm one year after IPO with both category stock offering persentage under average and stock offering persentage upper average, but no different factors influence initial return to both category.
Key Words: Initial Return, 15 Days Return After IPO, Performance Firm One Year After IPO, Non Accounting Information, Underwriter Reputation, Auditor Reputation, Stock Offering Persentage, Firm Size
selengkapnya...