FAKTOR-FAKTOR YANG MENENTUKAN INITIAL RETURN PADA PERUSAHAAN IPO DI BURSA EFEK INDONESIA PERIODE 2007-2013

• Main Author: Lasmanah, - (Author)
• Format: Book
• Published: 2020-02-04.
• Subjects: Thesis; NonPeerReviewed
• Online Access: Link Metadata
• Notes: http://repository.upi.edu/52395/1/D_IMN_1201515_Title.pdf; http://repository.upi.edu/52395/2/D_IMN_1201515_Chapter1.pdf; http://repository.upi.edu/52395/3/D_IMN_1201515_Chapter2.pdf; http://repository.upi.edu/52395/4/D_IMN_1201515_Chapter3.pdf; http://repository.upi.edu/52395/5/D_IMN_1201515_Chapter4.pdf; http://repository.upi.edu/52395/6/D_IMN_1201515_Chapter5.pdf; http://repository.upi.edu/52395/7/D_IMN_1201515_Appendix.pdf
• Keywords: HD28 Management. Industrial Management; L Education (General)

This study aims to analyze and provide empirical evidence related to the factors that influence the initial return on the implementation of Initial public offering (IPO). The research sample is companies that conduct IPOs in the 2007-2013 period on the Indonesia Stock Exchange. Sampling using a purposive sampling technique, while the analytical tool used logit regression. The results showed that there was a significant influence between firm size, leverage, profitability, age of the company, institutional ownership structure, underwriter reputation, auditor reputation, percentage of stock offered. The results of testing the determinant factors show that the factors included in the model can estimate underpricing in the type of service industry that conducts an Initial public offering (IPO) in the 2007-2013 period. The results also showed that only profitability, age of the company, institutional ownership structure, and underwriter reputation had a significant negative effect on underpricing. While company size had not a significant negative effect on underpricing. On the contrary leverage, auditor reputation, and the percentage of stock offered is not a significant positive effect on underpricing. This finding shows that investor's concern in investing are profitability, the length of time the company operates, the existence of an institutional ownership structure, and the existence of a reputable underwriter or agency that certifies that the company's performance is in good condition. The type of industry acts as a moderator variable which can significantly strengthen the relationship of profitability and institutional ownership structure with underpricing. Conversely, the type of industry does not provide a significant moderation effect on the effect of firm size, leverage, age of the company, the reputation of the underwriter and auditor, as well as the percentage of shares offered at an underpricing. In contrast to interest rates, it can weaken the relationship of profitability, age of the company, institutional ownership structure and underwriter reputation for underpricing. On the contrary, interest rates do not have a significant moderation effect on the effect of firm size, leverage, auditor reputation, and the percentage of shares offered on underpricing. Keywords: Company performance, initial public offering, initial return, underpricing, industry type, interest rate