Determinan Underpricing pada Saat Penawaran Saham Perdana
DOI:
https://doi.org/10.25273/jap.v7i2.2474Keywords:
Underpricing, IPO, leverage, ukuran perusahaan, umur perusahaan, return on assets.Abstract
Downloads
References
Allen, F., & Faulhaber, G. R. (1989). Signalling by underpricing in the IPO market. Journal of Financial Economics, 23(2), 303-323.
Bertoni, F., Meoli, M., & Vismara, S. (2014). Board Independence, Ownership Structure and the Valuation of IPOs in Continental Europe. Corporate Governance: An International Review, 22(2), 116-131.
Boulton, T. J., Smart, S. B., & Zutter, C. J. (2011). Earnings Quality and International IPO Underpricing. The Accounting Review, 86(2), 483-505. doi:10.2308/accr.00000018
Carney, R. W., & Child, T. B. (2013). Changes to the ownership and control of East Asian corporations between 1996 and 2008: The primacy of politics. Journal of financial economics, 107(2), 494-513.
Carney, R. W., & Hamilton-Hart, N. (2015). What Do Changes in Corporate Ownership in Indonesia Tell Us? Bulletin of Indonesian Economic Studies, 51(1), 123-145.
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian corporations. Journal of financial economics, 58(1-2), 81-112.
Darmadi, S., & Gunawan, R. (2013). Underpricing, board structure, and ownership: An empirical examination of Indonesian IPO firms. Managerial Finance, 39(2), 181-200. doi:10.1108/03074351311294016
Ferretti, R., & Meles, A. (2011). Underpricing, wealth loss for pre-existing shareholders and the cost of going public: the role of private equity backing in Italian IPOs. Venture Capital, 13(1), 23-47. doi:10.1080/13691066.2010.543321
Filatotchev, I., & Bishop, K. (2002). Board composition, share ownership, and ‘underpricing’of UK IPO firms. Strategic Management Journal, 23(10), 941-955.
Grinblatt, M., & Hwang, C. Y. (1989). Signalling and the Pricing of New Issues. The journal of finance, 44(2), 393-420. doi:10.1111/j.1540-6261.1989.tb05063.x
Gumanti, T. A. (2003). An investigation of earnings management in Indonesian manufacturing Initial Public Offering. Gadjah Mada International Journal of Business 5(3), 345-362.
Gumanti, T. A., & Alkaf, N. (2011). Underpricing dalam Penawaran Saham Perdana dan Penawaran Saham Susulan. Jurnal Akuntansi dan Keuangan Indonesia, 8(1), 21-35.
Gumanti, T. A., Lestari, A. R., & Manan, S. S. A. (2017). Underpricing and number of risk factors of initial public offerings in Indonesia Business Theory and Practice, 18(178 - 185).
Hahn, T., Ligon, J. A., & Rhodes, H. (2013). Liquidity and initial public offering underpricing. Journal of Banking & Finance, 37(12), 4973-4988. doi:https://doi.org/10.1016/j.jbankfin.2013.09.004
Hanafi, M. M. (2016). Analisys of IPO underpricing fluctuation: Empirical study in Indonesia Stock Exchange. Jurnal Dinamika Manajemen, 7(2), 129 - 138.
Hopp, C., & Dreher, A. (2013). Do differences in institutional and legal environments explain cross-country variations in IPO underpricing? Applied Economics, 45(4), 435-454.
Judge, W. Q., Witt, M. A., Zattoni, A., Talaulicar, T., Chen, J. J., Lewellyn, K., . . . Lopez, F. (2015). Corporate governance and IPO underpricing in a crossâ€national sample: A multilevel knowledgeâ€based view. Strategic Management Journal, 36(8), 1174-1185.
Kurniawan, L. (2014). Informasi akuntansi dan non-akuntansi pada fenomena underpricing yang terjadi saat penawaran umum saham perdana pada perusahaan yang terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi, 28(3), 371 - 382.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. The Journal of Political Economy, 106(6), 1113-1155.
Leitterstorf, M. P., & Rau, S. B. (2014). Socioemotional wealth and IPO underpricing of family firms. Strategic Management Journal, 35(5), 751-760. doi:10.1002/smj.2236
Mayes, D., & Alqahtani, F. (2015). Underpricing of IPOs in Saudi Arabia and Sharia compliance. Journal of Islamic Accounting and Business Research, 6(2), 189-207. doi:10.1108/JIABR-12-2013-0042
Pahlevi, R. W. (2014). Analisis faktor-faktor yang mempengaruhi underpricing saham pada penawaran saham perdana di Bursa Efek Indonesia. Jurnal Siasat Bisnis, 18(2), 219 - 232.
Rochayani, W., & Setiawan, D. (2004). Pengaruh Informasi Prospektus IPO Terhadap Abnormal Returns Dan Ketepatan Ramalan Laba. Jurnal EKonomi Perusahaan, 11(2), 107 - 124.
Safitri, T. A. (2013). Asimetri informasi dan underpricing. Jurnal Dinamika Manajemen, 4(1), 1 - 9.
Setiawan, D., Bandi, B., Phua, L. K., & Trinugroho, I. (2016). Ownership structure and dividend policy in Indonesia. Journal of Asia Business Studies, 10(3), 230 - 252.
Setiawan, D., & Phua, L. K. (2013). Corporate governance and dividend policy in Indonesia. Business Strategy Series, 14(5/6), 135 - 143.
Setiobudi, M., Warganegara, D. L., & Warganegara, D. S. (2011). Empirical investigation of the underpricing phenomenon on IPOs in privatization of SOEs: Evidence from Indonesia. Journal of Applied Accounting and Finance, 3(2), 109 - 135.
Song, S., Tan, J., & Yi, Y. (2014). IPO initial returns in China: Underpricing or overvaluation? China Journal of Accounting Research, 7(1), 31-49. doi:http://dx.doi.org/10.1016/j.cjar.2013.12.001
Tian, L. (2011). Regulatory underpricing: Determinants of Chinese extreme IPO returns. Journal of Empirical Finance, 18(1), 78-90. doi:https://doi.org/10.1016/j.jempfin.2010.10.004
Yeh, Y. H., Shu, P. G., & Guo, R. J. (2008). Ownership Structure and IPO Valuation—Evidence from Taiwan. Financial Management, 37(1), 141-161.
Downloads
Published
Issue
Section
License
Perjanjian Lisensi dan Hak Cipta
Saat mengirimkan naskah ke jurnal, penulis menyatakan bahwa:
- Mereka diberi wewenang oleh rekan penulisnya untuk masuk ke dalam perjanjian ini.
- Karya yang dimaksud belum pernah diterbitkan secara resmi sebelumnya, kecuali dalam bentuk abstrak atau sebagai bagian dari kuliah, resensi, tesis, atau overlay jurnal yang diterbitkan.
- Karya yang dimaksud tidak sedang dipertimbangkan untuk diterbitkan di tempat lain,
- Publikasi karya yang dimaksud telah disetujui oleh semua penulis dan oleh otoritas yang bertanggung jawab - secara tahu sama tahu atau eksplisit - dari lembaga tempat pekerjaan itu dilakukan.
- Mereka mengamankan hak untuk mereproduksi materi apa pun yang telah diterbitkan atau dilindungi hak cipta di tempat lain.
- Mereka menyetujui lisensi dan perjanjian hak cipta berikut.
Hak Cipta
Penulis yang menerbitkan dengan ASSETS: Jurnal Akuntansi dan Pendidikan menyetujui persyaratan berikut:
- Penulis mempertahankan hak cipta dan memberikan jurnal hak publikasi pertama dengan karya yang secara bersamaan dilisensikan di bawah Lisensi Atribusi Creative Commons (CC BY-SA 4.0) yang memungkinkan orang lain untuk berbagi karya dengan pengakuan kepenulisan karya dan publikasi awal di jurnal ini.
- Penulis dapat masuk ke dalam pengaturan kontrak tambahan yang terpisah untuk distribusi non-eksklusif dari versi jurnal yang diterbitkan dari karya tersebut (misalnya, mempostingnya ke repositori institusional atau menerbitkannya dalam sebuah buku), dengan pengakuan publikasi awalnya di jurnal ini.
- Penulis diizinkan dan didorong untuk memposting karya mereka secara daring (misalnya di repositori institusional atau di situs web mereka) sebelum dan selama proses pengiriman, karena dapat menghasilkan pertukaran yang produktif, serta kutipan lebih awal dan lebih besar dari karya yang diterbitkan.
License and Copyright Agreement
In submitting the manuscript to the journal, the authors certify that:
- Their co-authors authorize them to enter into these arrangements.
- The work described has not been formally published before, except as an abstract or part of a published lecture, review, thesis, or overlay journal.
- That it is not under consideration for publication elsewhere,
- That its publication has been approved by all the author(s) and by the responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
- They secure the right to reproduce any material already published or copyrighted elsewhere.
- They agree to the following license and copyright agreement.
Copyright
Authors who publish with ASSETS: Jurnal Akuntansi dan Pendidikan agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during submission, as it can lead to productive exchanges and earlier and more extraordinary citations of published work.
ASSETS: Jurnal Akuntansi dan Pendidikan is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.