REPUTASI PENJAMIN EMISI, REPUTASI AUDITOR, PERSENTASE PENJAMIN EMISI, UKURAN PERUSAHAAN DAN FENOMENA UNDERPRICING




  • Simposium Nasiona Akuntansi 9 Padang

    REPUTASI PENJAMIN EMISI, REPUTASI AUDITOR, PERSENTASE PENJAMIN EMISI, UKURAN PERUSAHAAN DAN FENOMENA UNDERPRICING: STUDI EMPIRIS PADA BURSA EFEK JAKARTA

    Apriliani Triani
    Nikmah

    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

    Simposium Nasiona Akuntansi 9 Padang

    1. PENDAHULUAN
    Salah satu alternatif sumber permodalan yang dipilih oleh perusahaan yaitu melakukan go public atau menawarkan sahamnya ke publik. Dua alasan utama mengapa perusahaan memutuskan go public (Rock, 1986) karena (1) pendiri perusahaan ingin mendiversifikasi portofolionya dan (2) perusahaan tidak mempunyai sumber dana alternatif untuk membiayai program investasinya. Menurut Pagano et al. (1998), determinan dari keputusan untuk go public dapat dilihat dari karakteristik ex ante perusahaan dan konsekuensi ex post dari keputusan go public terhadap kebijakan investasi dan pembiayaan perusahaan.

    Di Indonesia terdapat kecederungan underpricing saat Initial Public Offering (IPO) yaitu harga saham hari pertama di pasar sekunder lebih tinggi dari harga saham penawaran perdananya (Husnan, 1996 dalam Prihartanto, 2002). Di beberapa negara berkembang di Amerika Latin gejala underpricing terjadi dalam jangka pendek, tetapi dalam jangka panjang kondisi sebaliknya (overpricing) yang terjadi (Aggarawal et.al., 1993 dalam Daljono, 2000). Kondisi underpricing tidak menguntungkan bagi perusahaan yang melakukan go public, karena dana yang diperoleh dari go public tidak maksimum. Sebaliknya bila terjadi overpricing, maka investor akan merugi karena mereka tidak menerima return awal. Para pemilik perusahaan menginginkan agar dapat meminimalisir underpricing, karena terjadinya underpricing akan menyebabkan transfer kemakmuran (wealth) dari pemilik kepada para investor (Beatty, 1989).

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