Analisis Faktor-Faktor Yang Mempengaruhi Initial Return Pada Penawaran Perdana Saham Di Bursa Efek Indonesia Saat Krisis Finansial Global Periode 2006-2008

Abstract

<p class="Style1"><em>This objective of the research is to analyze influence of Initial Return on global financial crisis period in the period 2006-2008, obtained from non-financial information and financial support for taken into consideration in decisions to invest in companies that do an IPO on the Indonesia Stock Exchange. Tests conducted on 45 companies that went public in the year 2006-2008 in the Indonesia stock exchange, the sample selection method sampling purposive. The main issues underlying this research is to determine the influence of company size, earnings per share, price earning ratio, the level of leverage, return on total assets, the percentage of old shareholders, auditor reputation and the reputation of underwriters, the initial period of return on the global financial crisis. The results showed that simultaneous testing of a significant effect between the independent variables both financial and non financial measures consist of the company, earnings per share, price earning ratio, the level of leverage, return on total assets, the percentage of old shareholders, auditor reputation, and underwriter's reputation with its dependent variable is initial return on the global financial crisis period of 2006-2008. While on a partial test of financial information variable earnings per share which is partially a significant effect on initial returns, and on non-financial information that affects a significant is auditor reputation ofthe initial return.</em></p>

Accrual-based vs cash-based accounting in affecting underpricing phenomenon: Evidence from emerging country

“…Hearn (2013) argues that the reputation of auditors can also reduce the level of information asymmetry from listing firms by reducing agency costs, thereby improving the relationship between pre-IPO shareholders and firm managers. These results also support Arif & Isnidya (2010); Razafindrambimina & Kwan (2013) which proves that the auditor reputation has a negative and significant effect on underpricing.…”

“…Investor confidence helps increase the value of the firm by reducing information asymmetry and uncertainty regarding IPOs (Arora & Singh, 2019). Study from Arif & Isnidya (2010); Gao et al (2015); Razafindrambimina & Kwan (2013); Sundarasen et al (2018) shows the result that the auditor's reputation has a negative and significant effect on the initial return. While the results from Arora & Singh (2019); Badru & Ahmad-Zaluki (2018) proving that there is no significant effect of the auditor's reputation on underpricing.…”

Pengaruh Earning Per Share (Eps), Reputasi Underwriter Dan Reputasi Auditor Terhadap Initial Return Pada Perusahaan Yang Melakukan Penawaran Umum Saham Perdana Di Bursa Efek Indonesia Periode 2014-2016

“…Semakin tinggi EPS semakin tinggi pula harga saham sehingga semakin tinggi pula return yang didapatkan oleh investor. Hasil penelitian yang dilakukan oleh Arif & Isnidya (2010) menyatakan bahwa EPS berpengaruh positif dan signifikan terhadap initial return saham.Sedangkan menurut penelitian yang dilakukan Wijayanto (2013) EPS mempunyai pengaruh negatif dan signifikan terhadap initial return. Underwriter atau penjamin emisi merupakan lembaga yang menjamin terjualnya saham atau obligasi sampai batas waktu tertentu dan dapat memperoleh dana yang diinginkan emiten (Kasmir, 2008).…”

“…Jadi semakin tinggi reputasi auditor, maka semakin rendah tingkat underpricing yang terjadi dan semakin rendah pula initial return. Penelitian Arif & Isnidya (2010), dan Razafindrambinina & F Kwan (2013) menunjukan hasil bahwa reputasi auditor berpengaruh secara negatif dan signifikan terhadap initial return. Berdasarkan dari uraian latar belakang diatas dan adanya perubahan peraturan baru yang diterbitkan oleh BEI nomor I-A tentang pencatatan saham dan efek bersifat ekuitas selain saham yang diterbitkan oleh perusahaan tercatat maka peneliti melakukan penelitian dengan judul: "Pengaruh Earning Per Share (EPS), Reputasi Underwriter And Reputasi Auditor Terhadap Initial Return Pada Perusahaan yang Melakukan Penawaran Saham Perdana di Bursa Efek Indonesia Periode 2014-2016".…”