KINERJA JANGKA PENDEK DAN JANGKA PANJANG SAHAM PERUSAHAAN IPO DI BURSA EFEK INDONESIA

Abstract

The objectives of this research is to examine the effect of qualitative and quantitative factors to underpricing ( Y1 ), long-run underperformance ( Y2 ), and underpricing effect to long-run underperformance ( Y3 ) with ROA, DER, ROE, Age, Size, Underwriter Reputation, Auditor Reputation and Gross Proceeds as independent variables. Initial Public Offerings ( IPO ) is one of alternatives for companies to get fund from external sources in fulfilling it needs. Three phenomenons related with IPO’s are underpricing, hot-issue market and long-run underperformance. The most frequently happened phenomenon is underpricing which is a phenomenons marked by lower offering price compared to 1st day closing price. The second phenomenon, hot-issue market, is marked by abnormal higher IPO’s frequency, high abnormal underpricing rate, and stock’s oversubscription. Under this condition investors become more optimist and become an advantage for companies to get external funds through IPO’s, but in secondary market stock price will be corrected naturally and it’s long term performance oftenly worst than non-IPO’s company. This is what so called as long-run underperformance. This study use underpriced IPO’s stocks in Bursa Efek Indonesia for period 2012 to 2015 as sample and use e-views 7 to analyze it. The result shows that only DER don’t have effect significant to Y1, only Auditor Reputation and Gross Proceeds variables don’t have significant effect to Y2 and finally Y1 have significant effect to Y3. R-squared shows for Y1,Y2 and Y3 indicates that still many independent variables gives significant effects to Y1 and Y2.