Abstract
This study aims to determine the factors that influence the initial return and return of shares after 7 days after the initial public offering of companies that went public on the Indonesia Stock Exchange in the period 2011-2015. This research is causal design research. The data source of this research is a list of listed companies that made an initial public offering in 2011-2015 on the Indonesia Stock Exchange and a list of initial stock prices, stock prices on the first day and stock prices 7 working days after the IPO on the secondary market. As well as auditor reputation data, ownership retention, and company age. The results of the simultaneous regression analysis show that all the independent variables together affect the initial return.
Highlights
This study aims to determine the factors that influence the initial return and return of shares after 7 days after the initial public offering of companies that went public on the Indonesia Stock Exchange in the period 2011-2015
Hal ini berarti 14,1% variabel return saham 7 hari setelah Initial Public Offerings (IPO) dapat dijelaskan oleh variasi ke tiga variabel independen yakni reputasi auditor, ownership retention, dan umur perusahaan secara bersama-sama
Summary
Return merupakan hasil yang diperoleh dari investasi. Penelitian bertujuan mengetahui apakah informasi non keuangan (reputasi auditor, ownership retention, dan umur perusahaan) mempengaruhi return saham yang dilihat dari initial return dan return 7 hari saham-saham perusahaan yang melakukan IPO. Initial return (IR) adalah selisih antara harga IPO dan harga saat saham listing di bursa. Nilai nominal saham saat IPO yang tinggi relatif menghasilkan nilai prosentase initial return yang kecil walaupun secara nominal memiliki nilai yang sama. Initial return dapat dihitung dengan melihat selisih antara harga saham pada hari pertama penutupan di pasar sekunder dengan harga saham pada penawaran perdana dibagi dengan harga saham penawaran perdana, sehingga dapat dirumuskan: IR =. Return saham 7 hari setelah IPO dihitung dengan dengan melihat selisih antara harga saham pada hari ke tujuh penutupan di pasar sekunder dengan harga saham pada penawaran perdana dibagi dengan harga saham penawaran perdana, sehingga dapat dirumuskan: R7hari =
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