Suherman_191153040

KINERJA JANGKA PANJANG DAN LIKUIDITAS PASCA IPO DI PAPAN UTAMA DAN PENGEMBANGAN BURSA EFEK INDONESIA

 Suherman

Prodi Manajemen Fakultas Ekonomi Universitas Negeri Jakarta

Jl.Rawamangun Muka No.1 Rawamangun, Jakarta Timur, 13220, Indonesia.

  •  Korespondensi dengan Penulis:
  • Suherman: Telp.+62 21 4721 227
  • E-mail: suherman@feunj.ac.id

Abstract

The purposes of this study were to examine and to compare the long-term performance of IPO firms on main and development boards and to determine and to compare the liquidity of IPO firms on main and development boards. The sample of this study covered 59 IPO firms consisting of 32 firms listed on main board and 27 firms listed on development board between 2010 and 2012. The results showed that one, two and three-years after IPO, the long-term performance of IPO firms on the main and development boards were not statistically different, and one year after IPO, the liquidity of  IPO firms on the main and development boards were not statistically different.

 Keywords: development board, firm performance, IPO, liquidity, main board

191153040_Suherman (Full TexT)

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Arni Utamaningsih_Abstract_1822014

PERINGKAT PENJAMIN EMISI, UNDERPRICING, DAN KINERJA PASAR SEKUNDER SAHAM IPO DI BURSA EFEK INDONESIA

Arni Utamaningsih

Prodi Administrasi Bisnis Politeknik Negeri Padang

Kampus Limau Manis Pauh-Padang, 25166, Indonesia.

  • Korespondensi dengan Penulis:
  • Arni Utamaningsih: Telp.+62 751 72590; Faks.+62 751 72576
  • E-mail: Arni6965@gmail.com

 Abstract

This study discussed about the underwriters ranking, underpricing, and secondary market performance of IPO in Indonesia Stock Exchange. This study used the IPO prices, market prices, and data of underwriters ranking based on the total value of transactions per year. The data were elaborated with standard deviation approach. These studies provided weak support on finding of Carter and Manaster (1990) that the higher the reputation of underwriter was, the lower the initial return was. This study elaborated the weak support. This study also proved that underpricing had positive and significant effect on the excess returns of 30 days. The evidence of abnormal returns was elaborated for 30 days after the IPO.

Key words: IPO, secondary market, underpricing, underwriters ranking.

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Reni Yendrawati_Abstract_1812014

TRANSAKSI PIHAK HUBUNGAN ISTIMEWA DAN MANAJEMEN LABA PADA PENAWARAN SAHAM PERDANA

Reni Yendrawati

Sophia Anggarda Paramitha

Jurusan Akuntansi Fakultas Ekonomi UII Yogyakarta

Jl. Prawirokuat, Condong Catur, Depok, Sleman, Yogyakarta, 55283.

Korespondensi dengan Penulis:

Reni Yendrawati: Telp. +62 274 881 546/ Fx. +62 274 882 589

E-mail: reni@fe.uii.ac.id

Abstract

This study was conducted with the background that many companies did earning management through transactions with a related party in Initial Public Offering (IPO). This study aimed to examine the influence of related party transaction about earnings management in IPO. The population in this study was companies listed in Indonesia Stock Exchange. The sampling method used for this study was purposive sampling. This study used 38 samples from non-financial firms that conducted IPO’s in the Indonesia Stocked Exchange in 2009-2011.Paired Sample t-test was used to examine the significant earnings management which was represented by ROA. Multiple linear regression used RP Sales, RP Purchases, and RP Liabilities to the effect of earnings management. The result of this study showed that there was no a significant change between ROAt=-1 and ROAt=0  IPO period. The related party sales transaction did not have a significant effect of earnings management. However, this study indicated that the related party purchases transaction had a significant negative effect  and related party liabilities transaction had a significant positive effect on earnings management.

Key words: earnings management, IPO, related party transaction

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Yanthi Hutagaol_Abstract_1632012

THE ACCURACY OF EARNINGS FORECAST AND POST-IPO EARNINGS MANAGEMENT

Yanthi Hutagaol
Dezie L. Warganegara
Christofer Wibisono
 School of Accounting & Finance BINUS Business School – BINUS University
Jl. Hang Lekir I No. 6, Jakarta, 10270.

Korespondensi dengan Penulis:

Yanthi Hutagaol: Telp. Telp. +62 21 720 2222; Fax. +62 21 720 5555
E-mail: yhutagaol@binus.edu

Abstract

Prior studies showed that before IPO, many companies conducted earnings management in order to attract potential investors through impressive earnings figures. This study aimed to investigate the tendency of earnings management practice post – IPO. This practice of earnings management was motivated to preserve managers’ reputation in achieving their earnings forecasts. Using a total of 165 IPOs in IDX during year 2000-2010, this study employed descriptive analyses to identify the earnings management differences within the sample. A cross-section analysis was conducted to test the difference of earnings management indicator among the forecasters. Then, controlling for audit quality, ownership, firm size, and firm leverage, a regression analysis was performed to test the impact of earnings forecasts accuracy on the earnings management. The result of this research showed that there was an indication that the forecasters conducted more earnings management than the non-forecasters. The study found that forecast accuracy was significantly related to managers’ behavior to manage post-IPO earnings. Further analysis showed that optimistic forecasters tended to engage more in more earning management than conservative forecasters. The cross section analysis confirmed that optimistic earnings forecast strengthened the relationship of forecast accuracy and post-IPO earnings management, while high audit quality failed to weaken it.

 Key words: earnings forecast, earnings management, initial public offering

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Nilmawati_abstract_1332009

UNDER PRICING PENGARUHNYA TERHADAP IPO
AFTERMARKET LIQUIDITY

Nilmawati
Jurusan Manajemen Fakultas Ekonomi UPN ”Veteran” Yogyakarta
Jl. SWK (Ringroad Utara) Condong Catur Yogyakarta, 55283

Korespondensi dengan Penulis:
Nilmawati: Telp. +62 274 486 733 Ext.260
E-mail: nilmaoke@yahoo.com 
 
Abstract:

The purpose of the research was to analyze and find empirical evidence of under pricing on IPO aftermarket liquidity in the listed companies in Indonesian Stock Exchange.  Independent sample t-test and multiple linier regressions were used for instrument analysis. Results showed that IPO aftermarket liquidity between firm with high under pricing and low under pricing were not different. The results also indicated that initial return was positively related to turnover ratio and negatively related to percentage spread (weak effect) by controlling variables such as: size, volume, and risk in short time.

 Key words: IPO, under pricing, aftermarket liquidity

Yanthi Hutagaol_abstract_1512011

THE ACCURACY OF MANAGEMENT EARNINGS FORECAST AND
IPO PERFORMANCE

Yanthi Hutagaol
I Gusti Ayu Esika
School of Accounting & Finance
BINUS Business School – BINUS University
Jl. Hang Lekir I No.6 Jakarta, 12120

Telp. +62 21 720 2222; Fax. +62 21 720 5555
Email: yhutagaol@binus.edu

Abstract
Prior studies showed that IPO earnings forecasts robustly related to the IPO initial market valuation and its short-run performance. This study investigated the impact of management earning forecasts on the long run performance of IPOs in Indonesia Stock Exchange (IDX).  The accuracy of IPO was revealed at the end of financial IPO year when the actual earnings was announced.  The relative accuracy would affect the pricing process in the market that in turn it would affect the IPO 1 year performance. Unlike most prior studies, this study used relative forecast bias, as the direction of the bias would have different impact on the IPO after-market performance. Using 94 IPOs that went public in 2000-2008 in IDX, this study found some interesting results. About 68% of sample produced downward bias (negative forecast error) meaning that those companies could not achieve their earnings target disclosed in the IPO prospectuses. This study found different characteristics between the upward bias (positive forecast errors) IPOs and the downward (negative forecast errors) IPOs. The upward bias IPOs had a better 1-year performance than the downward bias IPOs. They also appeared to have a higher initial performance. The upward bias tended to be big companies and sold lower percentage of equity at the IPO. However, they appeared to be statistically insignificant. Finally, the cross section analysis result showed a robust evidence to support the research hypothesis that the forecast bias positively related to the IPO 1-year performance.

Key words: IPO, Management earning forecast, IPO performance, IDX

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Dezie L.Warganegara_abstract_1512011

THE EFFECT OF MULTINATIONAL UNDERWRITING FIRMS ON INTELLECTUAL CAPITAL DISCLOCURE IN INDONESIAN
IPO PROSPECTUSES

Dezie L. Warganegara
BINUS Business School-BINUS University
Jl. Hang Lekir I No. 6 Jakarta, 12120

Telp. +62 21 720 2222; Fax. +62 21 720 5555
Email: dezie@binus.edu

Abstract
The objective of this study was to investigate the effects of multinational underwriters on intellectual capital disclosure in Indonesian IPO prospectuses. Intellectual capital disclosure practices were driven by the advice of underwriters. Multinational underwriters had a greater capacity to produce more relevant information so it reduced the information gap for IPO market participants. The information included IC disclosure practices in IPO prospectuses. This study found that the nationality of underwriting firms positively affected the extent of intellectual capital disclosure in Indonesian IPO prospectuses. Exposure to IPOs in other countries and the ability to combine dispersed knowledge across their international branches seemed to have a positive effect on multi-national underwriting firms in as much as it led to a higher standard of disclosure of intellectual capital than that of local underwriting firms.

Key words: intellectual capital disclosure, IPO, prospectus, multinational underwriter

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