KINERJA JANGKA PANJANG DAN LIKUIDITAS PASCA IPO DI PAPAN UTAMA DAN PENGEMBANGAN BURSA EFEK INDONESIA
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: firstname.lastname@example.org
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)
FAKTOR-FAKTOR FUNDAMENTAL DAN JENIS INDUSTRI TERHADAP CORPORATE SOCIAL RESPONSIBILITY SERTA DAMPAKNYA TERHADAP HARGA SAHAM
Christine Dwi Karya Susilawati
Prodi Akuntansi Fakultas Ekonomi Universitas Kristen Maranatha
Jl. Suria Sumantri No.65 Bandung, 40164, Indonesia.
Korespondensi dengan Penulis:
Christine Dwi Karya Susilawati: Telp. +62 22 201 2186; Fax. +62 22 201 7625
Different characteristics could be determined by using three approaches categories: structure, performance, and market. Structure was determined by factors associated with the development of the company included firm size, firm age, and the ability to repay the debt. Performance was determined by quantitative factors included the company’s liquidity and profitability, while the market was determined by factors namely qualitative form of public shares, and the status of the company. The purpose of this study was to test the influence of fundamental factors, namely liquidity, profitability, leverage, stock ownership, firm size, firm age and status of the company’s CSR, and to test the different types of industries (Consumer Goods, Mining and Forestry sectors Banking and widespread influence of CSR disclosure in Indonesia). The samples used were 30 companies of consumption sector, 31 companies of mining sector and plantation, and 28 companies of banking sector during 2010-2012. The company’s data was taken from the annual report. Data analysis technique used multiple regression analysis. The results of this study indicated that the stock ownership and firm age had a significant effect on the area of CSR (CSR Index), and a significant effect on the CSR Index stock price and type industry influence on the CSR Index.
Keywords: Corporate Social Responsibility, firm size, firm age, leverage, liquidity, profitability, status of the company’s, stock ownership, stock price
LIKUIDITAS, LEVERAGE, KOMISARIS INDEPENDEN, DAN MANAJEMENLABA TERHADAP AGRESIVITAS PAJAK PERUSAHAAN
Krisnata Dwi Suyanto
Fakultas Ekonomika dan Bisnis Universitas Kristen Satya WacanaJl. Diponegoro 52-60 Salatiga, 50711.
Tax aggressive was the action designed to reduce taxable income appropriate to tax plan, which could be legal or illegal. This study investigated if extent of liquidity, leverage, independent commissioners and earning management affected corporate tax aggressiveness. Effective tax rate (ETR) and cash effective tax rate (CETR) were used to measure tax aggressiveness. Test was conducted for manufacturing firms which were listed in Indonesian Stock Exchange during the period of 2006-2010. Panel data regression was used to test the hypothesis. The result of the hypothesis was that it failed to find significant relation between liquidity and tax aggressiveness. Independent commissioners had a negative impact to tax aggressiveness, but leverage and earning management had a positive impact to tax aggressiveness.
Keywords: corporate tax aggressiveness, liquidity, leverage, independent commissioners, earning management.
UNDER PRICING PENGARUHNYA TERHADAP IPO
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
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
FAKTOR-FAKTOR YANG MEMPENGARUHI
DIVIDEND PAYOUT RATIO PADA PERUSAHAAN JASA KEUANGAN
Januar Eko Prasetio
Jurusan Akuntansi Fakultas Ekonomi UPN “Veteran” Yogyakarta
Jl. SWK 104 (Ringroad Utara) Condongcatur – Yogyakarta, 55282
Telp. +62 274 486 733 Ext.222
The objective of this research was to analyze what factors influencing dividend payout ratio at the Indonesian Stock Exchange (ISE). The method used in this research was the survey method. This research was conducted at the ISE using 82 emissaries as the sample based on purposive sampling. The first and second hypothesis was analyzed using multiple regression. The result of the first hypothesis analysis showed profitability, liquidity, debt policy, institutional ownership, growth, and firm size simultaneously influential to dividend payout ratio. The second hypothesis analysis showed that only growth influencing dividend payout ratio.
Key words: dividend payout ratio, profitability, liquidity, debt policy, institutional ownership, growth, firm size
THE LIQUIDITY AND INFORMATIONAL EFFICIENCY IN
STOCK AND BOND MARKET
The School of Accounting and Finance BINUS Business School-BINUS University
Jl. Hang Lekir 1 No. 6 Jakarta, 12120
Telp. +62 21 720 2222; Faks. +62 21 720 5555
This paper was taking a first step toward an integrated approach to stock and bond liquidity and informational efficiency. We drew from the literature to develop comprehensive understanding about liquidity and information event in stock and bonds market. We used variables from Chordia, et al. (2005), to explore cross-market liquidity dynamics by estimating a vector regressive model for liquidity such as bid-ask spread and depth, returns, volatility, and order flow in the stock and Treasury bond markets. We analyzed the work from Hotchkiss, et al. (2002) to find the informational efficiency of corporate bond prices. It was similar to that of the underlying stocks. The central contribution of this paper was to reveal the possibility in applying this kind of research in Indonesian market.
Key words: liquidity, informational efficiency, stock, bond, asset’s prices