Analysis of Factors Which Affect Company Shares Underpricing Level at Initial public offering (IPO) on the Indonesia Stock Exchange Period 2013-2018

Ariyanto

doi:https://doi.org/10.14445/23939125/IJEMS-V7I8P110

Research Article | Open Access

Volume 7 | Issue 8 | Year 2020 | Article Id. IJEMS-V7I8P110 | DOI : https://doi.org/10.14445/23939125/IJEMS-V7I8P110

Analysis of Factors Which Affect Company Shares Underpricing Level at Initial public offering (IPO) on the Indonesia Stock Exchange Period 2013-2018

Ariyanto, Sri Hasnawati, Ernie Hendrawaty

Citation :

Ariyanto, Sri Hasnawati, Ernie Hendrawaty, "Analysis of Factors Which Affect Company Shares Underpricing Level at Initial public offering (IPO) on the Indonesia Stock Exchange Period 2013-2018," International Journal of Economics and Management Studies, vol. 7, no. 8, pp. 70-72, 2020. Crossref, https://doi.org/10.14445/23939125/IJEMS-V7I8P110

Abstract

Alternative funding from an external company is through an inclusion mechanism that is generally done by selling company shares to the public or is often known by going public terms. If the Company has already decided to take Go Public at the beginning, it has to start its initial company share known as Initial Public Offering (IPO). The absence of an observable previous market price to be used as a bid determination makes the initial stock price determination at IPO very difficult. If the price of shares on the primary market (IPO) is lower than the shares price on the secondary market on the first day, then there will be a phenomenon of low prices on the initial offering market, which is referred to as Underpricing. Several factors affect Underpricing, which are Underwriter Reputation, The Age of the Company, The Company Size, and Return on assets.

Keywords

Underpricing, Underwriter Reputation, The Age of Company, The Company Size, and Return on Asset.

References

[1] Ali, SyaifuldanJogiyanto Hartono. Analisispengaruhpemilikanmetodeakuntansiterhadappemasukanpenawaranperdana, JurnalEkonomidanBisnis Indonesia, 17(2) (2002) 211-225,.
[2] Anoraga, PandjidanPakarti, Piji. PengantarPasar Modal. Jakarta: PT RinekaCipta, (2008).
[3] Amin, A., Pendeteksian Earnings Management, Underpricing Dan PengukuranKinerja Perusahaan Yang MelakukanKebijakan Initial Public Offering (IPO) Di Indonesia, SimposiumNasionalAkuntansi X, (2007) 1-30.
[4] Amirin, Tatang M.,Menyusunrencanapenelitian, Jakarta: PT. RajaGrafindoPersada, (2008).
[5] Azhar, Saifudin.,MetodePenelitian, Yogyakarta: PustakaPelajar, (1998).
[6] Daljono.,Analisisfaktor-faktor yang mempengaruihi initial retunsaham yang listing di BEJ (tahun 1990-1997), SimposiumNasionalAkuntansi III, hal (2000) 556-572.
[7] Darmadji, Tjiptonodan Hendy., Pasar Modal Di Indonesia edisi1, Jakarta: Salemba, (2001).
[8] Darmadji, TjiptonodanFakhruddin, Hendy M.,Pasar Modal Di Indonesia edisi2. Jakarta: SalembaEmpat, (2011).
[9] Darmadji, Tjiptonodan Hendy.,Pasar Modal Di Indonesia edisi3, Jakarta: Salemba, (2012).
[10] Fahmi, Irham.,PengantarManajemenKeuangan (TeoridanSoalJawab), Bandung: Alfabeta, (2012).
[11] Ghozali, Imam danMudrik Al Mansur., AnalisisFaktor-faktoryangMempengaruhi Tingkat Underpricing di Bursa Efek Jakarta, JurnalBisnisdanAkuntansi, 4 (1) (2002) 74-87.
[12] Miss. SamikshaKhanal., Determinants of Liquidity in Commercial Banks of Nepal SSRG International Journal of Economics and Management Studies 6(8) (2019) 11-16.