Indonesia is one of the developing countries with a significant increase in capital market growth based on data released by KSEI (PT Kustodian Sentral Efek Indonesia), the total capital market investors in Indonesia as of 27 December 2019 reached 2.47 million investors, this number has increased significantly from 2018 where the number of investors was 1.61 million. The purpose of this study is to analyze the factors that affect the market discount on IPO shares for the 2015-2019 period, Explain the influence of these factors on the market discount of IPO shares in the 2015-2019 period. and Analyzing the phenomenon of market discounts occurring in IPO shares in the 2015-2019 period. The variables that have a significant effect on market discount are return on assets (ROA), debt to equity ratio (DER), company age (AGE), company size (SIZE), Return on Equity (ROE), Earning per Share (EPS) and firm age (AGE) with a significance value of <0.05. Market discount occurs on shares that IPO in the 2015-2019 period. Whereas investors and issuers can take mitigation or preventive actions, but if it is advanced, problem solving can be done by taking a solution Keywords: ROA, DER, AGE, SIZE, EPS, Market Discount, IPO

Industrial manufacturing sektor has the biggest contribution to regional economic development of Central Java Province but in the last few years the output of industrial sector experienced a slowing down growth. This industrial manufacturing sector is influenced by many variables. This study identified the effect of macroeconomic variables on industrial manufacturing sector performance in Central Java Province. Macroeconomic variables used in this study were export, import, domestic investment, foreign direct investment, province minimum wage, labour, road and electricity infrastructure, inflation and dummy regional outonom. The methods used to analyze this study were vector error correction model (VECM). A forecast error variance decomposotion (FEVD) test also were used to show the contributions of each macroeconomic variables to the output of manufacture sector. The result of VECM equation shows that in the long-term both domestic investment (PMDN) and foreign investment (PMA) significantly influenced industrial manufacture output. Meanwhile FEVD test shows export, output growth, foreign investment and labour has the bigest composition on explaining manufacturing fluctuations in long-term.