Price Stabilization and Ipo Underpricing: An Empirical Study in the Indonesian Stock Exchange

Husnan, Suad; Hanafi, Mamduh M.; Munandar, Muhammad Arif

doi:10.22146/jieb.v29i2.6205

Cited by 2 publications

(2 citation statements)

References 16 publications

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“…In Table 2, we observe that the average of initial return is around 10%. This number is smaller than 23% IPO underpricing reported by Husnan et al (2014) or 22% IPO underpicing reported by Darmadi and Gunawan (2013), although IPO underpricing tends to have large variation. For example, Ljungqvist (2007) reports IPO underpricing in world markets that varies from 5% in Luxembourg to around 60% in Poland market and around 90% for Malaysia ownership in Indonesia tends to be concentrated.…”

Section: Model Specificationmentioning

confidence: 54%

Ownership concentration, institutional ownership, and IPO underpricing: evidence from Indonesia Stock Exchange

Hanafi¹,

Setiawan²

2018

IJGFI

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Using 182 IPOs in Indonesia Stock Exchange from 2006-2015, we investigate IPO underpricing using agency theory framework. We use two dimensions of agency theory: ownership concentration and institutional ownership. We find that ownership concentration does not have effect on IPO underpricing, while institutional ownership negatively affects IPO underpricing. Institutional ownership seems to be able to monitor IPO underpricing, leading to smaller loss from IPO underpricing. We conduct further investigation. First, we find that institutional ownership does not moderate the effect of ownership concentration on IPO underpricing. Second, we find that the negative effect of institutional ownership on IPO underpricing is stronger when the level of institutional ownership is low. Higher level of institutional ownership seems to increase principal-principal agency conflict and to reduce monitoring effect of institutional ownership. Our results highlight the importance of ownership in company affairs.

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Section: Model Specificationmentioning

confidence: 54%

Ownership concentration, institutional ownership, and IPO underpricing: evidence from Indonesia Stock Exchange

Hanafi¹,

Setiawan²

2018

IJGFI

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“…Profitabilitas dapat berpengaruh terhadap nilai perusahaan karena sumber internal yang semakin besar (Sujoko & Soebiantaro, 2007). Apabila kemampuan perusahaan menghasilkan laba meningkat, maka harga saham juga akan meningkat (Husnan, Hanafi, & Munandar, 2014). Oleh karena itu profitabilias sangat berperan dalam mempengaruhi investor untuk melakukan investasi.…”

Section: Tabel 1 Nilai Perusahaan Pertambangan Yang Terdaftar DI Burunclassified

Pengaruh Pengungkapan Tanggung Jawab Sosial Perusahaan dan Profitabilitas pada Nilai Perusahaan

Susanti

Budiasih

2019

E-Jurnal Akuntansi

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The purpose of this study is to prove empirically the effect of disclosure of corporate social responsibility and profitability on the value of mining companies listed on the Indonesia Stock Exchange for the period 2015-2017. Samples were selected using purposive sampling technique to obtain a total sample of 15 companies, so the number of observations with a study period of 3 years was 45 observations. The data analysis technique used is multiple linear regression analysis. After analyzing the data, the results obtained from CSR disclosure did not affect the value of the company and found a positive relationship between profitability and firm value. Keywords : Disclosure of corporate social responsibility, profitability, the value of the company.

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Price Stabilization and Ipo Underpricing: An Empirical Study in the Indonesian Stock Exchange

Abstract: We attempt to investigate IPO underpricing

Cited by 2 publications

References 16 publications

Ownership concentration, institutional ownership, and IPO underpricing: evidence from Indonesia Stock Exchange

Ownership concentration, institutional ownership, and IPO underpricing: evidence from Indonesia Stock Exchange

Pengaruh Pengungkapan Tanggung Jawab Sosial Perusahaan dan Profitabilitas pada Nilai Perusahaan

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