SUGIYANTO, BASIT (2014) PERBANDINGAN UNDERPRICING (KINERJA JANGKA PENDEK) DAN KINERJA JANGKA PANJANG REGULATED FIRM DAN UNREGULATED FIRM PADA PENAWARAN PERDANA (IPO) DI INDONESIA PERIODE TAHUN 2005 - 2011. Masters thesis, UPN ''VETERAN'' YOGYAKARTA.
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Abstract
This study aims to knowing the underpricing on the first day of trading (short-term performance) on the regulated and unregulated firm firm, determine the ratio of the level of underpricing in regulated and unregulated firm firm, and knowing the difference in long-term performance in regulated and unregulated firm firm. The population in this study is the overall firm regulated and unregulated firm that performs an Initial Public Offering (IPO) and listed on the Indonesia Stock Exchange (IDX) in 2005 through 2011. The sampling technique using proportional random sampling. The data of this study are secondary data firm regulated and unregulated firm that performs the initial public offering (IPO) in the period 2005 to 2011 , which consists of : the initial price (offering price) , closing price (closing price) and composite Stock Price Index (CSPI). The variables examined in this study consisted of: Underpricing of initial returns with look of these shares and to determine or test the value of the abnormal return on day 1; and long-term performance is calculated by counting abnormal return of the shares of the company in a span of 1 year. Data analysis techniques include: The hypothesis 1 test to determine whether the short-term underpricing occurs in regulated firm and unregulated firm tested with one sample t – test; The hypothesis 2 test to determine whether the level of underpricing on the regulated firm is smaller than unregulated firm tested with independent sample t – test; and The hypothesis 3 test to determine whether there are differences in the long-term performance on the regulated firm and unregulated firm tested with independent sample t - test. Conclusions of this study are: in the short run underpricing occurs in regulated firm and unregulated firm, the level of underpricing on the regulated firm is not smaller than the unregulated firm; and there is no difference in the long-term performance on the regulated firm and unregulated firm . Keywords: Underpricing, Long-Term Performance, IPO, Regulated Firm, and Unregulated Firm. Penelitian ini ditujukan dalam rangka mengetahui terjadinya underpricing pada perdagangan hari pertama (kinerja jangka pendek) pada regulated firm dan unregulated firm, mengetahui perbandingan tingkat underpricing pada regulated firm dan unregulated firm dan mengetahui perbedaan kinerja jangka panjang pada regulated firm dan unregulated firm. Populasi dalam penelitian ini adalah keseluruhan regulated firm dan unregulated firm yang melakukan Initial Public Offering (IPO) dan yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2005 sampai dengan 2011. Teknik pengambilan sampel yang digunakan adalah proportional random sampling. Data penelitian ini adalah data sekunder regulated firm dan unregulated firm yang melakukan penawaran perdana (IPO) periode tahun 2005 sampai dengan tahun 2011, yang terdiri dari: harga perdana (offering price), harga penutupan saham (closing price), dan Indek Harga Saham Gabungan (IHSG). Variabel yang diteliti dalam penelitian ini terdiri dari: Underpricing dengan melihat dari initial return dari saham tersebut serta dengan mengetahui atau melakukan pengujian terhadap nilai abnormal return pada hari ke-1 dan kinerja jangka panjang yang dihitung dengan menghitung abnormal return dari saham perusahaan dalam rentang 1 tahun. Teknik analisis data meliputi: Uji hipotesis 1 untuk mengetahui apakah dalam jangka pendek terjadi underpricing pada regulated firm dan unregulated firm diuji dengan one sample t-test, Uji hipotesis 2 untuk mengetahui apakah tingkat underpricing pada regulated firm lebih kecil dibandingkan unregulated firm diuji dengan independent sample t-test, dan Uji hipotesis 3 untuk mengetahui apakah tingkat kinerja jangka panjang regulated firm lebih kecil dibandingkan unregulated firm dengan independent sample ttest. Dari penelitian tersebut, diperoleh kesimpulan penelitian bahwa dalam jangka pendek terjadi underpricing pada regulated firm dan unregulated firm, tingkat underpricing pada regulated firm tidak lebih kecil dibandingkan dengan unregulated firm, dan tidak ada perbedaan kinerja dalam jangka panjang pada regulated firm dan unregulated firm. Kata kunci: Underpricing, Kinerja Jangka Panjang, IPO, Regulated Firm, dan Unregulated Firm.
| Item Type: | Thesis (Masters) |
|---|---|
| Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Management |
| Depositing User: | Erny Azyanti |
| Date Deposited: | 28 Oct 2016 02:37 |
| Last Modified: | 28 Oct 2016 02:37 |
| URI: | http://eprints.upnyk.ac.id/id/eprint/8137 |
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