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All Journal Conference In Business, Accounting And Management (Cbam) 2012 Signifikan : Jurnal Ilmu Ekonomi JURNAL BISNIS STRATEGI Jurnal Studi Manajemen Organisasi Diponegoro Journal of Economics Diponegoro Journal of Management Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) JEJAK The Winners Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Management Analysis Journal International Research Journal of Business Studies (E-Journal) Jurnal Ekonomi dan Bisnis Syntax Literate : Jurnal Ilmiah Indonesia Jurnal Riset Ekonomi dan Bisnis DIJB (Diponegoro International Journal of Business) International Journal of Supply Chain Management International Journal of Economics, Business and Accounting Research (IJEBAR) Indicators : Journal of Economic and Business Indonesian Capital Market Review
Harjum Muharam
Department Of Management, Faculty Of Economics And Business, Universitas Diponegoro, Indonesia
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Transportation

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Journal : Jurnal Studi Manajemen Organisasi

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ANALISIS FAKTOR–FAKTOR YANG MEMPENGARUHI ABNORMAL RETURN SAHAM PADA KINERJA JANGKA PANJANG PENAWARAN UMUM PERDANA (IPO) (Studi Kasus pada Perusahaan Non Finansial yang Go Public di Bursa Efek Indonesia Tahun 2006-2009) Muhammad Talkhisul Abid; Harjum Muharam
JURNAL STUDI MANAJEMEN ORGANISASI Vol 10, No 2 (2013)
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (282.222 KB) | DOI: 10.14710/jsmo.v10i2.5915

Abstract

The average stocks return of the initial public offering (IPO) in the U.S. stock market was -29.13% at the end of the third year after the IPO (Ritter, 1991). The conclusion is that the Underperformed phenomenon is influenced by the volume of trade and only occurs in the non-financial sector (Ritter, 1991). Underperformed is a stock return of initial public offerings that have lower performance compared to the market return. Bessler and Thies (2007) stated that the year of going public is the time period of the initial public offering (IPO). There is a time variation in the pattern of benefits, it raises a question of whether companies can maximize the value and amount of funds acquired. In investing, investors consider the return and risk, the expected results of the investment will be realized after a certain period of time and during this period there is a risk of the investments made. The aim of this study is to analyze the factors that affect Abnormal Return on long-term stock performance after 36 months of the IPO. The independent variables in this study consist of Benchmark, Money Raised, Market Value, and Magnitude of Underpricing. The dependent variable is the abnormal return on long-term stock performance after 36 months of the IPO. The samples used in this study were the nonfinancial companies on 2006-2009 period as many as 54 non-financial companies using purposive sampling method. The analysis technique used was multiple linear regression analysis and performed classical assumption test which include normality test, multicollinearity test, autocorrelation test, and heteroskesdasticity test. The results showed that partially the Benchmark affect significantly and negatively toward Abnormal Return; Money Raised and Market Value does not affect significantly and positively towards Abnormal Return; Magnitude of Underpricing affect significantly and positively towards Abnormal Return. The ability of the four independent variables to explain the variation on the dependent variables amounted to 45.8%, while the rest equal to 54.2% explained by other factors that are not described in the model. Keywords: Benchmark, Money Raised, Market Value, Magnitude of Underpricing and Abnormal Return
Co-Authors Abdul Aziz Nurul Akhsan, Abdul Aziz Nurul agasa, Qaharuna Andreana Dita Paramitha, Andreana Dita Apriyani, Duwi Asep Mulyana Axel Giovanni Azhary, Alwan Bellinda, Bianda Dewi, Febrina Eka Dhani Utary Firmanah, Dhani Utary Dheni Saraswati Almara, Dheni Diana Eka Farida, Diana Eka Dinda Ayu Septiana, Dinda Ayu Dwi Gama Primadasa, Dwi Ersabathari, Ruth Valencia Erwin Erwin Faraga, Filus Farah Nur Sabrina, Farah Nur Fitriati, Ika Rosyada Galuh Kusuma Putri Gata Niztiar, Gata Habib Bitomo, Habib Handayani, Heny Handayani, Suyati Hanung Sakti Hanung Sakti, Hanung Haryanto, Antonius Mulyo Hasna Penta Kurnia Hasna Penta Kurnia Hasna Penta Kurnia Heni Hirawati Heny Handayani Hepdityo Rizki Adam Damanik, Hepdityo Rizki Ima Mediana, Ima Indra Eka Putra Isfenti Sadalia Jumadil Saputra M. Andika Jawara Pratama M. Chabachib Maria Rio Rita Miftahusni,, Nundy Mohammad Chabachib Muhammad Fadhil Rabbani Muhammad Panji Muhammad Panji, Muhammad Muhammad Talkhisul Abid Muhammad Talkhisul Abid Nabila H.N. Farida A., Nabila H.N. Nadya Purnamasari, Nadya Nency I, Yashinta Nirmala Luthfiya Atyanta Putri Andriana, Putri Rabbani, Muhammad Fadhil Rahayu, Nugroho Tulus Rico Nur Ilham Riskin Hidayat Rizki Yogonugroho, Muhammad Robiyanto Robiyanto, Robiyanto Samasta, Almira Santi Santa Situmeang, Santa Saraswati, Niken Silvia Hendrayanti Sugeng Wahyudi, Sugeng Sugiono Sugiono Syafrullah, Saddek T. Muhd. Redha Vahlevi, T. Muhd. Redha Tara Ninta Ikrima Teuku Muhammad Haqiqi, Teuku Muhammad Wisnu Mawardi Wulandari, Cahyani Sulistyaning Yacobo P Sijabat Yasmin, Amanda Ratri Yudianto, Iwan