MOTIF GO PUBLIC, HERDING, UKURAN PERUSAHAAN, DAN UNDERPRICING PADA PASAR MODAL INDONESIA
ABSTRACT: Underpricing become
a phenomenon which often occurs by companies during Initial Public Offering in
every country in the world, which offering price lower than closing price on
the first day trading on the stock exchange. According to Rock (1982),
asymmetry information of an IPO company leads to underpricing phenomena, where
the information according to the company are not evenly distributed among
investors. This asymmetry information emerging distribution of uncertainty
among investors that leads to underpricing. The objective of this research is
to test the influence of motive of company going public, herding in stock
market, and size of the company to the degree of underpricing using sample of
257 companies listed during year 1990 to June 2009 on the Indonesian Stock
Exchange. Sample is taken by using purposive sampling with criteria as
underpriced stocks and the stocks are not delisting overall from stock
exchange. Data are analyzed using multiple regressions and path analysis to
test the relation between motive of company going public, herding, and size of
the company to the degree of underpricing. Pursuant to the analysis, motive of
company going public and herding have positively influence on the degree of
underpricing but statistically not significant. Size of the company which
measure using total asset have negatively influence on the degree of
underpricing and statistically significant on the first day trading on the
stock exchange.
Key Words: motive for going public, herding, total asset, underpricing
Penulis: Fitri Ismiyanti,
Rohmad Fuad Armansyah
Kode Jurnal: jpmanajemendd100287
