PENGUJIAN FENOMENA UNDERPRICING DENGAN STUDI EKSPERIMEN
ABSTRACT: The purpose of this
study is to examine the impact of conflict of interest to the level of IPO
price determined by managers. This experiment divides treatment group (the
group of participants who have economic benefit from their decision making),
and control group (groups with no economic benefit from their decision making).
In experiment scenario for treatment group, the managements of IPO companies
tend to decrease the price of IPO in order to get financial benefit. Using
experimental design, this research shows that participants in treatment group
determine lower IPO price than control group. This evidence confirms IPO
phenomenon around the world. This research also makes supplementary analysis.
The results show that alternative statistical test using GPA and gender of
participants as control variable are not statistically significant. It means
that the level of IPO price isn’t determined by GPA and Gender, but conflict of
interest.
Key words: IPO, Conflict of Interest, Underpricing
Penulis: Dedhy Sulistiawan
Kode Jurnal: jpmanajemendd100291
