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"Penelitian ini bertujuan untuk menguji pengaruh corporate governance terhadap tingkat underpricing pada saat perusahaan melakukan Initial Public Offering (IPO). Faktor-faktor corporate governance yang diuji meliputi jumlah anggota dewan komisaris, tingkat independensi dari dewan komisaris, keberadaan komite audit, kualitas auditor eksternal, dan kualitas monitoring bank. Pengujian hipotesis dilakukan menggunakan model regresi berganda dengan sampel 91 observasi dari perusahaan yang melakukan IPO yang tercatat di Bursa Efek Indonesia selama periode 2002-2010. Hasil penelitian ini memberikan bukti empiris bahwa jumlah anggota dewan komisaris dan kualitas auditor berpengaruh negatif dan signifikan terhadap tingkat underpricing. Namun tingkat independensi dari dewan komisaris, keberadaan komite audit, dan kualitas monitoring bank tidak berpengaruh terhadap tingkat underpricing.

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The objective of this research is to examine the effect of corporate governance on underpricing level at Initial Public Offering. The corporate governance factors tested include board size, board independence, the existence of audit committee, external auditor quality, and bank monitoring quality. Testing hypotheses are conducted using multiple regression models with observations from 91 sample IPO companies listed in Indonesian Stock Exchange during the period of 2002-2010. The empirical results show that board size and external auditor quality have negative significant effect on underpricing level. However board independence, the existence of audit committee, and bank monitoring quality have no significant effect on underpricing level."

"Penelitian ini bertujuan untuk memberikan bukti empiris mengenai pengaruh dari kepemilikan manajerial dan karakteristik Direksi (jumlah Direksi, proporsi Direksi terhadap seluruh anggota Dewan, pengalaman dan latar belakang pendidikan Direksi) terhadap tingkat underpricing saham saat IPO (Initial Public Offering). Sampel penelitian terdiri dari 88 perusahaan yang mengalami underpricing saat melakukan penawaran saham perdana atau initial public offering (IPO) di Bursa Efek Indonesia. Hasil penelitian menunjukan bahwa jumlah Direksi berpengaruh negatif signifikan dan proposi Direksi terhadap total Dewan berpengaruh positif signifikan terhadap underpricing saham IPO. Sedangkan kepemilikan manajerial, pengalaman dan latar belakang pendidikan Direksi, tidak memiliki pengaruh terhadap tingkat underpricing saham IPO.

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This study aims to obtain empirical evidence of the influence of managerial ownership and Board of Directors (BoD) characteristics IPO underpricing. The sample consists of 88 companies listed on Indonesia Stock Exchange for the period 2012 – 2016. Result show that IPO underpricing has negative significant correlated with number of BoD, and a positive correlation with proportion of BoD on boards, but it doesn’t found significant correlation with managerial ownership, experience and educational background of BoD."

"ABSTRAK Penelitian ini bertujuan untuk mengkaji dampak dari informasi asimetri terhadaptingkat underpricing saham saat IPO. Penelitian ini dilakukan atas 169 sampelperusahaan non perbankan yang melakukan IPO di Bursa Efek Indonesia selamatahun 2006 – 2014. Hasil regresi menunjukkan bahwa informasi asimetriberdampak positif terhadap tingkat underpricing saham saat IPO, sedangkankonservatisme akuntansi memperlemah dampak positif tersebut.

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ABSTRACT This study aims to examine the effect of asymmetric information on the level ofIPO underpricing. The sample consists of 169 non-bank companies that has madetheir initial public offering in Bursa Efek Indonesia during 2006 – 2014.Regression method shows that asymmetric information measured by the age ofthe sample firms positively influence the IPO underpricing level. This study alsoshows that accounting conservatism reduce the positive effect of asymmetricinformation on the underpricing level."

"Penelitian ini bertujuan untuk mengetahui pengaruh dan korelasi venture capital (VC), reputasi underwriter, reputasi auditor dan faktor ex-ante uncertainty (firm age, harga penawaran, firm size, lag days dan risiko penawaran) terhadap initial return penawaran umum perdana (IPO) perusahaan berbasis teknologi di pasar saham Nasdaq dan New York Stock Exchange (NYSE). Data yang digunakan dalam penelitian ini adalah IPO dalam industri teknologi yang melakukan IPO di Nasdaq dan NYSE selama periode 2009 2019. Hasil yang diperoleh dalam penelitian ini menunjukan bahwa VC, reputasi underwriter, harga penawaran, dan risiko penawaran memiliki pengaruh positif terhadap underpricing IPO. Sedangkan faktor reputasi auditor dan firm size berpengaruh signifikan dengan arah korelasi negatif terhadap initial return IPO di pasar saham Nasdaq dan NYSE. Adapula faktor firm age dan lag days tidak mempengaruhi initial return IPO perusahaan berbasis teknologi.

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This study aims to determine the effect and correlation of venture capital (VC), underwriter's reputation, auditor's reputation, and ex-ante uncertainty factors (firm age, offer price, firm size, lag days and offer risk) toward the initial return of technology-based company IPOs on Nasdaq and New York Stock Exchange (NYSE). The data used in the research are IPOs from tech companies that go public on Nasdaq and NYSE stock markets from 2009 - 2019. This research used the Ordinary Least Square (OLS) method with robustness checking as an analysis tool for hypotheses testing. The results obtained in this study indicate that VC, underwriter's reputation, offer price, and offer risk have a positive impact on IPO underpricing. While the auditor's reputation and firm size factor significantly have a negative correlation to the initial return of the tech companies' IPO on Nasdaq and NYSE. The other variables, firm age and lag days, do not affect the initial return of IPO technology-based companies."

"Penelitian ini bertujuan untuk menganalisis pengaruh relationship lending terhadap IPO underpricing. Relationship lending terjadi ketika perusahaan melakukan hubungan pinjam meminjam dengan bank sebelum go public. Kemudian ketika perusahaan memutuskan untuk IPO, perusahaan menggunakan underwriter yang terafiliasi dengan bank yang memiliki relatonship lending. Penelitian ini menggunakan 118 sampel perusahaan yang mengalami underpricing pada periode 2007-2016 di Bursa Efek Indonesia. Penelitian ini merupakan penelitian kuantitatif dengan menggunakan regresi berganda. Hasil penelitian menunjukkan bahwa perusahaan yang memiliki relationship lending dengan bank yang terafiliasi dengan underwriter dan go public dengan underwriter tersebut dapat mengurangi tingkat underpricing.

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This study aims to analyze the effect of relationship lending on IPO underpricing. Relationship lending occurs when a company has a relationship with a bank before going public. Then when the company decides to IPO, the company uses the underwriter affiliated with a bank that has relatonship lending. This paper uses 118 samples of firms experiencing underpricing in the period 2007-2016 at Indonesia Stocks Exchange. This is quantitative research using multiple regression. The results show that firms with a pre-IPO lending relationship with banks affiliated with underwriters and go public with them can reduce the level of underpricing."

"[Penelitian ini bertujuan untuk menguji pengaruh jumlah perusahaan IPO, reputasipenjamin emisi, dan rasio utang terhadap tingkat underpricing saham di pasarperdana yang diukur menggunakan model mean-adjusted. Pengujian hipotesismenggunakan model regresi berganda dengan sampel sebanyak 73 perusahaan yangmelakukan IPO di Bursa Efek Indonesia (BEI) tahun 2009-2014. Hasil penelitianini menunjukkan semua variabel yang diuji yaitu, jumlah perusahaan IPO, reputasipenjamin emisi, dan rasio utang mempunyai efek negatif. Jumlah perusahaan IPOdan reputasi penjamin emisi tidak mempunyai pengaruh signifikan. Sedangkan,rasio utang mempunyai pengaruh signifikan terhadap tingkat underpricing sahamdi pasar perdana.;The objective of this research is to examine the effect of number of IPOs, reputationof underwriter, and debt ratio on the level of underpricing of stocks in primarymarket measured using mean-adjusted model. Hypotheses testing uses multipleregression models with observations from 73 IPOs in Indonesia Stock Exchangeduring the period of 2009-2014. The results indicate that all variables tested,number of IPOs, reputation of underwriters, and debt ratio have negative effect.Number of IPOs and reputation of underwriters have no significant effect.Meanwhile, debt ratio has a significant effect on the level of underpricing of stocksin primary market.;The objective of this research is to examine the effect of number of IPOs, reputationof underwriter, and debt ratio on the level of underpricing of stocks in primarymarket measured using mean-adjusted model. Hypotheses testing uses multipleregression models with observations from 73 IPOs in Indonesia Stock Exchangeduring the period of 2009-2014. The results indicate that all variables tested,number of IPOs, reputation of underwriters, and debt ratio have negative effect.Number of IPOs and reputation of underwriters have no significant effect.Meanwhile, debt ratio has a significant effect on the level of underpricing of stocksin primary market., The objective of this research is to examine the effect of number of IPOs, reputationof underwriter, and debt ratio on the level of underpricing of stocks in primarymarket measured using mean-adjusted model. Hypotheses testing uses multipleregression models with observations from 73 IPOs in Indonesia Stock Exchangeduring the period of 2009-2014. The results indicate that all variables tested,number of IPOs, reputation of underwriters, and debt ratio have negative effect.Number of IPOs and reputation of underwriters have no significant effect.Meanwhile, debt ratio has a significant effect on the level of underpricing of stocksin primary market.]"

"Market timing dan dampalcnya terhadap stmktur modal telah berkembang menjadi topik yang kontroversial sernenjak penelitian Baker dan Wurgler (2002) dimana market timing mempengaruhi struktur modal secara persisten. Mereka mengcmukakan teori baru mengenai market timing yang menyatakan bahwa stmlctur modal perusahaan merupakan hasil kumulatif atas semua usaha dimasa lalu dalam upaya time to equigr marketf Hal ini bertentangan dengan teori sebelumnya tentang traditional static trade-of atau teori pecking order.Tesis ini membahas apakah penerbitan saham pada sektor-sektor industri non keuangan digerakkan oleh mimrioing of equity, apakah upaya market timing IPO mempengaruhi perubahan struktur modal dan apakah perubahan stmktur modal yang disebabkan efek market timing [PO bcrsifat menetap/persisten. Penelitian ini mengambil sampel perusahaan-pemsahaan dalam industri non keuangan yang melakukan IPO di Bursa Efek Indonesia pada tahun 2000-2002. Penelitian menggunakan data panel industri non keuangan pada satu tahun sebelum pelalcsanaan IPO sampai dengan tahun kelima setelah IPO. Analisis dilakukan dengan melakukan regresi panel atas rasio market to book, dan historis rasio market to book terhadap leverage perusahaan.Hasil penelitian mcnunjukkan bahwa penerbitan ekuitas perusahaan digerakkan oleh adanya mispricing. Dibuktikan dcngan adanya periode overvaluation pada tahun IPO, dimana rasio market to book pada tahun tersebut bergerak lebih tinggi dibandingkan tahun sebelum pelaksanaan IPO. Rasio market to book saat ini berpengaruh negatif terhadap perubahan book leverage. Seperti dikemukakan oleh penelitian sebelumnya, penelitian ini menernukan bahwa leverage pemsahaan memiliki hubungan negatif dengan historis rasio market to book pada keselumhan industri. Namun, dampak equity market timing terhadap leverage hanya berlangsung dalam jangka pendek dan tidak menetap/tidak persisten

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Market timing and its effect to capital structure has been developed as controversial issue since the research of Baker and Wurgler (2002) revealed that market timing persistently affects capital structure. The theory suggests that capital structure is the cumulative outcome of past attempts to time to equity market? This is contrary to previous studies either to traditional static trade-ot? or pecking order theory.

This thesis examines whether equity issuance in non-iinancial industrial sectors is driven by mispricing of equity, whether IPO market timing effort aE`ects the change of capital structure, and persistency on the change of capital structure. The sample is taken from non~iina.ncial industrial firms which going public through Initial Public Offering (IPO) in Indonesia Stock Exchange during 2000- 2002. Panel data of those Hrms will be taken from one year preceded the IPO to tive years after IPO. The analysis is executed through panel regression of market to book ratio, and historical of market to book ratio against leverage of the iimrs.

The result shows that equity issuance is driven by mispricing. It is proven by overvaluation period on IPO year, reflected by higher market to book ratio relative to preceded year. Current market to book ratio is negatively related to the change of book leverage. As claimed by previous studies, this observation finds that leverage of firms is negatively related to historical of market to book ratio in all non-financial industrial sectors. The effect of equity market timing to leverage of the firms is short-lived and not persistent."

"Fenomena harga IPO yang undervalue terjadi diseluruh Bursa di dunia, begitu juga dengan Bursa Efek Indonesia (BEI). Dari 234 emiten yang melakukan IPO dari tahun 1995 - Mei 2010, kinerja harga saham pada penutupan perdagangan hari pertama adalah; 83,8% harganya undervalue, 11,1% overvalue dan 5,1% tetap. Berbagai penelitian dan teori telah muncul, namun belum ada yang meneliti faktor Waran, Penjamin Emisi, Jumlah Saham dan Sektor Industri dengan menggunakan metode Cell Mean Model. Penelitian ini membangun model persamaan (cell mean model) untuk melihat pengaruh Waran, Penjamin Emisi, Jumlah Saham dan Sektor Industri baik secara bersama-sama maupun dengan berbagai kondisi masing-masing variabel terhadap initial return harga saham IPO, apakah berpengaruh signifikan atau tidak dengan berbagai kombinasi kondisi masing-masing faktor.

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Undervalued IPO has become widespread phenomena in all stock market around the world including in Indonesia Stock Exchange (IDX). According to IPO data of 234 issuers from 1995 to Mei 2010, 83,8% of issuers price were undervalued, 11,1% issuer were overvalued and the remains at 5,1% were stable. Many researches and new theories have come up, unfortunately no study about the relation of warrant, underwriter, number of stocks and industry sector with cell mean model. This research explores the cell mean model to figure out the trend effect of warrant, underwriter, number of stocks and industry sector in simultaneously or individually to IPO initial return whether it has significant influence or not in various condition of each variable."

"ABSTRAKPenelitian ini bertujuan untuk meneliti tentang potensi underpricing padalelang Surat Utang Negara serta faktor-faktor yang mempengaruhi levelunderpricing, khususnya transaction imbalance pada masing-masing kelompokinvestor. Dengan menggunakan data lelang periode tahun 2010 sampai dengan2014, secara empiris ditemukan adanya underpricing pada lelang SUN denganrata-rata level sebesar 47 bps. Underpricing sebagai selisih antara harga lelangSUN pada saat setelmen dengan harga rata-rata tertimbang (WAP) hasil lelangsetelah disesuaikan dengan holding cost, dipengaruhi oleh faktor-faktor persentasekemenangan asing dalam lelang, sebaran opini (tail), tingkat risiko kredit (CDS),serta net beli investor asing dan Dana Pensiun di pasar sekunder.

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ABSTRACTThis study analyzes underpricing on Government Debt Securities auctionand its factors which affect underpricing level, especially transaction imbalancefrom each investor group. Using auction data from 2010 to 2014, the results showan average of 47 bps underpricing on Governement Debt Securities auction.Underpricing defined as spread between bond prices on settlement day andweighted average prices of auction result adjusted by holding cost. This studyshows that total volume won by foreign investors, opinion dispersion (tail), creditrisk (CDS) and net buy of foreign investors and Pension Funds in secondarymarket have significantly impact on underpricing on Government Debt Securitiesauction."

"ABSTRAKUnderpricing adalah salah satu permasalahan yang sering terjadi pada saat perusahaan melakukan Initial Public Offerings (IPO). Permasalahan ini merupakan salah satu hal yang dapat menyebabkan perusahaan tidak mendapatkan keuntungan maksimal. Oleh karena itu, penelitian ini bertujuan untuk mengetahui faktor-faktor yang bisa mempengaruhi besaran underpricing, serta melihat apakah terdapat perbedaan yang signifikan jika saham tersebut masuk ke dalam kriteria saham syariah atau tidak. Selain itu, penelitian ini juga bermaksud untuk mengetahui apakah terdapat underpricing pada saat IPO di pasar modal Indonesia khususnya pada saham perusahaan syariah. Penelitian ini menggunakan pendekatan studi kuantitatif dengan menggunakan metode regresi sederhana (ordinary least square). Sampel penelitian ini terdiri dari 97 perusahaan dengan kriteria saham syariah dan 70 perusahaan yang tidak memiliki kriteria saham syariah, yang melakukan IPO pada kurun waktu 2011-2018, serta mengalami underpricing. Hasil penelitian ini menunjukkan bahwa variabel ukuran perusahaan, umur perusahaan, dan risiko penawaran memiliki hubungan yang signifikan terhadap besaran tingkat underpricing pada harga IPO, sedangkan saham dengan status syariah, ukuran penawaran, dan kondisi pasar tidak memiliki hubungan yang signifikan. Oleh karena itu, diharapkan hasil studi ini dapat berkontribusi dalam memperkaya literatur terkait saham dan dapat digunakan sebagai masukan khususnya bagi perusahaan yang akan melakukan IPO.

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ABSTRACTUnderpricing is one of the problems that often occurs when companies carry out Initial Public Offerings (IPOs). This problem is one of the things that can cause the company not get the maximum profit. Therefore, this study aims to determine the factors that may influence the amount of underpricing, and see whether there are significant differences if the shares are included in the criteria of Islamic stocks or not. In addition, this study also intends to determine whether there is underpricing when companies doing IPO in the Indonesian capital market, especially in the shares of Islamic companies. This study uses a quantitative study approach using simple least square methods. The sample of this study consisted of 97 companies with criteria for sharia shares and 70 companies that did not have criteria for sharia shares, which conducted IPOs in the period 2011-2018, and experienced underpricing. The results of this study indicate that the variable company size, firm age, and offering risk have a significant relationship to the magnitude of the level of underpricing on IPO prices, while variable sharia status, offering size, and market condition do not have a significant relationship. Therefore, it is expected that the results of this study can contribute to enriching literature related to stocks and can be used as advice especially for companies that will conduct IPOs."