PENDETEKSIAN EARNINGS MANAGEMENT, UNDERPRICING DAN PENGUKURAN KINERJA PERUSAHAAN YANG MELAKUKAN KEBIJAKAN INITIAL PUBLIC OFFERING (IPO) DI INDONESIA
STIE Malangkucecwara, Malang
Earnings Management, underpricing and performance of company joining policy of IPO draw to be studied. Differ from research Husnan ( 1996) to research phenomenon of underpricing of moment IPO, Nasirwan ( 2002) testing performance of pasca IPO, and Candy ( 2002) testing performance operate for and the finance performance, this research extend examination to phenomenon of earnings management, underpricing and company performance ( finance, market) together.
As much 31 company conducting IPO in Jakarta Stock Exchange in research of during period 1990 up to 2001, with unit analysis of during 6 year consisted of 3 year before IPO and 3 year after IPO, so that there is 186 unit analysis.
Result of examination indicate that mean discretionary accrual is positive, what indication that company executing IPO of indication do policy of earnings management three year before IPO and three year after IPO by playing component accruals. But discretionary accrual before IPO and after IPO not differ, this matter indicate that company still continue policy of earnings management at least until three year after IPO.
Furthermore examination to underpricing using initial return ( Rt), proving that company executing IPO experience of underpricing on first when share traded in market sekunder. Mean of Initial return on first of trading in capital market is positive, even happened positive return until the third month a period of trading, afterthat happened degradation of return by the end of year (December).
Although there no difference which signifikan of performance of finance before and after IPO, result of examination prove that company executing IPO experience of degradation of performance of finance, whereas performance of market show there is difference of return [of] before IPO by return [is] first day [of] trading [in] Stock Exchange Market, and there is downhill tendency after IPO especially by the end of year.
If connected third the above phenomenon, in general the researcher cannot prove relation between policy earnings management, phenomenon underpricing, and the company market performance and finance performance conducting IPO.
Keywords: Initial Public Offerings (IPO), Earnings Management, underpricing and performance of company
Companies that will go public usually begins with a decision to conduct an initial public Offerings (IPO) conducted in the primary market (primary market). Subsequently, these shares will be traded in perjual-called capital market or secondary market (secondary market). Shares at an initial offering price is determined by agreement between the company issuers with securities underwriter (an underwriter) as the required funds, issuers want high initial price. Conversely, an underwriter as underwriter seeks to minimize the risk of bear. In this type of comitment full underwriting, the underwriter will purchase the shares not sold in the primary market. These circumstances make the underwriters are not willing to buy stocks that are not sold. Efforts is to negotiate with the issuer so that these shares are not too high a price, even likely underpriced.
Underpricing is an interesting phenomenon because it experienced by most of the world’s capital markets. Since it is often in the primary market (IPOs) are found of underpricing (Ritter, 1991; McGuinnes, 1992; Husnan, 1993; Aggrawal, et al., 1993; Ernyan and Husnan, 2002). Research conducted by Aggrawal, et Al. (1993) concluded that the IPO in the short term indicated the occurrence of underpricing, but in the long term return that is negative going. This underpricing profitable investors on the one hand but on the other hand would be detrimental to the issuer because the funds collected are not maximal.
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