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Pengaruh Ownership Retention, Investasi Dari Proceeds, dan Reputasi Auditor Terhadap Nilai Perusahaan Dengan Kepemilikan Manajerial dan Institusional Sebagai Variabel Pemoderasi

WAHYU WIDARJO
MAKSI Fakultas Ekonomi Universitas Sebelas Maret

BANDI
Fakultas Ekonomi Universitas Sebelas Maret

SRI HARTOKO
Fakultas Ekonomi Universitas Sebelas Maret

[Jurnal Akuntansi (SNA 13) – Akuntansi Keuangan dan Pasar Modal]

ABSTRACT

The purpose of this study is to demonstrate the influence of signals delivered by the company regarding the company’s prospects in the future through the shareholding proportion is retained by the entrepreneur (OR), investment of the proceeds and auditor reputation on the value of the firm after an initial public offering and the moderating effect of managerial ownership and institutional ownership variables on the relationship between the proportion of retained ownership with value of the firm after the initial public offering.

The result of the previous research that are inconsistent motivate researchers to reexamine the influence of ownership retention on the firm value at a firm doing an IPO on the Indonesia Stock Exchange.

The research data are taken from the prospectus issued by company that did an initial public offering which is available at the Center for Business and Economic Data (PDBE) Faculty of Economics and Business Universitas Gadjah Mada. The statistical methods used to test the research hipothesis is multiple linear regression and regression residual moderasian test. The results show that the ownership retention (OR) and investment ofthe proceeds positively affect on the firm value.

The results of this study support the prediction of signaling theory of Leland and Pyle (1977), the research of Keasey and McGuinness (1992), and Keasey and Short (1997).

Keywords: ownership retention, investment of the proceeds, auditor reputation, managerial ownership, institutional ownership, firm value.

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In order to develop their business company must determine how to raise capital, either by issuing debt or shares in the capital market. For companies, capital market financing is often used as the main alternative to the relatively lower cost than the debt (Hartono 2007). The transaction first public offering occurred in the primary market, activity is called a public offering or sale of prime stock IPO (Initial Public Offering).

At the initial public offering of information there that is not symmetrical between the old owners of the company with investors. In this case the old owners have better private information about the company’s prospects than investors who will invest in the company (Hartono 2006). To minimize the information that is not symmetrical is the old owner must convey signals about the prospects of a company that offered to investors. By analyzing the signals conveyed by the old owner so investors can know the future prospects of the company.

At the initial public offering of information there that is not symmetrical between the old owners of the company with investors. In this case the old owners have better private information about the company’s prospects than investors who will invest in the company (Hartono 2006). To minimize the information that is not symmetrical is the old owner must convey signals about the prospects of a company that offered to investors. By analyzing the signals conveyed by the old owner so investors can know the future prospects of the company.

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