Optimisme Investor dan Kinerja Jangka Panjang Saham Pasca Initial Public Offerings yang Listing Di Bursa Efek Indonesia
Investor Optimism and Long-Term Stock Performance After Initial Public Offerings that are Listed on the Indonesia
-
(1) * Mu’minatus Sholichah
Indonesia
(*) Corresponding Author
Abstract
This study discusses and analyzes from the perspective of investor optimism and long-term performance after the IPO in the Indonesian capital market. Observations will be made regarding the influence of investors on the increase in the length of shares after the IPO with control variables of company size, company age, offer size, the achievement of underwriters, profitability on the Indonesia Stock Exchange. This study uses data from 2004-2017, with 194 IPO companies from 2004-2015 in the Indonesian capital market. Testing is done by using two drunken linear regression. The results of this study indicate that investors in the Indonesian capital market not only consider irrational factors but also consider rational factors about the company's character in making decisions to buy IPO shares. The characteristics of the company include the size of the company and the size of the stock offering. This study provides benefits for IPO stock investors who rely on the benefits of initial stock investment in a relatively long period of time so as not to suffer losses
Downloads
Download data is not yet available.
Metrics
Metrics Loading ...
References
Ahmad- Zaluki, A.N, Campbell, K and Goodacre, A, 2007, The Long Run Share Price Performance of Malaysian Initial Public Offering, Journal of Bussines and Accounting, 34 (1), 78 – 110.
Aggarwal, R, Leal, R, Hernandez,L., 1993. The Aftermarket Performance of Initial Public Offerings In Latin America. Journal Financial Management Vol. 22, No 1, 42 – 53.
Baker, M and Wurgler, 2006, Investor Sentiment and the Cross section of Stock Returns, The Journal of Finance, Vol. 61, No 4, 1645 – 1681.
Beatty, R.P and Ritter J.P, 1986, Investment Banking, Reputation and The Underpricing Of Initial Public Offerings, Journal of Financial Economics 15, pp. 213 – 232.
Brav, A, Gompers, P., 1997, Myth or Reality? The Long run Underperformance of Initial Public Offerings: Evidence from Ventura and non Ventura Capital backed Companies, Journal of Finance Economics, Vol.52, pp.1791 -1821.
Carter,R, Dark,F, 1992, An Empirical Examination Of Investment Banking Reputation Measures, Journal of Financial Review 27, pp 355-374.
Carter,R, Dark F danSijngh, 1998, Underwriter Reputation, Initial Return and the Long run Performance of IPO Stocks, The Journal of Finance, Vol 50, No 1, 285-311.
Carter, R danManaster, S`1990, Initial Public Offering and Underwriter Reputation, Journal of Finance, Vol XLV, No.4, September pp. 1045-1067.
Chahine, Salim 2002, Long Run Underperformance after IPOs and Optimistic Analysts, Forecasts, www.ssrn.com.
Chen. Anlin, C.T. Hong dan Chin, Sun Wu 1999, The Underpricing and Excess Return of Initial Public Offering Based on the Noisy Trading: A Stochastic Frontier Mode, www.ssrn.com
Christy M, I,Hasan and Smith, 1996, A Note Underwriter Competition and Initial Public Offerings, Journal of Business Finance and Accounting23 May- Juni, pp. 905 – 914.
Darmetko, Teresa., 2009. Long-run performance of Initial Public Offerings in the Polish capital market, Aarhus School of Bussiness, Januari, Working Paper, Poland.
Dawson, S.M., 1987. Secondary Stock Market Performance of Initial Public Offers, Hong Kong, Singapore, and Malaysia: 1978-1984, Journal of Business Finance and Accounting Vol 14, No 1, 65-76.
Durukan, M Banu 2002, The Relationship Between IPO Returns and Factors Influencing IPO Performance: Case of Istanbul Stock Exchange, Journal ofManagerial Finance, 28:2, 18-38.
Fama and French, 1988, Permanent and Temporary Component of Stock Prices, Journal of Political Economy, Vol 96, pp. 246-273.
Gao, Yan, 2006. Divergence of Opinion and Long Term Performance of Initial Public Offerings, The Journal of Financial Research, Vol.29, No.1, 113-129.
Houge, T, Loughran,T, Suhanek G dan Yan X, 2001, Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings, Journal FinancialManagement, Vol 30, No 4, 5-23.
How, JC, 2000, Initial and Long Run Performance of Mining IPOs in Australia, Australia Journal of Management, Vol 25, No 1, 95-118
Ibbotson R.G., 1975, Price Performance of Common Stock New Issues, Journal of Financial Economics, 3, pp 235-272.
Ibbotson R.G and Sindelar J.L, 1986, Initial Public Offerings, Journal of Corporate Finance 4, pp. 6 – 22.
Jain B and O.Kini, 1994, The Post Issue Operating Performance of IPO Firms, Journal of Finance, 49,pp 1699 – 1726.
Jensen, Michael, and William Mecling, 1976, Theteori of the Firm: Managerial Behavior, Agency Cost, and Ownership Stucture, Journal of Financial Economics, 3, 305 – 360.
Keown, Arthur J, David F.Scott, Jr., John D. Martin, and J William Petty (2003), Financial Management: Principles and Application Prentice Hall, Ninth Edition, New Jersey.
Ljungqvist, A, 1997, Pricing Initial Public Offerings: Futher Evidence from Germany, European Economic Rewiew41, 1309 -1320.
Loughran T, J.R. Ritter, 1997, The Operating Performance of Firms Conducting Seasoned Equity Offerings, Journal of Finance, 52, 1823 – 1850.
Loughran T, J.R. Ritter,1994, Initial Public Offerings: Internasional Insights, Pacific-Basin Finance, Vol. 2, No 2-3, 165-199
Manurung, Alder Haymans 2002, Konsistensi Pemilihan Saham dalam Pembentukan Portofolio Optimal di BEJ oleh Manajer Investasi Dikaitkan dengan Variabel Rasio Empirik Kinerja Perusahaan, Disertasi Program Doktor FE UI, Tidak Dipublikasikan.
Martani, D 2004, Pengaruh Manajemen Informasi dan Determinan Lain Terhadap Harga Saham, Initial Return, dan Kinerja Saham Jangka Panjang: Studi Empiris Perusahaan Go Public di BEJ, Disertasi, Program Pascasarjana Ilmu Manajemen, Universitas Indonesia, Tidak Dipublikasikan
Mikkeson,W, Shah, 1994, Performance of Companies around Initial Public Offerings, Working Paper, University of Oregon.
Miller, Edward M (1977), Risk, Uncertainty, and Divergence of Opinion, The Journal of Finance, Vol 32, No.4, 1151-1168
Miller, Edward M (2000), Long run underperformance of initial public offerings: an explanation, Working paper 16, University of New Orleans.
Rajan R., and H.Servaes, 1995, The Effect of Market Condisions on Initial Public Offerings, Working Paper, University of Chicago and University of North Carolina at Chapel Hill.
Ritter J.R, 1984, The Hot Issue Market, Journal of Business Vol 57, 215 – 240
Ritter Jay R 1991, The Long Run Performance of Initial Public Offering, Journal of Finance Vol 46, No.1, pp. 3-27.
Ritter J.R 1991, The Hot Issue Market of 1980, Journal of Finance Vol 57, No.02, pp. 214 -240.
Santos, Fransisco 2010, IPO Underpricing dan Long-term underperformance, WorkingPaper, Stanford Bussiness, Stanford, CA.
Shiller, Robert J 1990, Speculative Prices & Popular Models, Journal of Economic Perspectives, Vol 4, No 2, 55-65.
Sholichah et at, 2017, Divergensi of Opinion and Long Term Performance of Post Stocks Initial Public Offeringa at Indonesia Stock Exchange, International Journal of Emerging Research in Management and Technology, Vol 6, No 7, pp. 7-19.
Seitibraimov, Amet 2012, Underpricing and Long Term Performance of Initial Public Offerings From CIS, Thesis, Kyiv School Of Economics, Rusia.
Suherman, 2010, Apakah Kinerja Jangka Panjang Penawaran Umum Perdana di Indonesia Underperformed?:BuktiBaru, SNA XIII, Purwokerto.
Suroso dan Utama, S, 2006, Hubungan Kinerja Jangka Panjang Saham Pasca IPO dengan Optimisme dan Divergensi Opini Investor serta Tindakan Oportunis Emiten, Usahawan No.03 th 35, 27-39.
Shefrin, Hersh 2007, Behavioral Corporate Finance : Decisions That Create Value, Mc Graw Hill International Edition, Singapore.
Tapa, Afiruddin, 2006, The Short Run and Long Run Performance of IPOs by Sector on The Bursa Malaysia, The Malaysian Finance Association’s 8thAnnual Conference Proceeding, 401-411
Tinic, Seha M 1998, Anatomi of Initial Public Offering, Journal of Finance 43, 789-822
Wang, Yixia 2010, Divergence of Opinion and IPO Valuation, Working Paper, Departemen of Finance, Huazhong University of Science and Tehnology, Wuhan, Hubei, PR China.
Yu, Liyun, 2006, The Long run Performance of Initial Public Offerings Evidence from the A share Shanghai Stock Exchange, Working Paper.
Aggarwal, R, Leal, R, Hernandez,L., 1993. The Aftermarket Performance of Initial Public Offerings In Latin America. Journal Financial Management Vol. 22, No 1, 42 – 53.
Baker, M and Wurgler, 2006, Investor Sentiment and the Cross section of Stock Returns, The Journal of Finance, Vol. 61, No 4, 1645 – 1681.
Beatty, R.P and Ritter J.P, 1986, Investment Banking, Reputation and The Underpricing Of Initial Public Offerings, Journal of Financial Economics 15, pp. 213 – 232.
Brav, A, Gompers, P., 1997, Myth or Reality? The Long run Underperformance of Initial Public Offerings: Evidence from Ventura and non Ventura Capital backed Companies, Journal of Finance Economics, Vol.52, pp.1791 -1821.
Carter,R, Dark,F, 1992, An Empirical Examination Of Investment Banking Reputation Measures, Journal of Financial Review 27, pp 355-374.
Carter,R, Dark F danSijngh, 1998, Underwriter Reputation, Initial Return and the Long run Performance of IPO Stocks, The Journal of Finance, Vol 50, No 1, 285-311.
Carter, R danManaster, S`1990, Initial Public Offering and Underwriter Reputation, Journal of Finance, Vol XLV, No.4, September pp. 1045-1067.
Chahine, Salim 2002, Long Run Underperformance after IPOs and Optimistic Analysts, Forecasts, www.ssrn.com.
Chen. Anlin, C.T. Hong dan Chin, Sun Wu 1999, The Underpricing and Excess Return of Initial Public Offering Based on the Noisy Trading: A Stochastic Frontier Mode, www.ssrn.com
Christy M, I,Hasan and Smith, 1996, A Note Underwriter Competition and Initial Public Offerings, Journal of Business Finance and Accounting23 May- Juni, pp. 905 – 914.
Darmetko, Teresa., 2009. Long-run performance of Initial Public Offerings in the Polish capital market, Aarhus School of Bussiness, Januari, Working Paper, Poland.
Dawson, S.M., 1987. Secondary Stock Market Performance of Initial Public Offers, Hong Kong, Singapore, and Malaysia: 1978-1984, Journal of Business Finance and Accounting Vol 14, No 1, 65-76.
Durukan, M Banu 2002, The Relationship Between IPO Returns and Factors Influencing IPO Performance: Case of Istanbul Stock Exchange, Journal ofManagerial Finance, 28:2, 18-38.
Fama and French, 1988, Permanent and Temporary Component of Stock Prices, Journal of Political Economy, Vol 96, pp. 246-273.
Gao, Yan, 2006. Divergence of Opinion and Long Term Performance of Initial Public Offerings, The Journal of Financial Research, Vol.29, No.1, 113-129.
Houge, T, Loughran,T, Suhanek G dan Yan X, 2001, Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings, Journal FinancialManagement, Vol 30, No 4, 5-23.
How, JC, 2000, Initial and Long Run Performance of Mining IPOs in Australia, Australia Journal of Management, Vol 25, No 1, 95-118
Ibbotson R.G., 1975, Price Performance of Common Stock New Issues, Journal of Financial Economics, 3, pp 235-272.
Ibbotson R.G and Sindelar J.L, 1986, Initial Public Offerings, Journal of Corporate Finance 4, pp. 6 – 22.
Jain B and O.Kini, 1994, The Post Issue Operating Performance of IPO Firms, Journal of Finance, 49,pp 1699 – 1726.
Jensen, Michael, and William Mecling, 1976, Theteori of the Firm: Managerial Behavior, Agency Cost, and Ownership Stucture, Journal of Financial Economics, 3, 305 – 360.
Keown, Arthur J, David F.Scott, Jr., John D. Martin, and J William Petty (2003), Financial Management: Principles and Application Prentice Hall, Ninth Edition, New Jersey.
Ljungqvist, A, 1997, Pricing Initial Public Offerings: Futher Evidence from Germany, European Economic Rewiew41, 1309 -1320.
Loughran T, J.R. Ritter, 1997, The Operating Performance of Firms Conducting Seasoned Equity Offerings, Journal of Finance, 52, 1823 – 1850.
Loughran T, J.R. Ritter,1994, Initial Public Offerings: Internasional Insights, Pacific-Basin Finance, Vol. 2, No 2-3, 165-199
Manurung, Alder Haymans 2002, Konsistensi Pemilihan Saham dalam Pembentukan Portofolio Optimal di BEJ oleh Manajer Investasi Dikaitkan dengan Variabel Rasio Empirik Kinerja Perusahaan, Disertasi Program Doktor FE UI, Tidak Dipublikasikan.
Martani, D 2004, Pengaruh Manajemen Informasi dan Determinan Lain Terhadap Harga Saham, Initial Return, dan Kinerja Saham Jangka Panjang: Studi Empiris Perusahaan Go Public di BEJ, Disertasi, Program Pascasarjana Ilmu Manajemen, Universitas Indonesia, Tidak Dipublikasikan
Mikkeson,W, Shah, 1994, Performance of Companies around Initial Public Offerings, Working Paper, University of Oregon.
Miller, Edward M (1977), Risk, Uncertainty, and Divergence of Opinion, The Journal of Finance, Vol 32, No.4, 1151-1168
Miller, Edward M (2000), Long run underperformance of initial public offerings: an explanation, Working paper 16, University of New Orleans.
Rajan R., and H.Servaes, 1995, The Effect of Market Condisions on Initial Public Offerings, Working Paper, University of Chicago and University of North Carolina at Chapel Hill.
Ritter J.R, 1984, The Hot Issue Market, Journal of Business Vol 57, 215 – 240
Ritter Jay R 1991, The Long Run Performance of Initial Public Offering, Journal of Finance Vol 46, No.1, pp. 3-27.
Ritter J.R 1991, The Hot Issue Market of 1980, Journal of Finance Vol 57, No.02, pp. 214 -240.
Santos, Fransisco 2010, IPO Underpricing dan Long-term underperformance, WorkingPaper, Stanford Bussiness, Stanford, CA.
Shiller, Robert J 1990, Speculative Prices & Popular Models, Journal of Economic Perspectives, Vol 4, No 2, 55-65.
Sholichah et at, 2017, Divergensi of Opinion and Long Term Performance of Post Stocks Initial Public Offeringa at Indonesia Stock Exchange, International Journal of Emerging Research in Management and Technology, Vol 6, No 7, pp. 7-19.
Seitibraimov, Amet 2012, Underpricing and Long Term Performance of Initial Public Offerings From CIS, Thesis, Kyiv School Of Economics, Rusia.
Suherman, 2010, Apakah Kinerja Jangka Panjang Penawaran Umum Perdana di Indonesia Underperformed?:BuktiBaru, SNA XIII, Purwokerto.
Suroso dan Utama, S, 2006, Hubungan Kinerja Jangka Panjang Saham Pasca IPO dengan Optimisme dan Divergensi Opini Investor serta Tindakan Oportunis Emiten, Usahawan No.03 th 35, 27-39.
Shefrin, Hersh 2007, Behavioral Corporate Finance : Decisions That Create Value, Mc Graw Hill International Edition, Singapore.
Tapa, Afiruddin, 2006, The Short Run and Long Run Performance of IPOs by Sector on The Bursa Malaysia, The Malaysian Finance Association’s 8thAnnual Conference Proceeding, 401-411
Tinic, Seha M 1998, Anatomi of Initial Public Offering, Journal of Finance 43, 789-822
Wang, Yixia 2010, Divergence of Opinion and IPO Valuation, Working Paper, Departemen of Finance, Huazhong University of Science and Tehnology, Wuhan, Hubei, PR China.
Yu, Liyun, 2006, The Long run Performance of Initial Public Offerings Evidence from the A share Shanghai Stock Exchange, Working Paper.
Picture in here are illustration from public domain image (License) or provided by the author, as part of their works
Published
2020-01-31
How to Cite
Mu’minatus Sholichah. (2020). Optimisme Investor dan Kinerja Jangka Panjang Saham Pasca Initial Public Offerings yang Listing Di Bursa Efek Indonesia. Journal of Accounting Science, 4(1), 43-54. https://doi.org/10.21070/jas.v4i1.399
Section
Financial Accounting
Copyright (c) 2020 Mu’minatus Sholichah
This work is licensed under a Creative Commons Attribution 4.0 International License.
