Dampak Kesesuaian Syariah dan Variabel Lainnya Terhadap Tingkat Underpricing pada Penawaran Saham Perdana di Indonesia

Agep Rumanto

Abstract


This study aims to analyze whether there is an effect of sharia compliance with the level of underpricing in Indonesia. In addition to sharia compliance factors, other factors are also included, namely firm size, stock offering, company age, underwriter reputation, risk factors, and market conditions. This study uses a range of IPO sample data between 2011 and 2015. The test results show that there is a simultaneous influence of the seven dependent variables, namely sharia compliance, company size, stock offering, company age, underwriter reputation, risk factors and market conditions on the level of underpricing. Only risk factors and underwriter reputation have a significant effect on the level of underpricing. While the sharia compliance factor itself which is the main hypothesis in this study has no effect on the level of underpricing in Indonesia.


Keywords


underpricing, shariah compliance, IPO, stocks

Full Text:

PDF

References


Abdou, K., & Dicle, M. F. (2007). Do risk factors matter in the IPO valuation? Journal of Financial Regulation and Compliance, 15(1), 63–89. https://doi.org/10.1108/13581980710726796

Abdul Rahim, R., & Yong, O. (2010). Initial returns of Malaysian IPOs and Shari’a-compliant status. Journal of Islamic Accounting and Business Research, 1(1), 60–74. https://doi.org/10.1108/17590811011033415

Al-Hassan, A., Delgado, F., & Omran, M. M. (2007). Ipo Behavior in Gcc Countries: Goody-Two Shoes or Bad-to-The-Bone? In IMF Working Paper No. 07/149. Elsevier BV. https://doi.org/10.2139/SSRN.1007898

Alteza, M. (2010). Underpricing Emisi Saham Perdana: Suatu Tinjauan Kritis. Jurnal Manajemen, 9(2).

Bakar, N. B. A., & Uzaki, K. (2014). The Impact of Underwriter Reputation and Risk Factors on the Degree of Initial Public Offering Underpricing: Evidence from Shariah-Compliant Companies. IAFOR Journal of Business & Management, 1(1). https://doi.org/10.22492/IJBM.1.1.02

Beatty, R. P. (1989). Auditor Reputation and the Pricing of Initial Public Offerings on JSTOR. The Accounting Review, 64(4), 693–709. https://www.jstor.org/stable/247856

Chastina Yolana, D. M. (2005). VARIABEL-VARIABEL YANG MEMPENGARUHI FENOMENA UNDERPRICING PADA PENAWARAN SAHAM PERDANA DI BEJ TAHUN. Simposium Nasional Akuntansi VIII. www.ssrn.com

Clarkson, P. M. (1994). THE UNDERPRICING OF INITIAL PUBLIC OFFERINGS, EX ANTE UNCERTAINTY, AND PROXY SELECTION. Accounting & Finance, 34(2), 67–78. https://doi.org/10.1111/J.1467-629X.1994.TB00270.X

Dwi Martani, Ika Leony Sinaga, A. S. (2012). Analysis on Factors Affecting IPO Underpricing and their Effects on Earnings Persistence. World Review of Business Research, 2(2).

Gumanti, T. A., Nurhayati, N., & Maulidia, Y. (2015). Determinants of Underpricing in Indonesian Stock Market. Journal of Economics, Business and Management, 3(8), 802–806. https://doi.org/10.7763/JOEBM.2015.V3.289

Hanafi, S. M. (2013). Bukti Empiris Nilai Ekonomik pada Pengumuman Daftar Efek Syariah (DES) di Indonesia. Jurnal Ilmu Syari’ah Dan Hukum, 47(2), 675–702.

Islam, M. A., Ali, R., & Ahmad, Z. (2010). An Empirical Investigation into the Underpricing of Initial Public Offerings in the Chittagong Stock Exchange. International Journal of Economics and Finance, 2(4). https://doi.org/10.5539/IJEF.V2N4P36

Kiymaz, H. (2000). The initial and aftermarket performance of IPOs in an emerging market: Evidence from Istanbul stock exchange. Journal of Multinational Financial Management, 10(2), 213–227. https://doi.org/10.1016/S1042-444X(99)00027-4

Mayes, D., & Alqahtani, F. (2015). Underpricing of IPOs in Saudi Arabia and Sharia compliance. Journal of Islamic Accounting and Business Research, 6(2), 189–207. https://doi.org/10.1108/JIABR-12-2013-0042

Miller, R. E., & Reilly, F. K. (1987). An Examination of Mispricing, Returns, and Uncertainty for Initial Public Offerings. Financial Management, 16(2), 33. https://doi.org/10.2307/3666001

Reside, M. A., Robinson, R. M., Prakash, A. J., & Dandapani, K. (1994). A tax-based motive for the underpricing of initial public offerings. Managerial and Decision Economics, 15(6), 553–561. https://doi.org/10.1002/MDE.4090150603

Saito, R., & Paulo Maciel, L. (2006). Underpricing of Brazilian IPOs: Empirical Evidence from 1999 to 2005. Underpricing of Brazilian IPOs: Empirical Evidence from 1999 to 2005. http://www.anpad.org.br

Sardju, F. (2014). PENGARUH INFORMASI AKUNTANSI DAN NON AKUNTANSI TERHADAP INTIAL RETURN DAN RETURN SAHAM 30 HARI SETELAH IPO. Jurnal Ilmiah Akuntansi Dan Humanika, 4(1). https://doi.org/10.23887/JINAH.V4I1.4598

Stiglitz, J. E. (2002). Information and the Change in the Paradigm in Economics. American Economic Review, 92(3), 460–501. https://doi.org/10.1257/00028280260136363

T. A. Gumanti, S. S. A. M. (2013). Number of risk factors and underpricing: A case of Indonesian initial public offerings. International Seminar on Business, Management, and Environment: A Comprehensive Study in Asian Economy.




DOI: http://dx.doi.org/10.21043/malia.v6i1.14942

Refbacks

  • There are currently no refbacks.


Copyright (c) 2022 MALIA: Journal of Islamic Banking and Finance

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

images

http://journal.stainkudus.ac.id/indexing/moraref.jpg