artikel misnen-83 editan - PENGARUH VARIABEL KEUANGAN...

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SIMPOSIUM NASIONAL AKUNTANSI VI Surabaya, 16 – 17 Oktober 2003 PENGARUH VARIABEL KEUANGAN TERHADAP RETURN AWAL DAN RETURN 15 HARI SETELAH IPO DI BURSA EFEK JAKARTA MISNEN ARDIANSYAH IAIN Sunan Kalijaga Yogyakarta ABSTRACT This research is aimed to examine then influence of financial variable in the prospectus on initial return and after 15 days return after IPO using the non-financial variable as controlling variable. Another purpose for this research is to examine if the size of company plays as moderating variable between financial variable (financial leverage, earning per share and profit growth) and initial return and 15 days return after IPO. There are 64 go public companies in Jakarta Stock Exchange from 1995-2000 as the sample for this research. They are not as group of banking companies or other similar financial companies. Data were collected through purposive sampling. Statistics method used is multiple regression. The result of the regression analysis for the influence of financial variable on initial return shows that earning per share significantly influences, whereas rate of return on total asset (ROA), financial leverage, offer size (proceed), profit growth, current ratio, and the size of company do not significantly influence initial return. The result of the regression analysis for the influence of financial variable on 15 days return after IPO shows that financial leverage and earning per-share significantly influences 15 days return after IPO. Whereas rate of return on total asset (ROA), offer size (proceed), profit growth, current ratio, and the size of company do not significantly influence 15 days return after IPO. Also shown from the result, when non-financial variable is used as controlling variable, economics condition significantly influences initial return together 15 days return after IPO. Where as the age of company, underwriter reputation, auditor reputation and type of industry do not cause any significant influences. The research fails to that the size of company plays as moderating variable relationship between financial leverage, EPS, profit growth and initial return as well as after 15 days return after IPO. Key words: Financial Variable, Initial Return, and 15 Days Return after IPO PENDAHULUAN Kebutuhan tambahan modal semakin bertambah sejalan dengan perkembangan perusahaan. Hal ini menuntut manajemen untuk memilih apakah tambahan modal akan dilakukan dengan cara utang atau dengan menambah jumlah kepemilikan saham dengan penerbitan saham baru. Jika alternatif kedua yang dipilih, maka ada beberapa cara yang dapat dilakukan perusahaan untuk memperolehnya, antara lain dengan: menjual kepada pemegang saham yang sudah ada, menjual kepada karyawan lewat ESOP (employee stock ownership plan), menambah saham lewat deviden yang tidak dibagi (dividend reinvestment plan) , dijual langsung kepada pemilik tunggal (biasanya investor institusi) secara privat (private placement), atau menawarkan kepada publik (Hartono, 2000). Proses penawaran sebagian saham
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artikel misnen-83 editan - PENGARUH VARIABEL KEUANGAN...

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