RatihJuniarti (2009) Pendeteksian Earnings Management, Underpricing dan pengukuran kinerja perusahaan yang melakukan kebijakan Initial Public Offering (IPO) di Indonesia. Sarjana thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk mendeteksi keberadaan kebijakan manajemen penghasilan yang menyertai implementasi IPO, mendeteksi di bawah fenomena harga pada hari pertama IPO dan menguji kinerja perusahaan setelah IPO. Pertunjukan yang diuji termasuk kinerja keuangan dan saham. Manajemen penghasilan dalam penelitian diukur dengan proksi diskresioner akrual (DA) yang merujuk pada model Jones yang dimodifikasi. Di bawah harga diukur dengan pengembalian awal, yaitu stok awal yang diterima oleh investor. Kinerja keuangan diukur dengan rasio likuiditas, rasio leverage, rasio profitabilitas, dan rasio turnover, sedangkan kinerja saham dibagi menjadi kinerja jangka pendek dan kinerja jangka panjang. Kinerja jangka pendek diukur dengan rata-rata saham selama bulan lalu selama / setelah IPO dengan menggunakan metode sederhana, sementara kinerja jangka panjang diukur dengan menggunakan abnormal return (AR) selama tahun lalu setelah menggunakan metode sederhana. Hasil penelitian menunjukkan bahwa perusahaan secara signifikan melakukan manajemen penghasilan selama semua periode observasi dan pengalaman dalam metode penetapan harga pada hari pertama ketika saham diperdagangkan di pasar sekunder. Kemudian, hasilnya membuktikan keberadaan kinerja keuangan berkurang dalam jangka panjang yang dialami oleh perusahaan yang melakukan IPO.
English Abstract
The research aimed at detecting the presence of earning management policy that accompanying the IPO implementation, detecting under pricing phenomenon at the first day of IPO and testing the companies performance after IPO. The tested performances include financial and stock performances. The earning management in the research was measured by proxy discretionary accrual (DA) that refer to the Modified Jones Model. Under pricing was measured by initial return, that is the initial stock that received by investor. The financial performance was measured by liquidity ratio, leverage ratio, profitability ratio, and turnover ratio, while stock performance was divided into short term performance and long term performance. The short term performance was measured with stock average during the last month during/after IPO by using simple method, while long term performance was measured by using abnormal return (AR) during the last year after IPO by using simple method. The results showed that companies significantly conduct earning management during all observation period and experience under pricing method at the first day when the stock was traded at secondary market. Then, the results prove the presence of financial performance decrease in long term that experienced by companies that conduct IPO.
| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FE/2009/532/050903164 |
| Subjects: | 600 Technology (Applied sciences) > 657 Accounting |
| Divisions: | Fakultas Ekonomi dan Bisnis > Akuntansi |
| Depositing User: | Endang Susworini |
| Date Deposited: | 02 Nov 2009 10:34 |
| Last Modified: | 02 Nov 2021 02:40 |
| URI: | http://repository.ub.ac.id/id/eprint/104424 |
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