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Short Term and Long Term Performance of IPOs: Comparison Between CARs and BHARs Anggraeni Putri Manikam; Tatang Ary Gumanti; Isti Fadah
Jurnal Manajemen dan Usahawan Indonesia Vol 42, No 3 (2013): Jurnal Manajemen Usahawan Indonesia
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Indonesia

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Para investor umumnya mengharapkan keuntungan yang setinggi-tingginya darimodal yang diinvestasikan, baik jangka pendek maupun jangka panjang. Namun, adateori yang mengungkapkan adanya perbedaan antara apa yang diharapkan investordengan kondisi riil yang terjadi di pasar modal. Sejumlah studi mengungkapkanperbedaan hasil kinerja pengembalian jangka panjang perusahaan yang sudah gopublic dengan menggunakan metode yang berbeda. Ada 2 metode yang digunakanuntuk mengukur kinerja pengembalian jangka panjang perusahaan, yaitu CumulativeAbnormal Returns (CARs) dan Buy-and-Hold Abnormal returns (BHARs). Penelitian inimemiliki dua tujuan. Tujuan pertama adalah menganalisis kinerja pengembalian jangkapanjang perusahaan yang melakukan penawaran umum perdana (IPO) di Bursa EfekIndonesia. Tujuan kedua adalah mengkaji apakah terdapat perbedaan hasil kinerjapengembalian jangka panjang setelah IPO dengan menggunakan dua metode yangberbeda, yaitu CARs dan BHARs di Bursa Efek Indonesia. Penelitian ini dilakukanterhadap 53 perusahaan yang melakukan IPO antara tahun 2005 dan 2009. Penelitianini menggunakan uji t untuk uji beda rata-rata yang dikombinasikan dengan ujiWilcoxon untuk uji beda median. Sampel dipisahkan ke dalam tiga kelompok berdasarkanukuran perusahaan (firm size) dan book to market ratio. Hasil penelitian menunjukkanbahwa IPO mengalami kinerja kurang baik (underperform) dalam periode jangkapanjang. Temuan ini menegaskan hasil yang dilaporkan dalam studi sebelumnya.Kelompok ukuran perusahaan dan book to market ratio berbasis CARs dan BHARsmemiliki pola hasil yang sama. Perbandingan menggunakan CARs dan pengukuranBHARs mengungkapkan bahwa mean dan median CARs sebagian besar lebih tinggidari BHARs. Studi ini menghasilkan kesimpulan bahwa CARs lebih tinggi daripadaBHARs dalam mengukur kinerja jangka panjang perusahaan yang melakukan IPO.

MARKET OVERREACTION SAHAM LQ-45 TERHADAP PENGUMUMAN ASIAN GAMES KE-18 Tatang Ary Gumanti; Mareita Dewi Kasprianti; Ana Mufidah
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Vol 22, No 2 (2019): Agustus
Publisher : Akademi Akuntansi YKPN Yogyakarta

Sports events are now a big concern for management and sports tourism and have become a big business opportunity that has an impact on the economy, especially for countries that host the event. The Asian Games is one of the biggest sports events in Asia that are held every four years. Indonesia is the country chosen to host the 18th Asian Games which was announced on July 25, 2014. The purpose of this study is to analyze LQ-45 stock whether after Indonesia was announced to host the 18th Asian Games there was a market overreaction and was followed by the emergence of price reversals. The final sample of the study was 32 companies. Results showed the presence of market overreaction symptoms in the winner and loser portfolios in the period after the announcement. There has been a market overreaction in the winner and loser portfolios due to the announcement of Indonesia's determination to host the 18th Asian Games. Price reversal occurs in loser portfolios and does not occur in portfolio winners due to the announcement of Indonesia's determination to host the 18th Asian Games.

FAKTOR-FAKTOR PEMBEDA PROFITABILITAS UMKM WARUNG PECEL GARAHAN JEMBER Dwi Perwitasari Wiryaningtyas; Tatang Ary Gumanti; Novi Puspitasari
RELASI : JURNAL EKONOMI Vol 18 (2013)
Publisher : STIE Mandala Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31967/relasi.v18i0.9

Micro Small and Medium Enterprise (MSME) is a bussines activity that is able to expand employment and opportunities and very important in the economyof the Nation. MSMEs are expected to reduce the problem of poverty in Indonesia by enhancing the productivity of the poor to increase their income. This research examines the factors that differentiate the profitability of MSMEs of “warung pecel Garahan Jember”. Two groups of factors are examined, namely financial performance and non-financial performance factors. Financial performance factors examined are working capital, debt, cost of production and selling price.Non-financial factors include the level of education, the location, the old establishment, and gender. A total of 31 warung pecel are included in the analysis, and this research start March 2013 until April 2013. Mann-Whitney test analysis is used to analyze the differential factors of profitability MSME “warung pecel Garahan Jember”. Results show that only cost of production is found to be the differentiating factor of profitability of “warung pecel Garahan Jember”. And the other factors like working capital, debt, selling price, level of education, the location, the old establishment and gender are not the differential factor of profitability at “warung pecel Garahan Jember”.

Intellectual Capital Disclosure and The Underpricing Of Indonesian Initial Public Offerings Elok Sri Utami; Nurul Illiyyin; Tatang Ary Gumanti
Jurnal Akuntansi dan Bisnis Vol 19, No 1 (2019)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Studies examining the relationship between the level of intellectual capital and firm values of public companies have been mounting. Yet, very view is devoted on those that are making initial public offering (IPO). For already publicly companies, intellectual capital disclosure can be seen in the annual report. For IPO, the information is embedded in the prospectuses. This study is aimed to analyze the influence of intellectual capital disclosure index (ICDI) and other variables including the prestige of underwriter, financial leverage, return on assets (ROA), and firm size on the extent of underpricing of companies making IPO from 2013 to 2017. The population consist of 125 companies. A total of 79 IPOs satisfied the sample selection criteria. Results using multiple linear regression analysis show ICDI, the prestige of underwriter, and company size have negative and significant effect on the level of underpricing. Whilst, financial leverage and profitability (ROA) are not the explanatory variables for the variation of underpricing. Penelitian yang menguji hubungan antara tingkat modal intelektual dan nilai-nilai perusahaan-perusahaan publik telah meningkat. Namun demikian, jumlah penelitian yang ada masih sangat dikhususkan untuk menguji perusahaan yang melakukan penawaran umum perdana (initial public offerings = IPO). Untuk perusahaan yang sudah terbuka, pengungkapan modal intelektual dapat dilihat dalam laporan tahunan. Untuk IPO, informasi tersebut tersedia di dalam prospektus. Penelitian ini bertujuan untuk menganalisis pengaruh indeks pengungkapan modal intelektual (ICDI) dan variabel-variabel lain termasuk underwriter prestige, financial leverage, return on assets, dan ukuran perusahaan terhadap tingkat underpricing perusahaan yang melakukan IPO dari 2013 hingga 2017. Populasi penelitian terdiri atas 125 perusahaan. Sebanyak 79 IPO memenuhi kriteria pemilihan sampel. Hasil analisis menggunakan regresi linier berganda menunjukkan ICDI, underwriter prestige, dan ukuran perusahaan berpengaruh negatif dan signifikan terhadap tingkat underpricing. Sementara, financial leverage, dan profitabilitas (ROA) bukan variabel penjelas untuk variasi underpricing.

Pengaruh krisis keuangan global dan karakteristik perusahaan terhadap cash holding perusahaan di Indonesia Bambang Sutrisno; Tatang Ary Gumanti
Jurnal Siasat Bisnis Vol 20, No 2 (2016)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jsb.vol20.iss2.art3

The aim of this study is to examine the effect of the global financial crisis and firm characteristics on corporate cash holdings in Indonesia. A total of 101 manufacturing firms listed in the Indonesia Stock Exchange from 2005 to 2014 are examined. This study employs panel regression with fixed effect model. The results show that Indonesia firms hold more cash during the global financial crisis than in the normal times. Investment opportunities set and divident payment have positive effect on cash holding, meanwhile firm size, capital expenditure, liquid assets substitutes, and leverage have negative effect on cash holding.

DETERMINAN MANAJEMEN LABA PADA PERUSAHAAN YANG MELAKUKAN PENAWARAN SAHAM PERDANA Ike Anis Marsela; Tatang Ary Gumanti; Marmono Singgih
Jurnal Akuntansi Bisnis Vol 15, No 29 (2016)
Publisher : Universitas Katolik Soegijapranata Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24167/jab.v15i29.967

This article aimstoanalyze the effect ofoperatingcash flows, size of thecompany, earnings changes, andfinancial leverage onearnings managementchangesin the basic industry and chemicalsub-sectormaking initial public offering in theIndonesia Stock Exchange. The samples were selected using purposive sampling method in which as many as 35 out of 60 companies in the period 1989-2013. The data used are secondary data from a basic industry and chemical sub sector. The companys prospectus is obtained from database of the Economic Faculty, University of Jember, Indonesian Capital Market Directory (ICMD), and other sources. This usesmultiple linearregressionanalysis to test the hypotheses. The dependent variable is earnings management measured using the ratio of DCA models of Friedlan. Independent variables consisted of operating cash flow, size of the company, earnings changes, and financial leverage. Results showedthatoperatingcash flows negatively andsignificanty affectearnings managementchanges, earningschanges have positive andsignificant effect onearnings managementchanges, size of the company andfinancial leveragedoes not havesignificant effecton earnings management changes.

HUBUNGAN INFORMASI NON-AKUNTANSI DALAM PROSPEKTUS DENGAN TINGKAT INITIAL RETURN DI BURSA EFEK JAKARTA:BUKTI LANJUTAN Tatang Ary Gumanti; Sri Indah Cahyati
Akutansi Bisnis & Manajemen ( ABM ) Vol 9 No 1 (2002): April
Publisher : STIE Malangkucecwara

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This study examines the association between the firms? initial return and non-accounting information available in the issue of prospectus of an initial public offerings (IPO) in the Jakarta Stock Exchange. Five non-accounting information were examined. These include reputation of underwriters, reputation of auditor, company age, the percentage of retained ownership, and the value of the issue. A sample of 86 IPO firms that went public during the period of 1992-1995 was tested. An ordinary least square (OLS) regression was used to test the null hypothesis that the non-accounting information available in the issue prospectus is not related to the IPO?s initial return. Initial return was measured as the relative difference between the firm?s first day closing price and its offer price. Two measures of initial returns were examined: (1) initial return that does not incorporate the market return, that is the raw initial return, and (2) initial return adjusted for the market return, that is market adjusted initial return. Reputation of underwriters, reputation of auditors, company age, and offering value were expected to be negatively associated with initial returns. Retained ownership is predicted to have positif relationship. The results show that non-accounting information of prospectus is significantly associated with IPO initial returns meaning that the null hypothesis is rejected. The reputation of underwriters has a positive association with initial returns. Auditor reputation, retained ownership and the size of the issue have the expected relationship, but the relation between company age and initial return is positive. Only the size of issue is significantly related to the level of initial return. The results using market adjusted return produce qualitatively similar conclusions as that using raw initial return. Overall, the finding suggests that in making decision in the new issue stock, investors are encouraged to consider non-accounting information of prospectus in particular the size of the issue.

Value Relevance of Accounting Information and The Pricing of Indonesian Initial Public Offerings Tatang Ary Gumanti
The Indonesian Journal of Accounting Research Vol 8, No 3 (2005): JRAI September 2005
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.142

The purpose of this study is to examine the relation between accounting measures of total firm risk and the value of firms making initial public offerings (IPOs). The existing explanations of the pricing of IPOs suggest that the value of IPOs is related to a number of fundamental accounting variables of the firms. A sample of 149 Indonesian IPO firms that went public during the period 1989-1997 is examined and is used to test the null hypothesis that the IPO’s price is not related to firm specific accounting risk measures.The results provide evidence that the IPOs’ accounting information is value relevant to the market price of the IPO. Earnings Per Share (EPS), Book Value of Equity (BVE), and financial leverage are significantly related to the level of offering price. The study concludes that the IPOs’ accounting information is value relevant about the offer and market prices of the IPO, which is in support to that of Kim et al. (1995) and Klein (1996).

Accounting Beta as Ex Ante Uncertainty Proxy in Initial Public Offering Tatang Ary Gumanti; Dwi Venita Wiandani
The Indonesian Journal of Accounting Research Vol 10, No 3 (2007): JRAI September 2007
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.181

The purpose of this study is to examine the relation between accounting measures of total firm risk and the level f underpricing of initial public offerings (IPOs). A number of studies have shown an association between market and accounting betas. However, most of the studies are performed using a sample of large established firms for which both accounting and market betas can be computed. In case of IPO firms, market betas cannot be computed due to the data limitations associated with private firms. Due to limited information available prior to IPO dates, in particular financial reports, one has to use a proxy to measure risk in an IPO. Accounting variables have been prominently known as potential proxy for ex ante uncertainty in an IPO.Using a sample of 90 IPOs that went public during 1991-1997 at the Jakarta Stock Exchange, this study finds that the level of underpricing is determined by accounting beta, price to book value ratio and price earnings ratio. The IPO issue size has negative but insignificant association with the level of underpricing.

FAKTOR-FAKTOR PEMBEDA PROFITABILITAS UMKM WARUNG PECEL GARAHAN JEMBER Dwi Perwitasari Wiryaningtyas; Tatang Ary Gumanti; Novi Puspitasari
RELASI : JURNAL EKONOMI Vol 18 (2013)
Publisher : STIE Mandala Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31967/relasi.v18i0.9

Micro Small and Medium Enterprise (MSME) is a bussines activity that is able to expand employment and opportunities and very important in the economyof the Nation. MSMEs are expected to reduce the problem of poverty in Indonesia by enhancing the productivity of the poor to increase their income. This research examines the factors that differentiate the profitability of MSMEs of “warung pecel Garahan Jember”. Two groups of factors are examined, namely financial performance and non-financial performance factors. Financial performance factors examined are working capital, debt, cost of production and selling price.Non-financial factors include the level of education, the location, the old establishment, and gender. A total of 31 warung pecel are included in the analysis, and this research start March 2013 until April 2013. Mann-Whitney test analysis is used to analyze the differential factors of profitability MSME “warung pecel Garahan Jember”. Results show that only cost of production is found to be the differentiating factor of profitability of “warung pecel Garahan Jember”. And the other factors like working capital, debt, selling price, level of education, the location, the old establishment and gender are not the differential factor of profitability at “warung pecel Garahan Jember”.

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