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All Journal ETIKONOMI Jurnal Ekonomi Syariah Teori dan Terapan EKSPANSI IQTISHADUNA: Jurnal Ekonomi dan Keuangan Islam Iqtishoduna: Jurnal Ekonomi Islam Amwaluna Jurnal Ekonomi dan Keuangan Syariah The International Journal of Business Review (The Jobs Review) Penentuan harga obligasi dan teori tingkat bunga Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Review of Islamic Economics and Finance PINISI Discretion Review Finansha: Journal of Sharia Financial Management Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Iqtisad : Journal of Islamic Economic and Civilization
Utami, Suci Aprilliani
Universitas Pendidikan Indonesia
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Automotive Engineering Chemical Engineering, Chemistry & Bioengineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Examining Underpricing in Initial Public Offering: Deepening Insights on Non-Financial Information Rezky, Dikanio Muhammad; Mahri, A. Jajang W.; Utami, Suci Aprilliani
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.39355

Abstract

Research Originality: The nominal value variable from the prospectus in this study is the novelty, as no previous research has been found. Investors indicate the nominal value as a positive signal from the company to reduce existing information asymmetry. Research Objectives: This study examines the phenomenon of IPO underpricing on the Indonesia Stock Exchange, resulting in suboptimal IPO fund-raising. Research Method: Using a quantitative approach with descriptive and causality designs, the study analyzed 251 companies from 2017 to 2023 through multiple linear regression analysis. Empirical Results: Indonesia has a high IPO underpricing rate of 37.17%. Most IPOs (68.54%) were Shariah-compliant. The reputation of underwriters changed each year, and the free float ratio declined over time. On average, IPOs were oversubscribed by more than 28 times each year. Although COVID-19 affected market sentiment, it did not impact underpricing. The nominal value of IPO stocks varied each year but generally declined. Regression results show Shariah compliance and strong underwriters reduce underpricing, while higher free float, oversubscription, and nominal value increase it. Implications: The implications of this research theoretically support signaling theory and information asymmetry. Practically, this research can be a reference for further researchers, investors, companies, and the government as regulators. JEL Classification: G10, G24, G32, D82
The Impact of Boycott Calls on West Java Muslim Investors' Intentions to Invest in Unilever Stock Utami, Suci Aprilliani; Rosida, Rida
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 9 No. 2 (2025): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v9i2.4969

Abstract

This study aims to examine the impact of boycott calls on Muslim investors' intentions to invest in Unilever stock, by analyzing how attitudes, subjective norms, perceived behavioral control, and expected return influence investment intentions. The study also investigates whether Islamic religiosity moderates these relationships. The boycott calls refer to public campaigns urging Muslims to avoid investing in or purchasing products from companies affiliated with Israel, such as Unilever. A total of 215 Muslim investors in West Java participated in this quantitative study using a causal descriptive research design. Data were analyzed using SEM-PLS through the SmartPLS 4 application. The findings indicate that attitudes, perceived behavioral control, and expected return have a positive and significant effect on investment intentions, while subjective norms do not. Islamic religiosity was found to moderate only the relationship between perceived behavioral control and investment intention, weakening its influence. The boycott context acts as an underlying factor that shapes investors' perceptions, especially regarding moral and religious concerns. The results offer practical implications for institutions such as the Indonesian Ulema Council (MUI) to provide accurate guidance to Muslim investors regarding companies associated with geopolitical or religious controversies.
Co-Authors A. Jajang W. Mahri Aneu Cakyaneu Dadang Munandar Darwin Nahwan Diana Farid Evita Nurul Rusady Firmansyah Firmansyah Firmansyah Firmansyah Girang Razati, Girang Gumilang Budi L.P. Hilda Manoarfa Juliana Juliana Juliana Juliana Juliana Juliana Kusnendi Kusnendi Kusnendi, Kusnendi L.P., Gumilang Budi Linna Ismawati Mahri, A. Jajang W Muhammad Fathrul Quddus Muhammad Kamal Muzakki Neni Sri Wulandari Nurasyiah, Aas Puspitasari, Sindi Putri Pithaloka Kennedy Rahmanita, Nadya Dwi Rezky, Dikanio Muhammad Rifa Mutiara Ripan Hermawan Rizkia Ramadhani Rohmana, Yana Romi Hardiansyah Ropi Marlina Rosida, Rida Shiddieq, Muhammad Biagi Hafizh Sigit Ganjar Firmansyah Sindi Puspitasari Sofia Velia Widia Astuti Yoyok Prasetyo