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All Journal Jurnal Manajemen Terapan dan Keuangan Jurnal Akuntansi dan Pajak Jurnal Maneksi (Management Ekonomi Dan Akuntansi) IMANENSI: Jurnal Ekonomi, Manajemen dan Akuntansi Islam Jurnal Proaksi Journal of Contemporary Accounting Jurnal Ilmiah Akuntansi Kesatuan Current : Jurnal Kajian Akuntansi dan Bisnis Terkini Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Journal of Industrial Engineering & Management Research (JIEMAR) Jurnal Ekonomi Jurnal Kolaboratif Sains International Journal of Science and Society (IJSOC) Jurnal Pengabdian Masyarakat : Pemberdayaan, Inovasi dan Perubahan Journal of Governance, Taxation, and Auditing Journal of Applied Accounting INTERNATIONAL JOURNAL OF ECONOMICS AND MANAGEMENT REVIEW Journal of Economics and Management Scienties International Journal of Economics, Management and Accounting IIJSE Accounting Studies and Tax Journal Adpebi Science Series Tadulako Social Science and Humaniora Journal Jurnal Pengabdian Masyarakat Mandira Cendikia (JPKM-MC) Sriwijaya Accounting Community Services AJCD GoodWill Journal of Economics, Management, and Accounting
Muhammad Ilham Pakawaru
Fakultas Ekonomi Dan Bisnis, Jurusan Akuntansi, Universitas Tadulako
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Journal : Jurnal Proaksi

 1 
Determinan Initial Return IPO di Indonesia: Pandemi, Pasca-Pandemi dengan Pendekatan Bootstrap Moh. Alwi; Muliati Muliati; Muhammad Din; Muhammad Ilham Pakawaru
Jurnal Proaksi Vol. 12 No. 4 (2025): Oktober - Desember
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jpk.v12i4.7926

Abstract

Main Purpose - This study analyzes financial and non-financial factors influencing the initial return of IPO companies listed on the Indonesia Stock Exchange during the pandemic period (2020–2022) and the post-pandemic period (2023–2024).Method - A quantitative approach was employed, utilizing secondary data from IPO prospectuses, IDX publications, and stock prices. The data were analyzed using multiple linear regression with the bootstrap method. Employing a purposive sampling technique, this study obtained a final sample of 131 companies out of a total population of 278 IPO firms.Main Findings - EPS, financial leverage, liquidity, and the percentage of shares offered significantly and positively affect the initial return, while profitability, underwriter reputation, and firm age show no significant effect. Investors tend to respond more strongly to fundamental signals than to underwriter reputation or firm age.Theory and Practical Implications - The findings reinforce Signaling Theory and suggest that issuers should emphasize transparency in EPS, leverage, and liquidity to strengthen investor confidence.Novelty - The novelty of this study lies in its analysis of the determinants of initial return, covering the entire period from the pandemic to the post-pandemic era in Indonesia, while applying the bootstrapping method to address the issue of heteroscedasticity in the data.
Co-Authors Abdul Kahar Adiba, Ayesha Nurul Al Zahra, Maya Andi Mappanyukki Andi Mattulada Amir Andi Sabirin Baso Arung Gihna Mayapada Ayu Safitri BAKRY, M.Iqbal Bakry, Mohammad Iqbal Bass, Muhammad Bashri Briegita, Ruth Anindya Cahyani, Asti Cakranegara, Pandu Adi Daud Ruranto Buntulabi Dewi, Ni Sayu Kadek Era Susipta Dr. Muhammad Darma Halwi Edtri, Dini Zalzabila Ernawaty Usman Erwinsyah Erwinsyah Faizal Azdar Febria, Lisa Femilia Zahra Furqan, Andi Chairil Gusnianti Haryono Pasang Kamase Husnul Hatimah Ika Pertiwi Putri, Wahyuni Indra Basir Luneto, Abdul Razik M. Sahrul Saleh Mariana Masruddin Moh. Alwi Moh. Iqbal, Moh. Moh. Rafli Muh. Darma Halwi Muhammad Afdhal Muhammad Afdhal S Muhammad Darma Halwi Muhammad Din Muhammad Din Muliati Muliati Muliati Muliati Muliati, Muliati Mustamin Mustamin Ni Made Suwitri PARWATI Nina Yusnita Yamin Nurdin, Jurana Nurhayati Haris Nurlailah Nurlailah Nurlailah NURUL ANNISA Oktavia Sari, Fhara Oneng, Muthia Yogelina Parwati, Ni Made Suwitri Phatra Anggana Djuri Prayoga, Wahyu Imam Rahayu Indriasari Rahayu Indriasari Rahma Masdar Ridwan, Ridwan Rika Febby Rhamadhani Rika Veby ramadhani Rudy Usman Salsabila Selmita Paranoan Septian Septian Siti Nur Anisa Stefani Lily Indarto Sudirman Sugianto Sugianto Sugianto Sugianto Syahrani, Cahya Bilqis Tanra, Andi Ainil Mufidah Tanti Widia Nurdiani Tenripada, Tenripada Totanan, Chalarce Vany Terisia Wirandi Wulandari, Niluh Merthi Yamin , Nina Yusnita Yamin, N Yuldi Mile Yusnita Yamin, Nina Zaidan, Muhammad