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All Journal Jurnal Keuangan dan Perbankan JURNAL DINAMIKA MANAJEMEN DAN BISNIS
Ari Warokka
Department Of Accounting, Faculty Of Economics And Business, Universitas Negeri Jakarta
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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MANAJEMEN LABA: BAGAIMANA DAMPAKNYA TERHADAP IPO UNDERPRICING? Andre Yulius Sahat Nauli Sitompul; Unggul Purwohedi; Ari Warokka
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (222.715 KB) | DOI: 10.26905/jkdp.v21i2.573

Abstract

The purpose of this research was to investigate the effect of accrual and real earning management on IPO underpricing which was measured by initial return, on the first day of trading in Indonesia Stock Exchange, of Indonesian manufacturing companies during 2010-2014. This research was conducted using a purposive sampling technique from 20 analyzed manufacturing companies. Earnings management variable was measured using discretionary accruals, abnormal cash flow, abnormal production cost, and abnormal discretionary expenses while IPO underpricing was calculated using the initial return on the first day of stock trading in the stock exchange. This research used ordinary least squares technique (OLS) multiple linear regression analysis. The result of this study revealed that the real earning management practice through abnormal cash flow had a positive effect on IPO underpricing while the other earnings management proxy had a negative significant effect on underpricing. This finding indicated that every earnings management practice could give an effect in a different direction on IPO underpricing phenomenon, as a response of investors on the published company’s performance. Hence, this study’s finding provided a significant empirical contribution to the signaling theory, in particular for the issue of IPO underpricing in Indonesian Capital Market practices.
The Effect of Company Characteristics Towards Carbon Emission Disclosure and Its Impact on Economic Consequences in Non-Financial Registered Companies in Indonesia, Malaysia, Thailand and The Philippines Period For 2008-2017 Gatot Nazir Ahmad; Roh Ajiasri; Ari Warokka
JURNAL DINAMIKA MANAJEMEN DAN BISNIS Vol 3 No 1 (2020): Jurnal Dinamika Manajemen dan Bisnis
Publisher : LPPM Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/JDMB.03.1.2

Abstract

This research was conducted to know the company's characteristics, the determining factors for the disclosure of carbon emissions, and the impact of the disclosure of carbon emissions on economic consequences. The financial result in this study is the decision-making behavior of businesses, governments, and creditors as a result of accounting reporting, in this case, environmental disclosures contained in annual reports and sustainable reports. This study's sample amounted to 45 companies registered in Indonesia, Malaysia, Thailand, and the Philippines, with an observation period of 2008 to 2017. To measure the disclosure of carbon emissions by creating a checklist based on information from the CDP. Company characteristics are proxied by profitability, leverage, size, and sales growth, while economic consequences are proxied by the bid-ask spread, trading volume, and stock price volatility. The analytical method used in this study is the Partial Least Square (PLS) method using the WARP PLS version 5.0 application. From the test results, it was found that Profitability and Size had a positive effect on disclosure of carbon emissions, growth sales had a negative effect, and leverage had no effect. Meanwhile, the impact of disclosing carbon emissions on the bid-ask spread, trading volume, and stock price volatility has a positive effect.
Co-Authors Andre Yulius Sahat Nauli Sitompul Gatot Nazir Ahmad Roh Ajiasri Unggul Purwohedi