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Journal : JURNAL ECONOMIA

DETERMINAN TRUE DISCOUNT DAN MARKET REACTIONS PENAWARAN SAHAM Alteza, Muniya
Jurnal Economia Vol 9, No 1: April 2013
Publisher : Faculty of Economics Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (258.155 KB) | DOI: 10.21831/economia.v9i1.1374

Abstract

Abstrak: Determinan True Discount dan Market Reactions Penawaran Saham. Penelitian ini bertujuan menguji beberapa variabel sebagai determinan initial return penawaran saham perdana. Initial return dihitung dalam dua komponen, true discount dan market reaction. Determinan true discount dan market reactions dipilih berdasarkan hipotesis asimetri informasi dan hipotesis aftermarket liquidity. Total sampel yang dikumpulkan mencakup 40 penawaran saham perdana periode 2005-2008. Teknik analisis data menggunakan regresi linier berganda. Hasil penelitian menunjukkan ukuran perusahaan, umur dan persentase saham yang ditawarkan ke publik berpengaruh negatif dan signifikan terhadap true discount. Selain itu hasil regresi juga mengindikasikan bahwa likuditas yang diharapkan berpengaruh positif dan signifikan, sedangkan risiko likuiditas dan volatilitas pasar sekunder masing-masing berpengaruh negatif dan signifikan terhadap market reaction. Kata kunci: penawaran perdana, underpricing, true discount, market reaction Abstract: Determinants of True Discount and Market Reactions of Initial Public Offering. This research aims to test some variables as determinants of initial return of initial public offering. The initial return is estimated in two components, the true discount of the offer price as well as the market reactions on the listing. Determinants of true discount and market reactions are chosen based on asymmetric information hypotheses and aftermarket liquidity hypotheses. The total samples collected are 40 IPOs from the period 2005-2008. Data analysis method was conducted through multiple linear regression. The study shows that company size, stocks’ age and percentage of stocks offered to public have significant and positive impact on true discount. Besides that, the regression result indicates that expected liquidity gave significant and positive impact, while liquidity risk and aftermarket volatility have significant and negative impact on market reaction. Keywords: initial public offering, underpricing, true discount, market reaction
PERUBAHAN LIKUIDITAS AKIBAT PEMECAHAN SAHAM: STUDI DI PASAR MODAL INDONESIA Alteza, Muniya; Hidayati, Lina Nur; Darmawati, Arum
Jurnal Economia Vol 10, No 1: April 2014
Publisher : Faculty of Economics Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (317.047 KB) | DOI: 10.21831/economia.v10i1.4096

Abstract

Abstrak: Perubahan Likuiditas Akibat Pemecahan Saham: Studi di Pasar Modal Indonesia. Penelitian ini ingin mengetahui pengaruh pemecahan saham terhadap likuiditas dalam jangka pendek; pengaruh pemecahan saham, ukuran perusahaan dan return saham secara simultan terhadap likuiditas dalam jangka pendek; pengaruh pemecahan saham terhadap likuiditas dalam jangka panjang; serta pengaruh pemecahan saham, ukuran perusahaan dan return saham secara simultan terhadap likuiditas dalam jangka panjang. Sampel diambil menggunakan metode purposive sampling sebanyak 36 perusahaan yang memenuhi kriteria kelengkapan data. Penelitian ini menemukan bahwa pemecahan saham tidak berpengaruh terhadap likuiditas saham jangka pendek; pemecahan saham, ukuran perusahaan dan return secara simultan berpengaruh terhadap likuiditas jangka pendek; pemecahan saham berpengaruh negatif terhadap likuiditas saham jangka panjang; dan pemecahan saham, ukuran perusahaan dan return secara simultan berpengaruh terhadap likuiditas saham jangka panjang.   Kata kunci: pemecahan saham, ukuran perusahaan, return, likuiditas jangka panjang, likuiditas jangka pendek   Abstract: Liquidity Changes as the Effect of Stock Split: Study in Indonesian Stock Exchange. This study aims to determine how does the effect of stock split toward the short-term liquidity; how does the effect of stock split, the size of the company and the stock return simultaneously toward the short-term liquidity; how does the effect of stock split toward long-term liquidity; and how does the effect of stock splits, the size of the company and the stock return simultaneously toward long-term liquidity. Samples are obtained using purposive sampling method and acquired 36 companies that fulfill the criteria of completeness of the data. The results of this study indicate that stock split has no effect toward short-term liquidity; stock split, the size of the company and stock return simultaneously has significant effect toward the short-term liquidity; stock split has a negative significant effect toward the long-term liquidity; stock split, the size of the company and stock return simultaneously has significant effect toward the long-term liquidity   Keywords: stock split, firm size, return, long-term liquidity, short-term liquidity
SINYAL LABA DALAM PERISTIWA PEMECAHAN SAHAM DI BURSA EFEK INDONESIA Margasari, Naning; Alteza, Muniya; Musaroh, Musaroh
Jurnal Economia Vol 11, No 2: October 2015
Publisher : Faculty of Economics Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (530.541 KB) | DOI: 10.21831/economia.v11i2.7956

Abstract

Abstrak: Sinyal Laba dalam Peristiwa Pemecahan Saham di Bursa Efek Indonesia. Penelitian ini bertujuan untuk menguji pengaruh informasi privat dalam peristiwa pemecahan saham yang diproksikan dengan split factor signal terhadap kinerja keuangan perusahaan yang diukur melalui laba bersih sesudah pajak, pertumbuhan laba bersih sesudah pajak dan laba per lembar saham. Total sampel yang dikumpulkan sesuai kriteria purposive sampling mencakup 55 sampel pemecahan saham. Teknik analisis data menggunakan regresi linear berganda. Hasil penelitian menunjukkan bahwa split factor signal berpengaruh positif dan signifikan terhadap terhadap kinerja keuangan yang diukur menggunakan laba bersih sesudah pajak perusahaan. Penelitian ini juga menemukan bahwa split factor signal tidak berpengaruh terhadap kinerja keuangan yang diukur menggunakan pertumbuhan laba bersih sesudah pajak dan laba per lembar saham.Kata kunci: pemecahan saham, split factor signal, laba bersih sesudah pajak, pertumbuhan laba bersih sesudah pajak, laba per lembar sahamAbstract. Profitability Signal of Stock Split Events in Indonesia Stock Exchange. This research aimed to test the effects of private information in stock split as proxied by split factor signal toward financial performance of firms as measured by earning after tax, growth of earning after tax and earning per share. The total samples collected based on purposive sampling criteria were 55 stock splits. Data analysis was conducted through multiple linear regression. The result of this research showed that split factor signal had positive and significant effect on financial performance masured by earning after tax. Besides that the results indicated that split factor signal had no significant effect on the financial performance measured by growth of earning after tax and earning per share.Keywords: stock split, split factor signal, earning after tax, growth of earning after tax, earning per share