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All Journal Journal of Accounting and Investment PERMANA : Jurnal Perpajakan, Manajemen, dan Akuntansi
Tommy C. Efrata
Universitas Ciputra Surabaya
Economics, Econometrics & Finance Education

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R&D INTENSITY AND IPO UNDERPRICING: CASE STUDY ON PHARMACEUTICAL AND BIOTECH INDUSTRIES IN THE US Tommy C. Efrata
Journal of Accounting and Investment Vol 9, No 1: January 2008
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (305.535 KB)

Abstract

Asymmetric information between the issuer to potential investors believed by some academics in finance as one of the main causes of the phenomenon of underpricing at the time of the initial public offering (IPO). On science and technology-based company main problem lies in how to conduct assessments on the future value of a product that is still in the development stage. The issue became more prominent on pharmaceutical companies and biotechnology, due to the characteristics of this industry is the high expense, complex process, and the lengthy process of research and development (R D) of a product. This study describes the characteristics above is associated with the phenomenon of underpricing when companies conduct IPO. The samples are 82 pharmaceutical companies and biotechnology conduct IPO in the United States stock market in 1998-2005. The results of this study revealed a negative correlation between the intensity of R D and IPO underpricing phenomenon in this industry. These studies have identified R D as the main source of information asymmetry that led to the phenomenon of underpricing for pharmaceutical companies and biotechnology.
Efektivitas User-Generated Content, Inovasi Produk, dan Word of Mouth melalui Minat Pembelian untuk Meningkatkan Keputusan Pembelian di Kafe 2Hos Putri Julia Alexandra Surya; William Santoso; Tommy C. Efrata
Permana : Jurnal Perpajakan, Manajemen, dan Akuntansi Vol. 17 No. 3 (2025): Special Issue
Publisher : Faculty of Economics and Business, University of Pancasakti Tegal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24905/permana.v17i3.770

Abstract

Tujuan daripada penelitian ini guna mengkaji pengaruh UGC, inovasi produk, dan WoM terhadap keputusan pembelian di Kafe 2Hos, dengan minat pembelian sebagai variabel mediasi. Menerapkan pendekatan kuantitatif dengan 150 responden berusia 18–30 tahun yang aktif di media sosial dan pernah melihat konten terkait Kafe 2Hos. Data dianalisis dengan regresi linear berganda dan uji mediasi dengan SPSS Process Macro. Temuan mengungkapkan bahwasanya UGC, inovasi produk, dan WoM berpengaruh signifikan terhadap minat pembelian dan keputusan pembelian. Inovasi produk mempunyai pengaruh paling dominan, diikuti oleh UGC dan WoM. Selain itu, minat pembelian terbukti memediasi hubungan antara variabel bebas dan keputusan pembelian secara signifikan. Temuan ini mendukung Theory of Planned Behavior (Ajzen, 1991), yang menyebutkan bahwasanya minat menjadi prediktor utama terhadap tindakan pembelian. Penelitian ini memberikan kontribusi teoretis dan praktis bagi pelaku industri kafe dalam merancang strategi pemasaran digital berbasis konten interaktif, inovasi berkelanjutan, dan rekomendasi sosial
Co-Authors Putri Julia Alexandra Surya William Santoso