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Drs. H. Irfan Ak. Nursasmita
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Economics, Econometrics & Finance

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ANALYSIS OF FACTORS AFFECTING THE LEVEL OF SHARES IN OFFER UNDERPRICING PRIME STOCK EXCHANGE IN JAKARTA Martanto, Heru; Nursasmita, Ak., Drs. H. Irfan
Accounting 2009
Publisher : Accounting

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Abstract

This study tested the hypothesis that was developed in the context of asymmetric information among market players in the Indonesian capital market. The hypothesis proposed in this research is the influence of market conditions, the reputation of underwriters, auditor reputation, and influence of these three variables simultaneously on the level of underpriced. Dat collection methods using secondary data, and is used as a sample of 36 companies from 2002 to 2004. Sources of data obtained from the Indonesian Capital Market Directory, the JSX Statistics, and FE UGM PPA database. Data analysis techniques used are simple regression analysis of single and double. In processing the data using SPSS. The results showed that the market conditions and reputation of the auditor does not affect negatively. While the underwriter reputation and the use of these three variables (market conditions, underwriter reputation, and reputation of the auditor) is jointly negative effect, this means that if something else fixed, the higher reputation underwriter will cause a decrease in initial returns. Keywords: Indonesia´s capital market, capital market participants.
FINANCIAL EFFECT OF VARIABLE RETURN ON INITIAL AND RETURN 15 DAYS AFTER AN INITIAL PUBLIC OFFERING IN MANUFACTURING COMPANY IN THE BEJ Suparyanti, Suparyanti; Nursasmita, Ak., Drs. H. Irfan
Accounting 2009
Publisher : Accounting

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Abstract

This research was conducted on manufacturing companies in initial public offering period 1997 to 2002. The samples were done by purposive sampling and the period obtained 19 samples. The purpose of this study was to find out what is the influence of financial variables on the initial returns and return 15 days after the IPO. Data collection methods using secondary data through the methods of documentation and literature. The data needed is historical data taken through Capital Market Directory, the JSX Statistics, and Databases MM UII. Initial Return is used to determine the return on the day of the first companies to do IPOs in the secondary market. Analysis of the data used Normality Test, Test of Classical Assumptions, multiple regression. Financial variables used to determine the effect of initial returns and returns 15 days. Results of research conducted there is the influence of financial variables on the initial returns and return 15 days after the IPO. But there was no statistically significant effect between the current ratio, earnings per share and the rate of return on assets. Previous research also no significant effect. This may occur due to micro factors such as differences in capital structure, and macro factors such as economic conditions, politics and culture that can not be controlled. Keywords: Return
EFFECT OF SIZE OF COMPANY AND LEVERAGE OPERATIONS AGAINST income smoothing MANUFACTURING COMPANY STOCK EXCHANGE IN JAKARTA Nugroho, Bintoro Wahyu; Nursasmita, Ak., Drs. H. Irfan
Accounting 2009
Publisher : Accounting

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Abstract

The purpose of this study was to determine whether there is influence of firm size and operating leverage of income smoothing manufacturing companies in Jakarta Stock Exchange. The problem in this research is "(1) Is there a difference between company size grading profit company with no grading company profits, (2) Is there a difference between operating leverage grading company profits with no grading company profits, (3) Are there differences in company size and operating leverage collectively ssama between grading company profits with no grading company earnings in manufacturing companies in Jakarta Stock Exchange. " The method and type of data used in data collection that is kind of secondary data consists of the methods of documentation and literature study method. Technique or method of sampling in this study were manufacturing companies on the JSE has listhing with observation for 3-year period beginning in 2000 to 2002. While the data analysis techniques used include (1) descriptive statistics: company profile, the average standard deviation, maximum, minimum, range, and sum. (2) inferential statistics including univariate test with (Mann Whitney test) and Multivariate testing with (Binary Logistic Regression). Univariate test results show that firm size variable is significant at the number 0000 and operating leverage variables are insignificant in number 0366. So of the two variables that significantly affect the income smoothing is the only variable size companies. While the Multivariate test results showed that the only significant variable of company size with the number 0004 while operating leverage variables are insignificant in number 0390. thus in a multivariate test that significantly influence income smoothing is a variable size of the company. Keyword :firm size, income smoothing.
Co-Authors Bintoro Wahyu Nugroho Heru Martanto Suparyanti Suparyanti