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All Journal Jurnal Manajemen Atma Jaya JURNAL MANAJEMEN Prosiding Working Papers Series In Management International Journal of Applied Finance and Business Studies Jurnal Manajemen
Yudith Dyah Hapsari
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences Other

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Journal : International Journal of Applied Finance and Business Studies

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Investor sentiment, market timing and financial performance of Indonesian IPO firm Tyasanto, Simforianus Arzak; Hapsari, Yudith Dyah; Hamid, Agustini
International Journal of Applied Finance and Business Studies Vol. 12 No. 2 (2024): September: Applied Finance and Business Studies
Publisher : Trigin Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/ijafibs.v12i2.292

Abstract

We investigated the impact of investor sentiment and market timing on firm financial performance on Initial Public Offering (IPO) stocks. We used cross-sectional regression of 106 IPO firms in Indonesia to analyze the factors that influenced initial public offerings (IPO) after the implementation of the acceleration board by Indonesian Stock Exchange in 2020. We used IPO data in 2019 as period before acceleration board implementation and 2020 for the first time implementation. Share turnover was proxy of investor sentiment while initial return was proxy of market timing. We also included size, asset growth, tangibility and profitability as independent variable. The finding offered that investor sentiment was found to have a influence towards firm performance but negative both in 2019 and 2020. Whereas market timing only influenced before accelaration board implemented, while other factors such as size, growth, tangibility of asset and profitability show mix results. After Indonesia Stock Exchange (IDX) implemented the acceleration board to open funding access through the capital market as a solution to the challenges faced by SMEs, It still did not have any track record of companies that are known to the public and the ease of recording requirements results in asymmetric information. The IPO funding only used to pay both short term and long term debt. The phenomenon influenced by investor sentiment because stock turnover could lead to increase stock performance and prove that high stock transaction in market did not guaranted that te stock would perfomed well.
Co-Authors Bima Prawirosaputro Francisca Hermawan Hamid, Agustini Leoni Fransisca, Leoni Liliana Chandra Maria Gabriela Theodorus Prawirosaputro, Bima Stephani, Set Diana Tyasanto, Simforianus Arzak