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All Journal Research Horizon Economic and Business Horizon
Andyni Yulfanis Aulia Masrifa, Andyni
Perbanas Institute Jakarta
Arts Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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The Impact of Financial Information, Non-Financial Information, and Macroeconomic Conditions on IPO Underpricing: Evidence from the Indonesia Stock Exchange Yulfanis Aulia Masrifa, Andyni; Septiana, Era
Economic and Business Horizon Vol. 4 No. 1 (2025): January
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.4.1.2025.529

Abstract

This study aims to determine the effect of financial information, non-financial information, and macroeconomic conditions on the level of underpricing. The research variables used are financial information variables (Return on Assets and Debt to Equity Ratio), non-financial information variables (company size and company age), and macroeconomic conditions variables (inflation and interest rates). This study is a quantitative study using multiple linear regression analysis methods. The population of this study were companies conducting Initial Public Offerings (IPOs) on the Indonesia Stock Exchange (IDX) in 2018-2022, totaling 273 companies and a sample size of 235 companies selected using the purposive sampling method. The results of the study showed several results, including (1) financial information variables (ROA and DER) did not affect the level of underpricing in companies conducting IPOs on the IDX in 2008-2022; (2) non-financial information variables show different results in their influence on the level of underpricing where company size influences the level of underpricing, while company age does not have a significant effect on the level of underpricing; (3) macroeconomic condition variables also show different results in their influence on the level of underpricing where inflation has no effect and interest rates influence underpricing.
The Effect of Financial Ratios on Financial Distress in Retail Sub-Sector Companies Listed on the Indonesia Stock Exchange Yulfanis Aulia Masrifa, Andyni; Ayu Lestari, Mira
Research Horizon Vol. 5 No. 4 (2025): Research Horizon - August 2025
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.5.4.2025.791

Abstract

Financial distress refers to a condition in which a company experiences financial difficulties that hinder its ability to meet obligations. This issue is particularly relevant for retail companies, as they face intense competition, changing consumer behavior, and external economic pressures. Understanding the determinants of financial distress is important to provide early warnings for managers and stakeholders in maintaining company sustainability. This research aims to investigate the impact of financial ratios on financial distress among retail companies listed on the Indonesia Stock Exchange from 2019 to 2022. The financial ratios tested include the current ratio, debt to asset ratio, return on assets, total asset turnover, and sales growth. The study employs quantitative data and a purposive sampling method, selecting 15 retail companies, which yields a total of 60 samples. Logistic regression analysis was conducted using SPSS version 27 to test the relationships between independent variables and financial distress, as measured by the Altman Z-score. The findings reveal that none of the financial ratios, current ratio, debt to asset ratio, return on assets, total asset turnover, and sales growth, have a significant effect on financial distress. This suggests that other factors beyond traditional financial ratios may better explain financial distress.
Co-Authors Ayu Lestari, Mira Septiana, Era