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All Journal Jurnal Equity Jurnal Bisnis dan Kewirausahaan (Journal of Business and Entrepreneurship) Quantitative Economics and Management Studies Journal of Business, Management and Social Studies Economic and Finance in Indonesia Equity
Pananda Pasaribu, Pananda
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Mathematics Social Sciences Other

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Journal : Equity

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IPO Long-Term Performance: Evidence from Indonesia Stock Exchange 2019-2020 Fuadi, Ali Akbar; Pasaribu, Pananda
EQUITY Vol 27 No 2 (2024): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v27i2.9382

Abstract

Initial Public Offering (IPO) is one of the most anticipated events in in the Indonesia Stock Exchange (IDX). The number of companies going public has increased significantly in the last few years. However, some newly listed stocks do not perform well after they are listed.  This paper will examine whether information stated in the prospectus documents have a significant influence on the long run IPO stock price between 2019-2020. The information includes financial ratios, intention of proceeds, dividend policy, and underwriter reputation.  This study uses  an event  study approach, in which 106 IPO events, to analyse stock performance three years after the IPO. The dependent variable is buy and hold abnormal return (BHAR). The result shows that DER ratio and intention use of proceeds for debt repayment are significant to influence BHAR with a negative relationship. Moreover, the underwriter reputation and underpricing level are insignificant to affect BHAR. The study concluded that long term performance of newly listed firm is influenced by the leverage level.   Keywords: Initial Public Offering (IPO), Stock Performance, Indonesia Stock Exchange (IDX)
Co-Authors Ahmad Bit, Nabiel Elhakim Al Bonnie Mindosa Fuadi, Ali Akbar Maldini, Anak Agung Kompiyang Ratih Pangaribuan, Christian Haposan Putri, Nadiyah Asmaranti Anita Wanda, Meisya