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All Journal Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Almana : Jurnal Manajemen dan Bisnis JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi)
Zulhelfi, Zulhelfi
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Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Analisa perilaku herding pada saham ipo emisi jumbo di bursa efek indonesia tahun 2021-2023 Zulhelfi, Zulhelfi
Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Vol. 6 No. 2 (2023): Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan
Publisher : Departement Of Accounting, Indonesian Cooperative Institute, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32670/fairvalue.v6i2.4162

Abstract

This research was conducted to observe herding behavior during the initial public offering (IPO) of stocks on the Indonesia Stock Exchange from 2021 to 2023. The listing and trading of stocks for the first time generally generate high interest among investors to participate in transactions, reflected in the high volume and frequency of trades in the initial trading days, along with significant stock price movements. The method employed in this study is employing Cross-Sectional Absolute Deviation (CSAD) to determine the dispersion of IPO stock returns. This dispersion is then analyzed concerning market returns through multiple linear regression analysis. To ensure the research reflects market transparency, avoiding elements of market manipulation and short-term speculation, only stocks with large issuance values (above Rp 500 billion) were included in the study, observing only the first three days of trading. The research findings indicate the absence of herding behavior among stocks with large issuances on the Indonesia Stock Exchange. This suggests that investors in the Indonesia Stock Exchange, during the observation period, made rational investment decisions and did not exhibit herding behavior, indicating that investors in the Indonesian capital market demonstrate rational behavior similar to other developed countries.
Analysis of Variables that Affect the Initial Return of IPO Stocks on the Indonesian Stock Exchange in 2023 and 2024 Zulhelfi, Zulhelfi
Almana : Jurnal Manajemen dan Bisnis Vol 9 No 1 (2025): April
Publisher : Bandung: Prodi Manajemen FE Universitas Langlangbuana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36555/almana.v9i1.2784

Abstract

In the process of listing shares for the first time, there is often an extraordinary increase in share prices. This extraordinary price increase certainly also provides benefits for investors. Given the phenomenon of high stock price increases, many studies have been conducted to determine the variables that are very instrumental in causing the increase in stock prices. Many studies have been conducted to determine the causes of high initial return, but the findings are different and inconsistent so the most dominant factor in determining the initial return cannot be determined. In this study, we will analyze the influence of variables of stock index changes, stock issuance value, oversubscription, PBV, PER, stock trading frequency, market capitalization, and stock trading volume, and whether they affect the initial return of IPO shares. Of the 8 variables observed, two variables have a positive and significant effect, namely stock issuance value and oversubscription, one variable has a negative and significant effect, namely stock trading frequency, four variables have a negative but insignificant effect, namely JCI, PBV, PER and market capitalization, and one variable has a positive but insignificant effect, trading volume.
When the Market Daily Volatility is High During 2021- 2023, is there Any Herding Behavior on the Indonesia Stock Exchange? Zulhelfi, Zulhelfi; Novianty, Rina
JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi) Vol 8 No 3 (2024): December
Publisher : Program Studi Akuntansi Universitas Langlangbuana Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36555/jasa.v8i3.2709

Abstract

Herding behavior is one of the phenomena that is often researched and studied in the capital market, especially in stock trading. Herding behavior is an investor attitude where investors do not take into account the information available but rather follow market trends and other investors decisions in buying and selling stocks. This study was conducted to observe herding behavior on the Indonesia Stock Exchange when daily market volatility is high during 2021-2023. Herding is expected to be more pronounced during periods of extreme market conditions, which are characterized by increased uncertainty and significant market fluctuations (volatility). High stock price volatility indicates unusual supply and demand characteristics of stocks in the capital market. Over the past century, stocks have typically moved less than 1 percent up or down in daily trading. Therefore, herding behavior is observed when the daily volatility of the market is out of the ordinary, namely when market volatility rises or falls above 1%. In this study, market volatility is represented by the Jakarta Composite Index (JCI). The object of research is grouped into three parts: large capitalization stocks represented by constituents of the IDX30 index, small and medium capitalization stocks represented by constituents of the PEFINDO25 index, and the combined constituents of the two indices. The method used in this study uses the cross-sectional absolute deviation (CSAD) to find the return dispersion value of the various stock capitalization's and then see its relationship with market returns using multiple linear regression analysis. The results of this study indicate that no herding behavior was found in the three research groups. This means that investors on the Indonesia Stock Exchange during the observation period acted rationally in making investment decisions.
Co-Authors Rina Novianty, Rina