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All Journal Proceeding of International Conference on Entrepreneurship (IConEnt) Al-Iqtishad: Jurnal Ekonomi Syariah
Vivi Liu
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Economics, Econometrics & Finance

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Board Gender Diversity and IPO Price Formation in Indonesia Vivi Liu; Sung Suk Kim
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

This study aims to analyze the effect of gender diversity in boards of commissioners and directors on the level of underpricing on the first trading day following an Initial Public Offering (IPO) in Indonesia. The data used consist of companies that conducted IPOs in Indonesia dure in Indonesia during the period 2021-2024. The results indicate that in the Indonesian market, investors place greater emphasis on firms’ fundamental factors rather than gender-related aspects when making investment decisions at the time of an IPO. Market Capitalization, Return on Assets (ROA), and Share Overhang (SO) are found to be significant variables. This study contributes to the literature on factors influencing stock market performance during IPOs and provides practical implications for firms and regulators in formulating IPO strategies. Future research could be extended by incorporating additional factors such as financial characteristics, macroeconomic conditions, and managerial aspects in shaping investor decision-making.
MACRO HERD BEHAVIOUR AND THE SIZE EFFECT: A COMPARATIVE ANALYSIS BETWEEN SHARIA (ISSI) AND NON-SHARIA STOCKS IN INDONESIA Avellino, Laurensius; Vivi Liu; Sung Suk, Kim
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 7 No. 01 (2025): Juli-Desember 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v7i01.1308

Abstract

This study aims to identify and analyze the patterns of macro herding behavior in the Indonesian Stock Market (IHSG) and to compare the intensity of general herding and the influence of Market Capitalization (Size Effect) between the Sharia Stock Index (ISSI) and Non-ISSI sub-samples. Utilizing weekly stock price data from all IDX-listed companies for the 2011–2024 period, the study applies the more robust Tessler and Venezia Herding Model (2022). Comparative analysis is performed on the Total IHSG, ISSI, and Non-ISSI segments. It is found that macro herding is detected in the IHSG, predominantly during extreme market conditions. The intensity of general herding is found to differ significantly between the ISSI and Non-ISSI groups, and the influence of Market Capitalization on herding also exhibits distinct patterns across the two sub-samples.The originality lies in the application of the robust Tessler and Venezia Model (2022) in the Indonesian Market and the comparative analysis of herding and Size Effect in the dualistic ISSI/Non-ISSI market. The findings confirm that Sharia compliance and firm size are important determinants moderating collective investor behavior, providing strong practical implications for regulators (OJK) and market participants.
Board Gender Diversity and IPO Price Formation in Indonesia Vivi Liu; Sung Suk Kim
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to analyze the effect of gender diversity in boards of commissioners and directors on the level of underpricing on the first trading day following an Initial Public Offering (IPO) in Indonesia. The data used consist of companies that conducted IPOs in Indonesia dure in Indonesia during the period 2021-2024. The results indicate that in the Indonesian market, investors place greater emphasis on firms’ fundamental factors rather than gender-related aspects when making investment decisions at the time of an IPO. Market Capitalization, Return on Assets (ROA), and Share Overhang (SO) are found to be significant variables. This study contributes to the literature on factors influencing stock market performance during IPOs and provides practical implications for firms and regulators in formulating IPO strategies. Future research could be extended by incorporating additional factors such as financial characteristics, macroeconomic conditions, and managerial aspects in shaping investor decision-making.
Co-Authors Avellino, Laurensius Sung Suk Kim Sung Suk, Kim