<![CDATA[This research was conducted on manufacturing companies in initial public offering
period 1997 to 2002. The samples were done by purposive sampling and the period
obtained 19 samples. The purpose of this study was to find out what is the influence
of financial variables on the initial returns and return 15 days after the IPO.
Data collection methods using secondary data through the methods of documentation
and literature. The data needed is historical data taken through Capital Market
Directory, the JSX Statistics, and Databases MM UII. Initial Return is used to
determine the return on the day of the first companies to do IPOs in the secondary
market. Analysis of the data used Normality Test, Test of Classical Assumptions,
multiple regression. Financial variables used to determine the effect of initial returns
and returns 15 days.
Results of research conducted there is the influence of financial variables on the
initial returns and return 15 days after the IPO. But there was no statistically
significant effect between the current ratio, earnings per share and the rate of return
on assets. Previous research also no significant effect. This may occur due to micro
factors such as differences in capital structure, and macro factors such as economic
conditions, politics and culture that can not be controlled.
Keywords: Return]]>
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