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INDONESIA
Journal of Indonesian Economy and Business
Published by Universitas Gadjah Mada
ISSN : 20858272     EISSN : 23385847     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Journal of Indonesian Economy and Business (JIEB) is open access, peer-reviewed journal whose objectives is to publish original research papers related to the Indonesian economy and business issues. This journal is also dedicated to disseminating the published articles freely for international academicians, researchers, practitioners, regulators, and public societies. The journal welcomes author from any institutional backgrounds and accepts rigorous empirical or theoretical research paper with any methods or approach that is relevant to the Indonesian economy and business content, as long as the research fits one of three salient disciplines: economics, business, or accounting.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 12 Documents
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Search results for , issue " Vol 17, No 4 (2002): October" : 12 Documents clear
PENAWARAN SAHAM PERDANA: PENGALAMAN DI BURSA EFEK JAKARTA 1990 – 1998 Rodoni, Ahmad
Journal of Indonesian Economy and Business Vol 17, No 4 (2002): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study investigates initial and aftermarket performance of initial public offering (IPOs) for both short term and long term in the Jakarta Stock Exchange (JSE), from January 1990 to December 1998. This study considers market situation at the time of the issuance of IPOs. The short term performance measure of IPOs is tested using daily closing return (Rct), opening return (Rot), offering price to opening price, offering price to closing price and opening price to closing price criteria. The long term aftermarket performance of IPOs is measured using cumulative abnormal returns analysis, buy and hold market adjusted compounded returns, wealth relative, offering price to closing price and opening price to closing price. Using a sample of 233 IPOs in the Jakarta Stock Exchange (JSE), this study finds an average initial (offer-to-open) return of 10.948 percent (10.912 % adjusted return). The findings reveals a lower expected return from those found in developing and several developed markets. The short term aftermarket mean return based on daily closing mean return (Rct), opening mean return (Rot) and opening price to closing price, indicates that benefits of initial performance do not accrue to the secondary market traders. This result is consistent with studies of Barry and Jennings (1993) on the U.S. markets and Yong (1997) on the Malaysian market. The long run aftermarket performance of IPOs is found to be negative. This finding is supported by many IPOs results in the literature.Keywords: Opening-closing mean return, performance of IPO.
STUDI KETERKAITAN ANTARA DIVIDEND PAYOUT RATIO, FINANCIAL LEVERAGE DAN INVESTASI DALAM PENGUJIAN HIPOTESIS PECKING ORDER. Wibowo, A. Jatmiko; Erkaningrum, F. Indri
Journal of Indonesian Economy and Business Vol 17, No 4 (2002): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study is aimed to examine the prediction of pecking order hypothesis in Indonesian. The hypothesis states that there is negative relationship between dividend payout ratio and investment. In addition, this study will learn the relationship between dividend payout ratio, financial leverage and investment. The dividend payout ratio determinants are financial leverage, investment, liquidity, profitability, size and variability of earnings. The financial leverage determinants are dividend payout ratio, investment, profitability, size, assets structure and variability of earnings. The determinants of investment are dividend payout ratio, financial leverage, sales growth, profitability, Q ratio and size.The data of this study is collected from 70 manufacturing companies as listed in the Jakarta Stock Exchange for the period of 1991 – 2000. The three stage least square simultaneous equation model is used to learn the relationship between dividend payout ratio, financial leverage and investment.In this study, it is found that there is no significant evidence that manufacturing companies in Indonesia tend to follow the pecking order hypothesis. In addition, it is found that the financial leverage gives a negative and significant influence on dividend payout ratio and vice versa; investment do not give a significant influence on dividend payout ration and vice versa; investment gives a positive and significant influence on financial leverage; and financial leverage do not give a significant influence on investment.Keywords: pecking order, dividend payout ratio, financial leverage, investment

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