DAMPAK RISIKO PANDEMI DAN FAKTOR UTANG TERHADAP RETURN AWAL SAHAM IPO PADA TAHUN 2020
DOI:
https://doi.org/10.32670/fairvalue.v4iSpesial%20Issue%203.837Keywords:
faktor risiko, IPO, underpricing, pelunasan utang, studi pandemiAbstract
This study aims to obtain empirical evidence about the effect of pandemic risk and debt factors on stock’s initial return. Prior studies suggested initial return is influenced by multiple determinants. This study combines debt disclosures, debt retirement ratio and pandemic risk as a model to be analyzed and captured theirs impact on initial public offering return. The population in this study is all new public listed companies in Indonesia Stock Exchange in 2020. Purposive sampling is used as a sampling method to collect 48 samples. This study generates multiple linear regression method to test the hypotheses. The result of this study shows only pandemic risk has statistically significant influence on initial return. Firm who stated COVID-19 pandemic as a risk factor to its prospectus tend to lower their initial return by -13,5%. As a final result, this study provides empirical evidence that pandemic factor can be significant variable to be considered especially for capital market study during COVID-19 pandemic period.
References
Ahmad-Zaluki, N. A., & Badru, B. O. (2021). Intended use of IPO proceeds and initial returns. Journal of Financial Reporting and Accounting, 19(2), 184–210. https://doi.org/10.1108/JFRA-12-2019-0172
Fan, P. (2019). Debt retirement at IPO and firm growth. Journal of Economics and Business, 101, 1–16. https://doi.org/10.1016/j.jeconbus.2018.08.004
Jogiyanto. (2017). Teori Portofolio dan Analisis Investasi (11th ed.). BPFE.
Kim, J., Pukthuanthong‐Le, K., & Walker, T. (2008). Leverage and IPO under‐pricing: High‐tech versus low‐tech IPOs. Management Decision, 46(1), 106–130. https://doi.org/10.1108/00251740810846770
Kuswanto, R. (2021). IPO Stock Performance amidst the COVID-19 Pandemic: Has It been Undervalued? Jurnal Dinamika Akuntansi Dan Bisnis, 8(1). https://doi.org/10.24815/jdab.v8i1.19830
Mazumder, S., & Saha, P. (2021). COVID-19: Fear of pandemic and short-term IPO performance. Finance Research Letters, 43, 101977. https://doi.org/10.1016/j.frl.2021.101977
Pahlevi, R. W. (2014). Analisis faktor-faktor yang mempengaruhi underpricing saham pada penawaran saham perdana di bursa efek Indonesia. Jurnal Siasat Bisnis, 18(2), 219–232. https://doi.org/10.20885/jsb.vol18.iss2.art8
Rathnayake, D. N., Louembé, P. A., Kassi, D. F., Sun, G., & Ning, D. (2019). Are IPOs underpriced or overpriced? Evidence from an emerging market. Research in International Business and Finance, 50, 171–190. https://doi.org/10.1016/j.ribaf.2019.04.013
Saifudin, S., & Rahmawati, D. (2017). Pengaruh Informasi Akuntansi Dan Non Akuntansi Terhadap Underpricing Ketika Initial Public Offering Di Bursa Efek Indonesia. Jurnal Penelitan Ekonomi dan Bisnis, 1(1). https://doi.org/10.33633/jpeb.v1i1.1478
Santhapparaj, S., & Murugesu, J. (2010). Impact of Risk Disclosure in the Prospectus on Valuation and Initial Returns of Initial Public Offerings in Malaysia. IUP Journal of Applied Finance, 16.
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Tari, D. N. (2021, March 2). Setahun Corona di Indonesia, Pasang Surut IHSG dan Generasi Baru Investor Saham. Bisnis.Com. https://market.bisnis.com/read/20210302/7/1362610/setahun-corona-di-indonesia-pasang-surut-ihsg-dan-generasi-baru-investor-saham
Wasiuzzaman, S., Yong, F. L. K., Sundarasen, S. D. D., & Othman, N. S. (2018). Impact of disclosure of risk factors on the initial returns of initial public offerings (IPOs). Accounting Research Journal, 31(1), 46–62. https://doi.org/10.1108/ARJ-09-2016-0122
