ANALISIS KINERJA SAHAM PERUSAHAAN-PERUSAHAAN YANG MELAKUKAN INITIAL PUBLIC OFFERING (IPO)
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Date
2014-11-12
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Seminar Nasional Forum Manajemen Indonesia (FMI 6) , Fakultas Ekonomi dan Bisnis Universitas Sumatera Utara
Abstract
Measurement of the performance of stock in the companies that make an Initial Public Offering (IPO) is one of the activities for linking the interests of the company in obtaining funding expansion purposes with the interests of investors in acquiring a high value of stock returns. This research investigated to analyze performance of the stock through the measurement of initial returns, abnormal returns, outperformed or underperformed of stock returns in the short-term (3 months) and in the long-term (24 months), and to test of significance differences of the stock performance in the short-term with the long-term. The purposive sampling method is used to obtain the sample and there are 21 companies was conducted to make an Initial Public Offering (IPO) on the Indonesia Stock Exchange (BEI) in the period of 2010. The research method are descriptive and comparative analysis using historical data. Statistical test using a one sample t-test and paired sample t-test. The results showed that the company stocks had under-pricing that investors obtain positive initial returns, the short-term abnormal returns tend to decrease, while the abnormal returns in the long-term is fluctuate. Performance of stock had outperformed in the short-term and in the long-term. The results also showed that performance of stock in the companies that do an IPO in 2010 in both of the short-term and in the long-term are significantly different. There was no significant difference performance of stock in the short-term with in the long-term in the Indonesian IPOs during the period.
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Keywords
Initial Public Offering, initial return, abnormal return, short-term stock return, long-term stock return, outperformed, underperformed, performance of stock