Studi Harga Saham Pasca IPO di Bursa Efek Indonesia

https://doi.org/10.35912/jakman.v5i2.3021
Published: May 8, 2024

Abstract:

Purpose: This study provides empirical evidence that the initial share price tends to be lower than the share price over the periods of 1 d and 6, 12, 18, and 24 months thereafter.

Methodology: This quantitative research used comparative test-type research with secondary data collection. Data were obtained through the Indonesian Stock Exchange (BEI) and processed using SPSS software.

Results/findings: The results obtained in this research show that the initial share price has a positive difference between the post-IPO price for the first day, 6th, 12th and 18th month. However, things are different in the 24th month, when there is no evidence of any price changes occurring.

Limitations: IPOs were conducted on the Indonesian Stock Exchange within a specific timeframe (2018-2019), which may limit the generalizability of the findings to other markets or periods. With a total sample that can be taken of 95 issuers with IPO and post-IPO prices can be taken over a period of two years.

Contribution: To understand IPO underpricing dynamics. By highlighting the role of underwriters and company signals in shaping investor interest and share price performance, the study offers insights that can inform financial market participants, policymakers and researchers.

Keywords:
1. Initial Public Offering
2. Underpricing
3. Outperformed
Authors:
Rosella Virginia Risang Nima
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How to Cite
Nima, R. V. R. (2024). Studi Harga Saham Pasca IPO di Bursa Efek Indonesia . Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(2), 149–160. https://doi.org/10.35912/jakman.v5i2.3021
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Issue & Section
Vol. 5 No. 2 (2024): Maret
Articles
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References

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    Aulia, N. M., Kustina, L., & Ratnaningsih, Y. R. D. (2020). Faktor-Faktor Yang Mempengaruhi Harga Rendah Saham Perdana Pada Emiten Yang Melakukan Transformasi Untuk Go Public di BEI. SENAKOTA–SeminarNasionalEkonomidanAkuntansi, 39(1), 1–15. http://prosiding.senakota.nusaputra.ac.id/index.php/prosiding/article/view/59/70

    Egbunike, C. F., & Oranefo, P. C. (2023). Macroeconomic factor, firm characteristics and inventory holding in Nigeria: A quantile regression approach. International Journal of Financial, Accounting, and Management, 5(1), 1–17. https://doi.org/10.35912/ijfam.v5i1.1096

    Fadila, A., Utami, K., & Veteran Jakarta, U. (2020). Ipo Underpricing di Bursa Efek Indonesia. Inovasi, 16(2), 214–222. http://journal.feb.unmul.ac.id/index.php/INOVASI

    Febrianti, D. (2023). Pengaruh Employee Stock Option Plan , Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 12(3). http://repository.upstegal.ac.id/id/eprint/6632

    Goso, G. (2017). Metode Penelitian Bisnis. In U. Kalsum (Ed.), LPPI UM Palopo (1st ed., Vol. 7, Issue 1). LPPI UM Palopo. https://www.researchgate.net/

    Guntoro, A. (2008). Analisis Perbedaan Kinerja Saham Jangka Pendek dan Jangka Panjang Pada Perusahaan Initial Public Offering di Pasar Modal Indonesia. 4(2), 144–155.

    Harahap, A. P., Hasibuan, R. R., & Candanni, L. R. (2020). Peluang dan Tantangan Initial Public Offering (IPO) Pada Perusahaan Start-Up di Indonesia. Indonesian Journal of Islamic Economics and Business, 5(2), 30. https://doi.org/10.30631/ijoieb.v5i2.294

    Ishak, J. F. (2024). The Role of Earnings Quality in the Impact of Earnings Management and Leverage on Firm Value. International Journal of Financial, Accounting, and Management, 5(4), 419–428. https://doi.org/10.35912/ijfam.v5i4.1204

    Jayanarendra, A. A. G., & Wiagustini, N. L. P. (2019). Pengaruh Reputasi Underwriter, Ukuran Perusahaan, Dan Return on Equity Terhadap Underpricing Saat Ipo Di Bei. E-Jurnal Manajemen Universitas Udayana, 8(8), 4731. https://doi.org/10.24843/ejmunud.2019.v08.i08.p01

    Kooli, M., & Suret, J. M. (2004). The Aftermarket Performance of Initial Public Offerings in Canada. Journal of Multinational Financial Management, 14(1), 47–66. https://doi.org/10.1016/S1042-444X(03)00038-0

    Loughran, T., Ritter, J. R., & Rydqvist, K. (1994). Initial Public Offerings: International Insights. Pacific-Basin Finance Journal, 79(3), 104–109. https://doi.org/https://doi.org/10.1016/0927-538X(94)90016-7

    Mashuri, A. (2022). Statistika Nonparametrik (1st ed.). Inara Publisher.

    Mondal, M. S. A., Akter, N., Moni, S. J., & Polas, M. R. H. (2024). Financial and non-Financial Disclosures on Sustainable Development: The Mediating Role of Environmental Accounting Disclosure Practices. International Journal of Financial, Accounting, and Management, 5(3), 387–406. https://doi.org/10.35912/ijfam.v5i3.1702

    Nuryadi, N., Astuti, T. D., Utama, E. S., & Budiantara, M. (2017). Dasar-Dasar Statistika Penelitian (1st ed.). Sibuku Media.

    Ramdhan, R. M., & Rachman, A. A. (2023). The Effect of The Awareness of Taxpayer and Tax Socialization on Taxpayer Compliance for Motor Vehicles. International Journal of Financial, Accounting, and Management, 5(2), 133–148. https://doi.org/10.35912/ijfam.v5i2.393

    Ruqayyah, R., Nurhidayati, N., & Amin, M. (2018). Analisis Kinerja Saham Perusahaan Setelah Melakukan Initial Public Offering Di Bursa Efek Jakarta (Vol. 07). https://jim.unisma.ac.id/index.php/jra/article/viewFile/1430/1402

    Sahir, S. H. (2022). Metodologi Penelitian (1st ed.). Penerbit KBM Indonesia.

    Setiawan, A. H., Fitri, R., Muthohharoh, M., & Irfany, M. I. (2023). Investment strategy on indonesia islamic stocks using Greenblatt Magic Formula. International Journal of Financial, Accounting, and Management, 5(3), 281–296. https://doi.org/10.35912/ijfam.v5i3.1322

    Siboro, M., Nainggolan, E. R., & Saragih, J. L. (2022). Pengaruh Perencanaan Pajak Terhadap Manajemen Laba Pada Perusahaan Non Manufaktur di Bursa Efek Indonesia Pada Tahun 2018-2019. Seminar Nasional Manajemen Dan Akuntansi (SMA), 1(1), 164–180. https://doi.org/2963-2811

    Simamora, J. C. (2023). Pengaruh Perilaku Investasi Terhadap Keputusan Investasi Cryptocurrency Di Indonesia. Jurnal Darma Agung, 31(4), 957–969. https://doi.org/https://dx.doi.org.10.46930/ojsuda.v31i4.3557

    Wirawan, N. B., & Putri, N. K. (2022). Pengaruh Karakteristik GCG Terhadap Pengungkapan CSR Perusahaan yang Terdaftar Pada LQ45 BEI Periode 2017-2018 Menggunakan Asimetri Informasi Sebagai Variabel Intervening. Ratio?: Reviu Akuntansi Kontemporer Indonesia, 3(1), 1. https://doi.org/10.30595/ratio.v3i1.7998

    Wulanningsih, S., & Agustin, H. (2020). Pengaruh Investment Oppotunity Set, Pertumbuhan Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Eksplorasi Akuntansi, 2(3), 3107–3124. https://doi.org/10.24036/jea.v2i3.271

    Yusniar, M. W. (2016). Kinerja Harga Saham Jangka Pendek Dan Jangka Panjang Setelah Penawaran Saham Perdana ( IPO ). Jurnal Wawasan Manajemen Universitas Lambung Mangkurat, 4(3), 187–204. https://download.garuda.kemdikbud.go.id

  1. Aggarwal, R., Leal, R., & Hernandez, L. (1993). The Aftermarket Performance of Initial Public Offerings in Latin America. Financial Management, 22(1), 42. https://doi.org/10.2307/3665964
  2. Aulia, N. M., Kustina, L., & Ratnaningsih, Y. R. D. (2020). Faktor-Faktor Yang Mempengaruhi Harga Rendah Saham Perdana Pada Emiten Yang Melakukan Transformasi Untuk Go Public di BEI. SENAKOTA–SeminarNasionalEkonomidanAkuntansi, 39(1), 1–15. http://prosiding.senakota.nusaputra.ac.id/index.php/prosiding/article/view/59/70
  3. Egbunike, C. F., & Oranefo, P. C. (2023). Macroeconomic factor, firm characteristics and inventory holding in Nigeria: A quantile regression approach. International Journal of Financial, Accounting, and Management, 5(1), 1–17. https://doi.org/10.35912/ijfam.v5i1.1096
  4. Fadila, A., Utami, K., & Veteran Jakarta, U. (2020). Ipo Underpricing di Bursa Efek Indonesia. Inovasi, 16(2), 214–222. http://journal.feb.unmul.ac.id/index.php/INOVASI
  5. Febrianti, D. (2023). Pengaruh Employee Stock Option Plan , Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 12(3). http://repository.upstegal.ac.id/id/eprint/6632
  6. Goso, G. (2017). Metode Penelitian Bisnis. In U. Kalsum (Ed.), LPPI UM Palopo (1st ed., Vol. 7, Issue 1). LPPI UM Palopo. https://www.researchgate.net/
  7. Guntoro, A. (2008). Analisis Perbedaan Kinerja Saham Jangka Pendek dan Jangka Panjang Pada Perusahaan Initial Public Offering di Pasar Modal Indonesia. 4(2), 144–155.
  8. Harahap, A. P., Hasibuan, R. R., & Candanni, L. R. (2020). Peluang dan Tantangan Initial Public Offering (IPO) Pada Perusahaan Start-Up di Indonesia. Indonesian Journal of Islamic Economics and Business, 5(2), 30. https://doi.org/10.30631/ijoieb.v5i2.294
  9. Ishak, J. F. (2024). The Role of Earnings Quality in the Impact of Earnings Management and Leverage on Firm Value. International Journal of Financial, Accounting, and Management, 5(4), 419–428. https://doi.org/10.35912/ijfam.v5i4.1204
  10. Jayanarendra, A. A. G., & Wiagustini, N. L. P. (2019). Pengaruh Reputasi Underwriter, Ukuran Perusahaan, Dan Return on Equity Terhadap Underpricing Saat Ipo Di Bei. E-Jurnal Manajemen Universitas Udayana, 8(8), 4731. https://doi.org/10.24843/ejmunud.2019.v08.i08.p01
  11. Kooli, M., & Suret, J. M. (2004). The Aftermarket Performance of Initial Public Offerings in Canada. Journal of Multinational Financial Management, 14(1), 47–66. https://doi.org/10.1016/S1042-444X(03)00038-0
  12. Loughran, T., Ritter, J. R., & Rydqvist, K. (1994). Initial Public Offerings: International Insights. Pacific-Basin Finance Journal, 79(3), 104–109. https://doi.org/https://doi.org/10.1016/0927-538X(94)90016-7
  13. Mashuri, A. (2022). Statistika Nonparametrik (1st ed.). Inara Publisher.
  14. Mondal, M. S. A., Akter, N., Moni, S. J., & Polas, M. R. H. (2024). Financial and non-Financial Disclosures on Sustainable Development: The Mediating Role of Environmental Accounting Disclosure Practices. International Journal of Financial, Accounting, and Management, 5(3), 387–406. https://doi.org/10.35912/ijfam.v5i3.1702
  15. Nuryadi, N., Astuti, T. D., Utama, E. S., & Budiantara, M. (2017). Dasar-Dasar Statistika Penelitian (1st ed.). Sibuku Media.
  16. Ramdhan, R. M., & Rachman, A. A. (2023). The Effect of The Awareness of Taxpayer and Tax Socialization on Taxpayer Compliance for Motor Vehicles. International Journal of Financial, Accounting, and Management, 5(2), 133–148. https://doi.org/10.35912/ijfam.v5i2.393
  17. Ruqayyah, R., Nurhidayati, N., & Amin, M. (2018). Analisis Kinerja Saham Perusahaan Setelah Melakukan Initial Public Offering Di Bursa Efek Jakarta (Vol. 07). https://jim.unisma.ac.id/index.php/jra/article/viewFile/1430/1402
  18. Sahir, S. H. (2022). Metodologi Penelitian (1st ed.). Penerbit KBM Indonesia.
  19. Setiawan, A. H., Fitri, R., Muthohharoh, M., & Irfany, M. I. (2023). Investment strategy on indonesia islamic stocks using Greenblatt Magic Formula. International Journal of Financial, Accounting, and Management, 5(3), 281–296. https://doi.org/10.35912/ijfam.v5i3.1322
  20. Siboro, M., Nainggolan, E. R., & Saragih, J. L. (2022). Pengaruh Perencanaan Pajak Terhadap Manajemen Laba Pada Perusahaan Non Manufaktur di Bursa Efek Indonesia Pada Tahun 2018-2019. Seminar Nasional Manajemen Dan Akuntansi (SMA), 1(1), 164–180. https://doi.org/2963-2811
  21. Simamora, J. C. (2023). Pengaruh Perilaku Investasi Terhadap Keputusan Investasi Cryptocurrency Di Indonesia. Jurnal Darma Agung, 31(4), 957–969. https://doi.org/https://dx.doi.org.10.46930/ojsuda.v31i4.3557
  22. Wirawan, N. B., & Putri, N. K. (2022). Pengaruh Karakteristik GCG Terhadap Pengungkapan CSR Perusahaan yang Terdaftar Pada LQ45 BEI Periode 2017-2018 Menggunakan Asimetri Informasi Sebagai Variabel Intervening. Ratio?: Reviu Akuntansi Kontemporer Indonesia, 3(1), 1. https://doi.org/10.30595/ratio.v3i1.7998
  23. Wulanningsih, S., & Agustin, H. (2020). Pengaruh Investment Oppotunity Set, Pertumbuhan Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Eksplorasi Akuntansi, 2(3), 3107–3124. https://doi.org/10.24036/jea.v2i3.271
  24. Yusniar, M. W. (2016). Kinerja Harga Saham Jangka Pendek Dan Jangka Panjang Setelah Penawaran Saham Perdana ( IPO ). Jurnal Wawasan Manajemen Universitas Lambung Mangkurat, 4(3), 187–204. https://download.garuda.kemdikbud.go.id