Underpricing penawaran saham perdana dan kualitas perusahaan

Deskripsi

Underpricing phenomena of IPO has commonly occurs in all stock market around the world, including in Indonesian Stock Exchange (BEI). From 1996-2002 the performance of shares on the first closing day of trading showed an average initial return of 37.75%. Underpricing phenomenon can be explained by two theories, namely Signalling Model and Winner's Curse. Previous research shows that the level of underpricing positively related to firm quality. Firm quality is represented by a variable growth rate in sales, EBITDA, and earnings. Contrary to previous research, research in Indonesia shows no consistent relationship between IPO underpricing and firm quality. That is, the relationship between IPO underpricing and firm quality only appeared in year 5 after the IPO for growth rate in sales and growth rate in EBITDA.Ada tabel