PENGARUH INFORMASI AKUNTANSI DAN NON AKUNTANSI TERHADAP INTIAL RETURN DAN RETURN SAHAM 30 HARI SETELAH IPO

Abstract

Penelitian ini bertujuan untuk membuktikan bahwa informasi akuntansi dan non akuntansi berpengaruh terhadap Initial Return dan Return 30 hari sesudah IPO, terdapat berbedaan intial return pada saham yang underpricing dan overpricing pada saat IPO, terdapat perbedaan keungungan saham antara initial return dengan return saham 30 hari setelah IPO. Informasi akuntansi yang digunakan dalam penelitian ini yaitu Rate Of Return on Total Asset, Financial Leverage, Earning Per Share, Ukuran Perusahaan dan Current Ratio. Infomasi non akuntansi yang digunakan yaitu umur perusahaan, Reputasi Underwriter, Reputasi Auditor. Sampel dalam penelitian ini adalah perusahaan manufaktur yang melakukan IPO di Bursa Efek Indonesi (BEI) tahun 2006-2011 dengan menggunakan teknik dokumentasi.

Pemilihan sampel dilakukan dengan teknik purposive sampling dan diperoleh 33 sampel. Hasil penelitian menunjukkan bahwa hanya auditor yang memengaruhi initial return dan hanya ROA yang memengaruhi return saham 30 hari setelah IPO.  Berdasarkan hasil penelitian ini menunjukkan bahwa adanya perbedaan saham underpricing dengan saham overpricing pada initial return saham. Hasil penelitian tidak dapat membuktikan adanya perbedaan antara initial return dengan return saham 30 sesudah IPO.

Kata kunci: Informasi akuntansi, Informasi non akuntansi, Initial Return dan Return saham 30 hari sesudah IP

ABSTRACT

This research’s objective is to prove whether accounting information and non accounting information have effect on the Initial Return and the Return 30 days after the IPO, whether they have a differece on intial return in the share that namyley the underpricing and overpricing in the time of IPO is held, there is a difference of developed share between initial return with the return share, 30 days after the IPO. Accounting information that is used in the research is the rate Of Return on Total Asset, Financial Leverage, Earning Per Share, Firm’s size and Current Ratio. Non accounting information that is used is the age of the firm, Reputation Underwriter, Auditor Repurtation. Sample in this research is the firm’s manufactures that held IPO in the Indonesia Stock Market (BEI) in the year of 2006-2011 by using documentation as the technique.

The sample was chosen by using the purposive sampling technique and obtained 33 samples. The result of the research showed that only the auditor that affect the initial return and only ROA that affect the return of share, 30 days after IPO. According to the result of this research, it shows that there is a difference of share underpricing with the overpricing sharein the initial return share. Conclusion of this research could not prove that there is a difference between initial return with the return share, 30 days after the IPO.

Keywords; accounting information, non accounting informatiion, initial return and return share 30 days after IPO