The Impact of Financial Performance on Initial Returns of Companies Conducting Initial Public Offerings in Indonesia

  • Sabela Nur Fariskya Accounting Study Program, Faculty of Economics and Business, MuhammadiyahUniversity of Surakarta, Indonesia
  • Shinta Permata Sari Accounting Study Program, Faculty of Economics and Business, MuhammadiyahUniversity of Surakarta, Indonesia

Abstract

The initial public offering (IPO) serves as a strategy for acquiring financial resources aimed at enhancing company performance. This study seeks to analyze the impact of return on assets (ROA), earnings per share (EPS), debt-equity ratio (DER), and current ratio on the initial return of IPOs. The research population comprises companies that conducted their first stock offering and were listed on the Indonesian Stock Exchange between 2020 and 2022. The sampling technique employed was purposive sampling, resulting in a total sample of 80 companies. The analytical technique utilized was multiple regression, conducted using SPSS version 25. The findings indicate that ROA and the debt-equity ratio exert no significant influence on the initial return, whereas EPS and the current ratio positively influence the initial return.

Downloads

Download data is not yet available.

References

Afriyeni, A., & Marlius, D. (2018). Analisis Pengaruh Informasi Prospektus Perusahaan Terhadap Initial Return Saham Pada Pasar Perdana Di Bursa Efek Indonesia. Ekonomi, 2006, 12.

Albada, A., Low, S. W., & Toh, M. Y. (2023). Divergence of beliefs and IPO initial return: the quasi-moderating role of investor demand. Journal of Asian Business and Economic Studies, 30(4), 296–308. https://doi.org/10.1108/JABES-12-2021-0206

Andriani, J. (2023). Pengaruh Faktor Internal Dan Eksternal Terhadap Keputusan Perusahaan untuk Melakukan Initial Public Offering (IPO): Studi Empiris Pada Perusahaan Start-Up di Indonesia. Jurnal Ekonomika Dan Bisnis (JEBS), 3(1), 158–166. https://doi.org/10.47233/jebs.v3i1.592

Arif, A., & Febrina Nur Isnidya. (2010). Analisis Faktor-faktor Yang Mempengaruhi Intial Return Pada Penawaran Perdana Saham di Bursa Efek Indonesia Saat Krisis Finansial Global Periode 2006-2008.

Arista, D. (2012). Analisis Faktor-Faktor Yang Mempengaruhi Return Saham. Jurnal Ilmu Manajemen Dan Akuntansi Terapan, 3(1).

Carolina, D., & Miswati, D. D. (2021). Analisis Faktor – Faktor Yang Mempengaruhi Initial Return Setelah Ipo Di Bursa Efek Indonesia Periode 2017-2019. JEMBATAN (Jurnal Ekonomi, Manajemen, Bisnis, Auditing, Dan Akuntansi), 6(1), 77–90. https://doi.org/10.54077/jembatan.v6i1.50

Darpius, D., Agustin, H., & Sari, V. F. (2019). Pengaruh Financial Leverage, Profitabilitas Dan Besaran Penawaran Saham Terhadap Initial Return. Jurnal Eksplorasi Akuntansi, 1(1), 404–415. https://doi.org/10.24036/jea.v1i1.83

Emilia, Sulaiman, L., & Sembe, R. (2008). Faktor-faktor Yang Mempengaruhi Initial Return 1 Hari, Return 1 Bulan, dan Pengaruh Terhadap Return 1 Tahun Setelah IPO. Journal of Applied Finance and Accounting, 1(1), 116–140.

Febriani, L. (2013). Program Studi Akuntansi Fakultas Ekonomi Universitas Negeri Padang Wisuda Periode Maret 2014. Jurnal Akuntansi, 1(September), 5.

Filayati, M. A., & Soekotjo, H. (2020). Pengaruh Faktor-Faktor Rasio Pasar Terhadap Initial Return Perusahaan Ipo Tahun 2018. Jurnal Ilmu Dan Riset Manajemen, 9(3), 1–19. http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/3004

Gunawan, M., & Jodin, V. (2017). Faktor-Faktor Yang Mempengaruhi Tingkat Underpricing Saham Pada Perusahaan Yang Melakukan Initial Public Offering Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ekonomi, 20(2), 174–192. https://doi.org/10.24912/je.v20i2.155

Habib, A., & Uddin, B. (2011). Journal of International Accounting , Auditing and Taxation Audit firm industry specialization and the audit report lag. “Journal of International Accounting, Auditing and Taxation,” 20(1), 32–44. https://doi.org/10.1016/j.intaccaudtax.2010.12.004

Kevin, S., & Martok, Y. (2022). The Impact of Earning Per Share , Return on Asset And Firm Size Toward Initial Return of Manufacturing Companies 5 . Introduction The world is constantly changing and developing , or it can be said that it is happening at such a rapid pace . Including Ind. 190–220.

Kurnia, A., . W., & Latifah, N. (2022). FAKTOR – FAKTOR YANG MEMPENGARUHI INITIAL RETURN (Studi Empiris Pada Perusahaan yang IPO di BEI Periode 2011-2020). Jurnal Ilmiah Fokus Ekonomi, Manajemen, Bisnis & Akuntansi (EMBA), 1(1), 96–104. https://doi.org/10.34152/emba.v1i1.450

Morina, T., & Rahim, R. (2020). Faktor-Faktor yang Mempengaruhi Initial Return Pada Initial Public Offering (IPO). Menara Ilmu, 14(02), 146–157. https://jurnal.umsb.ac.id/index.php/menarailmu/article/view/1891

Muklis, F. (2016). Perkembangan dan Tantangan Pasar Modal Indonesia. Economic Reviews Journal, 1(2), 147–157. https://doi.org/10.56709/mrj.v1i2.24

Munshi, M., Patel, M., Alqahtani, F., Tolba, A., Gupta, R., Jadav, N. K., Tanwar, S., Neagu, B. C., & Dragomir, A. (2022). Artificial Intelligence and Exploratory-Data-Analysis-Based Initial Public Offering Gain Prediction for Public Investors. Sustainability (Switzerland), 14(20), 1–16. https://doi.org/10.3390/su142013406

Nuryasinta, A., & Haryanto, M. (2017). Analisis Faktor-Faktor yang Mempengaruhi Initial Return pada Perusahaan Non Keuangan yang Melakukan Initial Public Offering (IPO) di BEI Periode 2010-2015. Diponegoro Journal Of Management, 6(2), 1–11.

Setyawan, B. M., Samuel, H., & Basana, S. R. (2018). Analisa Likuiditas, Financial Leverage, Aktivitas, dan Profitabilitas Terhadap Initial Return Perusahaan Yang Melakukan Initial Public Offering di Bursa Efek Indonesia Tahun 2006-2016. Petra Business & Management Review, 4(2), 30–43. https://publication.petra.ac.id/index.php/breview/article/view/9138

Sudjiman, L. S., Disman, D., & Dewi, R. (2019). DER ROE, Percentage Offering of Shares and their Influences to Initial Return in its Companies Doing IPO (Empirical study on non-financial companies listed on BEI). 65(Icebef 2018), 293–296. https://doi.org/10.2991/icebef-18.2019.66

Susilowati, Y. (2010). Konsekuensi Signal Prospektus Perusahaan Terhadap Initial Return Saham Pada Pasae Perdana Di Bursa Efek Indonesia. Dinamika Keuangan Dan Perbankan, 2(1), 23–37.

Widyawati, & Harsiah. (2017). Pengaruh Current Ratio, Debt Equity Ratio dan Return On Assets Terhadap Initial Return Pada Perusahaan Manufaktur yang Melakukan Intial Public Offering yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2013 - 2017. Journal of Chemical Information and Modeling, 8(9), 1–58.

Wildahayu, M., & Priantinah, D. (2017). ANALISIS FAKTOR-FAKTOR YANG MEMENGARUHI INITIAL RETURN PADA PERUSAHAAN YANG IPO DI BEI TAHUN 2015-2017 ANALYSIS OF FACTORS THAT INFLUENCE INITIAL RETURN IN COMPANIES THAT IPO ON IDX IN THE PERIOD OF 2015-2017 Abstract : Analysis of Factors that Influence.

Yohanes, F. (2021). ANALISIS PENGARUH PROFITABILITAS DAN SOLVABILITAS PERUSAHAAN TERHADAP INITIAL RETURN PADA PENAWARAN SAHAM PERDANA. Journal of Chemical Information and Modeling, 53(February), 2021. https://doi.org/10.1080/09638288.2019.1595750%0Ahttps://doi.org/10.1080/17518423.2017.1368728%0Ahttp://dx.doi.org/10.1080/17518423.2017.1368728%0Ahttps://doi.org/10.1016/j.ridd.2020.103766%0Ahttps://doi.org/10.1080/02640414.2019.1689076%0Ahttps://doi.org/

Yuliana, V. (2013). Analisis Pengaruh Variabel Keuangan Dan Non Keuangan Terhadap Initial Return Dan Return Setelah Ipo. Management Analysis Journal, 2(2), 1–14.

Yustiana, D., Zainuddin, & Muliati. (2022). PENGARUH INFORMASI KEUANGAN DAN INFORMASI NON KEUANGAN TERHADAP INITIAL RETURN DI BURSA EFEK INDONESIA Penulis Korespondensi : zainudin@unkhair.ac.id. Accounting Profession Journal (APA, 4(1), 28–48.

Zuliardi, K., & Witiastuti, R. S. (2020). Management Analysis Journal. Management Analysis Journal, 9(2).
Published
2024-04-29
How to Cite
FARISKYA, Sabela Nur; SARI, Shinta Permata. The Impact of Financial Performance on Initial Returns of Companies Conducting Initial Public Offerings in Indonesia. E-Jurnal Akuntansi, [S.l.], v. 34, n. 5, apr. 2024. ISSN 2302-8556. Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/114079>. Date accessed: 14 nov. 2024. doi: https://doi.org/10.24843/EJA.2024.v34.i05.p08.
Section
Artikel