Pengungkapan Modal Intelektual Dalam Prospektus Penawaran Umum Saham Perdana: Determinan dan Dampaknya pada Underpricing

Widarjo, Wahyu (2017) Pengungkapan Modal Intelektual Dalam Prospektus Penawaran Umum Saham Perdana: Determinan dan Dampaknya pada Underpricing. PhD thesis, Universitas Sebelas Maret.

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    Abstract

    This study aims to provide empirical evidence about the determinants of intellectual capital disclosure in an initial public offerings prospectus and the impact of intellectual capital disclosure on underpricing. Determinants of intellectual capital disclosure means risk level assured by previous owners and managing underwriters through ownership retention level, reputation, and underwriting portion of managing underwriters. This study is divided into two interrelated research models. The first model analyzes the determinants of intellectual capital disclosure, while the second model analyzes the impact of disclosure on underpricing. The population of this research are all of firms which did an initial public offering in Indonesia Stock Exchange over the period of 2000-2014. The sampling method is purposive sampling producing 202 observations for the first model and 189 observations for the second model of this research. Data analysis method is multiple linear regression and two-stage least squares regression. The results of the first research model indicate that the risk level assured by the previous owners and managing underwriters through the ownership retention, reputation, and underwriting portion of managing underwriters are factors that encourage both parties to extend the intellectual capital disclosure in an initial public offerings prospectus. The result of the second research model shows that the intellectual capital disclosure extent can reduce the underpricing level. Keywords: Ownership retention, the effect of managing underwriters reputation, underwriting portion, intellectual capital disclosure, underpricing.

    Item Type: Thesis (PhD)
    Subjects: H Social Sciences > HG Finance
    Divisions: Pascasarjana > Doktor > Ilmu Ekonomi - S3
    Depositing User: Indrawan indra
    Date Deposited: 24 Nov 2017 13:12
    Last Modified: 24 Nov 2017 13:12
    URI: https://eprints.uns.ac.id/id/eprint/36256

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