Prospektus Perusahaan dan Keputusan Investasi: Studi Empiris Perusahaan yang Terdaftar di Bursa Efek Jakarta
This paper reports the result of the empirical investigation on the usefulness of company prospectuses for investment decisions. The invesment decisions are measured in terms of initial returns for the investment decision in the primary stock market, and 15-day mean adjusted returns after Initial pu...
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| Format: | Article |
| Language: | English |
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Universitas Islam Indonesia
2009-08-01
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| Series: | Jurnal Siasat Bisnis |
| Online Access: | https://jurnal.uii.ac.id/JSB/article/view/1039 |
| _version_ | 1798040590758182912 |
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| author | Hadri Kusuma |
| author_facet | Hadri Kusuma |
| author_sort | Hadri Kusuma |
| collection | DOAJ |
| description | This paper reports the result of the empirical investigation on the usefulness of company prospectuses for investment decisions. The invesment decisions are measured in terms of initial returns for the investment decision in the primary stock market, and 15-day mean adjusted returns after Initial public offering for the investment decision in the secondary stock market. The data of the prospectus used are accounting and non-accounting information. Based on the sample of 91 firm-year observations, the result shows that non-accounting information of the prospectus is relevant for the investment decision in the primary stock market. As well, both accounting and non-accounting information is useful for the investment decision in the secondary stock market. Eventhough some ceveats appear in the study and preclude the generalization, the results are robust.
Key Words: Underpricing, initial return, mean adjusted return, underwriter, auditor, listing period, standard diviation, company age, percentage of offered stock value, profitibility, financial leverage, solvability, and investment decisions.
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| first_indexed | 2024-04-11T22:09:46Z |
| format | Article |
| id | doaj.art-315d66c9a17a4d8da2ae680f7121a938 |
| institution | Directory Open Access Journal |
| issn | 0853-7666 2528-7001 |
| language | English |
| last_indexed | 2024-04-11T22:09:46Z |
| publishDate | 2009-08-01 |
| publisher | Universitas Islam Indonesia |
| record_format | Article |
| series | Jurnal Siasat Bisnis |
| spelling | doaj.art-315d66c9a17a4d8da2ae680f7121a9382022-12-22T04:00:36ZengUniversitas Islam IndonesiaJurnal Siasat Bisnis0853-76662528-70012009-08-0116Prospektus Perusahaan dan Keputusan Investasi: Studi Empiris Perusahaan yang Terdaftar di Bursa Efek JakartaHadri KusumaThis paper reports the result of the empirical investigation on the usefulness of company prospectuses for investment decisions. The invesment decisions are measured in terms of initial returns for the investment decision in the primary stock market, and 15-day mean adjusted returns after Initial public offering for the investment decision in the secondary stock market. The data of the prospectus used are accounting and non-accounting information. Based on the sample of 91 firm-year observations, the result shows that non-accounting information of the prospectus is relevant for the investment decision in the primary stock market. As well, both accounting and non-accounting information is useful for the investment decision in the secondary stock market. Eventhough some ceveats appear in the study and preclude the generalization, the results are robust. Key Words: Underpricing, initial return, mean adjusted return, underwriter, auditor, listing period, standard diviation, company age, percentage of offered stock value, profitibility, financial leverage, solvability, and investment decisions. https://jurnal.uii.ac.id/JSB/article/view/1039 |
| spellingShingle | Hadri Kusuma Prospektus Perusahaan dan Keputusan Investasi: Studi Empiris Perusahaan yang Terdaftar di Bursa Efek Jakarta Jurnal Siasat Bisnis |
| title | Prospektus Perusahaan dan Keputusan Investasi: Studi Empiris Perusahaan yang Terdaftar di Bursa Efek Jakarta |
| title_full | Prospektus Perusahaan dan Keputusan Investasi: Studi Empiris Perusahaan yang Terdaftar di Bursa Efek Jakarta |
| title_fullStr | Prospektus Perusahaan dan Keputusan Investasi: Studi Empiris Perusahaan yang Terdaftar di Bursa Efek Jakarta |
| title_full_unstemmed | Prospektus Perusahaan dan Keputusan Investasi: Studi Empiris Perusahaan yang Terdaftar di Bursa Efek Jakarta |
| title_short | Prospektus Perusahaan dan Keputusan Investasi: Studi Empiris Perusahaan yang Terdaftar di Bursa Efek Jakarta |
| title_sort | prospektus perusahaan dan keputusan investasi studi empiris perusahaan yang terdaftar di bursa efek jakarta |
| url | https://jurnal.uii.ac.id/JSB/article/view/1039 |
| work_keys_str_mv | AT hadrikusuma prospektusperusahaandankeputusaninvestasistudiempirisperusahaanyangterdaftardibursaefekjakarta |