Mengapa perusahaan go publik?bukti empiris analisis ex ante dan ex post di bursa efek Jakarta

PRIANTINAH, Denies, Dr. Jogiyanto HM., MBA

2003 | Tesis | S2 Akuntasi

This study analyzes determinant characteristics of Initial Public Offering (IPOs) and their observed pattern in purpose to explore the argument why do companies go public. The analyses of this study explore determinants before and after period of IPO. Entire result of analysis in this study shows that investments, growth, size and capital expenditure over property plant and equipment (capex) increase after period of IPO. Sample is characterized with high leverage before IPO and decrease one year after IPO and tends to increase on the second year after IPO. We conclude that issuers on Jakarta Stock Exchange appear to go public to fund new investment and growth. This impact of IPO only significant on the first year after IPO, on the following year this impact is not significant. This study also analyzes ownership around IPO. The result shows that the firm sold their stock only in a little portion to public and initial holder stay keeps their control to the firm after IPO.

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Kata Kunci : Manajemen Perusahaan,Go Public,BEJ, Initial Public Offering, leverage, investment, growth, capital expenditure over property plant and equipment, Return on Assets, spread of control