pengaruh Prestise Manajemen Puncak dan Dewan Komisaris terhadap Penilaian Investor pada Perusahaan IPO: BEJ 1999-2006

Aini, Rias , Drs. Sumiyana, M.Si., Ak.

2007 | Skripsi | S1 Accounting

This research examines empirically the role of top management team and board of director characteristics. Top management team has an important role as a primary strategic decision maker in a firm. Therefore, their actions and characteristics specifically influence the organization"s outcomes. While, the main duty of board of director is to make sure that managerial decisions are consistent with stockholders goals. One indicator of top management team competence and skill is prestige (D"Aveni 1990). Because of the uncertainty and information asymmetry surrounding IPO firms, often makes it difficult for potential investors to discern organizational legitimacy and potential firm quality (Lester et. al. 2006). The purpose of this research is to investigate the capability of prestigious top management team and board of director at the time of an IPO through a largely symbolic role to enhance organizational legitimacy and give a signaling to potential investor about potential firm in the future. The sample included 59 firms undertaking IPO in JSX during 1999-2006 besides financial firms and web-based firm. This research uses multiple regression and factor analysis to test hypothesis that has developed. By using three characteristics: education prestige, previous experience and corporate board experience as indicators of prestigious, this research find that education prestige were positively associated with investor valuations. Keywords: top management team, board of director, IPO, signaling, information asymmetry, prestige, investor valuation

Kata Kunci : top management team, board of director, IPO, signaling, information asymmetry, prestige, investor valuation