Analisis Dampak Ungkapan Sukarela Projeksi Laba Dalam Prospektus Terhadap Reaksi Pasar Setelah IPO
Haryanto, M.Y. Dedi, Prof. Dr. Mas'ud Machfoedz, MBA
The purpose of this study was to investigate variables that can be used to a IPO signal. Moreover, this study was try to find a empirical evidence for voluntary earnings forecast, which reflect future prospect of firm, can be used as a signal for detected underpricing and underperformed after-IPO. The hypothesis from this study are (1) There are significant differences in level of underpricing between firms that choose to disclose earnings projection and those that do not, and (2) There are significant differences in 12 months return accumulation after IPO between firms that choose to disclose earnings projection and those that do not.
The sample consists of firms that applied for IPO between 1991 and 1996 and experience underpricing. The firm whose fiscal year end was not on december 31 and that in financial or service field were excluded. The final sample are 84 firm. There are two step of data analysis. First, we examine the hypothesis using parameric analysis (independent sample t test). Second, we perform multivariate (regression) analysis of underpricing and 12-month return performance ( underperformed).
The result shows that earnings forecast in prospectus could be used as a signal to reduce underpricing, but it could not be used to detect 12 month underperformed. The voluntary disclose earnings forecast result more powerfull signal because investor perceived firm that choose to disclose earnings forecast have a good news. Auditor reputation do not give signal as a firm expected. In other word, signal which issued by the firm through auditor was catch by the investor differently.
Kata Kunci : Earning forecast, underpricing, after-IPO return performance
