EARNING MANAGEMENT DAN OWNERSHIP RETENTION PADA PENAWARAN SAHAM PERDANA TERHADAP KINERJA SAHAM JANGKA PANJANG
TAOLIN, MAXIMUS L., Prof. Dr. E. Tandelilin, MBA
Penelitian ini dilakukan untuk memperkuat bukti bahwa rata-rata perusahaan yang listing pada periode 2001-2005 mengalami underperformance jangka panjang.Terdapat pengaruh negatif dari tindakan earning management terhadap kinerja saham jangka panjang.Terdapat pengaruh negatif underpricing terhadap kinerja jangka panjang.Terdapat pengaruh negatif ownership retention terhadap kinerja jangka panjang.Terdapat interaksi earning management dan ownership retention terhadap kinerja saham jangka panjang.
Hasil penelitian dan pengujian hipotesis menggunakan regresi linier menunjukan bahwa rata-rata perusahaan Indonesia yang listing dalam periode 2001-2005 mengalami underperformance. Adanya underpricing pada saat penawaran saham perdana dan tindakan earning management sebelum perusahaan listing berakibat underperformance di jangka panjang. Kepemilikan saham oleh pemilik lama (ownership retained by issuer) ketika IPO, berpengaruh negatif terhadap kinerja jangka panjang. Interaksi earning management dan ownership retention tidak memperkuat ataupun memperlemah pengaruh earning management terhadap kinerja jangka panjang.
Capital market in one side is a medium for investors to invest their fund. In another side, capital market is a medium for companies to get their source of investment funding by selling stocks. The researches aims is find the empirical evidence of previous study where have succeed to show empirical evidence avarage of company which take initial public offerings in capital market have underprice in short term period and underperformance in the long term period. The previous researchs have succeed to show empirical evidence that there is negative impact of level underprice, behave of earning management, ownership retained by issuer, and the impact of interact between ownership retention and earning management to long term period.
Using panel data regression, this research employs observation during five years (2001-2005) This research proves that the company where listed in Indonesian capital market period 2001-2005 have underprice in short term and underperformance in the long term period. This research proves that the level of underprice in initial public offerings have negative impact in long term period. The level of earning management before firm listed in initial public offerings have negative impact in long term. The proportion of ownership retained by issuer in initial public offerings have negative impact in long term. Furthermore, the research also find the high level of ownership is not make strength or weakneeses of earning management to impact the performance at long term period.
Kata Kunci : underpricing, earning management, ownership retention, underperformance.
