ANALISIS KINERJA SAHAM SETELAH PENAWARAN PERDANA (Studi Kasus Bursa Efek Jakarta)

Firdaus, Mohamad (2007) ANALISIS KINERJA SAHAM SETELAH PENAWARAN PERDANA (Studi Kasus Bursa Efek Jakarta). S2 thesis, Universitas Mecu Buana Jakarta - Menteng.

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Abstract

The objective of this study is to test about long run IPO performance companies that listed their stock in year 2000 at Jakarta Stock Exchange. The study used twenty one samples of go public company which were choosed with purposive sampling method. The obeservation periode are devided into two categories, first is short term periode which is three month long and the second one is long term periode which is sixty month long. The parameters that are used in this study are abnormal return and wealth relative. And the data was analyzed with one sample t-test and paired sample t-test The result showed that Market in indonesia also had underperformance trends like in another country. The performance of IPO based on Abnormal return in Jakarta Stock Exchange is positif only in the first year, after that the trend is negative. Tujuan dari penelitian ini adalah untuk mencoba memberikan gambaran kinerja saham dan perusahaan yang melakukan penawaran perdana (IPO) di Bursa Efek Jakarta pada tahun 2000. Penelitian menggunakan dua puluh satu sampel yang dipilih dengan metode purposive sample. Periode amatan dibagi menjadi dua, yaitu jangka pendek (3 bulan) dan jangka panjang (60 bulan) Sejak saham tersebut ditawarkan kepada publik. Ukuran yang digunakan untuk menilai kinerja saham setelah penawaran perdananya adalah return abnormal dan Wealth Relative. Data dianalisa dengan menggunakan one sample t-test dan paired sample t-test. Hasil dari penelitian ini menunjukkan bahwa kecenderungan kinerja saham di pasar modal Indonesia juga mengalami penurunan (underperformance), seperti yang terjadi di negara lain. Kinerja saham pada penawaran perdana kinerja saham bernilai positif hanya sampai dengan tahun pertama, sesudah itu saham bernilai negatif sampai tahun kelimanya.

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