THE INTENDED USE OF FUNDS AND IPOs MARKET PERFORMANCE IN INDONESIAN CAPITAL MARKET
| Autor: | Nugroho Sasikirono, Harlina Meidiaswati, Dina Novita |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
040101 forestry
050208 finance 05 social sciences Working capital 04 agricultural and veterinary sciences Monetary economics lcsh:Business language.human_language intended use of proceeds Indonesian Stock exchange short-term market performance Probit model 0502 economics and business language Prospectus ipos 0401 agriculture forestry and fisheries Business long-term market performance lcsh:HF5001-6182 Initial public offering Capital market Stock (geology) |
| Zdroj: | Jurnal Manajemen dan Wirausaha, Vol 21, Iss 2, Pp 120-129 (2019) |
| ISSN: | 1411-1438 |
| Popis: | Specific information on the IPO prospectus can affect the stock's market performance, both the initial returns and the long-term performance. The disclosure of the purpose of IPO proceeds to: acquisition, investment, group financing, debt repayment and working capital, as a specific form of information is indicated to affect both initial return and long-term stock returns. We conducted a test of 148 IPOs on the Indonesia Stock Exchange in the period 2006–2013. Data analysis was performed using OLS and probit regression. The test results show that there is a negative relationship between the intention of the acquisition and debt repayment with underpricing. The results also show that IPOs with the purpose of the debt repayment is positively related to the long-term market performance. The age of the company has a negative effect on IPOs with the purpose of acquisition and debt repayment, while the size of the company proxied by total assets is positively related to the intentions of group financing and debt repayment |
| Databáze: | OpenAIRE |
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