PENGARUH FAKTOR – FAKTOR SPILLOVER EFFECT IPO TERHADAP INDEKS HARGA SAHAM PASAR PESAING (Studi Empiris Di Perusahaan Manufaktur Sector Industry Barang Konsumsi Di BEI)
DOI:
https://doi.org/10.58487/akrabjuara.v6i2.1439Keywords:
spillover effect, kondisi pasa sahamr, penawaran saham, daya saing relativ industry, IHSGAbstract
Penelitian ini ingin menganalisa bahwa factor informasi terkait IPO apa yang memiliki pengaruh terhadap harga pasar saham pesaing di Bursa Efek Indonesia. Hal ini menunjukkan bahwa informasi terkait IPO saham yang terungkap melalui proses penawaran umum, berdampak negative terhadap harga saham perusahaan pesaing. Selain itu, pencatatan saham IPO tampaknya berdampak buruk terhadap permintaan saham perusahaan pesaing. Secara khusus, diantara pengaruh spillover effect, pengaruh persaingan sangat besar, dan factor-faktor yang mempengaruhi daya saing relative dalam industry pesaing dan perusahaan IPO, seperti kondisi pasar, penawaran saham, daya saing relative, ditemukan memiliki pengaruh yang substansial pada harga saham pesaing.. Penelitian ini menggunakan data sekunder dengan sample adalah perusahaan manufaktur sector industry barang konsumsi yang tidak melakukan IPO tahun 2020. Adapun hasil penelitian ini menunjukkan adanya spillover effect pada saat IPO dengan ditunjukkan variabel kondisi pasar dan penawaran saham berpengaruh positif signifikan terhadap harga saham perusahaan pesaing.
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References
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Bredley dan Yuan 2013. Information Spillovers around Seasoned Equity Offering. Journal of Corporate Finance, Vol. 21 Issue C, 106-118
Braun, M., & Larrain, B. 2009. Do IPOs Affect the Prices of Other Stocks? Evidence from Emerging Markets. Review of Financial Studies, 22(4), 1505-1544. https://doi.org/10.1093/rfs/hhn025
Brigham dan Houston, 2010. Dasar-dasar Manajemen Keuangan Buku I.
Chemmanur, T.J. & He, J. 2011. IPO Waves, Product Market Competition, and the Going Public Decision: Theory and Evidence. Journal of Financial Economics 101(2), 382-412. https://doi.org/10.1016/j.jfineco.2011.03.009
Chod, J., & Lyandres, E. 2011. Strategic IPOs and Product Market Competition. Journal of Financial Economics 100(1), 45-67. https://doi.org/10.1016/j.jfineco.2010.10.010
Faf, R.W., Hiller, D., MacKenzie, M.D 2006, Modeling return and volatility exposure inGlobal Stock Markets. Review of Quantitive Finance and Accounting 27, 125-142
Ghozali, Imam 2011:19, Aplikasi Analisis Multivarite dengan SPSS. Semarang: Badan Penerbit Universitas Diponegoro Semarang
Humaira. 2013., Faktor-Faktor yang Berhubungan dengan Perilaku Pasien Tuberkolosis Paru dalam Pencegahan, Universitas Hidayatullah Jakarta.
Hsu, H. C., Reed, A. V., & Rocholl, J. 2010. The New Game in Town: Competitive Effects of IPOs. Journal of Finance, 65(2), 495-528. https://doi.org/10.1111/j.1540-6261.2009.01542.x
Inayah, H 2017. The Role of Social Media on Migration Decision Making Process: Case of Indonesia Student in University of Groningen, Jurnal Studi Pemuda., Vol. 6, No.1
Khodavandloo, Marzieh. Zakaria, 2016. IPO Underpricing and Aftermarket Liquidity: Evidance from Tehran Stock Exchange. Journal of Business Studies Quarterly Vol. 7 (4), 91 ISSN 2152-1034.
Lee, Cheng Wen., Dolgion G. (2019). Estimating Spillover Effect and Leverage Effect Using EGARCH-ARMA Approach in Mongolian Stock Exchange. Jurnal Metris 20 Hal 71-76 ISSN: 1411 - 3287 http://ojs.atmajaya.ac.id/index.php/metris
Li, Y., Shen, D., Wang, P., & Zhang, W. 2019. Do Analyst Recommendations Matter for Rival Companies?. International Review of Financial Analysis, 65, 1-18. https://doi.org/10.1016/j.irfa.2019.101380
Lowry dan Schwert, 2009. IPO Market Cycles: Bubbles or Sequential Learning, The Journal of Finance 57(3): ISSN 1171-1200
Mahardhika, L.A., 2020. Volatilitas Pasar Tidak Terlalu Berdampak ke IPO Besar. Market. Bosnis.com. https://market.bisnis.com/read/20200219/7/1203610/volatilitas-pasar-tidak-terlalu-berdampak-ke-ipo-besar
Manurung, Mandala dan Pratama Rahardja. 2013. Teori Ekonomi Makro. Lembaga Penerbit Fakultas Ekonomi Universitas Indonesia, Jakarta.
McGilvery, A., Faff, R., & Pathan, S. 2012. Competitive Valuation Effects of Australian IPOs. International
Min, Jae. H., (2020), Information Spillover and Demand Shock Effect of the IPOS on the Stock Price of Competitors: Evidance From the Korean Stock Market, International Journal of Financial Research., Vol 11, No. 5; 2020. http://ijfr.sciedupress.com
Pidado, Julio. Querioz, Valdoceu de. and Torre Chabela de la, 2010, How do Firm Characteristics Influence the Relationship between R&D and Firm Value. Financial Management. Vol 39. Isue 20 pp 757-782
Setiono, Arif, et al 2016. R&D Nilai Perusahaan dan Karakteristik Perusahaan. Jurnal Fokus Manajerial Manajemen dan Kewirausahaan. Vo. 14 No1. Hal 39-50. Universitas Sebelas Maret
Slovin, M. B., Sushka, M. E., & Ferraro, S. R. 1995. A Comparison of the Information Conveyed by Equity Carve-Outs, Spin-Offs, Asset Sell-Offs. Journal of Financial Economics, 37(1), 89-104. https://doi.org/10.1016/0304-405X(94)00796-4
Widoatmojo, S. 2009. Pasar Modal Indonesia: Pengantar dan Studi Kasus, Jakarta Ghalia Indonesia
Wijayanto, 2014. Analisis Pengaruh Roa, Eps, Financial Leverage, Proceed terhadap Initial Return’, Jurnal Dinamika Mnajemen, vol.1, no.1 2010 PP: 68-78
Yanghua, Chen. 2010. “Ownership Structure, Financial Structure, and R&D Investment : Evidence from Korean Firmâ€. Singapore Management University
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Published
2021-05-05
How to Cite
Wiyanti, R., & Fikriyah, S. H. (2021). PENGARUH FAKTOR – FAKTOR SPILLOVER EFFECT IPO TERHADAP INDEKS HARGA SAHAM PASAR PESAING (Studi Empiris Di Perusahaan Manufaktur Sector Industry Barang Konsumsi Di BEI). Akrab Juara : Jurnal Ilmu-Ilmu Sosial, 6(2), 126–142. https://doi.org/10.58487/akrabjuara.v6i2.1439
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