Pengaruh Premi Risiko dan Kerentanan Pasar Terhadap Informasi Asimetri serta Dampaknya pada Underpricing dengan Manajemen Laba dan Ukuran Perusahaan Sebagai Variabel Moderator (Suatu Kajian Empiris pada Perusahaan yang Melakukan Emisi Saham Perdana dan Bursa Efek Indonesia)

Adam, Mohamad (2007) Pengaruh Premi Risiko dan Kerentanan Pasar Terhadap Informasi Asimetri serta Dampaknya pada Underpricing dengan Manajemen Laba dan Ukuran Perusahaan Sebagai Variabel Moderator (Suatu Kajian Empiris pada Perusahaan yang Melakukan Emisi Saham Perdana dan Bursa Efek Indonesia). Jurnal Kajian Ekonomi dan Bisnis FE Unsri, 9 (2). pp. 118-133. ISSN 1410-8038

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    Abstract

    The aim of this research is to analyze 1)the influence of risk premium and both partial and simultaneous volatility on asymmetric information, 2) the influence of risk premium, volatility, and partial and simultaneous asymmetric information on underpricing, 3) the moderating influence of earning management on the relationship between asmmetric informatiion with underpricing, 4) the moderating influence of firm size on the relationship between asymmetric information with underpricing. The target population of this research is 164 firms. To analyze the formulations of the problems, multiple regression, path analysis and absolute differential test are applied. The research findings reveal that 1). Risk premium is influential positive to asymmetric information partially in the basic industrial sectors and chemicals industries. Direct influence of risk premium on asymmetric information is as much as 9.42% 2). Risk premium, volatility, and asymmetric information exert simultaneous influences on underpricing in financial sectors. The ability of risk premium, volatility, and asymmetric information to explain underpricing variation is as much as 51.9% 3). Earning management has the moderating influence on the relationship between asymmetric information with underpricing in financial sectors; with the explanatory ability of the moderating influence of earning management on the realtionship between asymmetric information with underpricing as much as 55.8% 4). The firm size (with the proxies of small-scale firms based on the natural logarithm trade volume) has moderating influence on the relationship between asymmetric information with underpricing in the miscellaneous industries, with the explanatory abillity of the moderating influenceof firm size (with proxies of small-scale based on the natural logarithm trade volume) on the relationship between asymmetric information with underpricing as much as 46.98%. Keywords: Risk Premium, Volatility, Asymmetric Informatiion, Underpricing, Earning Management and Firm Size.

    Item Type: Article
    Subjects: H Social Sciences > HG Finance
    Divisions: Faculty of Economics > Department of Management
    Depositing User: Mohamad Adam
    Date Deposited: 05 Dec 2013 10:58
    Last Modified: 05 Dec 2013 10:58
    URI: http://eprints.unsri.ac.id/id/eprint/3130

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