PENGARUH PENGUNGKAPAN INTELLECTUAL CAPITAL DALAM PROSPEKTUS TERHADAP UNDERPRICING SAHAM (Studi pada Perusahaan yang Melakukan Initial Public Offering di BEI Periode 2007-2012)
Abstract: This study aims to
analyze the effect of intellectual capital disclosure in prospectus on
underpricing level at initial public offering. Independent variable used in
this study is intellectual capital disclosure. This study also used control variables, e.g underwriter’s
reputation, gross proceeds, auditor’s reputation, financial leverage, company’s
age, and company’s size.
Samples of this study were IPO companies in Indonesia Stock Exchange, for the observation period of
2007 until 2012. Samples were
taken by purposive sampling method
and resulted in 91 companies
as the samples. This study used linear regression for
analysing data.
The result showed that intellectual capital disclosure affect underpricing significantly. Auditor’s
reputation, financial leverage, company’s age. And company’s size as the
control variables have negative and significant effect on underpricing.
However, underwriter’s reputation show negative effect on underpricing, and not
significant. In the other side, gross proceeds impact underpricing positively
and not significatly.
Keywords: intellectual capital
disclosure, underpricing level, underwriter’s reputation, gross proceeds,
auditor’s reputation, financial leverage, firm’s age
Penulis: Warih Widya
Kurniawan, Haryanto
Kode Jurnal: jpakuntansidd141020
