IPO Underpiricing, Konservatisme Akuntansi, dan Sentimen Investor

Abstract

Abstrak. Kenaikan harga saham yang sangat besar dibandingkan harga IPO nya sulit dijelaskan secara logis. IPO Underpricing mustahil ditetapkan perusahaan emiten secara sukarela, sementara investor yang berani membeli dengan harga yang terlalu tinggi hanya kelompok yang tidak rasional atau kurang informasi. Laporan keuangan yang disusun secara konservatif dan kualitas akrual yang lebih baik membuka peluang bagi semua investor untuk dapat mengestimasi harga wajar saham IPO sehingga disagreement di antara investor tidak terlampau lebar dan fluktuasi harga akibat spekulasi tidak terlampau tinggi di pasar sekunder. Menggunakan data Bursa Saham Indonesia, studi ini menemukan pengaruh konservatisme akuntansi dan kualitas akrual terbukti menguat apabila holding period menjadi 30 hari setelah IPO karena semakin lama periode investasi, ketidakjelasan informasi laporan keuangan menyebabkan peluang melakukan spekulasi semakin lebar. Kenaikan harga saham setelah IPO dipengaruhi juga oleh sentimen investor dan kondisi pasar.

Katakunci: IPO, underpricing, konservatisme akuntansi, kualitas akrual, sentiment investor.

Abstract. The significant increase of stock price compared to its IPO price is difficult to explain. Companies which issue their stock are impossible to set underpriced IPO voluntarily, while investors who buy an overpriced stock are only they who are not rational or lack of information. Conservative financial statements and high accrual quality provide an opportunity for all investors to be able to estimate the fair price of IPO shares so that the disagreement among investors is not too wide and price fluctuations due to speculation are not too high in the secondary market. Using Indonesia Stock Exchanges, the results show that influence of accounting conservatism and accrual quality are stronger in the 30 holding period after the IPO because the uncertainty of financial statement information led to wider speculation opportunities in the long period. The rise in stock prices after IPO is also influenced by investor’s sentiment and market conditions

Keywords: IPO, underpricing, accounting conservatism; accrual quality, investor sentiment