The Influence of Underwriter and Macroeconomic Conditions on Stock Performance post IPO in the Long Run
Fenny Hapsari
Universities Indonesia
Abstract
This study empirically examines the influence of reputation and the number of underwriters on post-IPO stock performance in the long run. The study was conducted on 101 data samples consisting of 20 company samples in the financial industry segment and 81 company samples in the non-financial industry segment. The researcher also add a change of inflation rate, the exchange rate of the USD against the rupiah and industry segment as a control variable for the regression analysis. The analysis is carried out by conducting a Indepent Sample difference test and ordinary least square (OLS) regression. The results of the research are (1) simultaneously the underwriters reputation, number of underwriters, changes in inflation rates, changes in the exchange rate of the USD to rupiah and segment industry have a significant effect on post-IPO stock performance in the long run both (2) partially only the reputation of the underwriter and the number of underwriters that have a significant effect on the performance of the stock after the long-term IPO.
Keywords: Underwriter Reputation, Macroeconomic, Stock Performance, IPO
Topic: Economics