Waran pada Initial Public Offerings di Pasar Modal Indonesia
Abstrak
Penelitian ini bertujuan untuk mengetahui apakah penerbitan waran pada Penawaran Umum Saham (Initial Public Offerings) di Pasar Modal Indonesia dilakukan sebagai bentuk mekanisme pendanaan bertahap (staged financing) (Schultz, 1993) ataukah merupakan upaya penyampaian sinyal tentang perusahaan (Chemmanur dan Fulghieri, 1997). Penelitian dilakukan pada 96 perusahaan yang melakukan IPO pada periode 2010-2013 di Bursa Efek Indonesia. Hasil penelitian menunjukkan bahwa IPO dengan waran dilakukan oleh perusahaan yang lebih muda, memiliki profitabilitas yang lebih rendah, serta dengan kecenderungan pemilik (owner) mempertahankan proporsi kepemilikan yang lebih rendah pasca IPO. Hasil analisis OLS menunjukkan initial return IPO dengan waran yang lebih tinggi dibanding IPO biasa. Analisis probit menunjukkan bahwa keputusan melakukan IPO dengan waran dipengaruhi oleh umur dan leverage. Hasil penelitian secara umum mendukung teori staged financing.
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