Pengaruh motif IPO dan total aset emiten terhadap herding behavior pada pasar modal Indonesia

Abstract

IPO (Initial Public Offerings) or better known as going public became one of alternative financing for the company, in this way the company can get some funds for corporate purposes, but problems arise when it went public. Problems often arise when companies go public is underpricing or overpricing. This study aims to try to lift and applying the concept of the IPO was done previously to develop alternative focuses on motive IPOs and total assets of issuers on the phenomenon of herding on a sample of 320 companies conducting an IPO in 1995-2014 in the Indonesia Stock Exchange. Samples were taken by using purposive sampling with criteria not entirely de-lists from the stock exchange. Testing data using multiple regression analysis and path analysis to examine the relationship between motives IPO, the total assets of the issuer, to herding. The analysis showed that the motive IPO positive effect on herding and indirect negative effect but it was not statistically significant. Total assets of the issuer have a positive influence and statistically significant for herding during the first day of trading on the stock exchange. The implications of this research, investors in the primary market should consider the information on the total assets of the company in making investment decisions that do not lead to herding behavior that can harm the investment market.