PENGARUH PENGUNGKAPAN INTELLECTUAL CAPITAL TERHADAP UNDERPRICING (Studi Pada Perusahaan yang Melakukan Initial Public Offering di BEI Periode 2001- 2007)

Abstract

At initial public offerings there are tendency that underpricing could happen. The underpricing phenomenon tends to occur because there are notions of assymetric information and ex-ante uncertainty during initial public offering. Theoretical and empirical studies have evidenced that an issuing firm can reduce assymetric information and ex-ante uncertainty both by signalling the quality of the IPO and by disclosing more information . The purpose of this study is to examine how intellectual capital disclosure affect underpricing. Based on purposive sampling method, 84 IPO firms listing in the Bursa Efek Indonesia (BEI) during the period 2001-2007 are used as the sample in this study. Data analyzed with the classic assumption test and the hypothesis examined using the model of linear regression. Sveiby's (1997) intellectual capital classification is used to measure the intellectual capital disclosure index. The result of this study shows that intellectual capital disclosure has negative impact and not significant to underpricing. This result indicates that IPO firms in Indonesia may not use intellectual capital disclosures effectively to reduce underpricing. Keywords: initialpublic offering, underpricing, intellectual capital, disclosure.