PENGARUH PENGUNGKAPAN INTELLECTUAL CAPITAL DALAM PROSPEKTUS TERHADAP TINGKAT UNDERPRICING PADA FIRST DAY LISTING DATE (Studi Empiris pada Perusahaan yang Melakukan Initial Public Offering di Bursa Efek Indonesia Periode 2005-2009)

Abstract

This study aims to analyze the effect of intellectual capital disclosure in prospectus on underpricing level at first day listing date. Independent variable used in this study is intellectual capital disclosure. This study also used control variables, e.g underwriter’s reputation, gross proceeds, auditor’s reputation, financial leverage, and firm’s age. Samples of this study were IPO companies in Indonesia Stock Exchange, for the observation period of 2005 until 2009. Samples were collected by purposive sampling method and resulted in 59 firms as the samples. This study used linear regression for analysing data. The result showed that intellectual capital disclosure does not affect underpricing level significantly. Underwriter and auditor reputation as the control variabels had negative and significant effect on underpricing level. At the same time other control variables e.g gross proceeds, financial leverage, and company’s age did not have significant effect on underpricing level.