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Judul : PENGUNGKAPAN SUKARELA, FENOMENA IPO, DAN SIGNALLING FIRM VALUE
Abstrak :

Fenomena ketika perusahaan melakukan penawaran saham untuk pertama kalinya di bursa saham
sering membuat perusahaan tidak dapat mengumpulkan dana secara maksimal. Fenomena ini dipercaya
disebabkan oleh adanya asimetri informasi antara perusahaan dan investor. Pengungkapan sukarela
digunakan oleh manajer untuk mengurangi risiko akibat kurangnya informasi ini dengan cara mensinyalkan
informasi privat mereka. Oleh karena itu, penelitian ini bertujuan untuk menganalisis pengungkapan
sukarela dalam pensinyalan nilai perusahaan (signalling firm value). Variabel pengungkapan yang digunakan
sebagai sinyal terdiri dari underwriter, auditor, ukuran perusahaan, dan persentase saham yang ditahan
pemilik lama. Hasil penelitian terhadap perusahaan sampel dengan menggunakan alat analisis korelasi dan
regresi serta tingkat signifikansi 0,05 menunjukkan bahwa underwriter, auditor, ukuran perusahaan, dan
persentase saham yang ditahan pemilik lama tidak dapat dibuktikan memiliki hubungan yang signifikan
dengan nilai pasar penutupan hari pertama ketika IPO sebagai proksi reaksi pasar. Namun dari hasil regresi
ditemukan bukti bahwa ukuran perusahaan memiliki pengaruh terhadap nilai perusahaan dengan
signifikansi 0,006. Kemudian hasil regresi berganda juga menunjukkan bahwa variabel-variabel lain bersama
ukuran perusahaan memiliki pengaruh secara simultan terhadap nilai perusahaan, terbukti dengan hasil uji
F yang lebih besar dari F tabel 2,004. Oleh karena itu dapat disimpulkan bahwa investor dalam pengambilan
keputusan investasi tidak hanya menangkap satu sinyal informasi dari manajer, tetapi juga menangkap
sinyal-sinyal lain sebagai bahan pertimbangan investasinya.

 

Kata Kunci: Pengungkapan Sukarela, IPO, Signalling, Firm Value

Tahun : 2017 Media Publikasi : Jurnal Nasional Blm Akreditasi
Kategori : Jurnal No/Vol/Tahun : 2 / 3 / 2017
ISSN/ISBN : 2502-4159
PTN/S : - Program Studi : AKUNTANSI
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