FINANCIAL EFFECT OF VARIABLE TOWARD INITIAL RETURN AND RETURN 15 DAYS AFTER IPO, WITH ITS COMPANY SIZE AS MODERATING VARIABLE

Abstract

ABSTRACT

This study aims to identify and analyze the effect of financial variables on initial returns and return 15 days after the IPO, the company size as a variable pemoderasi. This type of research is causative. The population is a non-financial company doing an IPO in Indonesia Stock Exchange in the period 2001-2010. The independent variable is the Current Ratio (CR) (X1), Return On Equity (ROE) (X2), Debt to Equity Ratio (DER) (X3), Earning Per Share (EPS) (X4), Price Book Value (PBV) (X5). There are two dependent variables, namely Initial Return (Y1) and return 15 days after the IPO (Y2). Moderating variables are firm size (Z).The results found that: 1) CR significantly influence the Initial Return, 2) ROE significantly influence the Initial Return. 3) No significant effect DER Initial Return. 4) No significant effect on EPS Initial Return. 5) Had no significant effect PBV Initial Return. 6) Firm size moderates the relationship of the Initial Return CR. 7) Firm size is moderating variable relation to the Initial Return ROE. 8) Size of the company does not moderate the relationship DER with Initial Return. 9) The size of the company does not moderate the relationship EPS for Initial Return. 10) size of the company does not moderate the relationship PBV against Initial Return. 11) Return CR significant effect 15 days after the IPO. 12) Return ROE significant effect 15 days after the IPO. 13) DER no significant effect on 15-day post-IPO return. 14) EPS no significant effect on 15 days post IPO return. 15) PBV no significant effect on 15 days post IPO return. 16) Firm size moderates the relationship CR to Return 15 days after the IPO. 17) Firm size moderates the relationship ROE to return 15 days after the IPO. 18) size of the company does not moderate the relationship DER to Return 15 days after the IPO. 19) size of the company does not moderate the relationship EPS to Return 15 days after the IPO. 20) Company size is not moderate the relationship PBV to Return 15 days after the IPO

Keywords: Current Ratio, Return On Equity, Debt to Equity Ratio, Earning Per

      Share, Price Book Value, Initial Return, Return 15 days after the IPO