Perbandingan Abnormal Return Emisi Saham Perdana Perusahaan Keuangan dan Non-Keuangan di Pasar Modal Indonesia: Pengujian Terhadap Hipotesis Informasi Asimetri (The Abnormal Return of IPOs of Financial and non ...

ABSTRACT The financial institutions in Indonesia are more regulated than non-financial institutions and monitored by a regulatory agent. Hence, the asym-metric information problem on the IPO should be less for the financial insti-tutions than non-financial institutions and so is the underpricing. This study examines the asymmetric information hypothesis and pro-vides an empirical evidenced of underpricing of IPO of financial institutions and non-financial institutions. Using independent sample t-test and regres-sion analysis, this study uses an IPO of financial institutions and non-finan-cial institutions Jakarta Stock Exchange for the 19914997 period as a sample. Using independent sample t-test, this study found that there are no differences between the underpricing of financial intitutions and non-finan-cial institutions. And in the regression analysis to control variables effecting the underpricing it also found that the underpricing of financial institutions is not less than the non-financial institutions, after and before controlling some variables. This study concludes that the regulation and the monitoring for the financial institutions in Indonesia are not effective yet, because the under-pricing of IPO of financial institutions is not less than the non-financial institutions. Keyword: Underpricing-Asymmetric information- Abnormal return and Initial Public Offerin