Menelisik Fenomena Online Buzz pada IPO Saham Teknologi
Abstract
In recent years, the initial public offerings of technology companies on the Indonesia Stock Exchange have drawn great interest of investors. However, difficulties arise in assessing the valuation of a relatively new company, hence retail investors may turn to other fundamental factors such as sales growth and issuing size with online media become a source of information and forum for discussions. These online activities are increasing ahead of the IPO, causing a high online buzz phenomenon. This study aims to examine the effect of sales growth, issuing size and online buzz on technology stock underpricing. Using path analysis techniques on a sample of 23 technology stocks that conducted IPOs between 2000 – 2022, this research found that higher issuing size will generate higher online buzz. However, this study unable to find evidence of significant relationship between sales growth on online buzz, online buzz on underpricing and issuing size on underpricing. The limited sample in this study can be used as a consideration for further research opportunities on IPO in other sectors with larger population. It is also interesting to conduct both quantitative and qualitative study on online buzz in various market conditions to enrich the literature on company IPOs.
Keywords
Full Text:
PDFReferences
Aggarwal, R., Bhagat, S., & Rangan, S. 2009. The impact of fundamentals on IPO valuation. Financial Management, 38(2), 253–284. https://doi.org/10.1111/j.1755-053X.2009.01035.x
Ardiansyah, M. 2004. Pengaruh Variabel Keuangan terhadap Return Awal dan Return 15 Hari Setelah IPO serta Moderasi Besaran Perusahaan terhadap Hubungan antara Variabel Keuangan dengan Return Awal dan Return 15 Hari Setelah IPO di Bursa Efek Jakarta. The Indonesian Journal of Accounting Research, 7(2). https://doi.org/10.33312/IJAR.118
Ayu, G., Kartika, S., Pande, I. M., & Putra, D. 2017. Faktor-Faktor Underpricing Initial Public Offering Di Bursa Efek Indonesia. E-Jurnal Akuntansi, 19(3), 2205–2233.
Bahadir, S. C., DeKinder, J. S., & Kohli, A. K. 2015. Marketing an IPO issuer in early stages of the IPO process. Journal of the Academy of Marketing Science, 43(1), 14–31.
Baluja, G. 2018. Does Size Matter for IPO Survival? Empirical Evidence from India. Vision, 22(1), 88–104.
Barber, B. M., & Odean, T. 2002. Online Investors: Do the Slow Die First? Review of Financial Studies, 15(2 SPEC.), 455–487. https://doi.org/10.1093/rfs/15.2.455
Bartov, E., Mohanram, P., & Seethamraju, C. 2002. Valuation of Internet stocks - An IPO perspective. Journal of Accounting Research, 40(2), 321–346. https://doi.org/10.1111/1475-679X.00050
Beatty, R. P., & Ritter, J. R. 1986. Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics, 15(1–2), 213–232.
Chang, E., Chen, C., Chi, J., & Young, M. 2008. IPO underpricing in China: New evidence from the primary and secondary markets. Emerging Markets Review, 9(1), 1–16.
Chevalier, J. A., & Mayzlin, D. 2006. The Effect of Word of Mouth on Sales: Online Book Reviews. Journal of Marketing Research, XLIII(August), 345–354.
Chin, W. W. 1998. The partial least squares approach to structural equation modelling. In Marcoulides G. A. (Ed.). Modern Methods for Business Research, 295(2), 295–336.
Cook, D. O., Kieschnick, R., & Van Ness, R. A. 2006. On the marketing of IPOs. Journal of Financial Economics, 82(1), 35–61. https://doi.org/10.1016/j.jfineco.2005.08.005
Darma, G. S., & Swari, D. A. K. B. A. 2019. Kepercayaan Lintas Generasi Dalam Penggunaan Social Media dan Electronic Word of Mouth Dewa Ayu Ketut Bintang Arbina Swari (1) Gede Sri Darma (2). Bisnis, Jurnal Manajemen, 16(4), 145–161.
Deighton, J., & Kornfeld, L. 2009. Interactivity’s Unanticipated Consequences for Marketers and Marketing. Journal of Interactive Marketing, 23(1), 4–10.
Dewi, C. R., & Darma, G. S. 2014. Website usability, satisfaction, loyalty, security perception, trust and word of mouth in e-commerce business. In Jurnal Manajemen Bisnis.
Hair, J., Hult, G. T. M., Ringle, C., & Sarstedt, M. 2017. A Primer on Partial Least Squares Structural Equation Modeling. Sage Publications, Inc.
IDX. 2019. IDX Go Public. https://gopublic.idx.co.id/how-to-ipo/?slide=0
Keel, A L, Lending, C. E., & Marshall, B. 2021. The impact of online buzz on internet IPO valuation. Journal of Strategic Marketing. https://doi.org/10.1080/0965254X.2019.1593222
Keel, Astrid L., Lending, C. E., & Marshall, B. 2021. The impact of online buzz on internet IPO valuation. Journal of Strategic Marketing, 29(1), 24–46. https://doi.org/10.1080/0965254X.2019.1593222
Lavinda. 2021. Hari Ini Bukalapak Masuk Bursa, IPO Terbesar di RI Rp 21,9 T - Bursa Katadata.co.id.
Ljungqvist, A. (2007). IPO Underpricing. Handbook of Empirical Corporate Finance SET, 2(06), 375–422. https://doi.org/10.1016/B978-0-444-53265-7.50021-4
Loughran, T., & Ritter, J. R. 2002. Why Don’t Issuers Get Upset about Leaving Money on the Table in IPOs? Review of Financial Studies, 15(2 SPEC.), 445–454. https://doi.org/10.1093/rfs/15.2.445
Luo, X. 2008. Wall Street : Marketing Spendings and Firms ’ Initial Public Offerings. Journal of Marketing, 72, 98–109.
Martani, D. 2003. Pengaruh Informasi Selama Proses Penawaran Terhadap Initial Return Perusahaan Yang Listing di Bursa Efek Jakarta dari Tahun 1990-2000. Simposium Nasional Akuntansi VI, 1–15.
Mumi, A., Obal, M., & Yang, Y. 2018. Investigating Social Media Activity as a Firm’s Signaling Strategy Through an Initial Public Offering. Developments in Marketing Science: Proceedings of the Academy of Marketing Science, 227–241. https://doi.org/10.1007/978-3-319-66023-3_85
Pollock, T. G., Rindova, V. P., & Maggitti, P. G. 2008. Market watch: Information and availability cascades among the media and investors in the U.S. IPO market. Academy of Management Journal, 51(2), 335–358. https://doi.org/10.5465/AMJ.2008.31767275
Puspitasari, I. 2022. GoTo Gojek Tokopedia (GOTO) Jadi Emiten Decacorn Pertama di ASEAN.
Tetlock, P. C. 2005. Giving Content to Investor Sentiment: The Role of Media in the Stock Market. SSRN Electronic Journal, 1–51. https://doi.org/10.2139/ssrn.685145
Aggarwal, R., Bhagat, S., & Rangan, S. 2009. The impact of fundamentals on IPO valuation. Financial Management, 38(2), 253–284. https://doi.org/10.1111/j.1755-053X.2009.01035.x
Ardiansyah, M. 2004. Pengaruh Variabel Keuangan terhadap Return Awal dan Return 15 Hari Setelah IPO serta Moderasi Besaran Perusahaan terhadap Hubungan antara Variabel Keuangan dengan Return Awal dan Return 15 Hari Setelah IPO di Bursa Efek Jakarta. The Indonesian Journal of Accounting Research, 7(2). https://doi.org/10.33312/IJAR.118
Ayu, G., Kartika, S., Pande, I. M., & Putra, D. 2017. Faktor-Faktor Underpricing Initial Public Offering Di Bursa Efek Indonesia. E-Jurnal Akuntansi, 19(3), 2205–2233.
Bahadir, S. C., DeKinder, J. S., & Kohli, A. K. 2015. Marketing an IPO issuer in early stages of the IPO process. Journal of the Academy of Marketing Science, 43(1), 14–31. h
Baluja, G. 2018. Does Size Matter for IPO Survival? Empirical Evidence from India. Vision, 22(1), 88–104.
Barber, B. M., & Odean, T. 2002. Online Investors: Do the Slow Die First? Review of Financial Studies, 15(2 SPEC.), 455–487. https://doi.org/10.1093/rfs/15.2.455
Bartov, E., Mohanram, P., & Seethamraju, C. 2002. Valuation of Internet stocks - An IPO perspective. Journal of Accounting Research, 40(2), 321–346. https://doi.org/10.1111/1475-679X.00050
Beatty, R. P., & Ritter, J. R. (1986). Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics, 15(1–2), 213–232.
Chang, E., Chen, C., Chi, J., & Young, M. 2008. IPO underpricing in China: New evidence from the primary and secondary markets. Emerging Markets Review, 9(1), 1–16.
Chevalier, J. A., & Mayzlin, D. 2006. The Effect of Word of Mouth on Sales: Online Book Reviews. Journal of Marketing Research, 18, 345–354.
Chin, W. W. 1998. The partial least squares approach to structural equation modelling. In Marcoulides G. A. (Ed.). Modern Methods for Business Research, 295(2), 295–336.
Cook, D. O., Kieschnick, R., & Van Ness, R. A. 2006. On the marketing of IPOs. Journal of Financial Economics, 82(1), 35–61. https://doi.org/10.1016/j.jfineco.2005.08.005
Darma, G. S., & Swari, D. A. K. B. A. 2019. Kepercayaan Lintas Generasi Dalam Penggunaan Social Media dan Electronic Word of Mouth Dewa Ayu Ketut Bintang Arbina Swari (1) Gede Sri Darma (2). Bisnis, Jurnal Manajemen, 16(4), 145–161.
Deighton, J., & Kornfeld, L. 2009. Interactivity’s Unanticipated Consequences for Marketers and Marketing. Journal of Interactive Marketing, 23(1), 4–10.
Dewi, C. R., & Darma, G. S. 2014. Website usability, satisfaction, loyalty, security perception, trust and word of mouth in e-commerce business. In Jurnal Manajemen Bisnis.
Hair, J., Hult, G. T. M., Ringle, C., & Sarstedt, M. 2017. A Primer on Partial Least Squares Structural Equation Modeling. Sage Publications, Inc.
IDX. 2019. IDX Go Public. https://gopublic.idx.co.id/how-to-ipo/?slide=0
Keel, A L, Lending, C. E., & Marshall, B. 2021. The impact of online buzz on internet IPO valuation. Journal of Strategic Marketing. https://doi.org/10.1080/0965254X.2019.1593222
Keel, Astrid L., Lending, C. E., & Marshall, B. 2021. The impact of online buzz on internet IPO valuation. Journal of Strategic Marketing, 29(1), 24–46. https://doi.org/10.1080/0965254X.2019.1593222
Lavinda. 2021. Hari Ini Bukalapak Masuk Bursa, IPO Terbesar di RI Rp 21,9 T - Bursa Katadata.co.id.
Ljungqvist, A. 2007. IPO Underpricing. Handbook of Empirical Corporate Finance SET, 2(06), 375–422.
Loughran, T., & Ritter, J. R. 2002. Why Don’t Issuers Get Upset about Leaving Money on the Table in IPOs? Review of Financial Studies, 15(2 SPEC.), 445–454. https://doi.org/10.1093/rfs/15.2.445
Luo, X. 2008. Wall Street : Marketing Spendings and Firms ’ Initial Public Offerings. Journal of Marketing, 72, 98–109.
Martani, D. 2003. Pengaruh Informasi Selama Proses Penawaran Terhadap Initial Return Perusahaan Yang Listing di Bursa Efek Jakarta dari Tahun 1990-2000. Simposium Nasional Akuntansi VI, 1–15.
Mumi, A., Obal, M., & Yang, Y. 2018. Investigating Social Media Activity as a Firm’s Signaling Strategy Through an Initial Public Offering. Developments in Marketing Science: Proceedings of the Academy of Marketing Science, 227–241. https://doi.org/10.1007/978-3-319-66023-3_85
Pollock, T. G., Rindova, V. P., & Maggitti, P. G. 2008. Market watch: Information and availability cascades among the media and investors in the U.S. IPO market. Academy of Management Journal, 51(2), 335–358. https://doi.org/10.5465/AMJ.2008.31767275
Puspitasari, I. 2022. GoTo Gojek Tokopedia (GOTO) Jadi Emiten Decacorn Pertama di ASEAN.
Tetlock, P. C. 2005. Giving Content to Investor Sentiment: The Role of Media in the Stock Market. SSRN Electronic Journal, 1–51. https://doi.org/10.2139/ssrn.685145
DOI: http://dx.doi.org/10.33087/jmas.v7i2.567
Refbacks
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
J-MAS (Jurnal Manajemen dan Sains) Published by Master of Management Program, Faculty of Economics, Batanghari University |
