Board Diversity Terhadap Underpricing IPO dan Firm Value pada Perusahaan terdaftar di Bursa Efek Indonesia (BEI)
Abstract
This research aims to determine the effect of Board Diversity on IPO Underpricing and Firm Value in companies listed on the Indonesia Stock Exchange (BEI). This research method uses hypothesis testing method. Hypothesis testing in this research examines the influence of the variables Bsize, outside, AGE_SD, and woman on the underpricing and firm value variables. secondary data is data obtained indirectly. The data sources in this research were obtained from the BEI website (https://www.idx.co.id), investing.com website (https://www.investing.com). There are control variables, namely CAPEX, Age, leverage, ROA, size and new shares. The data used in this research is panel data, namely a combination of cross sectional and time series data on companies that conducted an IPO in 2017 on the IDX with observations for 5 years (2017 - 2021). In conclusion, that Board Size has no effect on IPO Underpricing and Board Size has a significant effect on Firm Value.
Keywords : Board Diversity, Firm Value, IPO, Underpricing
References
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Ramadhan, M. F. (2021). Pengaruh Board Diversity Terhadap Kinerja Perusahaan. Jurnal Ekobistek, 26-32. https://jman-upiyptk.org/ojs/index.php/ekobistek/article/download/61/61
Reutzel, C. R., & Belsito, C. A. (2015). Female directors and IPO underpricing in the US. International Journal of Gender and Entrepreneurship, 7(1), 27–44. https://doi.org/10.1108/IJGE-09-2013-0059
Abbas, Y.A., Ahmad-Zaluki, N.A. and Mehmood, W. (2023). "Community and environment disclosures and IPO long-run share price performance", Journal of Financial Reporting and Accounting, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JFRA-07-2022-0244
Bowen, R. M., Chen, X., & Cheng, Q. (2008). Analyst coverage and the cost of raising equity capital: Evidence from underpricing of seasoned equity offerings. Contemporary Accounting Research, 25(3), 657–700. https://doi.org/10.1506/car.25.3.1
Dimovski, B. (2016). "Differences in underpricing of A-REIT IPOs and Australian property company IPOs", Journal of Property Investment & Finance, Vol. 34 No. 2, pp. 107-115. https://doi.org/10.1108/JPIF-06-2015-0041
Erhard, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102–111. https://doi.org/10.1111/1467-8683.00011
Fatimah, D. (2019). Pengaruh Board Diversity terhadap Manajemen Laba. Journal of Applied Accounting and Taxation, 4(2), 223-233. https://doi.org/10.30871/jaat.v4i2.908
Gallego-Ãlvarez, I., GarcÃa-Sánchez, I. M., & RodrÃguez-Dominguez, L. (2010). The influence of gender diversity on corporate performance. Revista de Contabilidad-Spanish Accounting Review, 13(1), 53–88. https://doi.org/10.1016/S1138-4891(10)70012-1
Galloway, T.L. and Miller, D.R. (2023). "The effectiveness of founder signals and firm performance during the IPO process", Journal of Research in Marketing and Entrepreneurship, Vol. 25 No. 1, pp. 43-62. https://doi.org/10.1108/JRME-04-2021-0037
Gill, A., & Obradovich, J. (2012). The impact of corporate governance and financial leverage on the value of American firms. International Research Journal of Finance and Economics, 91(June 2012), 46–56. https://digitalcommons.liberty.edu/busi_fac_pubs/25/
Goel, A., Dhiman, R., Rana, S. and Srivastava, V. (2022). "Board composition and firm performance: empirical evidence from Indian companies", Asia-Pacific Journal of Business Administration, Vol. 14 No. 4, pp. 771-789. https://doi.org/10.1108/APJBA-09-2021-0483
Grassi, L., Lanfranchi, D., Faes, A. and Renga, F.M. (2022), "Do we still need financial intermediation? The case of decentralized finance – DeFi", Qualitative Research in Accounting & Management, Vol. 19 No. 3, pp. 323-347. https://doi.org/10.1108/QRAM-03-2021-0051
Hassan, R., & Marimuthu, M. (2018). Corporate Governance , Board Diversity , and Firm Value : Examining Large. Journal Management & Organizations, 36(April 2017), 1–45. http://eprints.utp.edu.my/12037/3/EB-16-V36-I3-P170.pdf
Irwansyah, M. R., Vijaya, D. P., & Tripalupi, L. E. (2020). Board diversity dan kualitas laba: Studi pada perusahaan manufaktur di Indonesia. JIA (Jurnal Ilmiah Akuntansi), 5(2), 377-390. https://ejournal.undiksha.ac.id/index.php/JIA/article/view/29513
Jindal, V., & Jaiswall, M. (2015). Board Diversity and Firm Performance Influenced by Ownership Concentration : Evidence from India. Indian Institute of Management Calcutta Working, 765, 1–21. https://ir.iimcal.ac.in:8443/jspui/handle/123456789/476
Johnston, J., & Madura, J. (2009). The pricing of ipos post-sarbanes-oxley. Financial Review, 44(2), 291–310. https://doi.org/10.1111/j.1540-6288.2009.00219.x
Kao, M.-F., Hodgkinson, L. and Jaafar, A. (2019), "Ownership structure, board of directors and firm performance: evidence from Taiwan", Corporate Governance, Vol. 19 No. 1, pp. 189-216. https://doi.org/10.1108/CG-04-2018-0144
Milliken, J., & Martins, L. L. (2016). Searching for Common Threads : Understanding the Multiple Effects of Diversity in Organizational Groups Author ( s ): Frances J . Milliken and Luis L . Martins Source : The Academy of Management Review , Vol . 21 , No . 2 ( Apr ., 1996 ), pp . 402-433 Pub. Academy of Management Review, 21(2), 402–433. https://journals.aom.org/doi/abs/10.5465/amr.1996.9605060217
Owusu-Ansah, S. (2005). Timeliness of Corporate Financial Reporting in Emerging Capital Markets: Empirical Evidence from the Zimbabwe Stock Exchange. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.215929
Park, K. H., & Byun, J. (2022). Board Diversity, IPO Underpricing, and Firm Value: Evidence from Korea. Global Business and Finance Review, 27(1), 65–82. https://doi.org/10.17549/gbfr.2022.27.1.65
Putri, W. E. (2020). Pengaruh Board Directors Diversity Terhadap Nilai Perusahaan dalam Perspektif Corporate Governance. Jurnal Riset Akuntansi Dan Keuangan, 8(2), 307-318. https://ejournal.upi.edu/index.php/JRAK/article/view/21825
Ramadhan, M. F. (2021). Pengaruh Board Diversity Terhadap Kinerja Perusahaan. Jurnal Ekobistek, 26-32. https://jman-upiyptk.org/ojs/index.php/ekobistek/article/download/61/61
Reutzel, C. R., & Belsito, C. A. (2015). Female directors and IPO underpricing in the US. International Journal of Gender and Entrepreneurship, 7(1), 27–44. https://doi.org/10.1108/IJGE-09-2013-0059
Published
2023-09-07
Section
Articles
