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CHAPTER IV FINDING AND ANALYSIS
A. General Description of Research Object
This chapter present the findings of the study, it discussed all the findings which through statistical analysis to show the analysis and discussion
as the result of the data analysis. This research is conducted in term of descriptive study. This chapter also deals with construct assessment discuss of
the variables that provided by Stock Exchange Indonesia and purification of the measurement variables, secondly the hypothesis testing presented through
correlation, and regression. This research is conducted in term of descriptive manner to determine
the factors that influence the price of Initial Price Offering. The selections of samples are chosen randomly according to the listed date of the company
itself.
1. Indonesia Stock Exchange
UU No.8 tahun 1995 about capital market Law of Capital Market is giving limitation of capital market as an activity which related to initial
public offering pr effect traded, public company which related to issuing effect, also institution and profession which related to effect.
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Capital Market is financial market for long term fund fund which is the maturity is more than one year and real market. While stock
exchange is an organized system which meeting seller and effect buyer which is done directly or not. Effect is every commercial paper, stock, right
issue, and warrant. Ahmad Rodoni, 2008:40 Company which need fund can sell their obligation in capital
market. Just issued obligation by company is sold in primary market. Next, existence obligation is traded in secondary market. Other type from capital
market is third market and fourth market. Third market is obligation traded market when secondary market is closed. And fourth market is capital
market which is done huge capacity institution for avoiding broker commission. Example from this fourth market is Instinet which is owned
by Rauter who handle more than one billion stocks in every year Jogiyanto Hartono, 2008:29
2. Indonesia Stock Exchange Development
Indonesia Stock Exchange keep developing as the time goes by, and society shows that effects has more and more buyer, seeing by it’s
capitalist which keep growing from earlier years. Infestation in capital market can be as an alternative of fund gathering after banking system.
Capital market has probability for company to issuing securitas which is obligation and stocks.
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Today, portfolio infestation obligation, stocks is much more interesting because considered give more profit and doesn’t need
complicated permission. The most attracted Portfolio infestation in Indonesia from 2001 until 2008 is capital market infestation.
B. Descriptive Statistics
Descriptive data from this research is all datas from dependent variable or independent variable is based on 2006-2009.
Below will be provided descriptive statistic independent variable and dependent variable which are used in this research.
1. Initial Public Offering Below is table which mentions about IPO of each company that being
as a sample in this research.
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