Interpretation FINDING AND ANALYSIS

94 questionnaire more careful and appropriate with the real condition. Thus, the result of the study would be more accurate.

D. Limitation

1. Institutions than being as a sample only in banking sector so this research is limited only for banking institution. 2. Financial ratios those used in this research only nine ratios from the existence financial ratios. 3. This research is assumed that only financial ratios which influence the initial public offering, so other variable not been researched. REFERENCES Alon Brav and Stephen Gray. 2006 Evidence on the Tradeoff between Risk and Return for IPO and SEO Firms, Duke University 20 Feb pp. 3-15 Brav, Alon et al.1999. Global Financial Management. 23 August Beaver, William H. Financial Ratio as Predictors of Failure. The Journal of Finance.1966. Pp. 71-127 Drake, Pamela Peterson. Financial Ratio Analysis. Pp.1 Frank J Fabozzi and Franco Modigliani. 2009. Capital Market : Institutions Instrument Prentice Hall Gibson, H.Charles. 1982. How Industrys perceives Financial Ratio”, Management Accounting April, page 13-19 Haryono, Yusuf, Hanny Winarty, Aspahani. 2003. Pengaruh Rasio Keuangan Terhadap Harga Perdana Saham Industri Kimia Dasar Di Bursa Efek Jakarta. 1 June. Pp. 390 Husnan, Suad. 1994. Dasar-Dasar Teori Portfolio dan Analisa Securitas, Edisi Kedua, UPP AMP YKPN, Yogyakarta Investopedia. www.investopedia.com Joseph d. Priotoski 2002 The use of historical financial statement information to separate winners from looser. Journal of accounting research January Pp. 9 Keown, J. Arthur et al. 2005. Financial Management. Florida: Prentice Hall. Kleeburg, P. Richard. 2005. Initial Public Offerings. USA: Thompson. Lesakova, Lubica. 2007. Uses and Limitations of Profitability Ratio Analysis in Managerial Practice. International Conference on Management Enterprise and Benchmarking. 2 June. Pp. 262-263 Liu Chunhui and Grace O’ Farrel. 2009. China and U.S Financial Ratio Comparison. International Journal of Business, Accounting, and Finance. Pp. 2 Machfoedz, Mas’ud , “Financial Ratios Analysis and the Prediction of Earning Changes in Indonesia, Kelola, No.7III1994, page 114-137 Mahmud H.Hanafi, Abdul Halim. 1996 Analisa Laporan Keuangan, UPP AMP YKPN, Yogyakarta Mujeeb-u-Rehman Bhayo 2011. An Idiosyncratic Explanation of Earnings-Price Ratio based on Financial Statement Analysis. Journal of Business and Social Science May pp. 5-6 Nachrowi D, “Ekonometrika”. Cetakan Pertama. LP-FEUI. 2006. Roberto G. Medina. 1988. Business Finance. Rex Printing Company Philippines. Pp.195 Rodoni, Ahmad.2008. Modul Manajemen Investasi dan Instrumen Derivatif. Jakarta: FEIS Universitas Islam Negeri. Rodoni, Ahmad, “Modul Institusi Depositori dan Pasar Modal” Jakarta: FEIS Universitas Islam Negeri. 2008. Sanjai Bhagat and Srinivasan Rangan 2003 Determinations of IPO Valuation .University Colorado December. Pp. 2-7 Shirata, C Yoshiko 1998 Financial Ratios as Predictors of Bankruptcy in Japan: An Empirical Research Journal of Finance Research 3 May pp. 10