Pengaruh Kepemilikan Publik, Valuasi Perusahaan, dan Suku Bunga Terhadap Initial Return IPO melalui Corporate Governance sebagai Variabel Mediasi (Studi Pada IPO di Bursa Efek Indonesia Periode 2021-2024)
DOI:
https://doi.org/10.37385/ceej.v7i4.10565Keywords:
Corporate Governance, Initial Public Offering, Initial Return, Kepemilikan Publik, Suku Bunga, Valuasi PerusahaanAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh kepemilikan publik, valuasi perusahaan, dan suku bunga terhadap Initial Return pada perusahaan yang melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia periode 2021–2024 dengan Corporate Governance sebagai variabel mediasi. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari prospektus IPO, laporan keuangan perusahaan, dan publikasi resmi Bursa Efek Indonesia. Sampel penelitian ditentukan menggunakan metode purposive sampling, sedangkan teknik analisis data menggunakan analisis regresi dan uji mediasi. Hasil penelitian menunjukkan bahwa kepemilikan publik dan valuasi perusahaan berpengaruh terhadap Initial Return IPO, sementara suku bunga berpengaruh negatif terhadap Initial Return. Selain itu, Corporate Governance terbukti berpengaruh terhadap Initial Return dan berperan sebagai variabel mediasi dalam hubungan antara kepemilikan publik serta valuasi perusahaan terhadap Initial Return. Temuan ini menunjukkan bahwa mekanisme tata kelola perusahaan yang baik mampu meningkatkan kepercayaan investor dan memengaruhi respons pasar pada saat penawaran saham perdana. Implikasi dari penelitian ini diharapkan dapat menjadi bahan pertimbangan bagi perusahaan dalam menetapkan strategi IPO, bagi investor dalam pengambilan keputusan investasi, serta bagi regulator dalam memperkuat kebijakan terkait pasar modal di Indonesia.
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