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Abstrak :
Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi overoptimisme investor pada awal perdagangan di pasar sekunder dan menguji penganth optimisme investor dan kinerja pemsahaan pra-IPO terhadap long-run underpeiformance saham pasca IPO. Faktor-fakor yang di duga berpengaruh terhadap ovcroptimisme investor dan long-run underpeiformance adala.h debt to equity ratio (DER), operating pro/it margin (OPM), dan fora! asset turn over (T ATO) pada dua ta.hun dan satu tahun scbclum IPO ser-ta kinerja opcrasi IPO secara rata-rata yang terdapat dalam prospektus penisahaan. Fakror DER, OPM, dan TATO tidak terbukti secara konsisten berpengaruh terhadap overoptimisme investor pada awal perdagangan. Variabel DER sat1.| tahun dan DER rata-rata dua tahun sebelum IPO terbukti secara konsisten berpengaruh positif signifikan terhadap underperformance saham IPO pada I2 bulan Setelah IPO. Sedangkan overoptimisme investor terbukti berpengaruh negatif signifikan terhadap buy-and-hold return I2 buian pasca IPO......This research has purpose to explore several factors that influence investor over-optimism in early trade in secondary market and to test the influence of investor over-optimism and pre-IPO company perfomance to stocks?s long-run underperformance after IPO. Several factors that estimated have influence to investor over-optimism and pre-IPO company performance is debt to equity ratio (DER), operating profit margin (OPM), and total asset tum over (TATO) in two years and one year before IPO, and average IPO operational performance which is contained in company prospectus. The results show that DER, OPM, and TATO not proved consistently have influence to investor over-optimism in early trade. One year DER and two years average DER before IPO proved consistently have significant positive influence to IPO stocks underperformance in I2 months aher IPO. Investor over-optimism proved has significant negative intluenee to I2 months buy-and-hold retum post IPO.

Abstrak :
Penelitian ini dilakukan pada Bursa Efek Jakarta atas 149 perusahaan yang melakukan Initial Public Offering dari periode 1994 sampai dengan 2003. Secara umum penelitian ini bertujuan untuk membuktikan adanya tindakan oportunistik perusahaan pada saat melalaikan IPO, menguji pengaruh manajemen laba terhadap kinerja jangka panjang perusahaan, membuktikan adanya fenomena penurunan kinerja jangka panjang (underperformance) perusahaan setelah IPO serta untuk memberikan gambaran dan perbandingan mengenai berbagai metode perhitungan manajemen laba dan kinerja jangka panjang perusahaan IPO tersebut. Manajemen laba pada penelitian ini akan diproksikan oleh 2 variabel akrual yaitu discretionary current accrual (DCA) dan discretionary long term accrual (DLA) serta oleh 2 variabel real activities manipulation yaitu real activities manipulation melalui CFO dan COGS. Sedangkan fenomena penurunan kinerja jangka panjang akan diukur berdasarkan ukuran kinerja pasar (metode cumulative abnormal retum dan buy and hold return) dan kinerja operasi untuk periode 1 tahun, 2 tahun dan 3 tahun setelah IPO. Metodologi yang digunakan dalam melakukan penelitian ini adalah dengan melakukan uji beda dan regresi berganda. Penelitian ini menemukan bahwa (1) terjadi manajemen laba pada saat perusahaan melakukan IPO dengan menggunakan proksi akiual diskretioner namun tidak untuk proksi real activities manipulation (2) variabel manajemen laba (DCA dan DLA) hanya dapat mempengaruhi kinerja pasar dalam jangka waktu 1 tahun dan (3) adanya fenomena underperformance atas perusahaan publik dalam pasar Indonesia. Sedangkan hipotesa bahwa DCA merupakan variabel yang paling superior mempengaruhi penurunan kinerja jangka panjang dan bahwa kinerja jangka panjang perusahaan yang melakukan manajemen laba secara agresif pada saat IPO lebih buruk daripada perusahaan yang melakukan manajemen laba secara konservatif, tidak didukung oleh penelitian ini. ......This study investigates 149 Initial Public Offering (IPO) made by companies listed in Jakarta Stock Exchange (JSX) from 1994 up to 2003. In general, this study is aimed to prove whether firms opportunistically manipulate earnings in the period of IPO. Specifically this study examine the effect of earnings management on firms long term performance, to investigate whether company experience a phenomena of post IPO underperformance, and provide explanation and comparison of several methods of earning management and long-term performance measurement. In this study, earnings management proxies by two accruals variable which are discretionary current accruals and discretionary long term accruals and another two variable of real activities manipulation; real activities manipulation through CFO and COGS. In addition, the underperformance phenomenon is measured by market performance (Cumulative Abnormal Return and Buy and Hold method) and operation performance for periods 1 years after IPO, 2 years after IPO and 3 years after IPO’s date. The methodologies used in this thesis are t test and multiple regression models. This study results (1) eamings management finds through accruals but not through real activities manipulation (2) eamings management effect stock performance 1 year after IPO and (3) underperformance phenomena toward public companies in Indonesia. Otherwise, this research does not support discretionary current accrual as the superior variable that caused the decrease of after market performance. Finally, this research suggests IPO issuers with aggressive earnings management does not poor stock return than conservative earnings management.

Abstrak :
This study investigates 149 Initial Public Offering (IPO) in Jakarta Stocke EXchange (JSX) from 1994 up to 2003. In general, this study is aimed to prove whether firms opprtunistically manage earnings in the period of IPO. Specifically this study examines the effect of earnings management on firms long term perfomance and provides explanation as well as comparison of several measures of earning management and long-term performance. In this study, earning management is measured by two accrual variables which are discretionary current accruals and discretionary long term accruals and by two variables of discretionary real activities through Cash Flow from Operation (CFO) and Cost of Goods Sold (COGS). In addition, the underperformance phenomenon is measured by market performance (Cumulative Abnormal Return and Buy and Hold Return Method) for periods 1 years after IPO, 2 years after IPO and 3 years after IPO's date. The hypothesis testing used in this thesis are t tesr and multiple regression models. The results show (1) earnings management is conducted through accruals but not through real activities manipulation and (2) earnings management affects stock performance 1 year after IPO. Finally, this research finds that there is no difference in stock performance for IPO issuers with aggressive and conservative earnings management. examines the effect of earnings management on firms long term performance and provides explanation as well as comparison of several measures of earning management and long term performance.