臺灣博碩士論文加值系統

This study aims to look if there is any significant influence of the macroeconomic factor on the number of IPOs in Indonesia. Macroeconomic variables used are foreign net equity, industrial production, stock market index, and interest rate. Data sample studied are companies doing IPOs in Indonesia and the macroeconomic factors from 2007 until 2016. The methodology used to test the effect of macroeconomic variables on the number of IPOs is Tobit regression. Dummy variables are used to test the year effect. The result showed that there is a positive significant relationship between industrial production and the numbers of IPOs and between interest rate and the number of IPOs, and the other variables are insignificant. There is no yearly effect found from the year 2007 until 2016.

This study aims to look if there is any significant influence of the macroeconomic factor on the number of IPOs in Indonesia. Macroeconomic variables used are foreign net equity, industrial production, stock market index, and interest rate. Data sample studied are companies doing IPOs in Indonesia and the macroeconomic factors from 2007 until 2016. The methodology used to test the effect of macroeconomic variables on the number of IPOs is Tobit regression. Dummy variables are used to test the year effect. The result showed that there is a positive significant relationship between industrial production and the numbers of IPOs and between interest rate and the number of IPOs, and the other variables are insignificant. There is no yearly effect found from the year 2007 until 2016.

ABSTRACT i
ACKNOWLEDMENTS ii
TABLE OF CONTENTS iii
LIST OF TABLES v
LIST OF FIGURES vi
CHAPTER I. INTRODUCTION 1
1.1 Motivation and Background 1
1.2 Research Objectives 3
1.3 Research Concept and Flowchart 3
1.4 The Limitation of the Research 4
CHAPTER II. LITERATURE REVIEW 5
2.1 Initial Public Offering 5
2.2 The Determinant of IPOs 7
2.2.1 Foreign Net Equity 7
2.2.2 Industrial Production 7
2.2.3 Stock Market Index 8
2.2.4 Interest Rate 9
2.3 Tobit Regression 9
2.4 Summary of Literature Review 10
CHAPTER III. DATA & METHODOLOGY 12
3.1 Empirical Data 12
3.2 Methodology 13
CHAPTER IV. EMPIRICAL STUDY 17
4.1 Unit Root Testing 17
4.2 Descriptive Statistics 21
4.3 Tobit Regression 22
4.4 Discussion of The Result 23
4.4.1 Dummy Variable 23
4.4.2 Foreign Net Equity on The Number of IPOs 23
4.4.3 Industrial Production on The Number of IPOs 24
4.4.4 Stock Market Index on The Number of IPOs 24
4.4.5 Interest Rate on The Number of IPOs 24
4.5 Sensitivity Analysis 25
4.5.1 First Sensitivity Analysis 25
4.5.2 Second Sensitivity Analysis 26
4.5.3 Third Sensitivity Analysis 27
CHAPTER V. CONCLUSION & SUGGESTION 29
5.1 Conclusion 29
5.2 Suggestion 30
APPENDIX 31
Appendix 1 List of Companies doing IPOs from 2000 to 2016 31
Appendix 2 Descriptive Statistic Result 36
Appendix 3 ADF Test Result 37
Appendix 4 Tobit Regression Result 44
Appendix 5 Sensitivity Analysis 45
References 49

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