Peran underwriter sebagai komunikator pemasaran saham perdana di bursa efek Indonesia
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Keywords:
underwriter, marketing communicator, initial shares, Indonesian stock exchange
Abstract
Companies use Initial returns as a powerful marketing tactic to attract investors to buy IPO shares. This phenomenon is quite popular among investors, but can be detrimental to the issuer/company, so persuasive communication is needed by the Underwriter who is a third party to assist the company in persuading potential investors to get the best value. This study aims to understand the role of the Underwriter as a communicator for the marketing of initial shares on the Indonesia Stock Exchange, whose role is to organise and provide trading facilities. This study involved 49 companies that conducted Initial Public Offerings (IPOs) and were listed on the Indonesian Stock Exchange in 2019. This study places the Underwriter as an external party who is responsible for communicating financial conditions to potential investors for the most reasonable price. Underwriter's role as a communicator is practiced through marketing communications which is a method of delivering targeted information to clients in the fastest and most efficient way possible. The data that has been obtained is then analysed by Moderated Regression Analysis. The results of this study indicate that the Underwriter is able to moderate the relationship with investors during the IPO with the reputation of the Underwriter. This is because the Underwriter is able to persuade investment decisions during the marketing of the IPO.
References
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Angulo-Ruiz, F., Donthu, N., Prior, D., & Rialp, J. (2018). How does marketing capability impact abnormal stock returns? The mediating role of growth. Journal of Business Research, 82, 19–30.
Arrigo, E., Liberati, C., & Mariani, P. (2021). Social Media Data and Users’ Preferences: A Statistical Analysis to Support Marketing Communication. Big Data Research, 24, 100189.
Bajo, E., & Raimondo, C. (2017). Media sentiment and IPO underpricing. Journal of Corporate Finance, 46, 139–153. https://doi.org/10.1016/j.jcorpfin.2017.06.003
Bakar, N. B. A., & Uzaki, K. (2014). The Impact of Underwriter Reputation and Risk Factors on the Degree of Initial Public Offering Underpricing: Evidence from Shariah-Compliant Companies. IAFOR Journal of Business & Management, 1(1). https://doi.org/10.22492/ijbm.1.1.02
Bakir, V., Herring, E., Miller, D., & Robinson, P. (2019). Organized persuasive communication: A new conceptual framework for research on public relations, propaganda and promotional culture. Critical Sociology, 45(3), 311–328.
Budianto, K., Suhadak, Rahayu, S. M., & Dzulkirom, A. R. M. (2019). Effect of Accounting Information and Non-Accounting Information on Under-Pricing Ipo and Firm Value: a Study of Companies Listed on the Indonesia Stock Exchange During Period of 2008-2014. Russian Journal of Agricultural and Socio-Economic Sciences, 89(5), 69–75. https://doi.org/10.18551/rjoas.2019-05.09
Cangara, H. (2016). Pengantar Ilmu Komunikasi (Edisi Kedua). Jakarta: PT Rajagrafindo Persada.
Dewi, K. M. S., Tripalupi, L. E., & Haris, I. A. (2018). Pengaruh Return on Equity (ROE) Dan Earning Per Share (EPS) Terhadap Underpricing Pada Saham Perdana Di Bursa Efek Indonesia Tahun 2016. Jurnal Pendidikan Ekonomi Undiksha, 10(1), 200–209. https://doi.org/10.23887/jjpe.v10i1.20115
Dinandra, M. (2020). Peningkatan Brand Equity Melalui Strategi Marketing Communication Aplikasi Investasi Reksadana “BIBIT.” Metakom, 4(1), 29–40.
Emojong, O. (2021). Fear-arousing persuasive communication and behaviour change: COVID-19 in Kenya. Journal of African Media Studies, 13(2), 193–206.
Faizah, N., & Huda, S. (2019). Strategi Integrated Marketing Communication Produk The Red Ginger Al-Ghozali di Tambak Dalam Baru Surabaya. Jurnal Ilmu Komunikasi, 9(2), 162–179.
Falát, L., & Holubčík, M. (2017). The influence of marketing communication on financial situation of the company–a case from automobile industry. Procedia Engineering, 192, 148–153.
Farmer, Y., & Pimont, M. (2021). Using Persuasive Communication to Foster Appropriaton of Code of Ethics Standards by an Organization’s Employees. Electronic Journal of Business Ethics and Organization Studies, 26(1).
Fatimah. (2018). Komunikasi Persuasif Agen Asuransi Dalam Merekrut Calon Agen (Studi Kasus Tentang Perekrutan Calon Agen Dalam Meningkatkan Penjualan Polis di Asuransi PT. AXA). Jurnal Ilmiah Komunikasi (JIKOM) STIKOM IMA, 10(02), 110–116.
Fatmasari, F. (2012). Penggunaan Informasi Keuangan unutk Memprediksi Keuantungan Investasi Bagi Investor di Pasar Modal. Jurnal Riset Mahasiswa, 1–20.
Fröhlich, R., & Jungblut, M. (2021). Epistemic Evidence in Strategic-Persuasive Communication: On the Effects of Investing in the Truthfulness of NGOs’ Strategic Crisis and Conflict Communications. International Journal of Communication, 15, 19.
Geurts, E., Pittens, C., Boland, G., van Dulmen, S., & Noordman, J. (2021). Persuasive communication in medical decision-making during consultations with patients with limited health literacy in hospital-based palliative care. Patient Education and Counseling.
Hamilton, K., & Johnson, B. (2020). 31 Attitudes and Persuasive Communication Interventions. The Handbook of Behavior Change, 445.
Harianto, G. (2021). Komunikasi Dalam Pemberitaan Injil: Membangun dan Mengembangkan Komunikasi Injil Dalam Pelaksanaan Amanat Agung. PBMR ANDI.
Haţegan, H. (2020). The Evaluation of the Communication of the Romanian Listed Companies with the Investors. Audit Financiar, 18(4), 801–811.
Herwandito, S. (2015). Menyelami Benak Komunikator (Studi Pada Pembuat Pesan Pada Kesenian Wayang Waton Oleh Komunikator). Cakrawala, 4(1).
Hidayati, D. N., & Triyanto, D. N. (2020). Accounting Factors, Non-Accounting Factors, and Net Initial Return. Journal of Accounting Auditing and Business, 3(1), 29. https://doi.org/10.24198/jaab.v3i1.25019
Islam, M. A., Ali, R., & Ahmad, Z. (2010). An Empirical Investigation into the Underpricing of Initial Public Offerings in the Chittagong Stock Exchange. International Journal of Economics and Finance, 2(4), 36–46. https://doi.org/10.5539/ijef.v2n4p36
Iswari, W. (2020). Pengaruh strategi marketing communication terhadap brand image PT Tokopedia. Translitera: Jurnal Kajian Komunikasi Dan Studi Media, 9(2), 24–34.
Jayanarendra, A. A. G., & Wiagustini, N. L. P. (2019). Pengaruh Reputasi Underwriter, Ukuran Perusahaan, Dan Return on Equity Terhadap Underpricing Saat Ipo Di Bei. E-Jurnal Manajemen Universitas Udayana, 8(8), 4731. https://doi.org/10.24843/ejmunud.2019.v08.i08.p01
Jones, T. L., & Swaleheen, M. us. (2010). Endogenous examination of Underwriter reputation and IPO returns. Managerial Finance, 36(4), 284–293. https://doi.org/10.1108/03074351011027501
Khin, E. W. S., Wahh, W. B., & Mohammad, N. (2016). An Analysis of Initial Public Offering (IPO) Underpricing on Smes Firms Performances. International Journal of Research Science & Management, 3(6), 21–32.
Kriyantono, R. (2014). Teknik Praktis Riset Komunikasi. Prenada Media.
Logue, D. E., Rogalski, R. J., Seward, J. K., & Foster-Johnson, L. (2002). What is Special about the Roles of Underwriter Reputation and Market Activities in Initial Public Offerings? Journal of Business, 75(2), 213–243. https://doi.org/10.1086/338702
Mahardika, R., & Farida, F. (2019). Pengungkapan Diri pada Instagram Instastory. Jurnal Studi Komunikasi, 3(1). https://doi.org/10.25139/jsk.v3i1.774
Mandičák, T., Behúnová, A., Smetanková, J., Hanečáková, G., Balog, M., Kovalenko, A., Trebuňová, M., Mezencevová, V., & Živčák, J. (2017). The View of Investors on Potential of Marketing Tools For Implementation of Modern Method of Construction in Slovakia. Acta Tecnología - International Scientific Journal about Technologies, 3(1).
Marin, G., & Nilă, C. (2021). Branding in social media. Using LinkedIn in personal brand communication: A study on communications/marketing and recruitment/human resources specialists perception. Social Sciences & Humanities Open, 4(1), 100174.
Martin, S., Javalgi, R., & Ciravegna, L. (2020). Marketing capabilities and international new venture performance: The mediation role of marketing communication and the moderation effect of technological turbulence. Journal of Business Research, 107, 25–37.
Mendez, A. (2021). Investing in All Areas of Life. Multidiscipline Science Articles, 1(2).
Mkhize, S., & Ellis, D. (2020). Creativity in marketing communication to overcome barriers to organic produce purchases: The case of a developing nation. Journal of Cleaner Production, 242, 118415.
Morina, T., & Rahim, R. (2020). Faktor-Faktor yang Mempengaruhi Initial Return Pada Initial Public Offering (IPO). Menara Ilmu, XIV(02), 146–157.
Neuman, W. (2013). Metodologi penelitian sosial: Pendekatan kualitatif dan kuantitatif. PT. Indeks.
Nurhanifah. (2021). Komunikasi Pemasaran PT. Halal Network International Herba Penawar Alwahida Indonesia Dalam Meningkatkan Minat Beli Masyarakat. JUPIIS: JURNAL PENDIDIKAN ILMU-ILMU SOSIAL, 13(1), 127–137.
Pollock, T. G., Rindova, V. P., & Maggitti, P. G. (2008). Market watch: Information and availability cascades among the media and investors in the U.S. IPO market. Academy of Management Journal, 51(2), 335–358. https://doi.org/10.5465/AMJ.2008.31767275
Prasetya, M. (2020). Self-presentation dan kesadaran privacy micro-influencer di instagram. Jurnal Studi Komunikasi, 4(1), 239–258.
Rachman, A. (2021). Peluang Investasi Dana Haji Pada Industri Halal Di Indonesia. El-Buhuth: Borneo Journal of Islamic Studies, 3(2), 131–152.
Rochayani, W., & Setiawan, D. (2004). Pengaruh Informasi Prospektus IPO terhadap Abnormal Return dan Ketepatan Ramalan Laba. Jurnal EkonomiPerusahaan, 11(2), 107–124.
Sembiring, E. F., Rahmawati, G., & Kusumawati, F. W. (2018). Analisis Faktor Yang Mempengaruhi Underpricing Pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2016. Jurnal Inspirasi Bisnis Dan Manajemen, 2(2), 167. https://doi.org/10.33603/jibm.v2i2.1721
Sousa, M., Almeida, T., Gouveia, B., Freire, M., Sousa, F., & Oliveira, S. (2021). Persuasive communication and the diminution of the salt intake in heart failure patients: a pilot study. Revista Brasileira de Enfermagem, 74.
Sudjiman, L. S., Disman, D., & Dewi, R. (2019). DER, ROE, Percentage Offering of Shares and their Influences to Initial Return in its Companies Doing IPO (Empirical study on non-financial companies listed on BEI). Advances in Economics, Business and Management Research, 293–296. https://doi.org/10.2991/icebef-18.2019.66
Sudjiman, L. S., & Sudjiman, P. E. (2017). Effect of DER, ROE and Percentage Offering of Shares to Initial Return in Its Companies Doing Ipo in Indonesia Stock Exchange (Empirical Study on Non-Financial Companies Listed on Bei). In Abstract Proceedings International Scholars Conference (Vol. 5, Issue 1). https://doi.org/10.35974/isc.v5i1.1530
Susilo, D., Prabowo, T. L., & Putranto, T. D. (2019). Communicating Secure Based Feeling: Content Analysis on Indonesian Police Official Account. International Journal of Engineering and Advanced Technology, 8(6), 2541–2543.
Susilo, D., & Putranto, T. (2018). Indonesian Youth on Social Media: Study on Content Analysis. https://doi.org/10.2991/sshr-17.2018.15
Sutarjo, M., & Hadisiwi, P. (2017). Peran Agen Asuransi Sebagai Public Relations Dan Marketing Communications Di PT Prudential Indonesia. In BOOK CHAPTER CORPORATE PUBLIC RELATIONS (p. 76).
Syukur, M., Fathoni, A., & Gagah, E. (2016). The Influence of Financial and Non Financial Information on Return Initials in Companies That Conduct IPO in Indonesia Stock Exchange (Empirical Study on Companies Listing on the IDX Period 2010-2016). 1–16. https://doi.org/10.1093/oseo/instance.00191497
Tseng, M.-L., Sujanto, R., Iranmanesh, M., Tan, K., & Chiu, A. (2020). Sustainable packaged food and beverage consumption transition in Indonesia: Persuasive communication to affect consumer behavior. Resources, Conservation and Recycling, 161, 104933.
Widarjo, W., Rahmawati, R., Bandi, B., & Widagd, A. (2017). Underwriter reputation, intellectual capital disclosure, and underpricing. International Journal of Business and Society, 18(2).
Wiguna, I. G. N. H., & Yadnyana, K. (2015). Analisis Faktor Faktor Yang Mempengaruhi Initial Return Pada Penawaran Saham Perdana. Ekonomi Dan Bisnis, 4, 26.
Yuliani, Y., Wahyuni, D., & Bakar, S. W. (2019). The Influence Of Financial And Non-Financial Information To Underpricing Of Stock Prices In Companies That Conduct Initial Public Offering. Ekspektra : Jurnal Bisnis Dan Manajemen, 3(1), 39. https://doi.org/10.25139/ekt.v3i1.1442
Zephaniah, C., Ogba, I.-E., & Izogo, E. (2020). Examining the effect of customers’ perception of bank marketing communication on customer loyalty. Scientific African, 8, e00383.
Zhou, J., & Lao, L.-J. (2012). Analysis of Influencing Factors of IPO Underpricing in ChiNext. Physics Procedia, 33, 846–851. https://doi.org/10.1016/j.phpro.2012.05.144
Angulo-Ruiz, F., Donthu, N., Prior, D., & Rialp, J. (2018). How does marketing capability impact abnormal stock returns? The mediating role of growth. Journal of Business Research, 82, 19–30.
Arrigo, E., Liberati, C., & Mariani, P. (2021). Social Media Data and Users’ Preferences: A Statistical Analysis to Support Marketing Communication. Big Data Research, 24, 100189.
Bajo, E., & Raimondo, C. (2017). Media sentiment and IPO underpricing. Journal of Corporate Finance, 46, 139–153. https://doi.org/10.1016/j.jcorpfin.2017.06.003
Bakar, N. B. A., & Uzaki, K. (2014). The Impact of Underwriter Reputation and Risk Factors on the Degree of Initial Public Offering Underpricing: Evidence from Shariah-Compliant Companies. IAFOR Journal of Business & Management, 1(1). https://doi.org/10.22492/ijbm.1.1.02
Bakir, V., Herring, E., Miller, D., & Robinson, P. (2019). Organized persuasive communication: A new conceptual framework for research on public relations, propaganda and promotional culture. Critical Sociology, 45(3), 311–328.
Budianto, K., Suhadak, Rahayu, S. M., & Dzulkirom, A. R. M. (2019). Effect of Accounting Information and Non-Accounting Information on Under-Pricing Ipo and Firm Value: a Study of Companies Listed on the Indonesia Stock Exchange During Period of 2008-2014. Russian Journal of Agricultural and Socio-Economic Sciences, 89(5), 69–75. https://doi.org/10.18551/rjoas.2019-05.09
Cangara, H. (2016). Pengantar Ilmu Komunikasi (Edisi Kedua). Jakarta: PT Rajagrafindo Persada.
Dewi, K. M. S., Tripalupi, L. E., & Haris, I. A. (2018). Pengaruh Return on Equity (ROE) Dan Earning Per Share (EPS) Terhadap Underpricing Pada Saham Perdana Di Bursa Efek Indonesia Tahun 2016. Jurnal Pendidikan Ekonomi Undiksha, 10(1), 200–209. https://doi.org/10.23887/jjpe.v10i1.20115
Dinandra, M. (2020). Peningkatan Brand Equity Melalui Strategi Marketing Communication Aplikasi Investasi Reksadana “BIBIT.” Metakom, 4(1), 29–40.
Emojong, O. (2021). Fear-arousing persuasive communication and behaviour change: COVID-19 in Kenya. Journal of African Media Studies, 13(2), 193–206.
Faizah, N., & Huda, S. (2019). Strategi Integrated Marketing Communication Produk The Red Ginger Al-Ghozali di Tambak Dalam Baru Surabaya. Jurnal Ilmu Komunikasi, 9(2), 162–179.
Falát, L., & Holubčík, M. (2017). The influence of marketing communication on financial situation of the company–a case from automobile industry. Procedia Engineering, 192, 148–153.
Farmer, Y., & Pimont, M. (2021). Using Persuasive Communication to Foster Appropriaton of Code of Ethics Standards by an Organization’s Employees. Electronic Journal of Business Ethics and Organization Studies, 26(1).
Fatimah. (2018). Komunikasi Persuasif Agen Asuransi Dalam Merekrut Calon Agen (Studi Kasus Tentang Perekrutan Calon Agen Dalam Meningkatkan Penjualan Polis di Asuransi PT. AXA). Jurnal Ilmiah Komunikasi (JIKOM) STIKOM IMA, 10(02), 110–116.
Fatmasari, F. (2012). Penggunaan Informasi Keuangan unutk Memprediksi Keuantungan Investasi Bagi Investor di Pasar Modal. Jurnal Riset Mahasiswa, 1–20.
Fröhlich, R., & Jungblut, M. (2021). Epistemic Evidence in Strategic-Persuasive Communication: On the Effects of Investing in the Truthfulness of NGOs’ Strategic Crisis and Conflict Communications. International Journal of Communication, 15, 19.
Geurts, E., Pittens, C., Boland, G., van Dulmen, S., & Noordman, J. (2021). Persuasive communication in medical decision-making during consultations with patients with limited health literacy in hospital-based palliative care. Patient Education and Counseling.
Hamilton, K., & Johnson, B. (2020). 31 Attitudes and Persuasive Communication Interventions. The Handbook of Behavior Change, 445.
Harianto, G. (2021). Komunikasi Dalam Pemberitaan Injil: Membangun dan Mengembangkan Komunikasi Injil Dalam Pelaksanaan Amanat Agung. PBMR ANDI.
Haţegan, H. (2020). The Evaluation of the Communication of the Romanian Listed Companies with the Investors. Audit Financiar, 18(4), 801–811.
Herwandito, S. (2015). Menyelami Benak Komunikator (Studi Pada Pembuat Pesan Pada Kesenian Wayang Waton Oleh Komunikator). Cakrawala, 4(1).
Hidayati, D. N., & Triyanto, D. N. (2020). Accounting Factors, Non-Accounting Factors, and Net Initial Return. Journal of Accounting Auditing and Business, 3(1), 29. https://doi.org/10.24198/jaab.v3i1.25019
Islam, M. A., Ali, R., & Ahmad, Z. (2010). An Empirical Investigation into the Underpricing of Initial Public Offerings in the Chittagong Stock Exchange. International Journal of Economics and Finance, 2(4), 36–46. https://doi.org/10.5539/ijef.v2n4p36
Iswari, W. (2020). Pengaruh strategi marketing communication terhadap brand image PT Tokopedia. Translitera: Jurnal Kajian Komunikasi Dan Studi Media, 9(2), 24–34.
Jayanarendra, A. A. G., & Wiagustini, N. L. P. (2019). Pengaruh Reputasi Underwriter, Ukuran Perusahaan, Dan Return on Equity Terhadap Underpricing Saat Ipo Di Bei. E-Jurnal Manajemen Universitas Udayana, 8(8), 4731. https://doi.org/10.24843/ejmunud.2019.v08.i08.p01
Jones, T. L., & Swaleheen, M. us. (2010). Endogenous examination of Underwriter reputation and IPO returns. Managerial Finance, 36(4), 284–293. https://doi.org/10.1108/03074351011027501
Khin, E. W. S., Wahh, W. B., & Mohammad, N. (2016). An Analysis of Initial Public Offering (IPO) Underpricing on Smes Firms Performances. International Journal of Research Science & Management, 3(6), 21–32.
Kriyantono, R. (2014). Teknik Praktis Riset Komunikasi. Prenada Media.
Logue, D. E., Rogalski, R. J., Seward, J. K., & Foster-Johnson, L. (2002). What is Special about the Roles of Underwriter Reputation and Market Activities in Initial Public Offerings? Journal of Business, 75(2), 213–243. https://doi.org/10.1086/338702
Mahardika, R., & Farida, F. (2019). Pengungkapan Diri pada Instagram Instastory. Jurnal Studi Komunikasi, 3(1). https://doi.org/10.25139/jsk.v3i1.774
Mandičák, T., Behúnová, A., Smetanková, J., Hanečáková, G., Balog, M., Kovalenko, A., Trebuňová, M., Mezencevová, V., & Živčák, J. (2017). The View of Investors on Potential of Marketing Tools For Implementation of Modern Method of Construction in Slovakia. Acta Tecnología - International Scientific Journal about Technologies, 3(1).
Marin, G., & Nilă, C. (2021). Branding in social media. Using LinkedIn in personal brand communication: A study on communications/marketing and recruitment/human resources specialists perception. Social Sciences & Humanities Open, 4(1), 100174.
Martin, S., Javalgi, R., & Ciravegna, L. (2020). Marketing capabilities and international new venture performance: The mediation role of marketing communication and the moderation effect of technological turbulence. Journal of Business Research, 107, 25–37.
Mendez, A. (2021). Investing in All Areas of Life. Multidiscipline Science Articles, 1(2).
Mkhize, S., & Ellis, D. (2020). Creativity in marketing communication to overcome barriers to organic produce purchases: The case of a developing nation. Journal of Cleaner Production, 242, 118415.
Morina, T., & Rahim, R. (2020). Faktor-Faktor yang Mempengaruhi Initial Return Pada Initial Public Offering (IPO). Menara Ilmu, XIV(02), 146–157.
Neuman, W. (2013). Metodologi penelitian sosial: Pendekatan kualitatif dan kuantitatif. PT. Indeks.
Nurhanifah. (2021). Komunikasi Pemasaran PT. Halal Network International Herba Penawar Alwahida Indonesia Dalam Meningkatkan Minat Beli Masyarakat. JUPIIS: JURNAL PENDIDIKAN ILMU-ILMU SOSIAL, 13(1), 127–137.
Pollock, T. G., Rindova, V. P., & Maggitti, P. G. (2008). Market watch: Information and availability cascades among the media and investors in the U.S. IPO market. Academy of Management Journal, 51(2), 335–358. https://doi.org/10.5465/AMJ.2008.31767275
Prasetya, M. (2020). Self-presentation dan kesadaran privacy micro-influencer di instagram. Jurnal Studi Komunikasi, 4(1), 239–258.
Rachman, A. (2021). Peluang Investasi Dana Haji Pada Industri Halal Di Indonesia. El-Buhuth: Borneo Journal of Islamic Studies, 3(2), 131–152.
Rochayani, W., & Setiawan, D. (2004). Pengaruh Informasi Prospektus IPO terhadap Abnormal Return dan Ketepatan Ramalan Laba. Jurnal EkonomiPerusahaan, 11(2), 107–124.
Sembiring, E. F., Rahmawati, G., & Kusumawati, F. W. (2018). Analisis Faktor Yang Mempengaruhi Underpricing Pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2016. Jurnal Inspirasi Bisnis Dan Manajemen, 2(2), 167. https://doi.org/10.33603/jibm.v2i2.1721
Sousa, M., Almeida, T., Gouveia, B., Freire, M., Sousa, F., & Oliveira, S. (2021). Persuasive communication and the diminution of the salt intake in heart failure patients: a pilot study. Revista Brasileira de Enfermagem, 74.
Sudjiman, L. S., Disman, D., & Dewi, R. (2019). DER, ROE, Percentage Offering of Shares and their Influences to Initial Return in its Companies Doing IPO (Empirical study on non-financial companies listed on BEI). Advances in Economics, Business and Management Research, 293–296. https://doi.org/10.2991/icebef-18.2019.66
Sudjiman, L. S., & Sudjiman, P. E. (2017). Effect of DER, ROE and Percentage Offering of Shares to Initial Return in Its Companies Doing Ipo in Indonesia Stock Exchange (Empirical Study on Non-Financial Companies Listed on Bei). In Abstract Proceedings International Scholars Conference (Vol. 5, Issue 1). https://doi.org/10.35974/isc.v5i1.1530
Susilo, D., Prabowo, T. L., & Putranto, T. D. (2019). Communicating Secure Based Feeling: Content Analysis on Indonesian Police Official Account. International Journal of Engineering and Advanced Technology, 8(6), 2541–2543.
Susilo, D., & Putranto, T. (2018). Indonesian Youth on Social Media: Study on Content Analysis. https://doi.org/10.2991/sshr-17.2018.15
Sutarjo, M., & Hadisiwi, P. (2017). Peran Agen Asuransi Sebagai Public Relations Dan Marketing Communications Di PT Prudential Indonesia. In BOOK CHAPTER CORPORATE PUBLIC RELATIONS (p. 76).
Syukur, M., Fathoni, A., & Gagah, E. (2016). The Influence of Financial and Non Financial Information on Return Initials in Companies That Conduct IPO in Indonesia Stock Exchange (Empirical Study on Companies Listing on the IDX Period 2010-2016). 1–16. https://doi.org/10.1093/oseo/instance.00191497
Tseng, M.-L., Sujanto, R., Iranmanesh, M., Tan, K., & Chiu, A. (2020). Sustainable packaged food and beverage consumption transition in Indonesia: Persuasive communication to affect consumer behavior. Resources, Conservation and Recycling, 161, 104933.
Widarjo, W., Rahmawati, R., Bandi, B., & Widagd, A. (2017). Underwriter reputation, intellectual capital disclosure, and underpricing. International Journal of Business and Society, 18(2).
Wiguna, I. G. N. H., & Yadnyana, K. (2015). Analisis Faktor Faktor Yang Mempengaruhi Initial Return Pada Penawaran Saham Perdana. Ekonomi Dan Bisnis, 4, 26.
Yuliani, Y., Wahyuni, D., & Bakar, S. W. (2019). The Influence Of Financial And Non-Financial Information To Underpricing Of Stock Prices In Companies That Conduct Initial Public Offering. Ekspektra : Jurnal Bisnis Dan Manajemen, 3(1), 39. https://doi.org/10.25139/ekt.v3i1.1442
Zephaniah, C., Ogba, I.-E., & Izogo, E. (2020). Examining the effect of customers’ perception of bank marketing communication on customer loyalty. Scientific African, 8, e00383.
Zhou, J., & Lao, L.-J. (2012). Analysis of Influencing Factors of IPO Underpricing in ChiNext. Physics Procedia, 33, 846–851. https://doi.org/10.1016/j.phpro.2012.05.144
Published
2022-03-20
How to Cite
Istikhoroh, S., Jannah, M. M., Sukamdani, Y., & Suhardiyah, M. (2022). Peran underwriter sebagai komunikator pemasaran saham perdana di bursa efek Indonesia. Jurnal Studi Komunikasi, 6(1), 315-330. Retrieved from https://ejournal.unitomo.ac.id/index.php/jsk/article/view/4445
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