EARNINGS MANAGEMENT IN INITIAL PUBLIC OFFERING AND ITS AFFECT ON THE LONG-TERM PERFORMANCE OF STOCK

Sulistyo, Vista Karina (2009) EARNINGS MANAGEMENT IN INITIAL PUBLIC OFFERING AND ITS AFFECT ON THE LONG-TERM PERFORMANCE OF STOCK. ["eprint_fieldopt_thesis_type_engd" not defined] thesis, UAJY.

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Abstract

At the time of the IPO, the prospectus is the only source of information for investors. The lack of information available will encourage and motivate the manager of the company to perform the earnings management. After the IPO, asymmetric information between management and investors is no longer high. Investors already have a lot of information about the company. Management no longer has the opportunity to manipulate the financial statements for personal gain. The objectives of this research are to examine whether companies do the earnings management in period around the IPO and whether earnings management affects long-term performance of stock. Therefore, this research goal’s is to find out whether there is or not earnings management around the IPO in the companies which do the IPO and its affects to the performance of stock after IPO. Results show that earnings management happens in period 2 years and one year before IPO, and also 2 years after the IPO, while in the period around IPO and one year after IPO, earnings management is not found. Another results found that earnings management has no effect toward long-term stocks’ performance

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