Darjah Terkurang Harga, Aktiviti Penjualan Semula dan Tahap Kecairan Selepas Pasaran Saham TAA

Ros Zam Zam Sapian, Ruzita Abdul Rahim, Othman Yong

Abstract


ABSTRAK
Kajian empirikal serta teori kecairan menyarankan bahawa darjah terkurang harga meningkatkan tahap kecairan selepas pasaran saham tawaran awam awal (TAA). Beberapa kajian lain pula menyarankan bahawa di pasaran sekunder hubungan tersebut dipengaruhi oleh serakan pemilikan yang berfungsi sebagai pengantara. Namun begitu, kajian ini lebih berminat kepada cadangan yang menyatakan bahawa korelasi antara darjah terkurang harga dengan tahap kecairan saham TAA di pasaran sekunder adalah tinggi bagi pasaran TAA yang mempunyai ramai penjual semula (flippers). Berasaskan kepada cadangan tersebut, kajian ini menggunakan data saham TAA yang disenaraikan di Bursa Malaysia dari Jun 2003 hingga Disember 2008 untuk menguji peranan yang dimainkan oleh aktiviti penjualan semula (flipping) sebagai pengantara kepada hubungan antara darjah terkurang harga dengan tahap kecairan selepas pasaran saham TAA. Hasil analisis regresi berbilang mengesahkan peranan aktiviti penjualan semula sebagai pengantara, sekurang-kurangnya secara separa, dalam hubungan tersebut.
ABSTRACT
Empirical researches as well as liquidity theory suggest that underpricing improves after market liquidity of IPOs. A few other studies meanwhile show that in the secondary market, the relationship is mediated by ownership dispersion. However, the present study is more interested in a proposition that states that the correlation between underpricing and the liquidity of IPOs shares in the secondary market is higher for an IPO market that has many flippers. Built on this proposition, this study uses data of IPOs listed on Bursa Malaysia from June 2003 to December 2008 to examine the role played by flipping activity as a mediator to the relationship between underpricing and aftermarket liquidity of IPOs. The results of the multiple regression analyses confirm that flipping activity serves as a mediator, at least partially, in the relationship.


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