Suherman Suherman


The purposes of this study were to examine and to compare the long-term performance of IPO firms on main
and development boards and to determine and to compare the liquidity of IPO firms on main and development
boards. The sample of this study covered 59 IPO firms consisting of 32 firms listed on main board and 27 firms
listed on development board between 2010 and 2012. The results showed that one, two and three-years after
IPO, the long-term performance of IPO firms on the main and development boards were not statistically
different, and one year after IPO, the liquidity of IPO firms on the main and development boards were not
statistically different.


development board,firm performance, IPO,liquidity, main board

Full Text:



Ahmad-Zaluki, N.A., Campbell, K., & Goodacre, A. 2007. The Long Run Share Price Performance of Malaysian Initial Public Offerings (IPOs). Journal of Business Finance and Accounting, 34(1&2): 78-110.

Boissin, R. & Sentis, P. 2014. Long-Run Performance of IPOs and the Role of Financial Analysts: Some French Evidence. The European Journal of Finance, 20(2): 125—149.

Brau, J.C., Couch, R.B., & Sutton, N.K. 2012. The Desire to Acquire and IPO Long-Run Underperformance. Journal of Financial and Quantitative Analysis, 47(3): 493-510.

Brav, A. & Gompers, P.A. 1997. Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Non-Venture Capital-Backed Companies. Journal of Finance, 56(5): 1791-1821.

Chemmanur, T.J. & He, J. 2011. IPO Waves, Product Market Competition, and the Going Public Decision: Theory and Evidence. Journal of Financial Economics, 101(2): 382-412.

Doidge, C., Karolyi, G.A., & Stulz, R.M. 2009. Has New York Become Less Competitive than London in Global Markets? Evaluating Foreign Listing Choices Over Time. Journal of Financial Economics, 91(3): 253–77.

Ellul, A. & Pagano, M. 2006. IPO Underpricing and After-Market Liquidity. Review of Financial Studies, 19(2): 381-421.

Gompers, P.A. & Lerner, J. 2003. The Really Long-Run Performance of Initial Public Offerings: The Pre-NASDAQ Evidence. Journal of Finance, 58(10): 1355-1392.

Himmelberg, C.P., Hubbard, R.G., & Palia, D. 1999. Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance. Journal of Financial Economics, 53(3): 353-384.

Soepriyono, G. 2006. Hubungan antara Imbal Hasil IPO dan Faktor-Faktor yang Mempengaruhi Kinerja IPO di BEJ. Usahawan, 35(3): 14-26.

Martarina, L. 2010. Evaluasi Kinerja Saham pada Papan Utama (Main Board) dan Papan Pengembangan (Second Board) yang Tercatat di Bursa Efek Indonesia (BEI) Menggunakan Model Sharpe Periode 2003-2007. Tesis. Fakultas Ekonomi Universitas Airlangga.

Ritter, J.R. 1991. The Long-Run Performance of Initial Public Offerings. Journal of Finance, 46(1): 3-27.

Suherman & Buchdadi, A.D. 2011. The Long-Run Performance of Initial Public Offerings (IPOs): Comparison between Shari’ah and Non Shari’ah-Based Firms. International Research Journal of Finance and Economics, 61(10): 74-84.

Suherman, Rizkiyah, W., & Buchdadi, A.D. 2012. Kinerja Jangka Panjang IPO di Papan Utama dan Pengembangan. Jurnal Keuangan dan Perbankan, 100-116.

Teoh, S.H., Welch, I., & Wong, T.J. 1998. Earnings Management and the Long-Run Market Performance of Initial Public Offerings. Journal of Finance, 53(6): 1935-1974.

Vismara, S., Paleari, S., & Ritter, J.R. 2012. Europe’s Second Markets for Small Companies. European Financial Management, 18(3): 352-388.

Wen, Y. & Cao H.M. 2013. Short-run and Long-run Performance of IPOs: Evidence from Taiwan Stock Market. Journal of Finance and Accounting, 1(2): 32–40.

Wira, V. & Santi, E. 2012. Pengaruh Kinerja Perusahaan terhadap Likuiditas Saham Menggunakan Trading Turnover. Jurnal Manajemen dan Kewirausahaan, 3(2): 97-120.



  • There are currently no refbacks.

Jurnal Keuangan dan Perbankan (Journal of Finance and Banking)

Diploma Program of Banking and Finance, Faculty of Economics and Business, University of Merdeka Malang

Published by University of Merdeka Malang

Mailing Address:
2nd floor Finance and Banking Building, Jl. Terusan Raya Dieng No. 57 Malang, East Java, Indonesia
Phone: +62 813-3180-1534

This work is licensed under a Creative
Commons Attribution-ShareAlike 4.0