Jurnal Keuangan dan Perbankan Universitas Merdeka Malang
Investor Sentiment, Market Volatility, and IPO Initial Returns

Jurnal Keuangan dan Perbankan Universitas Merdeka Malang
Investor Sentiment, Market Volatility, and IPO Initial Returns

Investor Sentiment, Market Volatility, Initial Public Offering (IPO), and Initial Returns.

This research seeks to determine the impact of investor sentiment and market volatility on IPO initial return when an issuer conducts an Initial Public Offering (IPO). This research lasted ten years, from 2009 to 2020, with a total issuer of 237 conducting Initial Public Offerings (IPOs) on the Indonesia Stock Exchange. The total number of issuers conducting an initial public offering (IPO) met the purposive sampling criteria is 285. Multiple linear regression analysis, with control variables such as Gap of Days, Firm Age, IPO Size, and Firm Size, is used to determine the effect of Investor Sentiment and Market Volatility on IPO Initial Returns. The findings showed that Investor Sentiment and Market Volatility positively affected the IPO Initial Return during the study period. This research aims to increase investor awareness of the importance of IPO stock price, increasing the initial
return in the future. In Indonesia, Otoritas Jasa Keuangan (OJK) plays a critical role in policies
that facilitate Indonesian investors' monitoring of the volatility of stock price changes in the market.

Wisudanto, Sahdan Saputra, Vanesa Aristanti Arifin, Zahwaril Hasina, Tri Veny Putri

DOI: 10.26905/jkdp.v25i4.6119

Universitas Merdeka Malang

October 2021

Sri Wahyuni

ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)

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Jurnal Keuangan dan Perbankan Universitas Merdeka Malang