THE COMPANY CHARACTERISTICS, INITIAL RETURN AND LONG TERM PERFORMANCE STOCK INITIAL PUBLIC OFFERINGS LISTING IN INDONESIA STOCK EXCHANGE

This study examines and analyzes the characteristic information and initial returns of the IPOs associated with the long-term performance of post-IPO shares in the Indonesian capital market. The observations include initial return, firm size, age of company, offering size, reputation of underwriter, profitability of influence on long-term performance of post-IPO shares. This study was conducted data 2004-2013, with 157 companies IPO in Indonesia capital market. The test is done by using multiple linear regression. The results of this study indicate initial return, firm characteristics consisting of firm size, company age, and size of offer, underwriter reputation, and return on equity all have no significant effect on long-term performance of post-IPO stock with 12 month cumulative abnormal return. The age of the company negatively affects the cumulative abnormal return 24 months and the initial return has a negative effect of cumulative abnormal return of 36 months. With the measurement of buy and hold abnormal return 12 months initial return, firm size negatively affects the measurement of buy and hold abnormal 24 months and 36 months.