DOI: https://doi.org/10.9744/jmk.16.1.9-16

THE VALUATION OF INITIAL SHARE PRICE USING THE FREE CASH FLOW TO FIRM METHOD AND THE REAL OPTION METHOD IN INDONESIA STOCK EXCHANGE

Adhy Listya Paramitha, Sri Hartoyo, Nur Ahmad Maulana

Abstract


The purposes of this study were to determine fair share value, to analyze the factors that influence undervalue and overvalue, and to determine the best valuation method. This study made valuation using real options method and free cash flow to firm method. The results of partial logistic regression on Free Cash Flow to Firm showed that tenor variable and equity variable had positive and significant effects, while dummy variable had a negative and significant effect. In the real option model, tenor variable and implied volatility variable had positive and significant effects, while sheets of share variable had a negative and significant effect

Keywords


IPO, Free Cash Flow to Firm, Real Option

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DOI: https://doi.org/10.9744/jmk.16.1.9-16



The Journal is published by Management Study Program, Faculty of Business and Economics, Petra Christian University. It available online supported by Directorate General of Higher Education - Ministry of Research, Technology and Higher Education of the Republic of Indonesia.

©All right reserved 2016.Jurnal Manajemen dan Kewirausahaan, ISSN: 1411-1438, e-ISSN: 2338-8234

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