Pengaruh Faktor Keuangan dan Non Keuangan Terhadap Nilai Underpricing pada Perusahaan yang Melakukan Initial Public Offering (Studi Pada Perusahaan yang Listing di Bursa Efek Indonesia Tahun 2009-2012).

Rangga Radipria, Meina Wulansari Yusniar, Asrid Juniar

Abstract


Underpricing  is  a  result  of  uncertainty  of  the  stock  price  on  the  primary  market  which  occurs because  of  the  asymmetry  information  which  is  owned  by  the  parties  involved  in  the  initial public offering, namely issuers, underwriters, and public investors. This study was conducted to determine  how  and  whether  the  current  ratio,  return  on  assets,  debt  equity  ratio,  earnings  per share,  the  size  of  the  company,  the  size  of  the  stock  offering,  the  age  of  the  company, underwriter  reputation,  and  the  reputation  of  Auditors  have  any  influence  on  underpricing  on companies doing IPOs on the Stock Exchange year 2009-2012. The  type  of  this  study  was  descriptive  verification  with  causality.  The  population  in  this  study was  companies  listed  on the  Indonesia  Stock Exchange  (IDX)  year  2009-2012  with  samples  of 64  companies  which  selected  by  using  purposive  sampling  method.  The  type  of  data  collected and  used  in  this  research  were  secondary  data  collected  through  documentation  and  literature studies.  Method  of  data  analysis  used  was  multiple  linear  regression  which  have  fulfilled classical assumption test. The results showed that the underwriter reputation variables have affected the underpricing. The results of multiple regression analysis showed that the coefficient of determination Adjusted R2 =  17.6%,  which  means  that  all  independent  variables  could  explain  the  variation  of  the dependent variable, namely the underpricing of 17.6%.

Keywords:  current  ratio,  return  on  assets,  debt  equity  ratio,  earnings  per  share,  the  size  of  the company,  the  size  of  the  stock  offering,  the  age  of  the  company,  underwriter reputation, auditor reputation and underpricing 


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DOI: http://dx.doi.org/10.20527/jwm.v3i2.55

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Jurnal Wawasan Manajemen by Magister Manajemen Fakultas Ekonomi dan Bisnis Universitas Lambung Mangkurat is licensed under a Creative Commons Attribution 4.0 International License. Based on a work at jwm.ulm.ac.id.