ANALISIS FAKTOR- FAKTOR YANG MEMPENGARUHI UNDERPRICING SAHAM PADA PENAWARAN SAHAM
PERDANA DI BURSA EFEK INDONESIA DENGAN FINANCIAL LEVERAGE SEBAGAI VARIABEL
MODERATING
ABSTRAK
Penelitian ini bertujuan untuk menguji dan menganalisis faktor-faktor yang mempengaruhi terjadinya underpricing. Penelitian ini dilakukan di Bursa Efek Indonesia (BEI) yakni pada semua perusahaan yang melakukan IPO(Initial Public Offering ). Underpricing yang diukur dengan initial abnormal return yang merupakan variabel dependen dalam penelitian ini. Sedangkan variabel independen dalam penelitian ini adalah reputasi underwriter, reputasi auditor, ROE, ukuran perusahaan, persentase penawaran saham dan jenis industri, serta menguji dan menganalisis financial leverage sebagai variabel moderating mempengaruhi hubungan variabel independen terhadap variabel independen. Populasi penelitian ini adalah seluruh perusahaan yang melakukan penawaran saham perdana di BEI mulai dari tahun 2009-2013, yaitu sebanyak 115 perusahaan .Pengambilan sampel yang dilakukan dengan menggunakan metode purposive sampling menghasilkan 82 sampel penelitian yang diperoleh dari perusahaan yang mengalami underpricing dan data yang lengkap dan data diolah menggunakan metode uji statistik regresi linier berganda yang digunakan untuk menguji hubungan antara variabel independen dengan variabel dependen. Dan Uji Residual untuk moderating variabel.Hasil analisis regresi berganda menunjukkan bahwa secara simultan variabel reputasi underwriter, reputasi auditor, ROE, ukuran perusahaan,persentase penawaran saham dan jenis industri berpengaruh secara signifikan. Sedangkan secara parsial menunjukkan bahwa variabel reputasi underwriter, reputasi auditor berpengaruh signifikan pada terjadinya underpricing. Financial Leverage yang digunakan sebagai variabel moderating tidak berpengaruh secara signifikan terhadap Underpricing . Hal ini berarti tidak memperkuat hubungan variabel independen terhadap Underpricing atau variabel Financial Leverage bukan merupakan variabel moderating.
Kata kunci:Underpricing, Reputasi Underwriter, Reputasi Auditor, ROE, Ukuran Perusahaan, Persentase Penawaran Saham, Jenis Industri dan Debt Equity Ratio
THE ANALYSIS OF THE FACTORS INFLUENCINGTHE UNDERPRICING OF SHARES IN THE INITIAL PUBLIC
OFFERING AT THE INDONESIA STOCK EXCHANGE WITH FINANCIAL LEVERAGE AS
A MODERATING VARIABLE
ABSTRACT
The purpose of this study was to test and analyze the factors influencing the incident of underpricing. The population of this study conducted at the Indonesia Stock Exchange was all of the companies doing IPO (Initial Public Offering). Underpricing measured through initial abnormal return functioned as dependent variable in this study, while the independent variables were the reputation of underwriter, reputation of auditor, ROE, company size, percentage of share offering, and types of industry, and to test and analyze the financial leverage as moderating variable influencing the relationship between the dependent and independent variables. The population of this study was all of the 115 companies doing the initial public offering at the Indonesia Stock Exchange from 2009 to 2013. The samples for this study were 82 companies experiencing underpricing selected through purposive sampling technique. The data obtained were statistically processed through multiple linear regression tests to test the influence between the independent and dependent variables. Residual test was used to test moderating variable. The result of the multiple linear regression tests showed that simultaneously the variables of underwriter reputation, auditor reputation, ROE, company size, percentage of share offering, and types of industry had significant influence. While partially, only the variables of underwriter reputation and auditor reputation that had influence on the incident of underpricing. The financial leverage used as moderating variable did not have a significant influence on the underpricing. It means that financial leverage did not strengthen the relationship between the independent variable on underpricing or the variable of Financial Leverage is not the moderating variable.
Keywords: Underpricing, Underwriter Reputation, Auditor Reputation, ROE, Company Size, Percentage of Share Offering, Types of Industry, Debt Equity Ratio
