Lampiran 1
Daftar Perusahaan non-Keuangan yang Terdaftar dan
Penarikan Sampel Berdasarkan Kriteria
No. Tanggal
IPO Nama Perusahaan (PT)
Kode 2 09-02-2010 Pembangunan Perumahan (Persero)
Tbk PTPP √ √ √ √ Sampel 1 18 26-11-2010 Borneo Lumbung Energy dan Metal
Lanjutan
Daftar Perusahaan non-Keuangan yang Terdaftar dan
Penarikan Sampel Berdasarkan Kriteria
No. Tanggal
IPO Nama Perusahaan (PT)
Kode 61 12-07-2012 Bank Pembangunan Daerah Jawa
Timur Tbk BJTM √ - - - 71 09-01-2013 Pelayaran Nasional Bina Buana
Raya Tbk BBRM √ √ - -
72 10-01-2013 Saraswati Griya Lestari Tbk HOTL √ √ √ √ Sampel 37 73 11-01-2013 Sarana Meditama Metropolitan
Tbk SAME √ √ √ √ Sampel 38
74 16-01-2013 Multi Agro Gemilang Plantation
Tbk MAGP √ √ - -
75 20-02-2013 Trans Power Marine Tbk TPMA √ √ - - 76 22-02-2013 Steel Pipe Industry of Indonesia
Lanjutan
Daftar Perusahaan non-Keuangan yang Terdaftar dan
Penarikan Sampel Berdasarkan Kriteria
No. Tanggal
IPO Nama Perusahaan (PT)
Kode Perusahaan
Kriteria Sampel Penelitian 1 2 3 4
85 27-06-2013 Nusa Raya Cipta Tbk NRCA √ √ - -
86 28-06-2013 Semen Baturaja Tbk SMBR √ √ √ √ Sampel 42 87 03-07-2013 Electronic City Indonesia Tbk EXII √ √ - -
88 08-07-2013 Bank Mestika Dharma Tbk BBMD √ - - -
89 08-07-2013 Multipolar Technology Tbk MLPT √ √ √ √ Sampel 43 90 08-07-2013 Victoria Investama Tbk VICO √ - - -
91 09-07-2013 Cipaganti Citra Graha Tbk CPGT √ √ - - 92 09-07-2013 Bank Mintraniaga Tbk NAGA √ - - - 93 11-07-2013 Bank Maspion Indonesia Tbk BMAS √ - - -
94 12-09-2013 Siloam International Hospitals Tbk SILO √ √ √ √ Sampel 44 95 30-10-2013 Aritama Prima Indonesia Tbk APII √ √ - -
96 08-11-2013 Grand Kartech Tbk KRAH √ √ √ √ Sampel 45 97 10-12-2013 Indomobil Multi Jasa Tbk IMJS √ - - -
98 11-12-2013 Logindo Samuderamakmur Tbk LEAD √ √ - -
99 12-12-2013 Sawit Sumbermas Sarana Tbk SSMS √ √ √ √ Sampel 46 100 18-12-2013 Industri Jamu dan Farmasi Sido
Lampiran 2
Daftar Harga Saham Perdana dan Harga Saham Sekunder
Perusahaan yang Mengalami
Underpricing
pada saat
Initial Public Offering
(IPO)
Lanjutan
Daftar Harga Saham Perdana dan Harga Saham Sekunder
Perusahaan yang Mengalami
Underpricing
pada saat
Initial Public Offering
(IPO)
No.
Kode
Emiten
Tanggal IPO
Harga
Perdana
(Rp)
Harga
Penutupan
(Rp)
Underpricing
38 SAME
11 Januari 2013
400
455
0.1375
39 DSNG
14 Juni 2013
1850
1870
0.0108
40 SRIL
17 Juni 2013
240
250
0.0417
41 ACST
24 Juni 2013
2500
2825
0.1300
42 SMBR
28 Juni 2013
560
570
0.0179
43 MLPT
08 Juli 2013
480
720
0.5000
44 SILO
12 September 2013
9000
9650
0.0722
45 KRAH
08 November 2013
275
410
0.4909
46 SSMS
12 Desember 2013
670
720
0.0746
Lampiran 3
Daftar Total Aset, Total Kewajiban, Ekuitas dan Laba Setelah Pajak
Perusahaan yang Mengalami
Underpricing
pada saat
Initial Public Offering
(IPO)
No. Kode
1 PTPP 09-02-2010 5,444,073,899,824 4,182,231,019,126 1 261842880698 201,647,908,789
2 ROTI 28-06-2010 568,265,341,826 112,812,910,988 455,452,430,838 99,775,124,375
3 GOLD 07-07-2010 70,005,131,296 12,491,776,314 57,513,354,982 6,025,726,192
4 GREN 09-07-2010 553,949,522,077 88,953,491,667 464,471,030,410 2,463,369,671
5 BUVA 12-07-2010 882,189,671,288 421,834,388,438 458,661,388,907 40,868,629,589
6 BRAU 19-08-2010 16,645,499,000,000 12,966,294,000,000 3,196,414,000,000 794,075,000,000
7 HRUM 06-10-2010 3,470,174,000,000 925,284,000,000 2,298,506,000,000 981,206,000,000
8 ICBP 07-10-2010 13,361,313,000,000 3,999,132,000,000 8,919,546,000,000 1,852,229,000,000
9 TBIG 26-10-2010 5,176,442,000,000 2,857,915,000,000 2,144,324,000,000 339,378,000,000
10 APLN 11-11-2010 7,564,619,668,057 3,429,716,170,244 3,851,144,340,343 282,582,512,881
11 BORN 11-11-2010 8,523,960,000,000 1,946,199,000,000 6,577,749,000,000 348,859,000,000
12 WINS 29-11-2010 2,082,542,280,000 987,427,921,000 1,053,410,579,000 133,948,651,000
13 MIDI 30-11-2010 1,114,803,473,543 738,782,925,914 376,020,547,629 10,203,447,477
14 BRMS 09-12-2010 20,096,121,017,000 2,943,462,225,000 16,720,092,070,000 1,123,110,074,000
15 SRAJ 11-04-2011 864,069,041,042 214,645,827,338 649,423,213,704 4,706,292,206
16 BULL 23-05-2011 2,148,518,426 921,106,134 1,227,412,292 940,811,328
17 SIMP 09-06-2011 25,510,399,000,000 10,339,209,000,000 15,171,190,000,000 2,251,296,000,000
18 ALDO 12-07-2011 164,522,710,978 82,739,679,642 81,783,031,336 9,242,599,523
19 PTIS 12-07-2011 602,670,550,000 178,398,660,000 424,271,890,000 33,547,200,000
20 SDMU 12-07-2011 197,859,899,299 23,840,017,307 174,019,881,992 5,968,557,541
21 SUPR 11-10-2011 2,844,557,829,091 1,943,590,021,938 900,967,807,153 134,320,097,145
22 GEMS 17-11-2011 3,320,301,908,407 480,032,031,563 2,840,269,876,844 301,659,878,383
23 VIVA 21-11-2011 2,417,560,679,000 822,276,373,000 1,595,284,306,000 26,306,477,000
24 ABMM 06-12-2011 9,883,180,000,000 6,860,174,000,000 3,023,006,000,000 412,883,000,000
25 TELE 12-01-2012 1,358,617,000,000 250,871,000,000 1,107,746,000,000 203,624,000,000
26 ESSA 01-02-2012 809,490,940,000 291,900,900,000 517,590,040,000 52,118,370,000
27 BEST 10-04-2012 2,285,757,285,247 515,646,712,918 1,770,110,572,329 470,357,197,085
28 RANC 07-06-2012 570,082,177,769 210,774,601,747 359,307,576,022 36,459,746,538
29 TOBA 06-07-2012 2,615,265,000,000 1,505,821,930,000 1,109,443,070,000 119,326,820,000
30 MSKY 09-07-2012 4,939,425,000,000 2,678,517,000,000 2,260,908,000,000 81,849,000,000
31 ALTO 10-07-2012 324,619,954,340 135,698,070,544 188,921,883,796 16,167,317,065
32 GAMA 11-07-2012 1,233,713,600,734 206,411,466,948 1,027,302,133,786 6,824,491,481
33 IBST 31-08-2012 2,155,203,153,294 907,057,618,941 1,248,145,534,353 567,172,071,038
34 PALM 08-10-2012 3,287,234,441,000 2,395,494,790,000 891,739,651,000 170,885,509,000
Lanjutan
Daftar Total Aset, Total Kewajiban, Ekuitas dan Laba Setelah Pajak
Perusahaan yang Mengalami
Underpricing
pada saat
Initial Public Offering
(IPO)
No. Kode Emiten
Tanggal IPO
Total Aset (Rp)
Total Kewajiban (Rp)
Ekuitas (Rp)
Laba Setelah Pajak (Rp)
36 ASSA 12-11-2012 2,108,998,307,963 1,376,044,230,936 732,954,077,027 29,453,261,026
37 HOTL 10-01-2013 975,331,896,373 596,306,055,486 379,025,840,887 9,676,919,995
38 SAME 11-01-2013 377,654,879,974 244,644,203,877 133,010,676,097 46,648,727,962
39 DSNG 14-06-2013 5,921,055,000,000 4,242,510,000,000 1,678,545,000,000 215,696,000,000
40 SRIL 17-06-2013 5,590,981,794,609 3,271,382,382,624 2,319,599,411,985 329,168,211,600
41 ACST 24-06-2013 1,298,358,202,545 737,915,640,383 560,442,562,162 99,215,342,391
42 SMBR 28-06-2013 2,711,416,335,000 244,459,581,000 2,466,956,754,000 312,183,836,000
43 MLPT 08-07-2013 1,246,487,693,000 802,903,059,000 443,584,634,000 52,856,335,000
44 SILO 12-09-2013 2,600,774,537,159 961,782,758,180 1,638,991,778,979 50,192,486,904
45 KRAH 08-11-2013 329,229,682,963 174,290,096,531 154,939,586,432 31,763,813,704
46 SSMS 12-12-2013 3,701,917,491,000 1,385,647,206,000 2,316,270,285,000 631,669,026,000
Lampiran 4
Daftar
Underwriter
Perusahaan yang Mengalami
Underpricing
pada saat
Initial Public Offering
(IPO)
No. Kode
1 PTPP 09-02-2010 PT Mandiri Sekuritas, PT Danareksa Sekuritas &
PT DBS Vickers Securities Indonesia 10, 13, - 1
2 ROTI 28-06-2010 PT OSK Nusadana Securities Indonesia 5 1
3 GOLD 07-07-2010 PT Dinamika Usahajaya - 0
4 GREN 09-07-2010 PT Andalan Artha Advisindo Sekuritas 49 0
5 BUVA 12-07-2010 PT Danarekasa Sekuritas 13 0
6 BRAU 19-08-2010 PT Danatama Makmur & PT Recapital 24, - 0
7 HRUM 06-10-2010 PT Ciptadana Securities & PT Mandiri Sekuritas 4,10 1
8 ICBP 07-10-2010
PT Kim Eng Securities, PT Credit Suisse Securities Indonesia, PT Deutsche Securities Indonesia & PT Mandiri Sekuritas.
9, 15, 30, 10 1
9 TBIG 26-10-2010 PT UBS Securities Indonesia and PT Indo Premier
Securities 34, 2 0
10 APLN 11-11-2010 PT Indo Premier Securities & PT Mandiri Sekuritas 2, 10 1
11 BORN 11-11-2010 PT CIMB Securities Indonesia 3 1
12 WINS 29-11-2010 PT Bahana Securities, PT Ciptadana Securities and
PT CIMB Securities Indonesia 25, 4, 3 0
13 MIDI 30-11-2010 PT Indo Premier Securities 2 1
14 BRMS 09-12-2010 PT Danatama Makmur and PT Nomura Indonesia 24, 118 0
15 SRAJ 11-04-2011 PT Evergreen Capital 49 0
16 BULL 23-05-2011 PT Danatama Makmur 32 0
17 SIMP 09-06-2011 PT Kim Eng Securities, PT Deutsche Securities
Indonesia, and PT Mandiri Sekuritas 10, 26, 9 1
18 ALDO 12-07-2011 PT Erdikha Elit Sekuritas 37 0
19 PTIS 12-07-2011 PT Sinarmas Sekuritas 11 0
20 SDMU 12-07-2011 PT Makinta Securities - 0
21 SUPR 11-10-2011 PT Ciptadana Securities 5 1
22 GEMS 17-11-2011 PT Sinarmas Sekuritas 11 0
23 VIVA 21-11-2011 PT Ciptadana Securities & PT Danatama Makmur 5, 32 1
24 ABMM 06-12-2011 PT Mandiri Sekuritas & PT Macquire Capital
Securities Indonesia 9, - 1
25 TELE 12-01-2012 PT Sinarmas Sekuritas 3 1
26 ESSA 01-02-2012 PT Equator Securities - 0
27 BEST 10-04-2012 PT Ciptadana Securities 11 0
28 RANC 07-06-2012 PT Kresna Graha Sekurindo Tbk 27 0
29 TOBA 06-07-2012 PT Mandiri Sekuritas, PT Morgan Stanley Asia
Lanjutan
Daftar
Underwriter
Perusahaan yang Mengalami
Underpricing
pada saat
Initial Public Offering
(IPO)
No. Kode Emiten
Tanggal
IPO Underwriter
Peringkat
Underwriter Dummy
30 MSKY 09-07-2012 PT Danareksa Sekuritas and PT MNC Securities 16, 15 0
31 ALTO 10-07-2012 PT Valbury Asia Securities 22 0
32 GAMA 11-07-2012 PT Andalan Artha Advisindo Sekuritas 46 0
33 IBST 31-08-2012 PT OSK Nusadana Securities and PT Sinarmas
Sekuritas 11, 3 0
34 PALM 08-10-2012 PT Indo Premier Securities and PT DBS Vickers
Securities Indonesia 2, 66 1
35 NELY 11-10-2012 PT Lautandhana Securindo 14 0
36 ASSA 12-11-2012 PT Bahana Securities and PT Buana Capital 15, 47 0
37 HOTL 10-01-2013 PT Valbury Asia Securities 4 1
38 SAME 11-01-2013 PT Lautandhana Securindo 18 0
39 DSNG 14-06-2013 PT Ciptadana Securities & PT BCA Sekuritas 10, - 1
40 SRIL 17-06-2013 PT Bahana Securities 20 0
41 ACST 24-06-2013 PT Kim Eng Securities 12 0
42 SMBR 28-06-2013 PT Bahana Securities, PT Danareksa Sekuritas, &
PT Mandiri Sekuritas 20, 5, 3 0
43 MLPT 08-07-2013 PT Ciptadana Securities 10 1
44 SILO 12-09-2013 PT Ciptadana Securities 10 1
45 KRAH 08-11-2013 PT Andalan Artha Advisindo Sekuritas & PT
Investindo Nusantara Sekuritas 66, 46 0
46 SSMS 12-12-2013 PT BNP Paribas Securities Indonesia, PT Mandiri
Sekuritas, & PT RHB OSK Securities Indonesia -, 3, 7 0 47 SIDO 18-12-2013 PT Kresna Graha Sekurindo Tbk. & PT Mandiri
Lampiran 5
Daftar Ukuran Perusahaan,
Leverage
,dan
Return on Equity
(ROE)
Perusahaan yang Mengalami
Underpricing
pada saat
Initial Public Offering
(IPO)
No. Kode
Emiten Tanggal IPO Ukuran Perusahaan
Lanjutan
Daftar Ukuran Perusahaan,
Leverage
,dan
Return on Equity
(ROE)
Perusahaan yang Mengalami
Underpricing
pada saat
Initial Public Offering
(IPO)
No. Kode
Emiten Tanggal IPO Ukuran Perusahaan
LN Ukuran
Perusahaan Leverage
Lampiran 6
Data Hasil Pengolahan SPSS
1.
Analisis Statistik Deskriptif
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Underpricing 47 .01 .82 .2248 .21538
LNukuranperusahaan 47 24.27 30.68 27.8804 1.31093
Underwriter 47 0 1 .38 .491
Leverage 47 .09 .78 .4185 .20317
ROE 47 .01 .77 .1493 .13648
Valid N (listwise) 47
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 47
Normal Parametersa,b Mean .0000000
Std. Deviation .91777510
Most Extreme Differences Absolute .084
Positive .058
Negative -.084
Test Statistic .084
Asymp. Sig. (2-tailed) .200c,d
a. Test distribution is Normal.
b. Calculated from data.
c. Lilliefors Significance Correction.
b.
Uji Heterokedastisitas
Coefficientsa
Model
Unstandardized Coefficients Standardized
Coefficients t Sig.
B Std. Error Beta
1 (Constant) -1.309 2.109 -.621 .538
LNukuranperusahaan .064 .074 .143 .855 .397
Underwriter .033 .201 .028 .166 .869
LNleverage -.067 .162 -.067 -.414 .681
LNroe -.067 .086 -.122 -.774 .443
c.
Uji Multikolinearitas
Coefficientsa
Model
Unstandardized
Coefficients
Standardized
Coefficients t Sig.
Collinearity
Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) 5.945 3.375 1.761 .085
LNukuranperusahaan -.300 .119 -.360 -2.516 .016 .823 1.215
Underwriter -.376 .321 -.170 -1.172 .248 .805 1.242
LNleverage .016 .260 .009 .063 .950 .868 1.152
LNroe -.248 .138 -.243 -1.796 .080 .920 1.087
a. Dependent Variable: LNunderpricing
d.
Uji Autokolerasi
Model Summaryb
Model R R Square Adjusted R
Square
Std. Error of the
Estimate Durbin-Watson
1 .525a .276 .205 .98120 2.258
a. Predictors: (Constant), Lag_LNroe, Lag_LNukuranperusahaan, Underwriter, Lag_LNleverage
b. Dependent Variable: Lag_LNunderpricing
3.
Pengujian Hipotesis
a.
Uji Signifikansi Simultan (Uji-F)
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 15.914 4 3.979 4.313 .005b
Residual 38.746 42 .923
Total 54.661 46
a. Dependent Variable: LNunderpricing
b.
Uji Parsial (Uji-t)
Coefficientsa
Model
Unstandardized
Coefficients
Standardized
Coefficients t Sig.
B Std. Error Beta
1 (Constant) 5.945 3.375 1.761 .085
LNukuranperusahaan -.300 .119 -.360 -2.516 .016
Underwriter -.376 .321 -.170 -1.172 .248
LNleverage .016 .260 .009 .063 .950
LNroe -.248 .138 -.243 -1.796 .080
