81
LAMPIRAN 1
Tingkat Underpricing Perusahaan Sampel
Pada Tahun 2010-2014
A.
Perusahaan Non-Keuangan
No Tahun
IPO Kode
Nama Perusahaan
Harga IPO
Harga Penutupan hari I pasar sekunder
Tingkat
Underpricing
(%)
1. 2010 PTPP PP (Persero)
Tbk 560 580 3,57
2. 2010 ROTI Nippon Indosari
Corpindo Tbk 1275 1490 16,86
3. 2010 SKYB Skybee
Tbk 375 560 49,33
4. 2010 GOLD Golden Retailindo
Tbk 350 520 48,57
5. 2010 IPOL Indopoly
Swakarsa Industry Tbk
210 235 11,90
6. 2010 GREN Evergreen
Invesco Tbk 105 178 69,52
7. 2010 BUVA PT Bukit Uluwatu
Villa Tbk 260 310 19,23
8. 2010 BRAU Berau Coal
Energy Tbk 400 445 11,25
9. 2010 HRUM Harum Energy
Tbk 5200 5450 4,80
10. 2010 ICBP Indofood CBP
Sukses Makmur Tbk
5395 5950 10,28
11. 2010 TBIG PT Tower
Bersama
Infrastruktur Tbk
2025 2400 18,51
12. 2010 KRAS Krakatau Steel
(Persero) Tbk 850 1270 49,41
13. 2010 APLN Agung Podomoro
Land Tbk 365 410 12,32
14. 2010 BORN Borneo Lumbung
Energi & Metal Tbk
1170 1280 9,40
15. 2010 MIDI Midi Utama
Indonesia Tbk 275 410 49,09
16. 2010 BRMS Bumi Resources
Minerals Tbk 635 660 3,93
17. 2010 MFMI Multifiling Mitra
Indonesia Tbk
200 320 60
18. 2011 MBSS Mitrabahtera
Segara Sejati Tbk 1600 1700 6,25
19. 2011 SRAJ Sejahteraraya
82
No Tahun IPO
Kode Nama
Perusahaan
Harga IPO
Harga Penutupan hari I pasar sekunder
Tingkat
Underpricing
(%)
20. 2011 BULL Buana Listya
Tama Tbk 155 160 3,22
21. 2011 SIMP Salim Ivomas
Pratama Tbk 1100 1250 13,63
22. 2011 ALDO Alkindo Naratama
Tbk 225 250 11,11
23. 2011 SDMU Sidomulyo
Selaras Tbk 225 240 6,66
24. 2011 PTIS Indo Straits Tbk 950 1000 5,26
25. 2011 SUPR Solusi Tunas
Pratama Tbk 3400 3700 8,82
26. 2011 GEMS Golden Energy
Mines Tbk 2500 2725 9
27. 2011 VIVA PT Visi Media
Asia Tbk 300 450 50
28. 2011 BAJA Saranacentral
Bajatama Tbk
250 310 24
29. 2012 TELE Tiphone Mobile
Indonesia Tbk
310 325 4,83
30. 2012 ESSA Surya Esa Perkasa
Tbk 610 1190 95
31. 2012 BEST Bekasi Fajar
Industrial Estate Tbk
170 285 67,64
32. 2012 RANC Supra Boga
Lestari Tbk 500 670 34
33. 2012 KOBX Kobexindo
Tractors Tbk 400 520 30
34. 2012 MSKY MNC Sky Vision
Tbk 1520 1540 1,31
35. 2012 ALTO Tri Banyan Tirta
Tbk 210 315 50
36. 2012 IBST Inti Bangun
Sejahtera Tbk 105 500 376,1
37. 2012 PALM Provident Agro
Tbk 450 470 4,44
38. 2012 NELY Pelayaran
Nelly Dwi Putri Tbk
168 205 22
39. 2012 TAXI Express
Transindo Utama Tbk
560 630 12,5
40. 2012 ASSA Adi Sarana
Armada Tbk 390 490 25,64
41. 2012 WIIM Wismilak Inti
Makmur Tbk 650 800 23,07
42. 2012 WSKT Waskita Karya
83
No Tahun IPO
Kode Nama
Perusahaan Harga IPO
Harga Penutupan hari I pasar sekunder
Tingkat
Underpricing
(%)
43. 2013 HOTL Saraswati Griya
Lestari Tbk 185 200 8,10
44. 2013 SAME Sarana Meditama
Metropolitan Tbk 400 455 13,75
45. 2013 TPMA Trans Power
Marine Tbk 230 365 58,69
46. 2013 DYAN PT Dyandra
Media
International Tbk.
350 385 10
47. 2013 DSNG PT Dharma Satya
Nusantara Tbk. 375 430 14,66
48. 2013 SRIL PT Sri Rejeki
Isman Tbk 1850 1870 1,08
49. 2013 ACST PT Acset
Indonusa Tbk. 2500 2825 13
50. 2013 NRCA PT Nusa Raya
Cipta Tbk. 850 1270 49,41
51. 2013 SMBR PT Semen
Baturaja (Persero) Tbk
560 570 1,78
52. 2013 MLPT PT Multipolar
Technology Tbk. 480 720 50
53. 2013 SILO PT Siloam
International Hospitals Tbk.
9000 9650 7,2
54. 2013 APII PT Arita Prima
Indonesia Tbk. 220 330 45,45
55. 2013 KRAH PT Grand Kartech
Tbk 275 410 49,09
56. 2013 IMJS PT Indomobil
Multi Jasa Tbk. 500 540 8
57. 2013 SSMS PT Sawit
Sumbermas Sarana Tbk.
670 720 7,46
58. 2013 SIDO PT Industri Jamu
dan Farmasi Sido Muncul Tbk
580 700 20,68
59. 2014 BALI PT Bali
Towerindo Sentra Tbk
400 600 50%
60. 2014 BLTZ PT Graha Layar
Prima Tbk. 3000 3400 13.33%
61. 2014 DAJK PT Dwi Aneka
Jaya Kemasindo Tbk.
470 530 12.76%
62. 2014 IMPC PT Impack
Pratama Industri Tbk
84
B.
Perusahaan Keuangan
No TahunIPO
Kode Nama
Perusahaan
Harga IPO
Harga Penutupan hari I pasar sekunder
Tingkat
Underpricing
(%)
63. 2010 BJBR Bank Pembangunan
Daerah Jawa Barat dan Banten Tbk
600 900 50
64. 2010 BSIM Bank Sinarmas
Tbk 150 255 70
65. 2011 HDFA HD Finance
Tbk 200 230 15
66. 2011 TIFA Tifa Finance
Tbk 200 310 55
67. 2011 ABMM ABM Investama
Tbk 3750 3825 2
68. 2012 PADI Minna Padi
Investama Tbk
395 550 39,24
69. 2013 NOBU PT Bank
Nationalnobu Tbk 375 430 14,66
70. 2013 VICO PT Victoria
Investama Tbk. 125 210 68
71. 2013 BBMD PT Bank Mestika
Dharma Tbk 1380 1560 13,04
72. 2013 NAGA PT Bank
Mitraniaga Tbk. 180 305 69,44
73. 2014 ASMI PT Asuransi Mitra
Maparya Tbk 270 405 50%
74. 2014 BINA PT Bank Ina
Perdana Tbk 100 270 17%
75. 2014 AGRS PT Bank Agris
Tbk 165 187 13.33%
76. 2014 IBFN PT Intan Baruprana
85
LAMPIRAN 2
Data Variabel Jumlah Saham yang Ditawarkan,
Total Asset, Kapitalisasi Pasar dan ROA Perusahaan Sampel
No
EMITEN
LN OFFER
LN
SIZE
LN
M.Cap
ROA
1.
PTPP
20.76
29.04
27.12
3.95 %
2.
ROTI
18.83
26.57
26.14
16,46%
3.
SKYB
19.27
23.82
25.6
15.14%
4.
GOLD
18.26
24.27
24.52
14.54%
5.
BJBR
21.60
17.29
28.41
2.18%
6.
IPOL
21.55
14.34
27.01
5.52 %
7.
GREN
21.41
26.44
26.59
16.48%
8.
BUVA
20.56
27.03
26.30
0.83%
9.
BRAU
21.94
16.44
23.60
6.15 %
10.
HRUM
20.12
14.64
23.91
33.53%
11.
ICBP
20.87
16.14
29.56
2.08%
12.
TBIG
20.12
14.43
23.15
12.92
13.
KRAS
21.87
16.36
23.66
3.86 %
14.
APLN
22.53
29.11
22.78
7.96 %
15.
BORN
22.21
15.28
23.88
2.29 %
16.
MIDI
19.88
26.93
20.82
0.66%
17.
BRMS
21.91
23.44
24.86
0.013%
18.
BSIM
21.19
15.89
26.73
0.60%
19.
MFMI
19.36
24.99
25.13
11.75%
20.
MBSS
18.98
27.94
21.14
14.05%
21.
SRAJ
20.43
27.31
21.53
0.82%
22.
HDFA
21.15
20.45
26.59
1.64%
23.
BULL
22.61
21.76
21.29
0.23%
24.
SIMP
21.87
16.86
23.62
6.62%
25.
TIFA
19.44
20.42
25.17
3.80%
26.
ALDO
16.52
25.62
24.34
3.85%
27.
SDMU
19.28
25.68
24.76
6.22%
28.
PTIS
18.42
17.83
26.96
7.82%
29.
SUPR
18.42
28.21
21.65
0.02%
30.
GEMS
20.59
27.74
23.49
3.03%
31.
VIVA
21.23
21.46
22.80
0.17%
32.
ABMM
20.12
15.40
28.37
2.60%
33.
BAJA
19.80
26.98
25.54
0.98 %
34.
PADI
19.51
26.22
25.82
5.98%
35.
TELE
21.02
13.98
26.80
12.3%
36.
ESSA
19.33
18.11
26.41
18.60%
37.
BEST
21.29
27.80
26.94
10.07%
86
No
EMITEN
LN OFFER
LN
SIZE
LN
M.Cap
ROA
39.
KOBX
19.42
18.64
25.67
8.27%
40.
MSKY
21.06
15.05
28.40
1.89%
41.
ALTO
19.51
26.08
25.27
1.52%
42.
IBST
18.85
28.09
25.06
5.15%
43.
PALM
20.30
21.75
26.45
24.63%
44.
NELY
19.67
26.44
24.99
18.94%
45.
TAXI
20.77
20.72
27.21
6.02%
46.
ASSA
21.03
27.98
27.22
0.69%
47.
WIIM
20.26
27.33
26.94
17.47%
48.
WSKT
21.84
29.26
27.94
3.37%
49.
HOTL
20.12
27.46
25.42
2.03%
50.
SAME
19.00
26.39
25.12
8%
51.
TPMA
19.79
18.18
25.69
10.63
52.
DYAN
22.17
27.98
28.12
4.57%
53.
NOBU
22.13
14.01
28.19
0.22%
54.
DSNG
21.47
15.45
29.7
4.90%
55.
SRIL
23.64
29.03
31.17
5.35%
56.
ACST
20.03
27.34
27.97
69.2%
57.
NRCA
21.63
27.45
28.77
10.98%
58.
SMBR
23.00
20.90
29.35
24.90%
59.
MLPT
21.35
20.72
27.93
2.83%
60.
VICO
22.71
27.37
28.06
12.51%
61.
BBMD
22.12
29.62
29.47
3.67%
62.
NAGA
21.20
27.67
26.92
0.36%
63.
SILO
20.86
28.09
26.59
3.27%
64.
APII
20.79
25.90
26.59
10.98%
65.
KRAH
20.69
26.15
26.71
6.40%
66.
IMJS
22.18
29.36
28.47
2.05%
67.
SSMS
22.97
21.47
29.55
26.57%
68.
SIDO
23.43
14.58
29.98
18,01%
69.
ASMI
21.05
26.68
32.68
0.023 %
70.
BINA
21.45
27.96
33.56
0.05%
71.
BALI
20.21
27.21
33.61
0.13%
72.
BLTZ
19.63
27.17
35.31
-8.01%
73.
DAJK
21.63
20.84
27.11
6,02%
74.
IMPC
19.99
28.12
36.77
8.11 %
75.
AGRS
22.15
28.55
33.78
5.03%
87
LAMPIRAN 3
Statistik Deskriptif Sebelum Transformasi
Descriptive StatisticsN Minimum Maximum Mean Std. Deviation
UDP 76 1.08 376.10 31.0966 46.07664
OFFER 76 16.52 23.64 20.7339 1.34208
SIZE 76 13.98 29.62 23.4264 5.11290
M.CAP 76 20.82 36.77 26.8849 3.25646
ROA 76 -8.01 69.20 7.7351 10.24842
Valid N (listwise) 76
Statistik Deskriptif Sesudah Transformasi
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
LnUDP 76 .08 4.30 2.8158 1.04713
OFFER 76 16.52 23.64 20.7339 1.34208
LnSIZE 76 .04 4.15 2.7058 .73672
M.CAP 76 20.82 36.77 26.8849 3.25646
LnROA 76 -4.61 4.24 1.0106 1.97561
88
LAMPIRAN 4
Hasil Uji Normalitas Sebelum Transformasi
One-Sample Kolmogorov-Smirnov TestUDP OFFER SIZE M.CAP ROA
N 76 76 76 76 76
Normal Parametersa,b Mean 31.0966 20.7339 23.4264 26.8849 7.7351
Std. Deviation 46.07664 1.34208 5.11290 3.25646 10.24842
Most Extreme Differences
Absolute .257 .058 .219 .117 .212
Positive .196 .045 .113 .117 .190
Negative -.257 -.058 -.219 -.059 -.212
Kolmogorov-Smirnov Z 2.244 .506 1.906 1.019 1.851
Asymp. Sig. (2-tailed) .000 .960 .001 .250 .002
Hasil Uji Normalitas Sesudah Transformasi
One-Sample Kolmogorov-Smirnov TestLnUDP OFFER LnSIZE M.CAP LnROA
N 76 76 76 76 76
Normal Parametersa,b Mean 2.8158 20.7339 2.7058 26.8849 1.0106
Std. Deviation 1.04713 1.34208 .73672 3.25646 1.97561
Most Extreme Differences
Absolute .122 .058 .130 .117 .141
Positive .078 .045 .130 .117 .090
Negative -.122 -.058 -.121 -.059 -.141
Kolmogorov-Smirnov Z 1.066 .506 1.135 1.019 1.230
Asymp. Sig. (2-tailed) .206 .960 .152 .250 .097
a. Test distribution is Normal.
b. Calculated from data.
One-Sample Kolmogorov-Smirnov Test
ABS_RES
N 76
Normal
Parametersa,b
Mean .7577
Std. Deviation .56826
Most Extreme
Differences
Absolute .127
Positive .127
Negative -.106
Kolmogorov-Smirnov Z 1.108
Asymp. Sig. (2-tailed) .171
89
LAMPIRAN 5
Hasil Uji Heteroskedastisitas
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression 14.388 4 3.597 3.764 .008b
Residual 67.848 71 .956
Total 82.236 75
a. Dependent Variable: LnUDP
b. Predictors: (Constant), LnROA, LnSIZE, OFFER, M.CAP
Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) 3.797 2.046 1.856 .068
OFFER -.124 .089 -.159 -1.391 .168
LnSIZE .508 .158 .357 3.204 .002
M.CAP .006 .037 .018 .157 .876
LnROA .062 .061 .116 1.016 .313
a. Dependent Variable: LnUDP
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value 1.3309 3.6179 2.8158 .43799 76
Residual -2.72649 2.08819 .00000 .95113 76
Std. Predicted Value -3.390 1.831 .000 1.000 76
Std. Residual -2.789 2.136 .000 .973 76
90
LAMPIRAN 6
Hasil Uji Autokorelasi
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression 14.388 4 3.597 3.764 .008b
Residual 67.848 71 .956
Total 82.236 75
a. Dependent Variable: LnUDP
b. Predictors: (Constant), LnROA, LnSIZE, OFFER, M.CAP
Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) 3.797 2.046 1.856 .068
OFFER -.124 .089 -.159 -1.391 .168
LnSIZE .508 .158 .357 3.204 .002
M.CAP .006 .037 .018 .157 .876
LnROA .062 .061 .116 1.016 .313
a. Dependent Variable: LnUDP
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value 1.3309 3.6179 2.8158 .43799 76
Residual -2.72649 2.08819 .00000 .95113 76
Std. Predicted Value -3.390 1.831 .000 1.000 76
Std. Residual -2.789 2.136 .000 .973 76
91
LAMPIRAN 7
Hasil Uji Multikolinearitas
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression 14.388 4 3.597 3.764 .008b
Residual 67.848 71 .956
Total 82.236 75
a. Dependent Variable: LnUDP
b. Predictors: (Constant), LnROA, LnSIZE, OFFER, M.CAP
Coefficientsa
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig. Collinearity
Statistics
B Std. Error Beta Tolerance VIF
1
(Constant) 3.797 2.046 1.856 .068
OFFER -.124 .089 -.159 -1.391 .168 .888 1.126
LnSIZE .508 .158 .357 3.204 .002 .935 1.070
M.CAP .006 .037 .018 .157 .876 .861 1.161
LnROA .062 .061 .116 1.016 .313 .889 1.125
a. Dependent Variable: LnUDP
Collinearity Diagnosticsa
Model Dimension Eigenvalue Condition
Index
Variance Proportions
Constant OFFER LnSIZE M.CAP LnROA
1
1 4.172 1.000 .00 .00 .00 .00 .01
2 .762 2.340 .00 .00 .00 .00 .86
3 .057 8.573 .00 .01 .83 .03 .01
4 .008 23.221 .06 .11 .06 .96 .06
5 .002 48.175 .94 .88 .10 .01 .06
92
LAMPIRAN 8
Hasil Uji Regresi Berganda
Variables Entered/Removeda
Model Variables Entered Variables Removed Method
1 LnROA, LnSIZE,
OFFER, M.CAPb . Enter
a. Dependent Variable: LnUDP
b. All requested variables entered.
Model Summaryb
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .418a .175 .128 .97755
a. Predictors: (Constant), LnROA, LnSIZE, OFFER, M.CAP
b. Dependent Variable: LnUDP
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression 14.388 4 3.597 3.764 .008b
Residual 67.848 71 .956
Total 82.236 75
a. Dependent Variable: LnUDP
b. Predictors: (Constant), LnROA, LnSIZE, OFFER, M.CAP
Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) 3.797 2.046 1.856 .068
OFFER -.124 .089 -.159 -1.391 .168
LnSIZE .508 .158 .357 3.204 .002
M.CAP .006 .037 .018 .157 .876
LnROA .062 .061 .116 1.016 .313
a. Dependent Variable: LnUDP
