i ABSTRAK
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING SAHAM PADA PERUSAHAAN YANG MELAKUKAN
INITIAL PUBLIC OFFERING (IPO) DI BURSA EFEK INDONESIA
Tujuan dari penelitian ini adalah untuk mengetahui dan menganalisis pengaruh Return On Asset (ROA), Debt to Equity Ratio (DER), Ukuran Perusahaan, Reputasi Underwriter, dan Jenis Industri terhadap Underpricing saham pada perusahaan yang melakukan IPO di Bursa Efek Indonesia. Penelitian ini menggunakan sampel sebanyak 61 perusahaan yang melakukan IPO di Bursa Efek Indonesia selama periode bulan Januari 2012 sampai bulan Desember 2014 dengan beberapa kriteria tertentu. Pengumpulan data menggunakan metode studi dokumentasi. Data analisis dengan menggunakan metode analisis regresi linier berganda. Hasil penelitian menunjukkan bahwa secara serempak ROA, DER, Ukuran Perusahaan, Reputasi Underwriter, dan Jenis Industri berpengaruh signifikan terhadap Underpricing saham perusahaan yang melakukan IPO di Bursa Efek Indonesia. Secara parsial, ROA berpengaruh negatif dan tidak signifikan terhadap Underpricing, DER berpengaruh negatif dan tidak signifikan terhadap Underpricing, Ukuran Perusahaan berpengaruh negatif dan tidak signifikan terhadap Underpricing, Reputasi Underwriter berpengaruh negatif dan signifikan terhadap Underpricing, dan Jenis Industri berpengaruh negatif dan tidak signifikan terhadap Underpricing saham perusahaan yang melakukan IPO di Bursa Efek Indonesia.
Kata Kunci: Underpricing, Return On Asset (ROA), Debt to Equity Ratio (DER), Ukuran Perusahaan, Reputasi Underwriter, dan Jenis Industri.
ii ABSTRACT
ANALYSIS OF THE FACTORS THAT AFFECT SHARE UNDERPRICING ON COMPANY WHO LAUNCHED
AN INITIAL PUBLIC OFFERING (IPO) IN INDONESIA STOCK EXCHANGE
The purpose of this study was to find out and analyze the influence of Return On Asset (ROA), Debt to Equity Ratio (DER), Company Size, Underwriter Reputation, and Industrial Type toward share Underpricing on campany who launched an IPO in Indonesia Stock Exchange. This study is using sampling of 61 companies which are listed in Indonesia Stock Exchange during the period of January 2012 until December 2014 with some specific criteria. The data collection is using documentation study method. The data analysis is using multiple linear regression method. The result showed that ROA, DER, Company Size, Underwriter Reputation, and Industrial Type simultaneously significant effect on share Underpricing on campany who launched an IPO in Indonesia Stock Exchange. In partial test ROA has negative and no significant effect on Underpricing, DER has negative and no significant effect on Underpricing, Company Size has negative and no significant effect on Underpricing, Underwriter Reputation has negative and significant effect on Underpricing, and Industrial Type has negative and no significant effect on share Underpricing on campany who launched an IPO in Indonesia Stock Exchange.
Key Words: Underpricing, Return On Asset (ROA), Debt to Equity Ratio (DER), Company Size, Underwriter Reputation, and Industrial Type.
