2 ABSTRAK
PENGARUH VARIABEL KEUANGAN DAN NON KEUANGAN TERHADAP UNDERPRICING PADA AHAM PERUSAHAAN
YANG MELAKUKAN INITIAL PUBLIC OFFERING
DI BURSA EFEK INDONESIA PERIODE 2009-2014
Penelitian ini bertujuan untuk menguji pengaruh variabel-variabel Return on Equity (ROE), Debt to Equity Ratio (DER), Earning per Share (EPS), Ukuran Perusahaan, Umur Perusahaan, Reputasi Underwriter secara bersama-sama maupun secara individu terhadap underpricing pada perusahaan yang terdaftar di Bursa Efek Indonesia. Jenis penelitian ini adalah asosiatif dan jenis data yang digunakan adalah data kuantitatif. Data yang digunakan diperoleh dari hasil publikasi pada Bursa Efek Indonesia mengenai data perusahaan yang telah diaudit selama periode penelitian. Metode pengumpulan data dilakukan dengan studi pustaka. Metode analisis yang digunakan adalah analisis deskriptif dan regresi linear berganda. Populasi dari penelitian ini adalah perusahaan di Bursa Efek Indonesia yang melakukan Initial Public Offering (IPO) pada periode 2009-2014, yang berjumlah 142 perusahaan. Sampel dalam penelitian ini berjumlah 72 perusahaan, penarikan sampel menggunakan metode purposive sampling. Hasil penelitian ini menunjukkan bahwa secara simultan variabel Return on Equity
(ROE), Debt to Equity Ratio (DER), Earning per Share (EPS), Ukuran Perusahaan, Umur Perusahaan, Reputasi Underwriter secara bersama-sama berpengaruh signifikan terhadap underpricing. Secara parsial, Reputasi
underwriter berpengaruh negatif dan signifikan terhadap underpricing, Return on Equity (ROE), Earning per Share (EPS), Ukuran Perusahaan, Umur Perusahaan berpengaruh negatif dan tidak signifikan terhadap underpricing, sedangkan Debt to Equity Ratio (DER) berpengaruh positif dan tidak signifikan terhadap
underpricing pada perusahaan yang melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia periode 2009-2014.
Kata Kunci: Underpricing, Return on Equity (ROE), Debt to Equity Ratio
(DER), Earning per Share (EPS), Ukuran Perusahaan, Umur Perusahaan, Reputasi Underwriter.
3 ABSTRACT
THE EFFECTS OF FINANCIAL AND NON FINANCIAL VARIABLES ON UNDERPRICING OF COMPANY STOCK
DOING INITIAL PUBLIC OFFERING IN INDONESIA STOCKS EXCHANGE
PERIOD 2009-2014
The research aims to test the influence of variables Return on Equity
(ROE), Debt to Equity Ratio (DER), Earning per Share (EPS), Size, Age,
Underwriter collectively and individually towards underpricing at companis listed on the Indonesia Stock Exchange. This research is associative research and the type of data is quantitative. Those are obtained from data published by Indonesia Stock Exchange which has audited for research periode. Method of data collection used study literature. The analysis method used is descriptive statistics and multiple linear regression. The population of this research is company in Indonesia Stock Exchange that do an Initial Public Offering (IPO) in the periode 2009-2014, which amounts to 142 companies. The sample of the research are 72 companies, which was done by using purposive sampling method. The result of this research show that simultaneously, Return on Equity (ROE), Debt to Equity Ratio (DER), Earning per Share (EPS), Size, Age, Underwriter are joinly contributing significanly to the underpricing. Partially, the underwriter has a significant negative to underpricing, Return on Equity (ROE), Earning per Share (EPS), Size, Age have a not significant and negative effect to underpricing, while Debt to Equity Ratio (DER) has a not sinificant and positive affect to the underpricing at company in Indonesia Stock Exchange that do an Initial Public Offering (IPO) in the periode 2009-2014.
Keyword: Underpricing, Return on Equity (ROE), Debt to Equity Ratio (DER),
Earning per Share (EPS), Size, Age, Underwriter.
