Perusahaan yang melakukan penawaran saham perdana atau yang lebih sering di sebut IPO di BEI akan mengalami suatu keadaan yaitu perusahaan mengalami underpricing atau perusahaan mengalami overpricing.Pada tahun 2010-2014 perusahaan yang melakukan IPO, 102 perusahaan mengalami underpricing dari 123 perusahaan.Underpricing adalah keadaan dimana harga saham perdana yang ditawarkan di pasar primer lebih rendah dibandingkan harga saham yang ditawarkan di pasar sekunder pada hari pertama. Atas dasar pemikiran tersebut penelitian ini bertujuan untuk mengetahui apakah variabel:reputasi underwriter, umur perusahaan, ukuran perusahaan, financial leverage, dan return on asset (ROA) berpengaruh terhadap tingkat underpricing pada perusahaan yang melakukan IPO di BEI antara tahun 2010-2014. Penelitian ini menggunakan data sekunder yang diperoleh dari situs BEI, ICMD dan prospektus perusahaan.Dengan metode purposive sampling, diperoleh sampel sebanyak 19 perusahaan sektor finance.Untuk memenuhi tujuan penelitian digunakan metode uji regresi linier berganda dengan menggunakan SPSS 21. Dari hasil penelitian diperoleh bahwa semua variabel independen yaitu reputasi underwriter, umur perusahaan, ukuran perusahaan, financial leverage, dan return on asset tidak berpengaruh terhadap tingkat Underpricing, sedangkan secara parsial variabel reputasi underwriter, umur perusahaan, ukuran perusahaan, financial leverage, dan return on asset tidak berpengaruh terhadap tingkat underpricing. Kata Kunci : Reputasi Underwriter, Umur Perusahaan, Ukuran Perusahaan, Financial Leverage, Return On Asset dan Underpricing


Deskripsi Lain

Companies that do the Initial Public Offering, which is often referred to as IPO, will go through a situation in which they will experience either underpricing or overpricing in the Stock Exchange (henceforth BEI). Among the companies which performing IPO in the range of 2010-2014, 102 out of 123 companies encounter underpricing. Underpricing is a situation in which the pricing of an initial public offering in the primary market is lower than the price of the shares offered in the secondary market on the first day. Base on this idea, this study aims to investigate whether these variables: underwriter reptation, companies’ age, companies’ scale, financial leverage, and Return on Asset (ROA) have an influence the value of underpricing towards the companies that perform IPO in BEI between the range of 2010-2014. This study uses secondary data obtained from BEI website, ICMD and the company's prospectus. By applying purposive sampling method, samples are obtained in total of 19 companies in finance sector. To meet the objectives of the study, multiple linear regression method is used by operating SPSS 21. The result shows that all independent variables: underwriter reputation, companies’ age, Companies scale, financial leverage, and return on assets do not affect the level of Underpricing. While partially, those variables do not have any effect on the value of underpricing as well. Keywords:. Underwriter Reputation, Companies’ Age, Companies’ Scale, Financial Leverage, Return On Asset (ROA), and Underpricing.

• Underpricing IPO: Studi Empiris Pada Perusahaan Sektor Finance Di Bursa Efek IndonesiaPadaTahun 2010-2014