ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING PADA PENAWARAN UMUM PERDANA (Studi Kasus Pada Perusahaan yang Go Public di Bursa Malaysia Tahun 2009 - April 2013)

Prasetyo, Hugo (2013) ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING PADA PENAWARAN UMUM PERDANA (Studi Kasus Pada Perusahaan yang Go Public di Bursa Malaysia Tahun 2009 - April 2013). S2 thesis, Universitas Mercu Buana Jakarta - Menteng.

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Abstract

Underpricing adalah suatu keadaan dimana harga saham pada saat penawaran perdana lebih rendah dibandingkan ketika diperdagangkan di pasar sekunder. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang secara signifikan mempengaruhi tingkat underpricing. Penelitian ini dilakukan di Bursa Malaysia, yakni pada emiten yang melakukan IPO pada tahun 2009 sampai dengan bulan April 2013. Variabel independen dalam penelitian ini adalah Debt to Equity Ratio, Return on Equity, Earning per Share, ukuran perusahaan, umur perusahaan, dan reputasi underwriter. Pengambilan sampel yang dilakukan dengan menggunakan metode purposive sampling, dari 90 emiten yang melakukan IPO terdapat 59 emiten yang mengalami underpricing sebagai sampel penelitian. Model regresi berganda digunakan untuk menguji hubungan antara variabel independen dengan variabel dependen. Hasil analisis regresi berganda menunjukkan bahwa variabel Earning per Share dan umur perusahaan berpengaruh secara signifikan negatif terhadap underpricing artinya semakin tinggi nilai EPS dan semakin lama umur perusahaan maka semakin rendah tingkat underpricingnya. Sedangkan variabel Debt to Equity Ratio, Return on Equity, ukuran perusahaan dan reputasi underwriter terbukti tidak memiliki pengaruh yang signifikan pada underpricing. Kata kunci: Faktor, Initial Return, Underpricing, Initial Public Offering, Bursa Malaysia. Underpricing is a condition in which the stock price at the time of the IPO is lower than when it traded in the secondary market. This study aims to analyze the factors that significantly affect the level of underpricing. The research was conducted in Bursa Malaysia, where the company doing an IPO in 2009 until April 2013. The independent variable in this study is a Debt to Equity Ratio, Return on Equity, Earnings per Share, firm size, firm age and underwriter reputation. Sampling was conducted using purposive sampling method, from 90 issuer IPO there are 59 issuer that run into underpricing as the study sample. Multiple regression model was used to test the relationship between the dependent and independent variables. Results of multiple regression analysis showed that the variables Earning per Share and firm age significantly negatively affect underpricing means higher Earning per Share and the longer life of the company, the lower underpricing level. While the variable Debt to Equity Ratio, Return on Equity, firm size and underwriter reputation proved not have a significant effect on underpricing. Keywords: Factor, Initial Return, Underpricing, Initial Public Offering, Malaysian Bourse.

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