SUDWINEGARA, MUHAMMAD (2019) PENGARUH REPUTASI UNDERWRITER, EARNING PER SHARE (EPS), DEBT TO EQUITY RATIO (DER), FAKTOR RISIKO, DAN UMUR PERUSAHAAN TERHADAP TINGKAT UNDERPRICING PADA PERUSAHAAN YANG MELAKUKAN PENAWARAN SAHAM PERDANA YANG MASUK INDEKS SAHAM SYARIAH INDONESIA. S1 thesis, Universitas Mercu Buana Jakarta.
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Abstract
Underpricing is a phenomenon that often occurs in the stock price when the company will conduct the IPO (Initial Public Offerings). This study aimed to get empirical evidence about the influence of underwriter reputation, Earning Per Share (EPS), Debt to Equity Ratio (DER), risk factor and firm age toward underpricing on companies listed on the Indonesia Sharia Stock Inde (ISSI). These factors in the trusted to influence underpricing. The population used in this study are the companies that perform Initial Public Offering (IPO) on the Indonesia Stock Exchange and listed on the Indonesia Sharia Stock Index (ISSI) from 2011 until 2016. Sample is collected by using purposive sampling, resulting in 50 companies as sample. This research use multiple regression model to test relation between independent variables and dependent variable. The result of research shows that underwriter reputation has no effect on underpricing, Earning Per Share (EPS) has no effect on underpricing, Debt to Equity Ratio (DER) has negative effect on underpricing, risk factor has positive effect on underpricing and firm age has no effect on underpricing. Keywords: Underpricing, Underwriter Reputation, Earning Per Share, Debt to Equity Ratio, Risk Factor, Firm Age Underpricing adalah fenomena yang sering terjadi pada harga saham ketika perusahaan akan melakukan IPO (Initial Public Offerings). Penelitian ini bertujuan untuk memperoleh bukti empiris tentang pengaruh reputasi underwriter, Earning Per Share (EPS), Debt to Equity Ratio (DER), faktor risiko dan umur perusahaan terhadap underpricing pada perusahaan yang tercatat di Indeks Saham Syariah Indonesia (ISSI). Faktor-faktor keuangan tersebut dinilai dapat mempengaruhi terjadinya fenomea underpricing di perusahaan yang melakukan IPO. Populasi penelitian ini adalah perusahaan yang melakukan IPO di Bursa Efek Indonesia dan tercatat di Indeks Saham Syariah Indonesia (ISSI) tahun 2013- 2015. Pengambilan sampel yang dilakukan dengan menggunakan metode purposive sampling menghasilkan 50 perusahaan sebagai sampel penelitian. Penelitian ini menggunakan metode analisis regresi linier berganda. Penelitian ini menggunakan model regresi berganda untuk menguji hubungan antara variabel independen dengan variabel dependen. Hasil penelitian membuktikan bahwa reputasi underwriter tidak berpengaruh terhadap underpricing, Earning Per Share (EPS) tidak berpengaruh terhadap underpricing, Debt to Equity Ratio (DER) berpengaruh negatif terhadap underpricing, faktor risiko berpengaruh positif terhadap underpricing dan umur perusahaan tidak berpengaruh terhadap underpricing. Kata kunci : Underpricing, Reputasi Underwriter, Earning Per Share, Debt To Equity Ratio, Faktor Risiko, Umur Perusahaan.
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