ASTUTI, DIAH KIRANA (2021) DETERMINAN UNDERPRICING PADA PENAWARAN UMUM SAHAM PERDANA (IPO) DI BURSA EFEK INDONESIA PERIODE2015-2019. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This study aims to obtain empirical evidence about the influence of Underwriter's Reputation, Return On Assets, Company Age, Company Size, Debt to Equity Ratio on Underpricing. The independent variables used in this study are Underwriter's Reputation, Return On Assets, Company Age, Company Size, Debt to Equity Ratio. The dependent variable used in this study is Underpricing which is measured by initial return. This research was conducted on companies that made initial public offerings (IPO) from 2015-2019 on the Indonesia Stock Exchange. Sampling was carried out using purposive sampling method resulting in 114 companies as the research sample.The results of this study indicate that the coefficient of determination (R2) is 12% while the remaining 88% is explained by other factors outside the study. The results of this study indicate that: (1) Underwriter's reputation has a significant negative effect on underpricing. (2) Return on assets has no significant positive effect onunderpricing. (3) Company Age does not have a significant negative effect on Underpricing. (4) Company Size has no significant negative effect on Underpricing. (5) Debt to Equity Ratio has a significant positive effect on Underpricing. So an underwriter with a good reputation can reduce the level of underpricing and not result in loss of additional capital receipts for the company. And the higher the DER, the higher the level of underpricing. Because companies with high DER indicate a high risk of failure for the company and will influence public or investor interest in making investment decisions.Keywords: Underwriter Reputation, Return On Assets, Company Age, Company Size, Debt to Equity Ratio Penelitian ini bertujuan untuk memperoleh bukti empiris tentang pengaruh Reputasi Underwriter, Return On Asset, Umur Perusahaan, Company Size, Debt to Equity Ratioterhadap Underpricing. Variabel independen yang digunakan dalam penelitian ini adalah Reputasi Underwriter, Return On Asset, Umur Perusahaan, Company Size, Debt to Equity Ratio. Variabel dependen yang digunakan dalam penelitian ini adalah Underpricingyang di ukur dengan initial return. Penelitian ini dilakukan terhadap perusahaan-perusahaan yang melakukan penawaran saham perdana (IPO) dari tahun 2015-2019 di Bursa Efek Indonesia. Pengambilan sampel yang dilakukan dengan menggunakan metode purposive sampling menghasilkan 114 perusahaan sebagai sampel penelitian. Hasil dari penelitian ini menunjukan bahwa koefisien determinasi (R2)bernilai sebesar 12% sedangkan sisanya sebesar 88% dijelaskan oleh faktor lain diluar penelitian. Hasil penelitian ini menunjukkan bahwa : (1)Reputasi Underwriterberpengaruhnegatif signifikanterhadapUnderpricing. (2) Return On Assettidak berpengaruhpositif signifikanterhadapUnderpricing. (3) Umur Perusahaan tidak berpengaruh negatif signifikan terhadapUnderpricing. (4)Company Sizetidak berpengaruhnegatif signifikan terhadapUnderpricing. (5) Debt to Equity Ratioberpengaruh positif signifikan terhadapUnderpricing.Jadiunderwriteryang bereputasi baik dapat mengurangi tingkat underpricing dan tidak mengakibatkan kerugian penerimaan tambahan modal bagi perusahaan.Dan semakin tinggi DER semakin tinggi pula tingkat underpricing.Karena perusahaan dengan DER yg tinggi mengindikasikan risiko kegagalan yg tinggi bagi perusahaan dan akan mempengaruhi minat masyarakat atau investor dalam pengambil keputusan investasi.Kata kunci: Reputasi Underwriter, Return On Asset, Umur Perusahaan, Company Size, Debt to Equity Ratio
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