MULYATRI, EGIT (2025) ANALISIS VARIABEL-VARIABEL YANG MEMPENGARUHI UNDERPRICING SAHAM PERDANA DENGAN REPUTASI UNDERWRITER SEBAGAI VARIABEL MODERASI DI BURSA EFEK INDONESIA TAHUN 2023. S1 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This study aims to analyze the influence of profitability (ROE), leverage (DER), and firm size on IPO underpricing, with underwriter reputation as a moderating variable, for companies conducting IPOs on the Indonesia Stock Exchange (IDX) in 2023. Data were collected from 49 companies selected using the purposive sampling method, and analysis was conducted using multiple linear regression with E-views version 12 software. The results show that profitability (ROE) and leverage (DER) have a positive influence on underpricing, while firm size has no significant effect. Underwriter reputation strengthens the influence of profitability on underpricing but does not moderate the effects of leverage and firm size. These findings support agency theory, which explains how information asymmetry and conflicts of interest between management and investors affect underpricing, as well as signaling theory, where profitability and underwriter reputation provide positive signals to investors, while high leverage is perceived as a risk signal. This research provides implications for companies, investors, and regulators in understanding the factors influencing IPO underpricing. Keywords: Profitability, Leverage, Firm Size, Underpricing, Underwriter Reputation, IPO. Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas (ROE), leverage (DER), dan ukuran perusahaan terhadap underpricing saham perdana, dengan reputasi underwriter sebagai variabel moderasi pada perusahaan yang melakukan IPO di Bursa Efek Indonesia (BEI) tahun 2023. Data diambil dari 49 perusahaan yang dipilih menggunakan metode purposive sampling, dan analisis dilakukan dengan regresi linier berganda menggunakan software E-views versi 12. Hasil penelitian menunjukkan bahwa profitabilitas (ROE) dan leverage (DER) berpengaruh positif terhadap underpricing, sedangkan ukuran perusahaan tidak berpengaruh signifikan. Reputasi underwriter terbukti memperkuat pengaruh profitabilitas terhadap underpricing, tetapi tidak memoderasi pengaruh leverage dan ukuran perusahaan. Temuan ini mendukung teori agensi (agency theory), di mana asimetri informasi dan konflik kepentingan antara manajemen dan investor memengaruhi underpricing, serta teori sinyal (signaling theory), di mana profitabilitas dan reputasi underwriter memberikan sinyal positif kepada investor, sementara leverage tinggi dianggap sebagai sinyal risiko. Penelitian ini memberikan implikasi bagi perusahaan, investor, dan regulator dalam memahami faktor-faktor yang memengaruhi underpricing saham perdana. Kata Kunci: Profitabilitas, ROE, Leverage, DER, Ukuran Perusahaan, Underpricing, Reputasi Underwriter, IPO.
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