Faktor-Faktor Yang Mempengaruhi Underpricing Pada Penawaran Saham Perdana Di Bursa Efek Indonesia Tahun 2011-2013

Aulya Hayati, Deannes Isynuwardhana

Abstract

ABSTRAK Dalam proses go public, sebelum diperdagangkan di pasar sekunder, saham terlebih dahulu dijual di pasar primer atau sering disebut pasar perdana. Penawaran saham secara perdana ke publik melalui pasar perdana ini dikenal dengan istilah initial public offering (IPO). Apabila harga saham pada pasar perdana (IPO) lebih rendah dibandingkan dengan harga saham pada pasar sekunder pada hari pertama, maka akan terjadi fenomena harga rendah di penawaran perdana, yang disebut underpricing. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi underpricing pada penawaran saham perdana di Bursa Efek Indonesia Tahun 2011-2013. Populasi pada penelitian ini adalah perusahaan yang melakukan penawaran umum perdana (IPO) di Bursa Efek Indonesia tahun 2011-2013 dengan sampel yang dipilih berdasarkan purposive sampling sebanyak 38 perusahaan. Data yang dikumpulkan merupakan data sekunder dengan teknik dokumentasi. Metode analisis yang digunakan yaitu model regresi linier berganda dengan menggunakan SPSS 20. Hasil penelilitian menunjukkan bahwa semua variabel independen, yaitu Debt to Equity Ratio, Return on Asset, Earning per Share, umur perusahaan, ukuran perusahaan dan prosentase penawaran saham tidak mempunyai pengaruh yang terhadap underpricing. Secara parsial menunjukkan bahwa Debt to Equity Ratio, Return on Asset, Earning per Share, umur perusahaan, ukuran perusahaan dan prosentase penawaran saham tidak berpengaruh terhadap underpricing. Kata Kunci : Debt to Equity Ratio, Return on Asset, Earning per Share, umur perusahaan, ukuran perusahaan prosentase penawaran saham dan underpricing. ABSTRACT In the process of go public, before trading in the secondary market, shares first sold in the primary market or is called initial market. The initial stock offering to the public through the primary market is known as an initial public offering (IPO). If the stock price on the primary market (IPO) is lower than the stock price on the secondary market at the first day, there will be a phenomenon of the low price in the IPO, which is called underpricing. This research aims to analyze the factors that affect underpricing on IPO at the Indonesia Stock Exchange In 2011-2013. The population in this research are the initial public offering company's in Indonesia Stock Exchange from 2011-2013 with a sample that selected based on purposive sampling as many as 38 companies. The data collected is a secondary data by technical documentation. The method of analysis used multiple linear regression model by SPSS 20.

The results showed that all the independent variables, Debt to Equity Ratio, Return on Assets, Earnings per Share, company age, company size and the percentage of public offering has no effect on underpricing. Partially shows that the Debt to Equity Ratio, Return on Assets, Earnings per Share, company age, company size and the percentage of public offering has no effect on underpricing. Keywords:Debt to Equity Ratio, Return on Assets, Earnings per Share,company age, company size, percentage of public offering and underpricing.

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