Pengaruh Reputasi Underwriter, Financial Leverage, Return on Asset dan Earning Per Share terhadap Tingkat Underpricing pada Perusahaan yang Go Public di BEJ

Adhi P., R. Kabul, Drs. M. Irfan Nursasmito, M.SI., Ak.

2007 | Skripsi | S1 Extention - Accounting

Initial Public Offering (IPO) merupakan salah satu masalah yang relevan untuk dikaji bagi beberapa peneliti, karena adanya kecenderungan sebagian besar harga saham saat penawaran umum adalah underpriced. Fenomena underpricing ini memberikan return positif (initial return) atau keuntungan bagi investor dipasar perdana, namun bagi emiten hal ini merugikan karena perusahaan tidak mendapatkan dana yang besar. Initial return diukur dengan selisih antara harga saham perusahaan hari pertama dipasar sekunder dengan penawaran saat IPO. Sampel yang digunakan dalam penelitian ini sebanyak 60 perusahaan yang listing di BEJ antara tahun 2000 sampai dengan 2005. pemilihan sampel menggunakan purposive sampling dengan kriteria saham yang underpriced. Analisis data menggunakan regresi linear sederhana untuk menguji pengaruh secara parsial dari reputasi underwriter, financial leverage, return on asset dan earning per share terhadap tingkat underpricing. Dan regresi linear berganda untuk menguji pengaruh secara simultan. Hasil penelitian menunjukkan bahwa secara parsial yang berpengaruh secara signifikan terhadap tingkat underpricing hanya variabel financial leverage dan earning per share, sedang secara simultan signifikan mempengaruhi tingkat underpricing sebesar 28% dan sisanya 72% dipengaruhi oleh faktor-faktor lain yang tidak masuk dalam model penelitian ini. Kata kunci: initial public offering, underpricing, reputasi underwriter, financial leverage, return on asset, earning per share

Initial Public Offering (IPO) is one of relevant problems worth to be studied for some researchers. This is due to the propensity that most of stock prices at public offering are underpriced. This underpricing phenomenon has given positive return (initial return) or benefit for investors in the premier market, but for the emittents, this phenomenon is a loss, because in this state the company fails to acquire big fund. Initial return is measured by the difference between company"s stock price on the first day of secondary market and the offering at IPO. The sample used in this research is as many as 60 companies in the BEJ listing from 2000 up to 2005. The sample is drawn using purposive sampling by the stock that is characterized as underpriced. The data analysis employs simple linear regression to examine the partial effect of the reputations of underwriter, financial leverage, return on asset and earning per share on the level of underpricing. The analysis also applies multiple linear regression to observe the effects in simultaneous act. The result of the study shows that: partially, the only factors that have significant influence on the level of underpricing are financial leverage and earning per share; while simultaneously, the four factors significantly affect the level of underpricing as much as 28%, and the rest 72% of the effect is affected by other factors not included in this research. Key words: initial public offering, under pricing, the reputations of underwriter, financial leverage, return on asset, earning per share

Kata Kunci : Reputasi Underwriter; Financial Leverage; Return on Asset; Earning per Share; Underpricing; Perusahaan Go Public