Informasi Prospektus dan Underpricing Saham pada Penawaran Saham Perdana di Pasar Modal Indonesia
DYSA SABRINA AYUNDITA (Pembimbing: Eduardus Tandelilin, Prof., Dr., M.B.A.), Eduardus Tandelilin, Prof., Dr., M.B.A.
Initial Public Offering (IPO) adalah saat pertama dimana perusahaan menerbitkan dan menjual sekuritasnya kepada publik. Penulis mengangkat fenomena yang terjadi di pasar IPO Indonesia. Ketika perusahaan go public,ekuitas yang mereka jual saat IPO cenderung untuk underprice, mengakibatkan harga melonjak tinggi saat hari pertama perdagangan saham. Tujuan dari penelitian ini adalah untuk menguji pengaruh profitabilitas perusahaan (ROA), financial lebverage, persentase saham yang ditawarkan, reputasi auditor, reputasi underwriter, umur perusahaan, besarnya underpricing saham perusahaan serta return saham 7 hari setelah IPO.
Terdapat 160 perusahaan yang melakukan IPO di Pasar Model Indonesia dalam periode waktu 1999 sampai 2007. Sampel diambil menggunakan purposive sampling dengan kriteria saham yang underprice.
Hasil penelitian adalah bahwa informasi tentang ROA, persentase saham yang ditawarkan dan umur perusahaan berpengaruh negatif, sedangkan reputasi auditor berpengaruh positif terhadap underpricing saham. Hal ini berarti informasi keuangan dan informasi non keuangan berpengaruh dalam underpricing saham
Initial Public Offering (IPO) occurs for a firm that is justly first time in publishing and selling its securities to the public. I present a phenomenon of an Indonesian IPO market in which firms go public to raise capital for investment. When companies go public, the equity they sell in an initial public offering tends to be underpriced, resulting in a substantial price jump on the first day of trading. The objective of this research is to test the influence of company profitability (ROA), financial leverage, percentage of shares offered to the public, auditor reputation, underwriter reputation, company age and the size of the companys stock underpricing.
There are 160 companies conducting IPO in Indonesia Stock Exchange in research during period 1999 up to 2007. Sample is taken by using purposive sampling with criteria as underpriced stocks.
The results suggest that information about ROA, percentage of shares offered to the public and company age effect stock underpricing positively and auditor reputation effect stock underpricing negatively. It means that financial information and non financial information influenced stock underpricing.
Kata Kunci : Initial Public Offering (IPO), underpricing, profitabilitas perusahaan (ROA), financial leverage, persentase saham yang ditawarkan, reputasi auditor, reputasi underwriter, umur perusahaan.Initial Public Offering, company profitability (ROA), percentage
