Analisis Pengaruh Informasi Prospektus Terhadap Underpricing Saham Perusahaan yang Melakukan IPO
MANURUNG, RIRIS H. (pembimbing: Sri Handaru Yuliati, Dra., M.B.A.), Sri Handaru Yuliati, Dra., M.B.A.
Penelitian yang berjudul Analisis Pengaruh Informasi Prospektus Terhadap Underpricing Saham Perusahaan Yang Melakukan IPO ini bertujuan untuk menggambarkan fenomena underpricing dalam jangka pendek pada saham IPO serta pengaruh prospektus keuangan dan non keuangan terhadap Underpricing Saham Perdana (IPO) di Bursa Efek Indonesia periode 2007-2010. Variabel yang diteliti adalah prospektus keuangan yang terdiri dari ROA, financial leverage dan ukuran perusahaan (lnsize) serta prospektus non keuangan yang terdiri dari reputasi underwriter dan umur perusahaan (age) sebagai variabel independen dan underpricing saham perdana sebagai variabel dependen.
Hasil uji one sampel t test menunjukkan bahwa terjadi underpricing pada saham IPO di Bursa Efek Indonesia antara tahun 2007-2010 dengan tingkat underpricing sebesar 32.93%. Hasil analisis regresi pengaruh variabel keuangan terhadap underpricing, variabel keuangan yang berpengaruh signifikan hanya ROA pada tingkat signifikansi 10 %, sedangkan variabel financial leverage dan ukuran perusahaan tidak berpengaruh signifikan terhadap underpricing. Uji F menunjukkan bahwa variabel keuangan tidak mempengaruhi underpricing secara simultan. Variabel independen pada model dapat menjelaskan variasi variabel dependen sebesar 8.2%. Hasil analisis regresi pengaruh variabel non keuangan terhadap underpricing, variabel non keuangan yang berpengaruh signifikan adalah reputasi underwriter pada tingkat signifikansi 5 %, sedangkan variabel umur perusahaan tidak berpengaruh signifikan terhadap underpricing. Uji F menunjukkan bahwa variabel non keuangan mempengaruhi underpricing secara simultan. Variabel independen pada model dapat menjelaskan variasi variabel dependen sebesar 17.2%. Hasil regresi variabel keuangan dan non keuangan secara simultan menunjukkan bahwa variabel keuangan dan non keuangan secara simultan berpengaruh terhadap underpricing.
The study that has title Analysis Effect of Information Prospectus Against Companies that Doing Underpricing IPO Shares aims to describe the phenomenon of underpricing in the short term on the IPO shares as well as the influence of financial and non financial prospectus of underpricing Prime Shares (IPO) on the Indonesia Stock Exchange 2007-2010 . The variables that were examined, the financial prospectus of ROA, financial leverage and firm size (lnsize) and non-financial prospectus consisting of underwriter reputation and firm age (age) as independent variables and IPO underpricing as the dependent variable.
Test results of one sample t test showed that there was underpricing the IPO shares on the Indonesia Stock Exchange between the years 2007-2010 with the level of underpricing of 32.93%. The results of regression analysis of the influence of financial variables on underpricing, the financial variables that have a significant effect on ROA is only 10% significance level, while the variable size and companys financial leverage didnt have significant effect on underpricing. F test indicates that financial variables do not affect the underpricing simultaneously. Independent variables in the model can explain variations in the dependent variable of 8.2%. The results of regression analysis of the influence of non-financial variables on underpricing, non-financial variables that significantly influence the reputation of underwriters at a significance level of 5%, while the firm age variable did not significantly influence the underpricing. F test showed that non-financial variables simultaneously affect underpricing. Independent variables in the model can explain variations in the dependent variable at 17.2%. Regression results of financial and non financial variables simultaneously suggests that the financial and non financial variables simultaneously affect underpricing.
Kata Kunci : IPO, Prospectus, underpricing, ROA, financial leverage, Lnsize, Underwriters, Age, Initial Return,
