Analisis Pengaruh Faktor Fundamentak Perusahaan Underpricing IPO bursa efek Indonesaia

Muhammad Ihsan Saputra (Adv.: Dr.Mamduh Mahmadah Habnafi.,M.B.A), Dr.Mamduh Mahmadah Habnafi.,M.B.A

2016 | Skripsi | S1 Management

Underpricing telah menjadi subjek beberapa penelitian terkait dengan penyelenggaraan initial public offering (IPO). Underpricing merupakan salah satu anomali saat perusahaan melakukan IPO. Penelitian ini bertujuan untuk menganalisis pengaruh faktor fundamental perusahaan terhadap underpricing pada saat perusahaan melakukan initial public offering di Bursa Efek Indonesia pada periode 2009-2014. Faktor fundamental yang diteliti adalah return on asset, return on equity, debt to equity ratio, debt ratio, dan current ratio.

Sampel penelitian diperoleh dengan menggunakan metode purposive sampling. Jumlah sampel pada penelitian ini adalah sebanyak 115 perusahaan yang terdaftar di Bursa Efek Indonesia. Data dianalisis menggunakan analisis asumsi klasik dan metode analisis regresi berganda.

Hasil penelitian menunjukkan bahwa secara parsial hanya variabel debt ratio yang berpengaruh signifikan terhadap tingkat underpricing. Pengujian secara simultan menunjukkan bahwa seluruh variabel faktor fundamental perusahaan berpengaruh signifikan terhadap tingkat underpricing.

Underpricing has become a subject for various examinations in initial public offerings (IPO) context. Underpricing is known as one of anomalies surrounding IPO setting. This study aims to analyze the effect of firm fundamental factors to influence underpricing when firmÂ’s initial public offering at the Indonesia Stock Exchange in 2009-2014 period. Fundamental factors examined include return on asset, return on equity, debt to equity ratio, debt ratio, dan current ratio.

Sample of this study was obtained by using purposive sampling method. Total samples are 115 companies that listed on Indonesia Stock Exchange. Data was analyze using classic assumption analysis and multiple regression analysis.

Results of this study showed that partially, only debt ratio significantly influences underpricing level, other were not significantly influence. Simultaneous examination showed that all of firm fundamental factors significantly influence underpricing level.

Kata Kunci : Fundamental Factor, Undepricing, Initial Public Offering, Indonesia Stock Exchange, Return on Asset, Return on Equity, Debt to Equity Ratio, Debt Ratio, and Current Ratio.