Asimetri Informasi dan Underpricing: Studi Empiris di Bursa Efek Indonesia
SAFITRI, TETI ANGGITA (Adv.: Eduardus Tandelilin,Prof., Dr., M.B.A.), Eduardus Tandelilin,Prof., Dr., M.B.A.
Penawaran umum perdana merupakan kegiatan yang dilakukan perusahaan dalam rangka penawaran umum penjualan saham. Saham-saham yang tercatat di pasar perdana pada umumnya diminati investor karena memberikan initial return yang tinggi. Return ini mengindikasikan terjadinya underpricing di pasar perdana. Underpricing adalah kondisi dimana harga saham pada waktu penawaran perdana relatif terlalu murah dibandingkan harga di pasar sekunder. Tujuan penelitian ini adalah untuk menguji pengaruh asimetri informasi terhadap underpricing.
Penelitian ini menggunakan sampel 63 perusahaan yang melakukan penawaran umum perdana di Bursa Efek Indonesia dalam kurun waktu 2005 - 2010. Analisis data menggunakan regresi linier berganda, yaitu menguji proksi asimetri informasi yang terdiri atas ukuran perusahaan, umur perusahaan, proporsi saham yang ditawarkan kepada masyarakat, reputasi underwriter dan reputasi auditor terhadap underpricing.
Hasil penelitian ini mengindikasikan bahwa reputasi underwriter dan reputasi auditor berpengaruh terhadap underpricing. Sedangkan, ukuran perusahaan, umur perusahaan dan proporsi saham yang ditawarkan tidak berpengaruh terhadap underpricing.
The initial public offering is an activity made by the company in event of the public offering of stock sales. The shares listed on the primary market are generally enthused by the investors because they give a high initial return. This return indicates the occurence of underpricing in the primary market. Underpricing is a condition in which the share price at the time of offering is relatively too cheap compared to price in the secondary market. The aim of this research is to examine the effect of asymmetric information on underpricing.
This research used a sample of 63 companies that make initial public offering on the Indonesia Stock Exchange in the period of 2005-2010. The data analysis is using multiple linear regression, which is testing the proxy of asymmetric information which consists of the firm size, the firm age, the proportion of shares offered to the public, underwriter reputation and auditor reputation on underpricing.
This research indicates that underwriter reputation and auditor reputation have a significant effect on underpricing. Meanwhile, the firm size, the firm age and th
Kata Kunci : Penawaran Umum Perdana, Asimetri Informasi, Initial Public Offering (IPO), Asymmetric Information, Underpricing.
