Analisis Faktor-Faktor yang Memepengaruhi Underpricing Perusahaan-Perusahaan Go Public yang Melakukan Initial Public Offering (IPO) di Indonesia
SARI, VIKKY KARTIKA (pembimbing: Harimurti Subanar, Drs., M.M.), Harimurti Subanar, Drs., M.M.
Tujuan dari penelitian ini adalah untuk mengetahui faktor-faktor yang mempengaruhi underpricing perusahaan-perusahaan go public yang melakukan initial public offering (IPO) di Indonesia. Dalam penelitian ini menggunakan 35 perusahaan yang melakukan IPO yang tercatat di Bursa Efek Indonesia dari tahun 2006-2008. Alat analisis yang digunakan dalam penelitian ini adalah regresi berganda dan t-test.
Dari penelitian ini dapat disimpulkan bahwa financial leverage, rate of return on total asset, reputasi auditor dan reputasi underwriter secara bersama-sama berpengaruh signifikan terhadap tingkat underpricing. Secara parsial reputasi underwriter berpengaruh terhadap tingkat underpricing. Sementara financial leverage, rate of return on total asset, dan reputasi auditor tidak signifikan berpengaruh terhadap underpricing.
The output of this research is to find out the relevant factors which influence the underpricing of Go Public companies that conduct the initial Public Offering (IPO) in Indonesia. The total of thirty five companies listed in Indonesian Stock Exchange which carry out the IPO (data from 2006 to 2008) are used with two intsruments of analysis: multiple regression and t-test.
Based on the result of this research, it can be concluded that financial leverage, rate of return on total asset, auditor reputation and underwriter reputation have a significance influence on underpricing of Go Public companies (by using multiple regression). On the other hand, by partially tested, only underwriter reputation that has an effect to the underpricing and the rest of others: financial leverage, rate of return on total asset dan reputasi auditor are proven to have no significance at all.
Kata Kunci : financial leverage, rate of return on total asset, reputasi auditor, reputasi underwriter, initial public offering (IPO), dan underpricing.
