Pengaruh Informasi Prospektus Terhadap Underpricing Pada Saat IPO (initial Public Offering)
SETYANINGRUM, NORA KARTIKA(Adv.: Gudono, Dr., M.B.A.), Gudono, Dr., M.B.A.
lnitial Public Offerings (lPO) merupakan problem yang menarik bagi beberapa peneliti karena sebagian besar harga saham saat penawaran umum cenderung underpriced. Fenomena underpricing ini memberikan return positif bagi investor di pasar perdana. Fenornena ini terjadi karena adanya informasi asimetri di pasar perdana. Pada kondisi ini, investor memerlukan informasi yang digunakan untuk menilai resiko dan harga saham. Di pasar perdana, informasi yang ada terbatas pada infonnasi prospektus. Tujuan penelitian i ni adalah unt uk menguji pengaruh informasi prospektus terhadap undepricing Penelitian ini didesign untuk mem berikan bukti hubungan di antara beberapa faktor (seperti informasi mengenai reputasi auditor, reputasi underwriter, umur perusahaan, prosentase saham yang ditawarkan kepada publik saat IPO, ukuran perusahaan, profitabilitas perusahaan dan financial leverage terhadap underpricing. Underpricing diukur dari selisih antara harga pena waran umum dengan hrga jual saham pertama kali di pasar sekunder. Penelitian ini juga bermaksud untuk mengidentifi kasi pengaruh interaksi dari reputasi auditor dan ukuran perusahaan terhadap underpricing. dan pengaruh interaksi dari reputasi underwriter dan ukuran perusahaan terhadap underpricing
Sampel penelitian adalah sebanyak 167 perusa haan yang melakukan penawaran umum di Bursa Efek Jakarta pada kurun waktu 1994 - 2000. Metode pengarnbi la n sampel menggunakan purposive sumpling. Analisis data menggunakan regresi berganda untuk model 1, dan regresi berganda-model multiplikatif untuk model 2 untuk melihat arah interaksi dan pengaruh nonmonotonic.
Hasil penelitian adalah sebagai beri kut: pertama, Hasil mernberikan dukungan pada hipotesis 1 dan 5, yaitu reputasi underwriter dan ukuran perusahaan berpengaruh secara signifikan terhadap underpricing pada model kedua, Untuk model 2 juga berhasil memberikan dukungan pada hipotesis, yaitu reputasi auditor dan ukuran perusahaan, dan reputasi underwnter dan ukuran perusahaan, keduanya mempunyai pengaruh interaksi terhadap underpricing. Secara lebih mendetil, hasilnya menunjukkan bahwa ukuran perusahaan secara signifikan memoderasi hubungan antara reputasi auditor dan underpricing. dan hubungan antara reputasi underwriter dan underpricing. Variabel lain tidak berpengaruh secara signifikan terhadap underpricing.
Initial Public Offerings (IPO) is an interesting problem for some observers because most of the stock prices on the initial offerings are underpriced. Underpricing phenomena gives a positive return to the investors in primary market. This underpricing problem is caused by asymmetry information. Under such condition, investors need some information used to examine risk and stock prices. In the primary market, the limited information is prospectus information. The purpose of this study is to examine the effect of prospectus information on underpricing. This study is designed to provide evidence on the association between several factors (such as reputation of auditor and underwriter, companys age, percentage of the stocks that are offered to the public, company's size, profitability and financial leverage on underpricing). Underpricing is measured by the difference between the firms stock price on the first day in the secondary market and its IPO. This study also intends to identify the interactive effect of reputation of auditor and company's size on underpricing, and the interactive effect of reputation of underwriter and company's size on underpricing.
There were 167 firms, listed in Jakarta Stock Exchange from the period 1994 to 2000 as a sample and selected by purposive sampling. The analysis of data uses multiple regression on the first model, and multiple regression-multiplicative model on the second model to examine an interactive slope and nonmonotonic effect.
The study results are as follow: first, The results provide support for the fi rst and the fifth hypothesis that underwriter reputation and company's size information is significant effect on underpricing at the first model ; second, The second model al so provide support for the hypothesis that auditor reputation and companys size, and underwriter reputation and company's size, both have an interactive effect on underpricing. More specifically, the results showed that companys size significantly moderate the relationship between auditor reputation and underpricing, and the relationship between underwriter reputation and underpricing. The other variables states un significant effect on underpricing.
Kata Kunci : IPO, underpricing, prospectus information, reputation of auditor and undenvriter.
