PENGARUH FAKTOR - FAKTOR KEUANGAN DAN NON KEUANGAN TERHADAP INITIAL RETURN PERUSAHAAN UNDERPRICING DAN OVERPRICING PERIODE IPO TAHUN 2010 -2018

ARDI ERIANTO, Dr Hermeindito.,SE,MM

2020 | Tesis | MAGISTER MANAJEMEN (KAMPUS JAKARTA)

Penelitian ini bertujuan menganalisis pengaruh dari faktor - faktor keuangan dan non keuangan terhadap Initial Return. Populasi yang digunakan dalam penelitian ini adalah perusahaan - perusahaan di Bursa Efek Indonesia yang mengalami fenomena underprcing dan overpricing pada periode IPO tahun 2010 - 2018, dimana perusahaan overpricing berjumlah 25 dan perusahaan underpricing 25. Pengambilan sampel menggunakan teknik purposive sampling yang berjumlah 50 perusahaan.Sumber data penelitian berasal dari laporan keuangan masing-masing perusahaan dan data perusahaan pada saat IPO. Teknik analisis yang digunakan dalam penelitian ini adalah Uji Statistik Deskriptif, Uji Asumsi Klasik, Analisis Regresi Berganda, Pengujian Hipotesis dan Koefisien Determinasi dengan menggunakan aplikasi EVIEWS10 dan SPSS for Windows. Hasil dari penelitian ini menunjukan bahwa variabel Umur Perusahaan, Profitabilitas (ROA), Persentase Penawaran Saham berpengaruh negatif dan signifikan terhadap Initial Return, sedangkan variabel Kapitalisasi Pasar dan Solvabilitas (DER) berpengaruh negatif dan tidak signifikan terhadap Initial Return.

This study aimed to analyze the influence of financial and non-financial factors on Initial Return. The population of this study were companies listed in the Indonesia Stock Exchange that experienced the phenomenon of underpricing and overpricing in the IPO period of 2010 - 2018. A purposive sampling technique were used and 50 companies were chosen wherein 25 of them experienced overpricing and the other 25 went through underpricing. The source of research data comes from the financial statements and past data of each companies at the time of the IPO. The analysis techniques used in this research were Descriptive Statistics Test, Classic Assumption Test, Multiple Regression Analysis, Hypothesis Testing and Determination Coefficient. The tools used to process all data were EVIEWS10 and SPSS. The results of this study indicated that the variable Age, Profitability (ROA), and Stock Offer percentage had negative and significant effect on Initial Return, while the variable Market Capitalization and Solvency (DER) had negative and not significant effect on Initial Return.

Kata Kunci : IPO, Initial Return, Underpricing, Overpricing