UNDERPRICING IPO DI INDONESIA: BUKTI DAN PENYEBAB PADA MASA PANDEMI COVID-19 TAHUN 2020-2022

WYNTO, Choirunnisa Arifa, S.E., M.Sc., Ph.D., Ak., CA.

2023 | Skripsi | S1 AKUNTANSI

Penelitian ini bertujuan untuk menguji terjadinya anomali underpricing IPO selama masa pandemi (2020-2022) di Indonesia beserta faktor-faktor yang mempengaruhinya. Studi ini menggunakan initial return untuk menilai terjadinya fenomena underpricing IPO, sekaligus menjadikannya variabel dependen untuk menguji faktor-faktor yang mempengaruh tingkat underpricing. Variabel independen penelitian ini meliputi umur perusahaan, ukuran perusahaan, ROE, DER, reputasi underwriter, persentase saham yang ditawarkan, dan IPO proceeds. Hasil penelitian ini menunjukkan bahwa fenomena underpricing IPO terjadi di Bursa Efek Indonesia selama masa Pandemi Covid-19 (2020-2022). Ukuran perusahaan, reputasi underwriter, persentase saham yang ditawarkan, dan IPO proceeds merupakan variabel yang berpengaruh signifikan terhadap tingkat underpricing.

This research aims to examine the occurrence of IPO underpricing anomaly during the pandemic period (2020-2022) in Indonesia and the factors that influence it. This research uses initial return to examine the occurrence of IPO underpricing phenomenon, as well as making it the dependent variable to determine the factors that influence the level of underpricing. The independent variables of this study consist of firm age, firm size, ROE, DER, underwriter reputation, offering percentage, and IPO proceeds. The results of this study indicate that the IPO underpricing phenomenon occurs in the Indonesia Stock Exchange during the Covid-19 Pandemic (2020-2022). The firm size, underwriter reputation, percentage of shares offered, and IPO proceeds are variables that have significant effects on the level of underpricing.

Kata Kunci : IPO underpricing, asymmetric information, signaling theory, firm characteristics, offering characteristics