Pengaruh Informasi Akuntansi dan Non-Akuntansi terhadap Fenomena Underpricing di Bursa Efek Indonesia Tahun 2020-2023

Dea Mandasari, Ratna Nurhayati, S.E., M.Com., Ak., CA., Ph.D.

2025 | Skripsi | AKUNTANSI

Penelitian ini bertujuan untuk menganalisis pengaruh informasi akuntansi dan non-akuntansi terhadap fenomena underpricing saham di Bursa Efek Indonesia (BEI) pada periode 2020–2023. Underpricing diukur menggunakan indikator initial return, yaitu selisih antara harga saham saat IPO dan harga penutupan pada hari pertama perdagangan di pasar sekunder.

Variabel akuntansi yang diuji meliputi Return on Equity (ROE), Debt to Equity Ratio (DER), dan Cash Ratio, sementara variabel non-akuntansi yang digunakan adalah reputasi underwriter dan reputasi auditor. Penelitian ini juga menggunakan firm size sebagai variabel kontrol. Teknik analisis yang digunakan adalah regresi linier berganda dengan uji asumsi klasik menggunakan data dari 184 perusahaan yang melakukan IPO di BEI dan mengalami underpricing selama periode penelitian.

Hasil penelitian menunjukkan bahwa cash ratio, reputasi auditor, dan firm size berpengaruh signifikan terhadap underpricing. Sementara itu, ROE, DER, dan reputasi underwriter tidak berpengaruh signifikan. Temuan ini menunjukkan bahwa investor cenderung lebih mempertimbangkan likuiditas perusahaan dan kredibilitas eksternal seperti auditor dalam mengambil keputusan investasi saat IPO.

This study aims to analyze the influence of accounting and non-accounting information on the phenomenon of stock underpricing on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. Underpricing is measured using the initial return indicator, which is the difference between the stock price at the time of the IPO and the closing price on the first day of trading on the secondary market.

The accounting variables tested include Return on Equity (ROE), Debt to Equity Ratio (DER), and Cash Ratio, while the non-accounting variables used are underwriter and auditor reputation. This study also uses firm size as a control variable. The analysis technique used is multiple linear regression with classical assumption tests, using data from 184 companies that conducted IPOs on the IDX and experienced underpricing during the study period.

The results show that the cash ratio, auditor reputation, and firm size have a significant effect on underpricing. Meanwhile, ROE, DER, and underwriter reputation have no significant effect. This finding suggests that investors tend to consider company liquidity and external credibility, such as auditors, more heavily when making investment decisions during IPOs.

Kata Kunci : Underpricing, IPO, Initial Return, ROE, DER, Cash Ratio, Reputasi Auditor, Reputasi Underwriter, Firm Size.