Analisis Pengaruh Reputasi Penjamin Emisi, Debt to Equity Ratio (DER), Return on Equity (ROE), Price to Book Value (PBV), dan Price to Earnings Ratio (PER) Terhadap Tingkat Underpricing Saham Electronic Intial Public Offering di Bursa Efek Indonesia Periode 2021 - 2025

Tekad Hamengku Hazar Aswad, Dra. Sufitri, MM

2026 | Tugas Akhir | D4 PERBANKAN

Penelitian ini bertujuan untuk menganalisis pengaruh reputasi penjamin emisi, Debt to Equity Ratio (DER), Return on Equity (ROE), Price to Book Value (PBV), dan Price to Earnings Ratio (PER) terhadap tingkat underpricing saham pada perusahaan yang melakukan Electronic Initial Public Offering (E-IPO) di Bursa Efek Indonesia periode 2021–2025. Metode analisis yang digunakan adalah uji Mann-Whitney U dan korelasi Spearman Rho. Hasil penelitian menunjukkan bahwa hanya variabel Price to Earnings Ratio (PER) yang memiliki pengaruh signifikan terhadap tingkat underpricing. Sementara itu, reputasi penjamin emisi, DER, ROE, dan PBV tidak menunjukkan pengaruh yang signifikan. Temuan ini mengindikasikan bahwa dalam konteks E-IPO, investor cenderung lebih memperhatikan PER sebagai sinyal utama dalam pengambilan keputusan investasi, dibandingkan dengan indikator fundamental lainnya. Hal ini juga mencerminkan perilaku investor yang lebih berorientasi pada ekspektasi pertumbuhan laba dan potensi capital gain jangka pendek. 

This study aims to analyze the effect of underwriter reputation, Debt to Equity Ratio (DER), Return on Equity (ROE), Price to Book Value (PBV), and Price to Earnings Ratio (PER) on the level of stock underpricing in companies conducting Electronic Initial Public Offerings (E-IPO) on the Indonesia Stock Exchange during the 2021– 2025 period. The analytical methods used are the Mann-Whitney U test and Spearman’s Rho correlation. The results show that only the Price to Earnings Ratio (PER) has a significant effect on the level of underpricing. Meanwhile, underwriter reputation, DER, ROE, and PBV do not have a significant effect. These findings indicate that, in the context of E-IPO, investors tend to pay more attention to PER as the main signal in making investment decisions compared to other fundamental indicators. This also reflects investor behavior that is more oriented toward earnings growth expectations and short-term capital gain potential. 

Kata Kunci : Underpricing, E-IPO, Price to Earnings Ratio (PER), Debt to Equity Ratio (DER), Return on Equity (ROE), Price to Book Value (PBV), Reputasi Penjamin Emisi.