PENGARUH REPUTASI LEADER UNDERWRITER, UNDERWRITER FEE, DEBT TO EQUITY RATIO (DER), DAN SEKTOR PERUSAHAAN TERHADAP UNDERPRICING SAHAM PADA PERUSAHAAN YANG MELAKUKAN INITIAL PUBLIC OFFERING (IPO ) DI BURSA EFEK INDONESIA

Muhammad Fikri Faishal Hakim, Elton Buyung Satrianto, S.E., MBA.

2026 | Tugas Akhir | D4 PERBANKAN

Underpricing merupakan fenomena yang secara konsisten ditemukan pada penawaran umum perdana (IPO) di berbagai pasar modal, termasuk Bursa Efek Indonesia (BEI), namun bukti empiris mengenai determinannya, khususnya peran reputasi leader underwriter dan underwriter fee, masih menunjukkan hasil yang beragam. Penelitian ini menganalisis pengaruh leader underwriter, underwriter fee, Debt to Equity Ratio (DER), dan sektor perusahaan terhadap tingkat underpricing pada 229 perusahaan yang melakukan IPO di BEI selama periode 2020–2025, dengan sampel dipilih melalui teknik purposive sampling dan dianalisis menggunakan regresi linear berganda berbasis Ordinary Least Squares (OLS). Hasil pengujian secara simultan menunjukkan bahwa keempat variabel independen berpengaruh signifikan terhadap underpricing (F = 2,674; Sig. = 0,002), meskipun kemampuan model dalam menjelaskan variasi underpricing relatif terbatas (Adjusted R² = 8,1%). Secara parsial, leader underwriter bereputasi terbukti berpengaruh positif dan signifikan terhadap underpricing (B = 0,057; Sig. = 0,003), temuan yang berlawanan dengan prediksi signaling theory namun konsisten dengan mekanisme demand-stimulation, sedangkan underwriter fee dan DER tidak terbukti berpengaruh signifikan. Di antara sepuluh sektor yang diteliti, hanya sektor Properties & Real Estate yang mengalami underpricing secara signifikan lebih tinggi dibandingkan sektor acuan Consumer Non-Cyclicals (B = 0,115; Sig. = 0,004). Temuan ini mengindikasikan bahwa reputasi underwriter dan karakteristik sektoral, bukan besaran fee penjaminan emisi atau tingkat leverage emiten, merupakan determinan yang lebih relevan dalam menjelaskan underpricing IPO di pasar modal Indonesia pada periode e-IPO.

Underpricing is a consistently documented phenomenon in initial public offerings (IPOs) across capital markets, including the Indonesia Stock Exchange (IDX), yet empirical evidence on its determinants—particularly the roles of lead underwriter reputation and underwriter fees—remains inconclusive. This study examines the effects of lead underwriter reputation, underwriter fee, Debt to Equity Ratio (DER), and company sector on the level of underpricing among 229 companies that conducted IPOs on the IDX during the 2020–2025 period, with the sample selected through purposive sampling and analyzed using multiple linear regression based on Ordinary Least Squares (OLS).

The simultaneous test indicates that the four independent variables jointly have a significant effect on underpricing (F = 2.674; Sig. = 0.002), although the model's explanatory power is relatively limited (Adjusted R² = 8.1%). Partially, lead underwriter reputation is found to have a positive and significant effect on underpricing (B = 0.057; Sig. = 0.003), a finding that contradicts the prediction of signaling theory but is consistent with a demand-stimulation mechanism, whereas underwriter fee and DER show no significant effect. Among the ten sectors examined, only the Properties & Real Estate sector experiences significantly higher underpricing than the Consumer Non-Cyclicals reference sector (B = 0.115; Sig. = 0.004). These findings suggest that underwriter reputation and sectoral characteristics, rather than underwriting fee levels or issuer leverage, are the more relevant determinants of IPO underpricing in the Indonesian capital market during the e-IPO era.

Kata Kunci : Underpricing, Leader Underwriter, Underwriter Fee, DER Ratio, Sektor Perusahaan