Analisis underpricing perusahaan yang terdaftar di BEJ serta faktor-faktor yang mempengaruhi underpricing

SYAMSIRWAN, Miranty, Mamduh M. Hanafi, Dr.,MBA

2006 | Tesis | Magister Manajemen

Penelitian ini bertujuan untuk mengetahui underpricing perusahaan yang terdaftar di Bursa Efek Jakarta (BEJ) serta faktor-faktor yang mempengaruhi underpricing. Variabel bebas yang diduga berpengaruh terhadap underpricing adalah umur, reputasi auditor, reputasi underwriter, return on asset (ROA), return on equity (ROE), financial leverage (FL), solvability ratio (SR), ukuran perusahaan (asset) dan kepemilikan perusahaan (BUMN and non-BUMN). Penelitian ini dilakukan pada perusahaan-perusahaan di BEJ dengan mengambil sample sebanyak 73 perusahaan, yaitu perusahaan yang mengalami underpricing pada saat Initial Public Offering dan perusahaan-perusahaan yang memiliki data keuangan yang lengkap. Periode penelitian ini adalah lima tahun, yaitu mulai tahun 2000-2004. Hasil dari analisis regresi berganda menunjukkan bahwa variabel financial leverage (FL) berpengaruh signifikan dengan arah negatif terhadap underpricing dan kepemilikan perusahaan berpengaruh signifikan dengan arah negatif terhadap underpricing. Sementara itu tujuh variabel lainnya seperti umur, reputasi auditor, reputasi underwriter, return on asset (ROA), return on equity (ROE), solvability ratio (SR), ukuran perusahaan (asset) tidak berpengaruh signifikan terhadap underpricing.

This research objective was to examine analysis of company underpricing that listed Jakarta Stock Exchange. Independent variables presumed to influence underpricing is age, auditor reputation, underwriter reputation, return on asset (ROA), return on equity (ROE), financial leverage (FL), solvability ratio (SR), firm size (asset) and firm ownership (BUMN and non-BUMN). Research was conducted at companies listed at Jakarta Stock Exchange using 73 companies with company that underpricing experienced Initial Public Offering moment and complete financial statement data as samples, within period 2000 to 2004. Result of this research using multiple regression analysis showed that financial leverage (FL) significantly affecting with negative direction to underpricing, firm ownership (BUMN and non-BUMN) significantly affecting with negative direction to underpricing. Meanwhile, seven variables such as age, auditor reputation, underwriter reputation, return on asset (ROA), return on equity (ROE), solvability ratio (SR), firm size (asset) not significantly affecting to underpricing.

Kata Kunci : Underpricing,Return on Asset,Underpricing,Return on Equity,Underpricing,Financial Leverage,Underpricing,Solvability Ratio,Underpricing