ANALYSIS OF FACTORS THAT INFLUENCE UNDERPRICING IN TNNONNSIA STOCK EXCHANGE AFTER INITIAL PUBLIC OFFERING: EMPIRICAL STUDY OF GO PUBLIC COMPANIES IN 2OO5 - 2OII

Abrar Rahman Raharjo, Prof. Dr. Jogiyanto HM., MBA

2013 | Tesis | S2 Magister Manajemen

Tujuan dari penelitian ini adalah untuk menguji variabel-variabel berikut yang mempengaruhi underpricing: umur perusahaan, ukuran perusahaan, ukuran penawaran saham dan reputasi underwriter. Pada saat Initial Public Offering(IPO), harga saham yang ditawarkan cenderung lebih rendah pada saat penawaran perdana dibandingkan pada saat dijual di pasar sekunder. Fenomena semacam ini dinamakan underpricing. Ada 123 perusahaan yang terdaftar dalam bursa efek Indonesia pada 2005- 2011 yang melakukan IPO. Sampel diambil dengan menggunakan metode purposive sampling dengan criteria saham-saham yang underprice. Data-data tersebut kemudian dianalisis dengan metode multiple regressions untuk menguji hubungan antara initial return dalam hal ini underpricing dengan umur perusahaan, ukuran perusahaan, ukuran penawaran saham dan reputasi underwriter. Berdasarkan hasil studi, analisis regresi menunjukkan bahwa hanya variabel reputasi underwriter yang berpengaruh secara negatif terhadap tingkat underpricing. Sedangkan untuk variabel lainnya tidak berpengaruh secara signifikan terhadap tingkat underpricing dari saham-saham IPO di Bursa Efek Indonesia.

The objective of this research is to examine these following variables: age of the firm, company size, offering size and underwriter reputation on initial return share at initial public offering. During initial public offering, the share price tends to be lower at initial public offerings compared to when it is commercialized in secondary market. Such phenomenon is called underpricing. There are 123 IPO companies listed on the Indonesia Stock Exchange during 2005-2011. Sample is taken by using purposive sampling with criteria as underpriced stocks. Data are analyzed using multiple regressions to test the relation between initial return and the age of the firm, company size, offering size, and underwriter reputation. According to result of the study, regression analysis shows that underwriter reputation is found to be negatively related to the level of underpricing. However for the other variables was found to have no significant influence on the level of underpricing of IPOs in the Indonesia Stock Exchange.

Kata Kunci : Initial public offering, Underpricing, umur perusahaan, ukuran perusahaan, ukuran penawaran saham, reputasi underwriter dan Bursa Efek Indonesia