Analisis Harga Saham Underpricing pada Saat Initial Public Offering di Bursa Efek Indonesia (Studi kasus tahun 2013-2017)

Abstract

Penelitian ini dilakukukan dengan tujuan menganalisis dan menguji faktor-faktor apa yang mempengaruhi underpricing. Dalam penelitian ini, underpricing merupakan variabel dependen, sedangkan debt to equity (der), earning per share (eps), reputasi underwriter, dan reputasi auditor dalam penelitian ini merupakan variabel independen. Penelitian ini dilakukan pada semua perusahaan yang melakukan initial public offering tahun 2013-2017 di BEI. Penelitian ini memiliki populasi penelitian sebanyak 114 perusahaan, dan sampel penelitian sebanyak 68 perusahaan. Pengolahan data dalam penelitian ini menggunakan uji regresi linier berganda untuk mengetahui hubungan antara variabel independen dengan variabel dependen. Penelitian ini menunjukkan debt to equity ratio (der) secara parsial berpengaruh negatif namun tidak signifikan terhadap underpricing, earning per share (eps) secara parsial berpengaruh negatif dan signifikan terhadap underpricing, reputasi underwriter secara parsial berpengaruh positif namun tidak signifikan terhadap underpricing, reputasi auditor secara parsial berpengaruh negatif namun tidak signifikan terhadap underpricing pada saat ipo di bei, dan secara simultan der, eps, reputasi underwriter, reputasi auditor berpengaruh secara signifikan terhadap underpricing pada saat ipo di bei tahun 2013-2017.

The objective of the research was to analyze and to test what factors which influenced underpricing, a dependent variable, while debt to equity (DER), earning per share (EPS), underwiter reputation, and auditor reputation were independent variables. The research was done in all companies which did IPO in BEI in the period of 2013-2017. The population was 114 companies, and 68 of them were used as the samples. The data were processed by using multiple linear regression analysis in order to find out the correlation between independent variables and dependent variable. The result of the research showed that, partially, DER had negative and insignificant influence on underpricing, EPS had negative but significant influence on underpricing, underwriter reputation had positive but insignificant influence on underpricing, and auditor reputation had negative and insignificant influence on underpricing at the time of IPO in BEI. Simultaneously, DER, EPS, Underwiter Reputation, and Auditor Reputation had significant influence on underpricing at the time of IPO in BEI, in the period of 2013-2017.