Initial Public Offering: Ownership Retention terhadap Underpricing, Family Firm Memoderasi

Abstract

Penelitian ini bertujuan untuk memperoleh bukti yang empiris mengenai pengaruh ownership retention terhadap underpricing pada saat IPO yang dimoderasi oleh family firm. Penelitian ini menggunakan 102 sampel perusahaan yang melakukan IPO di BEI pada tahun 2016-2019 yang telah diseleksi melalui metode purposive sampling. Data yang digunakan adalah data sekunder berupa informasi harga penawaran saham perdana dan harga saham di pasar sekunder serta informasi yang terdapat pada annual report perusahaan. Pengolahan data dalam penelitian ini menggunakan uji regresi data panel dan moderating regression analysis (MRA) dengan menggunakan program SPSS. Hasil penelitian ini menunjukkan bahwa ownership retention berpengaruh negatif terhadap underpricing serta family firm terbukti memoderasi pengaruh ownership retention terhadap underpricng pada saat IPO.

This study aims to obtain empirical evidence regarding the effect of ownership retention on underpricing at the time of the IPO moderated by the family firm. This study uses a sample of 102 companies that conducted IPOs on the IDX in 2016-2019 which have been selected through the purposive sampling method. The data used is secondary data in the form of information on the initial public offering price and stock prices on the secondary market as well as information contained in the company's annual report. Data processing in this study used panel data regression test and moderating regression analysis (MRA) using the SPSS program. The results of this study indicate that ownership retention has a negative effect on underpricing and that family firms are proven