Faktor-Faktor Yang Mempengaruhi Tingkat Underpricing Pada Perusahaan Papan Utama Saat Initial Public Offering Di Tahun 2011-2015

Abstract

Di Indonesia pada tahun 2011 -2015 sebanyak 116 perusahaan melakukan IPO, dan sebanyak 83% perusahaan yang berada di indeks papan utama dan 68% perusahaan yang berada di papan pengembangan mengalami underpricing. Underpricing merupakan suatu fenomena dimana harga di pasar perdana lebih rendah di banding pasar sekunder sehingga emiten kurang maksimal dalam memperoleh tambahan modal dari go public. Sampel penelitian yang digunakan sebanyak 40 perusahaan papan utama yang melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia tahun 2011-2015 dan mengalami underpricing. Dengan menggunakan metode purposive sampling, penelitian ini dilakukan dengan menggunakan analisis regresi linear berganda dengan tingkat signifikansi 5%. Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi underpricing pada perusahaan papan utama. Variabel-variabel yang diteliti antara lain reputasi underwriter, reputasi auditor, return on assets (ROA), dan price earning ratio (PER). Hasil penelitian ini menunjukan bahwa reputasi underwriter mempunyai dampak positif terhadap underpricing tetapi tidak signifikan, reputasi auditor mempunyai dampak negatif terhadap underpricing tetapi tidak signifikan dan return on assets (ROA) mempunyai dampak positif terhadap underpricing tetapi tidak signifikan dan price earning ratio (PER) berhasil menunjukkan adanya pengaruh yang positif signifikan terhadap underpricing.

In Indonesia from 2011-2015 there are 116 companies had an Initial Public Offering (IPO), 83% main board companies and 68% developement board companies experienced underpricing. Underpricing is a phenomenon when the price in the IPO is lower than the secondary market so that issuers can’t maximally to obtaining additional capital from go public. The research sample as many as 40 main board companies had an Initial Public Offering (IPO) in Indonesia Stock Exchange in 2011-2015 and experiencing underpricing. The sampling method used in this study is proposive sampling, This research was carried out through the analysis of multiple linear regression with a 5% significance level. This study aims to determine the factors that influence underpricing on main board companies. Variables examined include underwriter reputation, auditor reputation, return on assets (ROA) and price earning ratio. The parsial regression analysis concluded that underwriter reputation have a positive effect to the underrpricing, but it is not significant, auditor reputation have a negative effect to the underrpricing, but it is not significant , and return on assert (ROA) have a positive effect to the underrpricing, but it is not significant, and price earning ratio (PER) succeed to show a positive significant effect to underpricing.