Pengaruh Reputasi Underwriter, Return on Equity (ROE), dan Debt to Equity Ratio (DER) terhadap Tingkat Underpricing Perusahaan pada Saat Initial Public Offering (IPO) di Bursa Efek Indonesia (BEI) Tahun 2014-2016

Abstract

Abstract. This research aims to know the factors that affect the level of underpricing of the company at the time of the IPO of the year 2014-2016. The variabels examined is the reputation of the underwriter, return on equity and debt to equity ratio. Research carried out using multiple linear regression analysis. Sampling done by the method of purposive sampling which produced 36 companies as research sampels. Research results can be concluded that the overall variabels simultaneously, namely the reputation of the underwriter, return on equity and debt to equity ratio effect significantly to the level of underpricing. While partially, underwriter reputation effect significantly to the level of underpricing in a direction coefficient is negative. The ability of the independent variable in explaining the dependent variable only of 24.1%, while the rest amounted to 75.9% is explained by other factors outside the independent variable research. The results of this study are expected to provide information to investors and potential investors as a consideration and reference in investment decision making.

Keywords: IPO, Reputation of the underwriter, ROE, DER, underpricing

Abstrak. Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi tingkat underpricing perusahaan pada saat melakukan IPO tahun 2014-2016. Variabel yang diteliti adalah reputasi underwriter, return on equity dan debt to equity ratio. Penelitian dilakukan dengan menggunakan analisis regresi linear berganda. Pengambilan sampel dilakukan dengan metode purposive sampling yang menghasilkan 36 perusahaan sebagai sampel penelitian. Hasil penelitian dapat disimpulkan bahwa secara simultan, keseluruhan variabel independen yaitu reputasi underwriter, return on equity dan debt to equity ratio berpengaruh signifikan terhadap tingkat underpricing. Sedangkan secara parsial, hanya reputasi underwriter berpengaruh signifikan terhadap tingkat underpricing dengan arah koefisien negatif. Kemampuan variabel independen dalam menjelaskan variabel dependen hanya sebesar 24,1%, sedangkan sisanya yaitu sebesar 75,9% dijelaskan oleh faktor diluar variabel independen penelitian ini. Hasil penelitian ini diharapkan dapat memberikan informasi kepada investor dan calon investor sebagai pertimbangan dan acuan dalam pengambilan keputusan investasi.

Kata Kunci: IPO, Reputasi underwriter, ROE, DER, underpricing