Analisis Faktor-Faktor yang Mempengaruhi Tingkat Underpricing Saham pada Perusahaan Non-Keuangan yang Melakukan IPO di Bursa Efek Indonesia Periode Tahun 2016-2019

Abstract

Abstract. The company has a desire to be able to last a long time doing business, one way is to expand the business, because by expanding the company will have a wider market share. To carry out company expansion activities requires no small amount of funds, therefore as an alternative the company can obtain funds by conducting a public offering (Go Public) by conducting an initial public offering (IPO) on the Indonesia Stock Exchange. And in the capital market the phenomenon of underpricing is a common phenomenon that often occurs, this is evidenced by the various studies related to underpricing. This study aims to determine the factors that influence the level of underpricing of shares in non-financial companies that conduct IPOs on the Indonesia Stock Exchange for the period of 2016-2019. Factors studied were non-financial information (underwriter reputation, auditor reputation, and age of the company) as well as financial information (company size, financial leverage, earnings per share, and return on assets). The sampling method used was purposive sampling, and the samples used were 89 non-financial companies. The method of data analysis uses multiple linear regression, classic assumptions, and hypothesis testing. Based on the results of the independent variable research namely underwriter reputation, auditor reputation, company size, company age, financial leverage, earnings per share, and return on assets simultaneously have a significant positive effect on the level of underpricing. whereas partially only the underwrite reputation and age of the company have a significant negative effect on the level of underpricing.

Keywords: Underpricing, Underwriter Reputation, Auditor Reputation, Company Size, Company Age, Financial Leverage, Earning Per Share, and Return On Assets.

Abstrak. Perusahaan mempunyai keinginan untuk dapat bertahan lama menjalankan usahanya, salah satu caranya yaitu melakukan ekspansi usaha, karena dengan melakukan ekspansi perusahaan akan mempunyai pangsa pasar yang lebih luas. Untuk melakuan kegiatan ekspansi perusahaan memerlukan dana yang tidak sedikit, maka dari itu sebagai alternatif perusahaan untuk mendapatkan dana bisa dengan melakukan penawaran umum (Go Public) dengan cara melaksanakan initial public offering (IPO) di Bursa Efek Indonesia. Dan pada pasar modal fenomena underpricing adalah fenomena umum yang sering terjadi, hal ini terbukti dengan adanya berbagai penelitian terkait underpricing. Penelitian ini bertujuan mengetahui faktor-faktor yang mempengaruhi tingkat underpricing saham pada perusahaan non keuangan yang melakukan IPO di Bursa efek Indonesia periode Tahun 2016-2019. Faktor yang diteliti adalah informasi non keuangan (reputasi underwriter, reputasi auditor, dan umur perusahaan) serta informasi keuangan (ukuran perusahaan, financial leverage, earning per share, dan return on asset). Metode pengambilan sampel yang digunakan adalah purposive sampling, dan sampel yang digunakan sebanyak 89 perusahaan non keuangan. Metode analisis data menggunakan regresi linier berganda, asumsi klasik, dan uji hipotesis. Berdasarkan hasil penelitian variabel independen yaitu reputasi underwriter, reputasi auditor, ukuran perusahaan, umur perusahaan, financial leverage, earning per share, dan return on asset secara simultan berpengaruh positif signifikan terhadap tingakat underpricing. sedangkan secara parsial hanya reputasi underwrite dan umur perusahaan yang memiliki pengaruh negatif signifikan terhadap tingkat underpricing.

Kata kunci: Underpricing, Reputasi Underwriter, Reputasi Auditor, Ukuran Perusahaan, Umur Perusahaan, Financial Leverage, Earning Per Share, dan Return On Asset.