ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING SAHAM PADA PENAWARAN UMUM PERDANA DI BEI PERIODE 2012-2014 (Studi pada Perusahaan yang Melaksanakan IPO di Bursa Efek Indonesia Periode 2012-2014)

Abstract

This study aims to determine the effect of underwriter reputation, auditor reputation, company age, share offering percentage, and industry type toward underpricing that occurs on initial public offering at Indonesia Stock Exchange in 2012-2014. The type of this research is explanatory with a quantitative approach. The results shows simultaneously, underwriter reputation, auditor reputation, company age, share offering percentage, and industry type don’t have significant effect on the level of underpricing. Partially, only the auditor reputation variable that has a significant and negative effect on underpricing. Underwriter reputation, company age, and industry type have insignificant and negative effect on underpricing, while the share offering percentage also has insignificant effect on underpricing but the coefficient direction is positive.

Keywords: underpricing, initial public offering (IPO), underwriter reputation, auditor reputation, company age, share offering percentage, industry type.

Abstrak

Penelitian ini bertujuan untuk mengetahui pengaruh signifikansi variabel reputasi underwriter, reputasi auditor, umur perusahaan, persentase penawaran saham, dan jenis industri terhadap tingkat underpricing yang terjadi pada penawaran umum perdana di Bursa Efek Indonesia periode 2012-2014. Jenis penelitian ini adalah explanatory research dengan pendekatan kuantitatif. Hasil penelitian menunjukkan secara simultan reputasi underwriter, reputasi auditor, umur perusahaan, persentase penawaran saham, dan jenis industri berpengaruh tidak signifikan terhadap tingkat underpricing. Secara parsial, hanya variabel reputasi auditor yang memiliki pengaruh signifikan dan negatif terhadap underpricing. Reputasi underwriter, umur perusahaan, dan jenis industri berpengaruh tidak signifikan dan negatif terhadap underpricing, sedangkan persentase penawaran saham juga berpengaruh tidak signifikan terhadap underpricing namun dengan arah koefisien positif.

Kata Kunci: underpricing, penawaran umum perdana, reputasi underwriter, reputasi auditor, umur perusahaan, persentase penawaran saham, jenis industri.