Pengaruh Return On Asset (ROA), Debt To Equity Ratio (DER), Ukuran Perusahaan, Umur Perusahaan, Jenis Industri Dan Reputasi Underwriter Terhadap Underpricing Saham Pada Perusahaan IPO Di Bursa Efek Indonesia Periode (2016-2018)

Abstract

Abstract: In fulfilment funds for operate his business company almost chose does a Go Public with issuing shares and trade it to the public known as IPO or Initial Public Offering to gain an additional funds. However oftentimes the company experience an Underpricing when they do an Initial Public Offering (IPO). Underpricing is positive difference a stock price in the first day at secondary market and the IPO price. This research aimed to analyze the influence of Return on Asset (ROA), Debt to Equity Ratio (DER), Firm Size, Company Age, Type of Industry and Underwriter Reputation on the Underpricing. The data were secondary data from company financial report that Indonesia Stock Exchange are published. Total companies that used to be sampled are 72 and used purposive sampling. This research is explanotary research. The technique used in analyse the data was linear regression analysis with a significance of 0,05 with SPSS application. The result indicated that partially ROA, Firm Size, Company Age have a significant negative effect to Underpricing, meanwhile DER, Type of Industry and Underwriter Reputation have no effect to Underpricing. In simultaneously (test-F), ROA, DER, Firm Size, Company Age, Type of Industry, and Underwriter Reputation have a significant effect on Underpricing. The company hopefully will be more concern with high rate of ROA, how much company total asset, and how old Company Age that will reduce rate Underpricing while company does IPO

Keywords: Return On Asset (ROA); Debt to Equity Ratio (DER); Firm Size; Company Age; Type of Industry; Underwriter Reputation; Underricing

Abstrak: Dalam pemenuhan dana untuk menjalankan usahanya perusahaan seringkali memilih untuk melakukan Go Public dengan menerbitkan saham dan menjualnya pada masyarakat umum atau disebut juga Initial Public Offering (IPO) untuk mendapatkan tambahan keuangan. Akan tetapi seringkali perusahaan mengalami Underpricing ketika melaksanakan IPO. Underpricing diartikan selaku perbandingan positif harga saham ketika hari pertama di pasar sekunder dan harga IPO. Penelitian ini dilaksanakan agar dampak Return On Asset (ROA), Debt to Equity Ratio (DER), Ukuran Perusahaan, Umur Perusahaan, Jenis Industri serta Reputasi Underwriter pada Underpricing dapat diketahui. Data penelitian ini yakni data sekunder dari Laporan Keuangan Perusahaan yang diumumkan ke publik oleh BEI. Total perusahaan selaku sampel yakni 72 perusahaan dan sampel dipilih melalui teknik purposive sampel. Tipe penelitian ini yakni explanotary research dengan teknik analisis yaitu analisis regresi linier dengan signifikansi 0,05 melalui program aplikasi SPSS. Hasil memperlihatkan bahwasanya secara parsial ROA, Ukuran Perusahaan, Umur Perusahaan memberi pengaruh negatif signifikan pada Underpricing. Lalu DER, Jenis Industri dan Reputasi Underwriter tak berpengaruh pada Underpricing. Secara simultan (Uji-F) atau bersamaan, ROA, DER, Ukuran Perusahaan, Umur Perusahaan, Jenis Industri serta Reputasi Underwriter memberi pengaruh signifikan pada Underpricing.  Perusahaan diharapkan akan lebih memperhatikan tingginya tingkat ROA, besarnya total aset perusahaan dan lamanya umur perusahaan untuk mengurangi tingkat Underpricing saat perusahaan melaksanakan IPO.

Kata kunci: Return On Asset (ROA); Debt to Equity Ratio (DER); Ukuran Perusahaan; Umur Perusahaan; Jenis Industri; Reputasi Underwriter; Underpricing