Determinan Underpricing pada Saat Penawaran Saham Perdana

Doddy Setiawan

doi:10.25273/jap.v7i2.2474

Determinan Underpricing pada Saat Penawaran Saham Perdana

Doddy Setiawan

Abstract

Penelitian ini bertujuan untuk menguji determinan underpricing pada saat penawaran saham perdana di Indonesia. Teknik Analisis menggunakan regresi berganda. Hasil penelitian menunjukkan bahwa ukuran perusahaan dan kualitas auditor berpengaruh negatif terhadap underpricing. Perusahaan kecil memiliki underpricing yang lebih tinggi dibandingkan perusahaan besar, sedangkan perusahaan yang diaudit oleh KAP Big-4 mempunyai underpricing yang lebih kecil. Variabel lainnya yaitu umur perusahaan, leverage dan tingkat Return on Assets tidak berpengaruh terhadap underpricing. Ketika dilakukan pemisahan subsampel antara perusahaan kecil dan perusahaan besar, ditemukan bahwa hanya variabel kualitas auditor yang berpengaruh signifikan terhadap underpricing pada kedua subsampel tersebut.

Keywords

Underpricing; IPO; leverage; ukuran perusahaan; umur perusahaan; return on assets.

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