E-JURNAL
ANALISIS FAKTOR - FAKTOR YANG MEMPENGARUHI UNDERPRICING PADA PENAWARAN SAHAM PERDANA DI BURSA EFEK INDONESIA
Judul:ANALISIS FAKTOR - FAKTOR YANG MEMPENGARUHI UNDERPRICING PADA PENAWARAN SAHAM PERDANA DI BURSA EFEK INDONESIA
Nama Penulis:Ign. Novie Endi Nugroho, S.E., M.Si.
ISSN:0854-2449
Deskripsi:
Pasar modal merupakan salah satu tempat alternatif bagi perusahaan untuk 
memenuhi kebutuhan modalnya selain dari pasar uang. Pemenuhan kebutuhan 
modal bagi perusahaan yang telah go publik dapat dilakukan dengan cara 
menerbitkan tambahan surat berharga baru (seasoned new issues) atau melalui 
mekanisme penawaran saham perdana (unseasoned new issues).  Pada penawaran 
saham perdana  (Initial Public Offering) di pasar modal fenomena underpricing 
seringkali terjadi.   Fenomena underpricing   ini terjadi apabila penentuan harga 
saham  saat  penawaran  saham  di  pasar  perdana  (IPO)  secara  signifikan  lebih 
rendah   dibandingkan dengan harga penutupan saham hari pertama di pasar 
sekunder (Kim et al. 1993). 
  
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ABSTRAK
Underpricing is a phenomenon that often occurs in the initial public offering of a company in  the stock market.  This  phenomenon  does  not  only happen in Indonesia Stock Exchange but also occurs in many stock exchanges abroad. This study aims to analyze the factors that affect IPO underpricing on the Indonesia Stock Exchange. This study used a sample of 63 companies doing IPOs in the Indonesia Stock Exchange in 2010 until 2012. The dependent variable is proxied by the underpricing of initial returns, while the independent variable is the return on assets, financial leverage, firm age, underwriter reputation, and the reputation of the auditor. The method of analysis used in this study is multiple linear regression to examine the relationship between the dependent and independent variables These results prove that the variable age and reputation of the company auditor has a negative and significant impact on underpricing at the 0.05 significance level. While the variable return on assets, financial leverage, and the underwriter's reputation has not been proven to have a significant influence on underpricing. The test results of coefficient of determination (R2) indicates that underpricing an IPO company in the Stock Exchange in 2010 to 2012 can be explained by the independent variables by 13%. whereas the F statistical test showed that the independent variables of this study simultaneously significant effect on underpricing at the 0.05 significance level. Based on the testing that has been done, it can be concluded that investors will pay more attention to the factors of age and reputation of the company auditor in making purchasing decisions in its shares on the Indonesia Stock Exchange compared with other factors contained in the company's prospectus. 
 
Keywords: Underpricing,  Return  on  Assets,  Financial  Leverage,  Firm`s  Age, Underwriter Reputation, Reputation Auditor.