ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI TINGKAT UNDERPRICING PADA SAAT INITIAL PUBLIC OFFERING (IPO) DI BURSA EFEK INDONESIA

Nanda Din Nurazizah; Majidah Majidah

doi:10.31955/mea.v3i3.160

Nanda Din Nurazizah Universitas Telkom
Majidah Majidah Telkom University

DOI: https://doi.org/10.31955/mea.v3i3.160

Keywords: The Level of Underpricing, Initial Public Offering, Financial Information, Non Financial Information

Abstract

Underwriters is one of the parties that determined the price of IPO, that have more information about the stock market than the issuer. This information asymmetry situation can provide opportunities for each party to achieve its personal interests, so that it can cause underpricing conditions. This research aims to analyze the effect of financial leverage, return on assets (ROA), ownership concentration, inflation rate, and listing delay on the level of underpricing both simultaneously and partially. This research was conducted at the company that IPO on the IDX around 2015 – 2017. The number of samples used was 39 company that using purposive sampling method. Data analysis that used is panelpooled data regression analysis using eviews software 9.0 version.The result of the study showed that financial leverage, ROA, ownership concentration, inflation rate, and listing delay simultaneously had an effect on the level of underpricing. While partially, ROA has a negative effect on the level of underpricing. Inflation rate has a positive effect on the level of underpricing. While financial leverage, ownership concentraion, and listing delay did not affect on the level of underpricing partially. Suggested for future researchers can add years of recent research using variables that have no effect in this study. For financial leverage variable can use Debt to Assets Ratio (DAR) or Time Interest Earning Ratio (TIER) as proxy.

Keywords :The Level of Underpricing, Initial Public Offering, Financial Information, Non Financial Information

References

Altensy, M. (2015). Pengaruh Informasi Keuangan, Non Keuangan Dan Ekonomi Makro Terhadap Underpricing Pada Perusahaan yang Melakukan Initial Public Offering (IPO) Periode 2011 – 2013 di Bursa Efek Indonesia. Jom FEKON, 2(2), 1–15.

Alviani, & Lasmana. (2015). Analisis Rasio Keuangan ROA, ROE, Price Earning Ratio Terhadap Underpricing Saham Perdana. Studi Kasus: Perusahaan yang Melakukan IPO di BEI Periode 2008-2011. Jurnal Akunida, 1(1), 1–8.

Ayu, G., Kartika, S., Pande, I. M., & Putra, D. (2017). Faktor-Faktor Underpricing Initial Public Offering Di Bursa Efek Indonesia. E-Jurnal Akuntansi Universitas Udayana, 19, 2205–2233.

Ben, S., Zouari, S., Boudriga, A., & Taktak, N. B. (2011). Determinants Of IPO Underpricing: Evidence From Tunisia. The International Journal of Business and Finance Research, 5(1), 13–32.

Darmadi, S., & Gunawan, R. (2012). Underpricing, Board Structure, and Ownership. Emerald Insight, 39(2), 181–200. https://doi.org/10.1108/03074351311294016

Fahmi, I. (2014). Pengantar Manajemen Keuangan. Bandung: Alfabeta.

Fahmi, I. (2015). Pengantar Teori Portofolio dan Analisis Investasi. Bandung: Alfabeta.

Firmanah, D. U., & Muharam, H. (2015). Analisis Pengaruh Informasi Non Keuangan, Informasi Keuangan, dan Ownership Terhadap Underpricing Pada Perusahaan Non Keuangan yang Melakukan Initial Public Offering (IPO) di BEI Periode 2008-2014. Diponegoro Journal of Management, 4(4), 1–12.

Hery. (2015). Analisis Laporan Keuangan: Pendekatan Rasio Keuangan. Yogyakarta: Center for Academic Publishing Service.

Hidayati, I. N., Nur, E., & Yuyetta, A. (2015). Analisis Pengaruh Atribut Corporate Governance Terhadap Underpricing Pada Initial Public Offerings (IPO) di Bursa Efek Indonesia. Diponegoro Journal of Management, 4(3), 1–10. Retrieved from http://ejournal-s1.undip.ac.id/index.php/accounting

Jain, N., & Padmavathi, C. (2012). Underpricing of Initial Public Offerings in Indian Capital Market. VIKALPA, 37(1), 83–95. https://doi.org/10.1177/0256090920120107

Limbong, G. J. (2014). Analisis Pengaruh Manajemen Laba Sebelum IPO Terhadap Kinerja Perusahaan. Universitas Diponegoro.

Marofen, R., & Khairunnisa. (2015). Pengaruh Reputasi Underwriter, Listing Delay, Umur Perusahaan, Profitabilitas, dan Financial Leverage Terhadap Underpricing Saham Perdana (Studi Kasus Pada Perusahaan IPO di BEI Tahun 2009-2013) The Influence Of Underwriter’s Reputation, Listing. E-Proceeding of Management, 2(1), 289–296.

Mumtaz, M. Z., & Ahmed, A. M. (2014). Determinants of Underpricing of Initial Public Offerings : Evidence from Determinants of Underpricing of Initial Public Offerings : Evidence from Pakistan. Journal of Business & Economics, 6(June 2014), 47–80.

Rechiwati, & bin Abad, T. (2018). Effect Of Institutional Ownership On Underpricing : Studies On The Company’s IPO On The Stock Exchange In 2007-2011. The International Journal of Social Science, Education, and Human Science, 10(1), 28–35.

Saifudin, & Rahmawati, D. (2016). Pengaruh Informasi Akuntansi dan Non Akuntansi Terhadap Underpricing Ketika Initial Public Offering di Bursa Efek Indonesia. Jurnal Penelitian Ekonomi Dan Bisnnis, 1(1), 33–46.

Saravanan, & Chandran, J. (2014). Underpricing Of Indian IPO’s and Its Determinants: An Empirical Analysis. SMART Journal of Business Management Studies, 10(December), 77–87.

Sarawati, A. S., & Majidah. (2012). Faktor-faktor yang Mempengaruhi Tingkat Underpriced. Jurnal Siasat Bisnis, 16(1), 129–140.

Sasongko, B., & Juliarto, A. (2014). Analisis Pengaruh Tata Kelola Perusahaan Terhadap Tingkat Underpricing Penawaran Umum Perdana Saham (Studi Empiris terhadap Perusahaan Non Finansial di Bursa Efek Indonesia). Diponegoro Journal of Management, 3(2), 1–10. Retrieved from http://ejournal-s1.undip.ac.id/index.php/accounting

Sugiyono. (2014). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.

Thoriq, K. N., Hartoyo, S., & Sasongko, H. (2018). Faktor Internal dan Eksternal yang Memengaruhi Underpricing pada saat IPO di Bursa Efek Indonesia. Jurnal Aplikasi Manajemen Dan Bisnis, 4(1), 19–31.

Wahyusari, A. (2013). Analisis Faktor-Faktor Yang Mempengaruhi Underpricing Saham Saat IPO di BEI. Accounting Analysis Journal, 2(4), 386–394.