ABSTRAK
Penjualan saham oleh perusahaan yang dilakukan untuk pertama kali, disebut penawaran umum perdana atau Initial Public Offering (IPO), pada penjualan saham perdana ini perusahaan akan menerima uang tunai dan keuntungan dari selisih nilai nominal saham dengan harga saham pada pasar perdana. Pada saat perusahaan mulai berkembang lebih besar, tentunya perusahaan memerlukan dana yang tidak sedikit di dalam mempertahankan keberlangsungan hidup perusahaan tersebut. Oleh karena itu perusahaan memutuskan untuk go public melalui IPO di bursa saham. Namun, tujuan utama IPO seringkali tidak maksimal. Apabila harga yang ditunjukkan di pasar sekunder di hari pertama (closing price) lebih rendah dari pada harga yang telah ditetapkan di pasar perdana disebut sebagai overpricing. Sebaliknya, apabila harga saham yang ditunjukkan di pasar sekunder di hari pertama (closing price) lebih tinggi dari pada harga saham yang ditetapkan di pasar perdana disebut sebagai underpricing.
Tujuan penelitian ini adalah untuk mengetahui reputasi underwriter, ukuran perusahaan, Debt to Equity Ratio (DER), dan Return on Assets (ROA) berpengaruh signifikan baik secara simultan maupun parsial terhadap besarnya tingkat underpricing pada perusahaan yang melakukan Initial Public Offering periode 2013-2015. Jenis penelitian yang digunakan oleh penulis adalah penelitian deskriptif verifikatif bersifat kausalitas. Jumlah sampel yang dijadikan objek penelitian sebanyak 55 perusahaan. Teknik analisis data melalui uji koefisien determinasi, analisis regresi linear berganda dan uji hipotesis.
Berdasarkan hasil penelitian menunjukkan bahwa reputasi underwriter, ukuran perusahaan, Return On Asset (ROA), dan Debt to Equity Ratio (DER) secara bersama-sama berpengaruh terhadap tingkat underpricing pada saat Initial Public Offering (IPO) di Bursa Efek Indonesia periode 2013-2015. Secara parsial Reputasi underwriter memiliki pengaruh negatif signifikan terhadap tingkat underpricing. Ukuran perusahaan memiliki pengaruh yang signifikan dan memiliki arah negatif terhadap tingkat underpricing. Return on Assets (ROA) memiliki pengaruh yang signifikan dan memiliki arah negatif terhadap tingkat underpricing dan Debt to Equity Ratio (DER) memiliki pengaruh yang signifikan dan memiliki arah negatif terhadap tingkat underpricing pada perusahaan yang melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia periode 2013-2015.
Kata Kunci: Reputasi Underwriter, Ukuran Perusahaan, Return On Asset, Debt To Equity Ratio, Underpricing
ABSTRACT
Sale of shares by the company for the first time, called the IPO or Initial Public Offering (IPO), in an initial share sale of this company will receive cash and profit from the difference between the nominal value of shares by the share price on the primary market. When the company began to grow bigger, of course, companies need a substantial amount of funds in maintaining the survival of the company. Therefore the company decided to go public through an IPO on the stock exchange. However, the main purpose of an IPO is often not optimal. When the price shown on the secondary market in the first day (closing price) is lower than the price determined in the primary market is referred to as overpricing. Conversely, if the stock price is shown on the secondary market in the first day (closing price) is higher than the share price set in the initial market is referred to as underpricing.
The purpose of this study was to determine the underwriter reputation, size of company, Debt to Equity Ratio (DER), and Return on Assets (ROA) significantly either simultaneously or partially on the level of underpricing in companies that conduct Initial Public Offering period 2013-2015. This type of research used by the writer is descriptive verification research is causality. The samples were subjected to experiments by 55 companies. Data analysis techniques through coefficient determination test, multiple linear regression analysis and hypothesis testing.
Based on the results showed that the underwriter reputation, size of company, Return on Assets (ROA), and Debt to Equity Ratio (DER) jointly affect the level of underpricing when the Initial Public Offering (IPO) in Indonesia Stock Exchange 2013-2015 period , Partially Reputation underwriters have a significant negative effect on the level of underpricing. The size of the company has a significant influence and has a negative direction on the level of underpricing. Return on Assets (ROA) has a significant influence and has a negative direction on the level of underpricing and Debt to Equity Ratio (DER) has a significant influence and has a negative direction on the level of underpricing in companies that conduct an Initial Public Offering (IPO) at the Indonesian Stock Exchange the period 2013-2015.
Keywords: Reputation underwriter, Company Size, Return on Assets, Debt To Equity Ratio, Underpricing