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FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING PADA PERUSAHAAN YANG MELAKUKAN PENAWARAN UMUM PERDANA DI BURSA EFEK INDINESIA

Skripsi/Tugas Akhir from umj / 2016-04-25 08:59:59
Oleh : Nisvi lailul Linazah, Fakultas Ekonomi
Dibuat : 2016-04-26, dengan 1 file

Keyword : Underpricing, Initial Public Offering (IPO), ukuran perusahaan, umur perusahaan, debt to equty ratio (DER), current ratio (CR), dan reputasi underwriter.

Underpricing merupakan fenomena harga terendah yang sering terjadi pada saat penawara umum perdana (Initial Public Offering). Underpricing adalah kondisi dimana harga pada saat penawaran umum perdana lebih rendah di bandingkan harga di pasar sekunder. Perusahaan tidak mendapat keuntungan jika terjadi underpricing karena perusahaan tidak mendapatkan dana yang maksimum ketika go public. Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi underpricing. Variabel yang di teliti antara lain Ukuran Perusahaan, Umur Perusahaan, Debt to Equity Ratio (DER), Current Ratio (CR), Reputasi Underwriter.

Penelitian ini dilakukan dengan menggunakan alat analisis regresi linear berganda. Alat pengumpulan data yang digunakan adalah studi observasi dan studi pustaka. Sampel sebanyak 56 perusahaan dari populasi sebanyan 116 perusahaan yang ditentukan dengan menggunakan metode puposive sampling.

Hasil pengujian menunjukkan bahwa ukuran perusahaan berpengaruh negatif terhadap tingkat underpricing, umur perusahaan tidak berpengaruh terhadap underpricing, debt to equity ratio (DER) berpengaruh positif terhadap tingkat underpricing, current ratio (CR) berpengaruh negatif terhadap tingkat underpricing, reputasi underwriter berpengaruh negatif terhadap tingkat underpricing. Hasil pengujian regresi secara simultan menunjukkan bahwa ukuran perusahaan, umur perusahaan, debt to equity ratio (DER), current ratio (CR), dan reputasi underwriter berpengaruh secara simultan terhadap tingkat underpricing.

Deskripsi Alternatif :

Underpricing is a phenomenon of the lowest prices that often occur when IPO (Initial Public Offering). Underpricing is a condition where the price at the time of its initial public offering lower prices compared to the secondary market. The company did not benefit in the event of underpricing because the company did not get the maximum funds when going public. This study aims to determine the factors that affect underpricing. The variables used in this research is Size of the Company, Age of the Company, Debt to Equity Ratio (DER), Current Ratio (CR) , and Underwriter Reputation.

This study was used multiple linear regression analysis. Data collection used the observation study and literature study. Sample of 56 companies from the population of 116 companies was determined by puposive sampling method.

The test results showed that size of the company has negative effect the on level of underpricing, age of the company has no effect on the level of underpricing, debt to equity ratio (DER) has positive effect on the level of underpricing, current ratio (CR) has negative effect on the level of underpricing, and underwriter reputation has negative effect on the level of underpricing. The results of the simultaneous regression testing shown that size of the company, age of the company, debt to equity ratio (DER), current ratio (CR), and underwriter reputation simultaneous effect on the level of underpricing.

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