STUDI EMPIRIS TINGKAT UNDERPRICING PADA INITIAL PUBLIC OFFERING

Abstract

Abstrak: Studi Empiris Tingkat Underpricing pada Initial Public Offering. Kegiatan Initial Public Offering (IPO), underpricing masih sering terjadi. Hal ini dikarenakan adanya informasi asimetris antara emiten dengan underwriter. Penelitian ini bertujuan menganalisis faktor akuntansi dan faktor non akuntansi yang memengaruhi tingkat underpricing. Penelitian ini merupakan penelitian kuantitatif dengan analisis regresi. Data dalam penelitian adalah perusahaan yang melakukan IPO pada tahun 2010 – 2014. Faktor akuntansi meliputi ROA, DER, CR, dan SIZE. Faktor non akuntansi meliputi OFFER, AGE, reputasi auditor, dan reputasi underwriter. Hasil menunjukkan hanya reputasi underwriter yang memengaruhi tingkat underpricing. Hal ini mengindikasikan bahwa reputasi underwriter sangat penting bagi perusahaan dalam melakukan IPO untuk mengurangi tingkat underpricing.

Abstract: Empirical Study of Underpricing Rate on Initial Public Ofering. At Initial Public Offering (IPO), underpricing still happened. This is due to asymmetric information between fims and underwriters. This research to analyze accounting factors and non-accounting factors which affect the level of underpricing. This research is quantitative research with regression analysis. The datas of this research are companies which did an IPO in 2010 – 2014. Accounting factors are ROA, DER, CR, and SIZE. Non-accounting factors are OFFER, AGE, auditor’s reputation, and underwriter’s reputation. Results showed that only underwriter’s reputation affects underpricing. This indicates that underwriter’s reputation is very important for fims to reduce underpricing in an IPO.