Analisis Faktor-Faktor Mempengaruhi Underpricing Saham Pada Penawaran Saham Perdana Di Bursa Efek Indonesia Dengan Financial Leverage Sebagai Variabel Moderating
ANALISIS FAKTOR- FAKTOR YANG MEMPENGARUHI
UNDERPRICING SAHAM PADA PENAWARAN SAHAM
PERDANA DI BURSA EFEK INDONESIA DENGAN
FINANCIAL LEVERAGE SEBAGAI VARIABEL
MODERATING
ABSTRAK
Penelitian ini bertujuan untuk menguji dan menganalisis faktor-faktor
yang mempengaruhi terjadinya underpricing. Penelitian ini dilakukan di Bursa
Efek Indonesia (BEI) yakni pada semua perusahaan yang melakukan IPO(Initial
Public Offering ). Underpricing yang diukur dengan initial abnormal return yang
merupakan variabel dependen dalam penelitian ini. Sedangkan variabel
independen dalam penelitian ini adalah reputasi underwriter, reputasi auditor,
ROE, ukuran perusahaan, persentase penawaran saham dan jenis industri, serta
menguji dan menganalisis financial leverage sebagai variabel moderating
mempengaruhi hubungan variabel independen terhadap variabel independen.
Populasi penelitian ini adalah seluruh perusahaan yang melakukan penawaran
saham perdana di BEI mulai dari tahun 2009-2013, yaitu sebanyak 115
perusahaan .Pengambilan sampel yang dilakukan dengan menggunakan metode
purposive sampling menghasilkan 82 sampel penelitian yang diperoleh dari
perusahaan yang mengalami underpricing dan data yang lengkap dan data diolah
menggunakan metode uji statistik regresi linier berganda yang digunakan untuk
menguji hubungan antara variabel independen dengan variabel dependen. Dan Uji
Residual untuk moderating variabel.Hasil analisis regresi berganda menunjukkan
bahwa secara simultan variabel reputasi underwriter, reputasi auditor, ROE,
ukuran perusahaan,persentase penawaran saham dan jenis industri berpengaruh
secara signifikan. Sedangkan secara parsial menunjukkan bahwa variabel reputasi
underwriter, reputasi auditor berpengaruh signifikan pada terjadinya
underpricing. Financial Leverage yang digunakan sebagai variabel moderating
tidak berpengaruh secara signifikan terhadap Underpricing . Hal ini berarti tidak
memperkuat hubungan variabel independen terhadap Underpricing atau variabel
Financial Leverage bukan merupakan variabel moderating.
Kata kunci:Underpricing, Reputasi Underwriter, Reputasi Auditor, ROE, Ukuran
Perusahaan, Persentase Penawaran Saham, Jenis Industri dan Debt
Equity Ratio
Universitas Sumatera Utara
THE ANALYSIS OF THE FACTORS INFLUENCINGTHE
UNDERPRICING OF SHARES IN THE INITIAL PUBLIC
OFFERING AT THE INDONESIA STOCK EXCHANGE
WITH FINANCIAL LEVERAGE AS
A MODERATING VARIABLE
ABSTRACT
The purpose of this study was to test and analyze the factors influencing
the incident of underpricing. The population of this study conducted at the
Indonesia Stock Exchange was all of the companies doing IPO (Initial Public
Offering). Underpricing measured through initial abnormal return functioned as
dependent variable in this study, while the independent variables were the
reputation of underwriter, reputation of auditor, ROE, company size, percentage
of share offering, and types of industry, and to test and analyze the financial
leverage as moderating variable influencing the relationship between the
dependent and independent variables. The population of this study was all of the
115 companies doing the initial public offering at the Indonesia Stock Exchange
from 2009 to 2013. The samples for this study were 82 companies experiencing
underpricing selected through purposive sampling technique. The data obtained
were statistically processed through multiple linear regression tests to test the
influence between the independent and dependent variables. Residual test was
used to test moderating variable. The result of the multiple linear regression tests
showed that simultaneously the variables of underwriter reputation, auditor
reputation, ROE, company size, percentage of share offering, and types of
industry had significant influence. While partially, only the variables of
underwriter reputation and auditor reputation that had influence on the incident
of underpricing. The financial leverage used as moderating variable did not have
a significant influence on the underpricing. It means that financial leverage did
not strengthen the relationship between the independent variable on underpricing
or the variable of Financial Leverage is not the moderating variable.
Keywords: Underpricing, Underwriter Reputation, Auditor Reputation, ROE,
Company Size, Percentage of Share Offering, Types of Industry,
Debt Equity Ratio
Universitas Sumatera Utara
UNDERPRICING SAHAM PADA PENAWARAN SAHAM
PERDANA DI BURSA EFEK INDONESIA DENGAN
FINANCIAL LEVERAGE SEBAGAI VARIABEL
MODERATING
ABSTRAK
Penelitian ini bertujuan untuk menguji dan menganalisis faktor-faktor
yang mempengaruhi terjadinya underpricing. Penelitian ini dilakukan di Bursa
Efek Indonesia (BEI) yakni pada semua perusahaan yang melakukan IPO(Initial
Public Offering ). Underpricing yang diukur dengan initial abnormal return yang
merupakan variabel dependen dalam penelitian ini. Sedangkan variabel
independen dalam penelitian ini adalah reputasi underwriter, reputasi auditor,
ROE, ukuran perusahaan, persentase penawaran saham dan jenis industri, serta
menguji dan menganalisis financial leverage sebagai variabel moderating
mempengaruhi hubungan variabel independen terhadap variabel independen.
Populasi penelitian ini adalah seluruh perusahaan yang melakukan penawaran
saham perdana di BEI mulai dari tahun 2009-2013, yaitu sebanyak 115
perusahaan .Pengambilan sampel yang dilakukan dengan menggunakan metode
purposive sampling menghasilkan 82 sampel penelitian yang diperoleh dari
perusahaan yang mengalami underpricing dan data yang lengkap dan data diolah
menggunakan metode uji statistik regresi linier berganda yang digunakan untuk
menguji hubungan antara variabel independen dengan variabel dependen. Dan Uji
Residual untuk moderating variabel.Hasil analisis regresi berganda menunjukkan
bahwa secara simultan variabel reputasi underwriter, reputasi auditor, ROE,
ukuran perusahaan,persentase penawaran saham dan jenis industri berpengaruh
secara signifikan. Sedangkan secara parsial menunjukkan bahwa variabel reputasi
underwriter, reputasi auditor berpengaruh signifikan pada terjadinya
underpricing. Financial Leverage yang digunakan sebagai variabel moderating
tidak berpengaruh secara signifikan terhadap Underpricing . Hal ini berarti tidak
memperkuat hubungan variabel independen terhadap Underpricing atau variabel
Financial Leverage bukan merupakan variabel moderating.
Kata kunci:Underpricing, Reputasi Underwriter, Reputasi Auditor, ROE, Ukuran
Perusahaan, Persentase Penawaran Saham, Jenis Industri dan Debt
Equity Ratio
Universitas Sumatera Utara
THE ANALYSIS OF THE FACTORS INFLUENCINGTHE
UNDERPRICING OF SHARES IN THE INITIAL PUBLIC
OFFERING AT THE INDONESIA STOCK EXCHANGE
WITH FINANCIAL LEVERAGE AS
A MODERATING VARIABLE
ABSTRACT
The purpose of this study was to test and analyze the factors influencing
the incident of underpricing. The population of this study conducted at the
Indonesia Stock Exchange was all of the companies doing IPO (Initial Public
Offering). Underpricing measured through initial abnormal return functioned as
dependent variable in this study, while the independent variables were the
reputation of underwriter, reputation of auditor, ROE, company size, percentage
of share offering, and types of industry, and to test and analyze the financial
leverage as moderating variable influencing the relationship between the
dependent and independent variables. The population of this study was all of the
115 companies doing the initial public offering at the Indonesia Stock Exchange
from 2009 to 2013. The samples for this study were 82 companies experiencing
underpricing selected through purposive sampling technique. The data obtained
were statistically processed through multiple linear regression tests to test the
influence between the independent and dependent variables. Residual test was
used to test moderating variable. The result of the multiple linear regression tests
showed that simultaneously the variables of underwriter reputation, auditor
reputation, ROE, company size, percentage of share offering, and types of
industry had significant influence. While partially, only the variables of
underwriter reputation and auditor reputation that had influence on the incident
of underpricing. The financial leverage used as moderating variable did not have
a significant influence on the underpricing. It means that financial leverage did
not strengthen the relationship between the independent variable on underpricing
or the variable of Financial Leverage is not the moderating variable.
Keywords: Underpricing, Underwriter Reputation, Auditor Reputation, ROE,
Company Size, Percentage of Share Offering, Types of Industry,
Debt Equity Ratio
Universitas Sumatera Utara