Pengaruh Variabel Keuangan Dan Non Keuangan Terhadap Underpricing Pada Saham Perusahaan Yang Melakukan Initial Public OfferingDi Bursa Efek Indonesia Periode 2009 - 2014

ABSTRAK

PENGARUH VARIABEL KEUANGAN DAN NON KEUANGAN
TERHADAP UNDERPRICING PADA AHAM PERUSAHAAN
YANG MELAKUKAN INITIAL PUBLIC OFFERING
DI BURSA EFEK INDONESIA
PERIODE 2009-2014

Penelitian ini bertujuan untuk menguji pengaruh variabel-variabel Return
on Equity (ROE), Debt to Equity Ratio (DER), Earning per Share (EPS), Ukuran
Perusahaan, Umur Perusahaan, Reputasi Underwriter secara bersama-sama
maupun secara individu terhadap underpricing pada perusahaan yang terdaftar di
Bursa Efek Indonesia. Jenis penelitian ini adalah asosiatif dan jenis data yang
digunakan adalah data kuantitatif. Data yang digunakan diperoleh dari hasil
publikasi pada Bursa Efek Indonesia mengenai data perusahaan yang telah diaudit
selama periode penelitian. Metode pengumpulan data dilakukan dengan studi
pustaka. Metode analisis yang digunakan adalah analisis deskriptif dan regresi
linear berganda. Populasi dari penelitian ini adalah perusahaan di Bursa Efek
Indonesia yang melakukan Initial Public Offering (IPO) pada periode 2009-2014,
yang berjumlah 142 perusahaan. Sampel dalam penelitian ini berjumlah 72
perusahaan, penarikan sampel menggunakan metode purposive sampling. Hasil

penelitian ini menunjukkan bahwa secara simultan variabel Return on Equity
(ROE), Debt to Equity Ratio (DER), Earning per Share (EPS), Ukuran
Perusahaan, Umur Perusahaan, Reputasi Underwriter secara bersama-sama
berpengaruh signifikan terhadap underpricing. Secara parsial, Reputasi
underwriter berpengaruh negatif dan signifikan terhadap underpricing, Return on
Equity (ROE), Earning per Share (EPS), Ukuran Perusahaan, Umur Perusahaan
berpengaruh negatif dan tidak signifikan terhadap underpricing, sedangkan Debt
to Equity Ratio (DER) berpengaruh positif dan tidak signifikan terhadap
underpricing pada perusahaan yang melakukan Initial Public Offering (IPO) di
Bursa Efek Indonesia periode 2009-2014.
Kata Kunci:

Underpricing, Return on Equity (ROE), Debt to Equity Ratio
(DER), Earning per Share (EPS), Ukuran Perusahaan, Umur
Perusahaan, Reputasi Underwriter.

2
Universitas Sumatera Utara

ABSTRACT

THE EFFECTS OF FINANCIAL AND NON FINANCIAL VARIABLES
ON UNDERPRICING OF COMPANY STOCK
DOING INITIAL PUBLIC OFFERING
IN INDONESIA STOCKS EXCHANGE
PERIOD 2009-2014

The research aims to test the influence of variables Return on Equity
(ROE), Debt to Equity Ratio (DER), Earning per Share (EPS), Size, Age,
Underwriter collectively and individually towards underpricing at companis listed
on the Indonesia Stock Exchange. This research is associative research and the
type of data is quantitative. Those are obtained from data published by Indonesia
Stock Exchange which has audited for research periode. Method of data collection
used study literature. The analysis method used is descriptive statistics and
multiple linear regression. The population of this research is company in
Indonesia Stock Exchange that do an Initial Public Offering (IPO) in the periode
2009-2014, which amounts to 142 companies. The sample of the research are 72
companies, which was done by using purposive sampling method. The result of
this research show that simultaneously, Return on Equity (ROE), Debt to Equity
Ratio (DER), Earning per Share (EPS), Size, Age, Underwriter are joinly

contributing significanly to the underpricing. Partially, the underwriter has a
significant negative to underpricing, Return on Equity (ROE), Earning per Share
(EPS), Size, Age have a not significant and negative effect to underpricing, while
Debt to Equity Ratio (DER) has a not sinificant and positive affect to the
underpricing at company in Indonesia Stock Exchange that do an Initial Public
Offering (IPO) in the periode 2009-2014.
Keyword: Underpricing, Return on Equity (ROE), Debt to Equity Ratio (DER),
Earning per Share (EPS), Size, Age, Underwriter.

3
Universitas Sumatera Utara