ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI INITIAL RETURN PERUSAHAAN YANG MELAKUKAN INITIAL PUBLIC OFFERING (IPO) PERIODE 2008 – 2015

ABSTRAK
Initial return adalah keuntungan yang didapat pemegang saham karena perbedaan
harga saham yang dibeli di pasar perdana dengan harga jual saham yang
bersangkutan di pasar sekunder. Penelitian ini memiliki tujuan untuk menganalisis
faktor-faktor yang mempengaruhi initial return. penelitian dilakukan pada
perusahaan IPO tahun 2008-2015 di Bursa Efek Indonesia. Sampel penelitian
sebanyak 145 perusahaan dilakukan dengan teknik purposive sampling. Hipotesis
dianalisis dengan menggunakan regresi berganda. Hasil analisis menunjukkan
bahwa ukuran perusahaan sebesar 7,4% berpengaruh signifikan terhadap initial
return. Sedangkan reputasi underwriter sebesar 3,7%, return on asset sebesar
0,07%, financial leverage sebesar 0,5% dan earning per share sebesar 1,8% tidak
berpengaruh signifikan terhadap initial return. Berdasarkan hasil penelitian ini
maka dapat disimpulkan bahwa faktor-faktor yang mempengaruhi initial return
adalah ukuran perusahaan.
Kata kunci : Initial Return, Initial Public Offering, Ukuran Perusahaan, Reputasi
Underwriter, ROA, Financial Leverage, EPS.

ABSTRACT
Initial return is a benefit shareholders because of the difference in price of shares
purchased on the primary market with the selling price of the relevant shares in
the secondary market. This study has the objective to analyze the factors that

influence initial return. Research conducted at the company's IPO in 2008-2015
in the Indonesia Stock Exchange. The research sample a total of 145 companies
conducted by purposive sampling technique. Hypotheses were analyzed using
multiple regression. The results of the analysis showed that the size of the
company amounted to 7.4% significant effect against the initial return. While the
reputation of the underwriter of 3.7%, return on assets amounting to 0.07%,
financial leverage of 0.5% and earning per share of 1.8% not significant effect
against the initial return. Based on the results of this research it can be concluded
that the factors that affect the initial return is the size of the company.
Keywords : Initial Return, Initial Public Offering, Size of Company, Reputation
Underwriter, ROA, Financial Leverage, EPS.