PENGARUH INFORMASI PROSPEKTUS PERUSAHAAN TERHADAP INITIAL RETURN PADA PENAWARAN SAHAM PERDANA (Studi Pada Perusahaan LQ-45 2001-2008)

Abstract

In the process go public before the shares are in the securities exchange is sold in the market which is often called the first Initial Public Offering (IPO). Stock prices that are sold in the market of at IPO has been determined beforehand, while prices in the secondary market is determined by the market mechanism supply and demand. Goal research to study and explain the influence of auditor reputation, underwriter reputation, company age, the percentage of shares offered to the public, company profitability (ROA), solvability ratio, and the size of the company's initial return. Analysis of data using descriptive analysis with quantitative sampling technique used is random sampling with purposively sample of 45 companies LQ45. Analsis techniques used, namely descriptive statistics, and the assumption of classical linear regression. Results of research simultaneously there is the influence of auditor reputation, underwriter reputation, company age, the percentage of shares offered to the public, company profitability (ROA), solvability ratio, and the size of the company's initial return. The partial effect on the initial return that auditor reputation, underwriter reputation, solvability ratio, and size. While that does not affect the initial return is presentase shares offered and ROA. Dalam proses go public sebelum saham diperdagangkan di pasar sekunder (bursa efek) tersebut dijual di pasar perdana yang sering disebut Initial Public Offering (IPO). Harga saham yang dijual di pasar perdana (saat IPO) telah ditentukan terlebih dahulu, sedangkan harga di pasar sekunder ditentukan oleh mekanisme pasar (penawaran dan permintaan). Tujuan penelitian ini untuk mempelajari dan menjelaskan pengaruh reputasi auditor, reputasi underwriter, umur perusahaan, persentase saham yang ditawarkan kepada publik, profitabilitas perusahaan (ROA), solvability ratio dan ukuran perusahaan terhadap initial return. Analisis data menggunakan analisis deskriptif kuantitatif dengan teknik pengambilan sampel yang digunakan adalah dengan purposive random sampling sampel sebanyak 45 perusahaan LQ45. Teknik analsis yang digunakan yaitu deskriptif statistik, asumsi klasik dan regresi linear berganda. Hasil penelitian secara simultan terdapat pengaruh antara reputasi auditor, reputasi underwriter, umur perusahaan, persentase saham yang ditawarkan kepada publik, profitabilitas perusahaan (ROA), solvability ratio dan ukuran perusahaan terhadap initial return. Secara parsial yang berpengaruh terhadap initial return yaitu reputasi auditor, reputasi underwriter, solvability ratio dan size. Sedangkan yang tidak berpengaruh terhadap initial return yaitu presentase saham yang ditawarkan dan ROA.