ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI TINGKAT UNDERPRICING PADA PENAWARAN UMUM PERDANA (IPO) (Studi Kasus Pada Perusahaan Go Publik Yang Terdaftar di Bursa Efek Indonesia Tahun 2006-2010)

Abstract

The underpricing phenomenon often occurs in the companies that made an Initial Public Offering (IPO). Data from the Indonesia Stock Exchange, during the period 2006 through 2010, shows that there were 77 companies from 88 companies were undervalue in initial public offering. Therefore, the problem in this research is: "What are the factors that can affect the underpricing phenomenon in most of the stock prices of companies that do an IPO?". There are five variables which as Debt to Equity Ratio, Return On Assets, company size, company age, and number of shares offered that selected in this study. Basically, the purpose of this study is to determine what factors are affecting underpricing at the company that made IPO in Indonesia Stock Exchange. This research was conducted with a purposive sampling method against 70 companies that made an initial public offering (IPO) on the Indonesian Stock Exchange in the period 2006-2010. Analysis of data obtained with quantitative analysis. This study using multiple linear regression analysis. The results of this study indicate that the DER and Offer has a positive effect on Underpricing, while ROA, Age, and Size has a negative effect on underpricing.