Faktor – Faktor Yang Mempengaruhi Initial Public Offering Underpricing

Abstract

This research was conducted to analyze the influence of the Auditor's Reputation, Intellectual Capital Disclosure, Profitability and Leverage on IPO Underpricing. The data used in this study were taken from the company's prospectus at the time of the initial public offering which was available on the Indonesia Stock Exchange website. There are 70 samples tested, consisting of companies that made initial public offerings in the 2017-2019 period. The sample data collection technique used purposive sampling. The data were processed using statistical analysis tools, Statistical Package for the Social Sciences (SPSS) ver 25.0. Multiple linear analysis is used to test the hypothesis. The results of this study found that only Auditor's Reputation and Profitability had a significant negative effect on IPO Underpricing, while Intellectual Capital Disclosure and Leverage had a positive and insignificant effect on IPO Underpricing.

Stock Underpricing Factors Affect in Indonesia Firm: Evidence on Initial Public Offering on 2017-2021

“…Hal ini mengakibatkan emiten seringkali menentukan harga saham yang dijual pada pasar perdana dengan membuka penawaran harga yang tinggi, karena menginginkan pemasukan dana semaksimal mungkin. Sementara itu, underwriter sebagai penjamin emisi berusaha untuk meminimalkan risiko agar tidak mengalami kerugian akibat tidak terjualnya saham-saham yang ditawarkan (Apriliyanti, 2019;Hapsari & MAHFUD, 2012;Ningrum, 2015).…”

“…Pahlevi (2014) menyatakan bahwa semakin tinggi reputasi underwriter maka mengakibatkan tingkat underpricing semakin kecil. Hal ini dikarenakan underwriter lebih sering berhubungan dengan pasar modal sehingga mempunyai pengalaman yang lebih banyak mengenai pasar modal dibandingkan dengan emiten (Apriliyanti, 2019;Ayuwardani & Isroah, 2018;Pahlevi, 2014;Wahyusari, 2013). Apabila suatu emisi saham dilakukan oleh underwriter yang mempunyai reputasi bagus, maka saham yang dijamin oleh underwriter tersebut dapat mendatangkan kesukseskan bagi emiten.…”

The Effect of Firm Characteristics on the Underpricing of Ipo Stock

“…Research conducted by Mulyani and Maulidya (2021) shows that the reputation of KAP has a negative and significant effect on underpricing. Laurus & Setijaningsih, (2022) found that the importance of KAP has a negative and significant impact on underpricing. As well a study conducted by Setya & Fianto (2020), Riyanti (2021), andPratiwi et al (2020) stated that the reputation of KAP has a negative and significant effect on underpricing.…”