ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING PADA PENAWARAN SAHAM PERDANA DI BUSA EFEK INDONESIA TAHUN 2008-2012

Abstract

Penelitian ini bertujuan untuk mengetahui apakah BI Rate, inflasi, Indeks Harga Saham Gabungan, reputasi auditor, dan debt to total assets mempunyai pengaruh terhadap underpricing pada penawaran saham perdana di BEI tahun 2008-2012. Sampel dalam penelitian ini merupakan perusahaan yang melakukan penawaran saham perdana pada tahun 2008-2012, mengalami underpricing ketika IPO, dan data yang dibutuhkan tersedia. Hipotesis dalam penelitian ini diuji dengan menggunakan metode analisis regresi linear berganda. Hasil penelitian menunjukkan bahwa secara parsial inflasi berpengaruh positif dan signifikan terhadap underpricing saham perdana. Reputasi auditor berpengaruh negatif dan signifikan terhadap underpricing saham perdana. BI Rate, Indeks Harga Saham Gabungan, dan debt to total assets tidak berpengaruh terhadap underpricing saham perdana. Secara simultan BI Rate, inflasi, Indeks Harga Saham Gabungan, reputasi auditor, dan debt to total assets berpengaruh terhadap underpricing saham perdana. Variabel independen dalam penelitian ini dapat menjelaskan 17,9% atas perubahan yang terjadi pada tingkat underpricing yang terjadi pada perusahaan yang melakukan IPO di BEI, sedangkan sebesar 82,1% dijelaskan oleh sebab lain di luar model yang digunakan dalam penelitian ini.

Kata Kunci: Underpricing, BI Rate, Inflasi, Indeks Harga Saham Gabungan, Auditor, Debt to Total Assets

This study aims to determine whether BI Rate, inflation, composite stock price index, auditor reputation and debt to total assets have an influence on underpricing at initial public offering in BEI during the period 2008-2012. The sample in this study is companies that did IPO during the period 2008-2012, underpriced when did IPO, and the data is available. This hypothesis was tested by using the multiple linear regression model. The result of the regression analysis shows that partially inflation is positively influence and significant to underpricing. Auditor reputation is negatively influence and significant to underpricing. BI Rate, Composite Stock Price Index, and debt to total assets have no influence to underpricing. BI Rate, inflation, Composite Stock Price Index, auditor reputation, and debt to total assets are simultaneously116influence to underpricing. Independent variables in this study can explain 17,9% on the change that happened to underpricing which happened to the companies who did IPO in BEI, whereas 82,1% is explained by other reasons outside this study’s model.

Key words: Underpricing, BI Rate, Inflation, Composite Stock Price Index, Auditor, Debt to Total Assets