Underpricing Pada Initial Public Offering (Studi Empiris Pada Perusahaan Non Keuangan yang Go Public di Bursa Efek Indonesia Tahun 2011 - 2014)
Abstract
Abstrak : Pada saat saham-saham diperdagangkan di pasar sekunder atau bursa efek terdapat beberapa anomali yang terjadi. Jika harga saham di pasar sekunder lebih tinggi dibanding harga saham di pasar perdana maka terjadi apa yang disebut positive initial return atau underpricing. Underpricing merupakan suatu kondisi dimana harga saham pada waktu penawaran perdana relatif terlalu murah dibandingkan harga di pasar sekunder. Penelitian ini bertujuan untuk menganalisis variabel-variabel yang mempengaruhi underpricing pada sektor saham perusahaan non keuangan yang go public di Bursa Efek Indonesia (BEI) periode 2011-2014. Adapun variabel-variabel yang diteliti antara lain Debt to Equity Ratio, Return on Equity, Earning Per Share, umur perusahaan dan ukuran perusahaan. Dalam penelitian ini menggunakan sampel sebanyak 61 perusahaan dan teknik pengambilan sampel dilakukan dengan cara purposive sampling. Pengumpulan data dilakukan dengan studi pustaka. Penelitian ini menggunakan analisis regresi berganda. Hipotesis uji yang digunakan t-statistik dan F-statistik pada tingkat signifikansi 5%. Hasil analisis regresi secara parsial menunjukkan bahwa hanya Return on Equity dan ukuran perusahaan yang berpengaruh secara signifikan terhadap underpricing. Sedangkan secara simultan diperoleh hasil variabel Debt to Equity Ratio, Return On Equity, Earning Per Share, Umur perusahaan dan Ukuran Perusahaan berpengaruh secara signifikan tehadap underpricing.Kata kunci : Underpricing, Debt to Equity Ratio, Return On Equity, Earning Per Share, Umur perusahaan, dan Ukuran Perusahaan.
Abstract: At the time the shares are traded in the secondary market or stock exchange there are several anomalies. If the stock price in the secondary market is higher than the price of shares in the primary market in what is called positive initial returns or underpricing. Underpricing is conditions under which stocks price at primary market is much to lower than that at secondary market. This study aimed to analyze the variables that affect underpricing the shares sector non-financial companies that go public in Indonesia Stock Exchange (BEI) in the period 2011-2014. The variables examined include Debt to Equity Rasio, Return On Equity, Earning per Share, Firm’s Age and Firm’s Size. The sample of this research are 61 companies and the method uses purposive sampling. Data were collected by literature study. This research uses multiple regression analysis. Hypotheses test used t-statistic and f-statistic at level significance 5%. The result of parsial regression analysis indicates that Return On Equity and firm’s size have significant effect to underpricing at the level of 5%. While by simultan obtained result of Debt to Equity Ratio, Return On Equity, Earning per Share, Firm’s Age and Firm’s Size.
Keywords : Underpricing, Debt to Equity Ratio, Return On Equity, Earning Per Share, Firm’s Age, and Firm’s Size.
References
Referensi
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Bower N. 1989. Firm Value and the Choice of Offering Method in Initial Public Offering. Journal of Finance.44 (3).
Bansal, Khanna. 2012. Determinant of IPOs Initial Return: Extreme Analysis of Indian Market. Journal of Financial Risk Management 2012.1(4). 68-74.
Darmadji T, Hendy MF. 2011. Pasar Modal di Indonesia. Jakarta: Salemba Empat.
David M.L, David FS, Timothy CK, Mark LB. 2011. Statistic for Managers Using Microsoft Excel. Sixth Edition. New Jersey:Pearson.
Emilia LS, Roy S.2008. Faktor-Faktor YangMempengaruhi Initial Return 1 Hari, Return 1 Bulan, dan Pengaruh Terhadap Return 1 Tahun Setelah IPO. Journal of Applied Finance and Accounting 1 (1). 116-140.
Falconieri S, Albert M, Weaver D. 2009. Underpricing and Ex Post Value Uncertainty. Journal of The Financial Management Association International. Vol. 38.285-300.
Ghozali, Imam. 2009. Aplikasi Analisis Multivariate dengan Program SPSS. Semarang:Badan Penerbit UNDIP.
Handayani, Sri Retno. 2008. Faktor-faktor yang Mempengaruhi Underpricing Pada Penawaran Umum Perdana (Studi Kasus Pada Perusahaan Keuangan yang Go Public di Bursa Efek Jakarta Tahun 2000 – 2006). Semarang: Program Magister Manajemen UNDIP.
John JW, Subramanyam KR., Halsey RF.. 2009. Financial Statement Analysis. Ninth Edition. New York: McGraw-Hill.
Jogiyanto. 2012. Teori Portofoli dan Analisis Investasi. Yogyakarta:BPFE.
Kurniawan B. 2007. Analisis Pengaruh Variabel Keuangan dan Non Keuangan Terhadap Initial Return dan Return 7 Hari Setelah Initial Public Offerings (IPO). Semarang: Program Magister Manajemen UNDIP..
Kim JB, Itzhak K, Lee J. 1995. The Role of Financial Variables in the Pricing Korean IPO. Pacific Business Finance Journal. 3. June.
Manurung A. 2012. Teori Investasi: Konsep dan Empiri: Teori IPO.
Martani S, Syahroza. 2012. Analysis on Factors Affecting IPO Underpricing and their Effects on Earnings Persistence. World Review of Business Research. 2. (2). 1 – 15.
Ross SA., Randolph WW, Bradford DJ. 2003.Fundamental of Corporate Finance. Sixth Edition. New York:McGraw-Hill.
Sugiyono. 2012. Metode Penelitian Kuantitatif Kualitatif dan R & D. Bandung: Alfabeta.
Sugiyono. 2004. Metode Penelitian Bisnis. Bandung:Alfabeta.
Susilowati Y, Turyanto T. 2011. Reaksi Signal Rasio Profitabilitas dan Rasio Solvabilitas Terhadap Return Saham Perusahaan. Jurnal Dinamika Keuangan dan Perbankan Edisi Mei 2011.3(1).
Sembel RHM. 1996. IPO Anomalies, Truncated Excess Supply, and Heteregeneous Information. Unpublished Dissertation, J.M. Pennsylvania: Katz Graduate School of Business, University of Pittsburgh.
Uyanto SS. 2009. Pedoman Analisis Data dengan SPSS. Edisi 3. Yogyakarta:Graha Ilmu.
Widjaja G, Wulandari R. 2009. Go Public dan Go Private di Indonesia. Edisi Pertama. Cetakan Pertama. Jakarta: Kencana Prenada Media Group.
Yuan T. 2012. An Examination Factors Influencing of IPOs on The London Stock Exchange. Journal of Financial and Quantitative Analysis. 8,(1).
Zarafat H. 2013. The Performance Of Initial Public Offerings: An Empirical Study Of Bursa Malaysia. International Journal of Commerce, Business and Management (IJCBM), 2(2).
Ardiansyah M. 2004. Pengaruh Variabel Keuangan Terhadap Return Awal dan Return 15 Hari Setelah IPO Serta Moderasi Besaran Perusahaan Terhadap Hubungan Antara Variabel Keuangan dengan Return Awal dan Return 15 Hari Setelah IPO Jurnal Riset Akuntansi Indonesia, 7(2).
Bower N. 1989. Firm Value and the Choice of Offering Method in Initial Public Offering. Journal of Finance.44 (3).
Bansal, Khanna. 2012. Determinant of IPOs Initial Return: Extreme Analysis of Indian Market. Journal of Financial Risk Management 2012.1(4). 68-74.
Darmadji T, Hendy MF. 2011. Pasar Modal di Indonesia. Jakarta: Salemba Empat.
David M.L, David FS, Timothy CK, Mark LB. 2011. Statistic for Managers Using Microsoft Excel. Sixth Edition. New Jersey:Pearson.
Emilia LS, Roy S.2008. Faktor-Faktor YangMempengaruhi Initial Return 1 Hari, Return 1 Bulan, dan Pengaruh Terhadap Return 1 Tahun Setelah IPO. Journal of Applied Finance and Accounting 1 (1). 116-140.
Falconieri S, Albert M, Weaver D. 2009. Underpricing and Ex Post Value Uncertainty. Journal of The Financial Management Association International. Vol. 38.285-300.
Ghozali, Imam. 2009. Aplikasi Analisis Multivariate dengan Program SPSS. Semarang:Badan Penerbit UNDIP.
Handayani, Sri Retno. 2008. Faktor-faktor yang Mempengaruhi Underpricing Pada Penawaran Umum Perdana (Studi Kasus Pada Perusahaan Keuangan yang Go Public di Bursa Efek Jakarta Tahun 2000 – 2006). Semarang: Program Magister Manajemen UNDIP.
John JW, Subramanyam KR., Halsey RF.. 2009. Financial Statement Analysis. Ninth Edition. New York: McGraw-Hill.
Jogiyanto. 2012. Teori Portofoli dan Analisis Investasi. Yogyakarta:BPFE.
Kurniawan B. 2007. Analisis Pengaruh Variabel Keuangan dan Non Keuangan Terhadap Initial Return dan Return 7 Hari Setelah Initial Public Offerings (IPO). Semarang: Program Magister Manajemen UNDIP..
Kim JB, Itzhak K, Lee J. 1995. The Role of Financial Variables in the Pricing Korean IPO. Pacific Business Finance Journal. 3. June.
Manurung A. 2012. Teori Investasi: Konsep dan Empiri: Teori IPO.
Martani S, Syahroza. 2012. Analysis on Factors Affecting IPO Underpricing and their Effects on Earnings Persistence. World Review of Business Research. 2. (2). 1 – 15.
Ross SA., Randolph WW, Bradford DJ. 2003.Fundamental of Corporate Finance. Sixth Edition. New York:McGraw-Hill.
Sugiyono. 2012. Metode Penelitian Kuantitatif Kualitatif dan R & D. Bandung: Alfabeta.
Sugiyono. 2004. Metode Penelitian Bisnis. Bandung:Alfabeta.
Susilowati Y, Turyanto T. 2011. Reaksi Signal Rasio Profitabilitas dan Rasio Solvabilitas Terhadap Return Saham Perusahaan. Jurnal Dinamika Keuangan dan Perbankan Edisi Mei 2011.3(1).
Sembel RHM. 1996. IPO Anomalies, Truncated Excess Supply, and Heteregeneous Information. Unpublished Dissertation, J.M. Pennsylvania: Katz Graduate School of Business, University of Pittsburgh.
Uyanto SS. 2009. Pedoman Analisis Data dengan SPSS. Edisi 3. Yogyakarta:Graha Ilmu.
Widjaja G, Wulandari R. 2009. Go Public dan Go Private di Indonesia. Edisi Pertama. Cetakan Pertama. Jakarta: Kencana Prenada Media Group.
Yuan T. 2012. An Examination Factors Influencing of IPOs on The London Stock Exchange. Journal of Financial and Quantitative Analysis. 8,(1).
Zarafat H. 2013. The Performance Of Initial Public Offerings: An Empirical Study Of Bursa Malaysia. International Journal of Commerce, Business and Management (IJCBM), 2(2).
Published
2016-12-01
How to Cite
WIYANI, Natalia Titik.
Underpricing Pada Initial Public Offering (Studi Empiris Pada Perusahaan Non Keuangan yang Go Public di Bursa Efek Indonesia Tahun 2011 - 2014).
JURNAL ONLINE INSAN AKUNTAN, [S.l.], v. 1, n. 2, p. 341-358, dec. 2016.
ISSN 2528-0163.
Available at: <http://ejournal-binainsani.ac.id/index.php/JOIA/article/view/201>. Date accessed: 08 sep. 2024.
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