Analisis Faktor-Faktor yang Mempengaruhi Underpricing Saham pada Penawaran Saham Perdana di Bursa Efek Indonesia dengan Financial Leverage Sebagai Variabel Moderating

Authors

  • Berlin Barus AMIK Medan Business Polytechnic

Keywords:

Underpricing, Underwriter Reputation, Auditor Reputation, ROE, Company Size, Percentage of Share Offering, Types of Industry, Debt Equity Ratio

Abstract

The purpose of this study was to test and analyze the factors influencing the incident of underpricing. The population of this study conducted at the Indonesia Stock Exchange was all of the companies doing IPO (Initial Public Offering). Underpricing measured through initial abnormal return functioned as dependent variable in this study, while the independent variables were the reputation of underwriter, reputation of auditor, ROE, company size, percentage of share offering, and types of industry, and to test and analyze the financial leverage as moderating variable influencing the relationship between the dependent and independent variables.

The population of this study was all of the 115 companies doing the initial public offering at the Indonesia Stock Exchange from 2009 to 2013. The samples for this study were 82 companies experiencing underpricing selected through purposive sampling technique. The data obtained were statistically processed through multiple linear regression tests to test the influence between the independent and dependent variables.

Residual test was used to test moderating variable. The result of the multiple linear regression tests showed that simultaneously the variables of underwriter reputation, auditor reputation, ROE, company size, percentage of share offering, and types of industry had significant influence. While partially, only the variables of underwriter reputation and auditor reputation that had influence on the incident of underpricing. The financial leverage used as moderating variable did not have a significant influence on the underpricing. It means that financial leverage did not strengthen the relationship between the independent variable on underpricing or the variable of Financial Leverage is not the moderating variable.

Published

2014-08-01