Aditya, Nio Samuel (2016) PENGARUH INFORMASI KEUANGAN DAN NON KEUANGAN TERHADAP TINGKAT UNDERPRICING SAHAM PERDANA DARI PERUSAHAAN-PERUSAHAAN YANG LISTING DI BURSA EFEK INDONESIA PERIODE 2010-2014. Masters thesis, UNIVERSITAS TARUMANAGARA.
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Abstract
Fenomena IPO underpricing merupakan suatu keadaan dimana harga saham
yang diperdagangkan di pasar perdana lebih rendah dibandingkan ketika
diperdagangkan di pasar sekunder. Fenomena ini terlihat dari harga yang tercipta
pada hari pertama perdagangan saham tersebut di bursa efek yang merupakan pasar
sekunder dimana harga saham memiliki nilai yang lebih tinggi dari pada saat
dilakukannya IPO. Underpricing akan memberikan initial return (return awal) ratarata
yang
positif
bagi investor setelah saham tersebut diperdagangkan di bursa efek.
Penelitian ini menggunakan beberapa variable independen untuk melihat
pengaruhnya terhadap underpricing sebagai variable dependen. Variabel yang
digunakan diantaranya adalah reputasi auditor, ukuran perusahaan, persentase
penawaran saham, dan kebijakan dividend serta variable kontrolnya adalah umur
perusahaan.
Obyek dalam penelitian ini terdiri dari informasi keuanganyang terdapat didalam
laporan keuangan yaitu skala/ukuran perusahaan, financial leverage, Return on
Equity (ROE)dan informasi non keuangan yaitu underwriter, auditor, umur
perusahaan yang digunakan dan berkaitan dengan IPO. Unit penelitian yang
digunakan sebagai populasi adalah perusahaan yang melakukan IPO (Initial Public
Offering)di Bursa Efek Indonesia (BEI) periode tahun 2010-2014 dan mengeluarkan
laporan keuangan per 31 Desember yang sudah diaudit oleh Kantor Akuntan Publik
yang terdaftar di BEI. Pengujian hipotesis dalam penelitian ini akan diuji dengan
menggunakan analisis regresi linear berganda dengan melihat hasil koefesien
determinasi untuk mengetahui pengaruh variabel-variabel independen (skala/ukuran
perusahaan, financial leverage, Return On Equity, reputasi underwriter, reputasi
auditor).
Hasil pengujian secara bersama-sama (simultan) variable independen
(skala/ukuran perusahaan, financial leverage, Return On Equity, reputasi underwriter
dan reputasi auditor) dan variable kontrol (umur perusahaan) terhadap variabel
dependen (tingkat underpricing saham perdana), diperoleh nilai signifikansi sebesar
0,013, yaitu lebih kecil dari nilai α=0,05.
Dari hasil pengujian, dapat diambil kesimpulan yaitu pengaruh yang signifikan
antara Skala/ukuran perusahaan, financial leverage, Return On Equity, reputasi
underwriter, reputasi auditor dan umur perusahaan secara bersama-sama terhadap
tingkat underpricing saham perdana.
The phenomenon of IPO underpricing is a situation where the price of shares
traded on the primary market lower than when traded in the secondary market. This
phenomenon can be seen from the price that was created on the first day of trading of
these shares on the stock exchange which is the secondary market where the price of
the stock has a higher value than the time of the IPO. Underpricing will provide
initial return (return early) average positive for investors after shares are traded on
the stock exchange.
This study uses multiple independent variables to see its effect on
underpricing as the dependent variable. The variables used include the auditor's
reputation, company size, the percentage share offering, and the dividend policy as
well as the control variable is the age of the company.
Objects in this study consisted of the financial information contained in the
financial statements is the scale / size of company, financial leverage, Return on
Equity (ROE) and non-financial information that underwriters, auditors, companies
that use age and related to the IPO. The research unit is used as a population is a
company conducting an IPO (Initial Public Offering) at the Indonesian Stock
Exchange (BEI) in the period 2010-2014 and issued financial statements as of
December 31 that have been audited by Public Accountant registered in BEI. Testing
this hypothesis will be tested using multiple linear regression analysis by looking at
the coefficient of determination to investigate the influence of independent variables
(scale / size of company, financial leverage, return on equity, underwriter reputation,
auditor reputation).
The test results together (simultaneously) the independent variable (scale /
size of company, financial leverage, return on equity, underwriter reputation and the
reputation of the auditor) and the control variables (age companies) on the
dependent variable (the level of underpricing IPO), significance value amounted to
0,013, which is less than the value α = 0.05.
From the test results, it can be concluded that significant influence between
Scale / size of company, financial leverage, return on equity, underwriter reputation,
auditor reputation and age of the firm together on the level of IPO underpricing.
| Item Type: | Thesis (Masters) |
|---|---|
| Subjects: | Tesis Tesis > Pascasarjana Skripsi/Tugas Akhir > Fakultas Ekonomi |
| Divisions: | Pascasarjana |
| Depositing User: | FE Perpus |
| Date Deposited: | 13 Oct 2022 08:53 |
| Last Modified: | 17 Apr 2023 02:50 |
| URI: | https://repotest.untar.ac.id/id/eprint/37382 |
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