Faktor-Faktor yang Mempengaruhi Underpricing pada Perusahaan yang IPO di Bursa Efek Indonesia
Abstract
Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempangaruhi tingkat underpricing pada perusahaan yang go public di Bursa Efek Indonesia dari tahun 2015-2019. Tingkat underpricing pada penelitian ini diukur menggunakan initial return dan market adjusted abnormal return (MAAR) dengan variabel independen yang diteliti meliputi reputasi underwriter, total dana yang ditawarkan (issue size), sentiment investor dan hot market issue. Penelitian ini juga mempertimbangkan variabel kontrol meliputi harga akhir berdasarkan interval harga pada prospectus, risiko penawaran dan status papan pencatatan. Populasi dan sampel yang digunakan adalah seluruh perusahaan yang go public di Bursa efek Indonesia sebanyak 156 data perusahaan. Metode analisis data yang digunakan adalah analisis ordinal least square (OLS). Hasil penelitian menunjukan bahwa reputasi underwriter, total dana penawaran berpengaruh negatif signifikan baik terhadap initial return maupun market adjusted abnormal return (MAAR). Hot market issue berpengaruh positif signifikan baik terhadap initial return maupun MAAR. Sentimen investor tidak berpengaruh signifikan baik terhadap initial return maupun MAAR.
Kata Kunci: underpricing; initial public offering
Abstract
This study aims to analyze the factors that affect the level of underpricing in companies that go public on the Indonesia Stock Exchange from 2015-2019. The dependent variable of this study is the level of underpricing which is measured using initial return and market-adjusted abnormal return (MAAR). The independent variables of this study are underwriter reputation, total funds offered (issue size), investor sentiment, and hot market issue. The control variables of this study were the final price based on the price interval on the prospectus, bid risk, and board status. The population in this study were all companies that went public on the Indonesia Stock Exchange as many as 156 company data. The data analysis method used is ordinal least square (OLS) analysis. The results showed that the underwriter's reputation, total offer funds had a significant negative effect on both the initial return and MAAR. Hot market issues have a significant positive effect on both the initial return and MAAR. Investor sentiment has no significant effect on both the initial return and MAAR.
Keywords: underpricing; initial public offering
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DOI: https://doi.org/10.37531/sejaman.v4i1.1216
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