Analisis faktor-faktor yang mempengaruhi underpricing saham pada penawaran saham perdana di bursa efek Indonesia

Abstract

This empirical research was needed to find out the effect of the Underwriter's Reputation, Auditor's Reputation, percentage of shares offered to the public, Financial Leverage, Profitability (ROA), Profitability (NPM), Current Ratio, Size of Company, Age of Company and Type of Industry towards the Stocks' Underpricing on the first offer of stocks in Indonesian Stock Exchange in the year of 2000-2012. Based on the results of the data analysis, the partial test results indicated variables of Underwriter's Reputation, Auditor's Reputation, percentage of shares offered to the public, and type of industry do not positively and significantly influence to underpricing. Next, the variable of financial leverage had a poitiv and significant influence towards underpricing while the variables of Profitability (ROA), Profitability (NPM), Current Ratio, Size of Company, Age of Company negatively and significantly influenced to stocks' underpricing on the first offer of stocks in Indonesian Stock Exchange.