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: | http://repository.untar.ac.id/id/eprint/37382 |
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