ANALISIS PENGARUH VARIABEL KEUANGAN, NON KEUANGAN DAN EKONOMI MAKRO TERHADAP UNDERPRICING PENAWARAN SAHAM PERDANA DI BURSA EFEK INDONESIA PERIODE 2005-2010

• Main Authors: , Lili Indarli, , Dr. Ertambang Nahartyo, M.Sc.
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2012
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/100720/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=57789
• Institution: Universitas Gadjah Mada

In Initial Public Offering (IPO) there are many occasions when underpricing occurred, this is indicated by the price of the stock when it is traded in the beginning which is much higher than the price of the offering. There are many factors that can influence the underpricing, such as asymmetric information between market participants and the macroeconomic condition. In this research, investor is assumed as a rational investor. Rational investor takes the decision based on the decision theory, which considers the risk besides the return based on the available information. This research is aimed to analyze factors that affect the underpricing of the initial public offering at Indonesia Stock Exchange in 2005-2010. Those factors are CR, DER, TATO, ROA, company age, company size, inflation, and BI interest rate. Analysis inside this research was done with double regression of semi-log model, with the sample quantity of 56 companies. The samples were chosen with purpose sampling method. From the partial regression analysis� result it was shown that only ROA variable that has affected the underpricing. For other variables of CR, DER, TATO, company age, company size, inflation, and BI interest rate, the effect could not be found and proved. For the simultaneously analysis� result, the prove could not be found that there are any influence from CR, DER, TATO, ROA, company age, company size, inflation, and interest rate variables in underpricing. In this paper, these variables can only explain 8% of the variation underpricing of the initial stock, while the other 92% variation was influenced by other variables outside the model.