FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING: STUDI EMPIRIS PADA PERUSAHAAN YANG GO PUBLIC DI BURSA EFEK INDONESIA TAHUN 2000-2009

• Main Authors: , Muhlis Indrawan, , Prof. Dr. Eduardus Tandelilin, M.B.A
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2011
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/90388/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=53137
• Institution: Universitas Gadjah Mada

This study aims is to examine the factors that influence the True Discount and Initial Return, as well as to measure which model is better suited to explain the phenomenon of underpricing. This study is a quantitative study, conducted in 2011 using a purposive sampling method of the IPO shares on the Stock Exchange. A total sample of 67 companies that qualified to be sampled to represent the company IPO on the Stock Exchange from 2000 to 2009. To achieve the goal of this research, data analyzed using the analysis tool is the method of multiple regression analysis. True discount and initial returns will be regressed separately with the same variables which are PER, percentage of ownership of shares released to public, type of company, firm age, underwriter reputation, ROA, and company size. The result shows the adjustment �2 value on the true discount regression results is better than adjustment �2 value on the initial return regression results. Underwriter reputation, type of company, firm age and PER have a significant influence on True discount. While firm size, percentage of stock ownership, and ROA have no significant effect on True Discount. And for the initial return, the variables which is influencing are the underwriter reputation, corporate types, and PER. For the variables of firm size, firm age, the percentage ownership of shares released to public, and ROA have no significant effect on initial returns.