FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING SAHAM PADA PENAWARAN UMUM PERDANA DI BURSA EFEK INDONESIA

Abstract

This research aimed to examine the effect of underwriter and auditor reputation, return on equity and debt to equity ratio on stock underpricing of first general offer at Indonesia Stock Exchange 2018-2019. The research was quantitative. Moreover, the data collection technique used purposive sampling. In line with, there were 70 companies as sample. Furthermore, the data analysis technique used multiple linear regression with SPSS 25. The research result concluded partial test (t-test) showed underwriter reputation had negative and significant effect on underpricing; with t-counted of -2,164 and significance of 0,034<0,05. Likewise, auditor reputation had negative and significant effect on underpricing with t-counted of -2,577 and significance of 0,012<0,05. On the other hand, ROE had positive and significant effect on underpricing with t-counted of 2,449 and significance of 0,017<0,05. Similarly, DER had positive and significant effect on underpricing with t-counted of 2,057 and significance of 0,044<0,05. Additionally, from the result of model accurate test which using F test, it had 6,940 with significance of 0,000. In addition, determination coefficient showed 0,299. In other word, the independent variables performance had affected for about 29,9%. Meanwhile, for 70,1% was affected by other variables which were not included in research.
Keywords: underwriter reputation, auditor reputation, return on equity, debt to equity ratio, underpricing