Faktor-faktor Penyebab IPO Underpricing Di Indonesia

Abstract

The problems frequently encountered by companies in the IPO activity was the occurrence of underpricing. Underpricing conditions will hurt companies that go public, because the funds raised is not the maximum. The author examines the factors that affect the level of underpricing of companies that go public with emphasis on the underwriter reputation, auditor reputation, company size, financial leverage, ROA and ROE. According to previous research, these variables generally tend to show a significant effect on underpricing in companies that go public. This research is expost facto by using a cross sectional dimension of time. Number of samples in this study were 110 companies with a purposive sampling techniques in companies that conduct an IPO in the Indonesia Stock Exchange 2006-2014 period. This study uses multiple regression model analysis. The results showed that the underwriter reputation and auditor reputation have significant negative effect on the IPO underpricing.

Keywords: IPO, underpricing, underwriter reputation, auditor reputation, financial leverage, ROA, ROE