VARIABEL-VARIABEL YANG MEMPENGARUHI FENOMENA UNDERPRICING PADA PENAWARAN SAHAM PERDANA DI BEJ TAHUN 1994 – 2001

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Kirim

CHASTINA YOLANA
KAP Prasetyo Sarwoko & Sandjaja/Ernst & Young

DWI MARTANI
Dosen Departemen Akuntansi FEUI

ABSTRACT

Underpricing is phenomenon of IPO which often happened in capital market and have been proved by researchers in many countries. This research aim to prove phenomenon of underpricing in Bursa Efek Jakarta at 1994-2001 and study the factors influencing of underpricing. This research uses mean adjusted return as underpricing measurement. Independent variables of the research are reputation of undwewriting, rate of foreign currency, total asset, ROE and industrial type. The research use multiple regression model to test the relationship between dependent and independent variabel.

This research result prove that phenomenon of underpricing happened in BEJ at 1994 – 2001 and consistent with researchs before in BEJ. The level of underpricing during periode is 38%. Rate of foreign currency, total asset, ROE and industrial type significantly correlated to underpricing. In this model, only reputation of underwriting that not significantly correlated to underpricing.

Kata kunci : Underpricing, Initial Return, IPO, Reputasi Penjamin Emisi, Kurs, Total Aktiva, ROE, Jenis Industri.

Pendahuluan

Underpricing adalah adanya selisih positif antara harga saham di pasar sekunder dengan harga saham di pasar perdana atau saat IPO. Selisih harga inilah yang dikenal sebagai initial return (IR) atau positif return bagi investor. Underpricing adalah yang umum dan sering terjadi di pasar modal manapun saat emiten melakukan IPO.