ANALISIS PENGARUH FAKTOR FUNDAMENTAL PERUSAHAAN DAN KONDISI EKONOMI MAKRO TERHADAP TINGKAT UNDERPRICING SAAT PENAWARAN UMUM PERDANA (Studi Empiris pada Perusahaan Go Publik yang Terdaftar di Bursa Efek Indonesia Tahun 2008-2011)
Abstract: This study aims to
examine the variables that influence the level of underpricing stock price when
the company's initial public offering in Indonesia Stock Exchange 2008-2011
period. The dependent variable in this study is the level of underpricing measured
by value of initial returns, while the independent variable is the total asset
turnover, debt to equity ratio, return on equity, current ratio, inflation
rate, BI rate , and the exchange rate.
The data used in this study is a secondary data that collected by using
purposive sampling method. Sample of 37 companies from 73 populations companies doing IPOs from
2008-2011 in Indonesia Stock Exchange. This study used multiple regression for
data analysis. The results of this study showed that the variable debt to
equity ratio negatively influence the level of underpricing is proven. Other
variables such as total asset turnover, return on equity, current ratio,
inflation rate, BI rate, and the exchange rate influence the level of
underpricing is not proven. In this research model, shows the variable total
assets turnover, debt to equity ratio, return on equity, current ratio,
inflation rate, the BI rate, and the exchange rate can only explain the
variation in the level of underpricing of 45 %.
Penulis: David Tri
Rachmadhanto, Raharja
Kode Jurnal: jpakuntansidd140946
