IPO-Underpricing: Reputasi Underwriter dan Tingkat Pengembalian Operasi Aset

Ari Purwanti, Ak., CA., CSRA.


Kondisi underpricing pada saat penawaran saham perdana (IPO) pada bursa efek Indonesia yang dipengaruhi tingkat pengembalian atas aset dan reputasi dari underwriter merupakan tujuan dari dilakukannya penelitian ini. Terdapat 84 perusahaan yang digunakan sebagai sampel penelitian dari 159 perusahaan yang mengalami kondisi underpricing selama periode 2015 sampai dengan 2019 di Bursa Efek Indonesia. Dengan menggunakan regresi linear berganda dalam metode pengujian hipothesisnya, penelitian ini membuktikan bahwa reputasi underwriter dan tingkat pengembalian atas aset memberikan pengaruh negatif pada kondisi underpricing. Hasil empiris ini memperlihatkan perusahaan dengan kinerja aset yang lebih tinggi dan menggunakan underwriter yang berreputasi terbukti dapat memperkecil kondisi underpricing pada saat IPO


The condition of underpricing at the time of the initial public offering (IPO) on the Indonesian stock exchange which is influenced by the rate of return on assets and the reputation of the underwriters is the purpose of this research. There are 84 companies used as research samples from 159 companies that experienced underpricing conditions during the period 2015 to 2019 on the Indonesia Stock Exchange. By using multiple linear regression in the hypothesis testing method, this study proves that the underwriter's reputation and the rate of return on assets have a negative effect on the underpricing condition. This empirical result shows that companies with higher asset performance and using reputable underwriters are proven to reduce underpricing conditions at the time of the IPO.



Underpricing ; Return on Asset ; Reputable Underwriters


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DOI: http://dx.doi.org/10.35137/jabk.v9i1.636

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