Analisis faktor internal dan eksternal yang mempengaruhi underpricing pada saat ipo (studi empirik di bursa efek indonesia periode 2010-2015)

Thoriq, K.Nurcholish (2016) Analisis faktor internal dan eksternal yang mempengaruhi underpricing pada saat ipo (studi empirik di bursa efek indonesia periode 2010-2015). Masters thesis, Institut Pertanian Bogor.

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Abstract

The Company requires additional capital to expand its business. The company who sell its stake in the capital market to obtain additional capital have to pass through the process of an initial publlic offering (IPO). At the time of pricing of common stock to the price difference between the same stock in the primary market and the secondary market is underpricing and overpricing. Underpricing is the positive difference between the stock price on the secondary market with a share price in the primary market, or IPO. This study aims to examine the variables that influence the underpricing stock price when the company's initial public offering in Indonesia Stock Exchange period 2010-2015. The dependent variable in this study is underpricing measured by value of initial returns, while the independent variable is ROA, DER, company’s age, company’s size, type of industry, underwriter’s reputation, exchange rate and inflation. The data used in this study is a secondary data that collected by using purposive sampling method. Sample of 135 companies from 137 populations companies doing IPOs from 2010-2015 in Indonesia Stock Exchange. This study used logistic regression for data analysis. The results of this study showed that ROA, DER, age and inflation influence the level of underpricing is proven. Other variables influence the level of underpricing is not proven. In this research model shows the independent variables can explain the variation in the level of underpricing of 89,6%. Investors can consider the company's fundamentals with proven that ROA, DER, firm age and the inflation effect on underpricing. Financial variables in the company's prospectus will provide an important signal for investors to invest their shares in the primary market

Item Type: Thesis (Masters)
Additional Information: 22(E46)Tho a
Uncontrolled Keywords: faktor internal dan eksternal, jenis industri, underpricing, Regresi Logistik, ROA, Return On Asset, DER, Debt to Equity Ratio. Internal and eksternal factors, type of industry, underpricing.
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 05 Apr 2017 06:04
Last Modified: 23 Oct 2019 03:14
URI: http://repository.sb.ipb.ac.id/id/eprint/2897

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