FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING PADA PENAWARAN UMUM PERDANA DI BURSA EFEK JAKARTA

Abstract

The study aimed to examine the influence of factors in finance (firm size, ROI, financial leverage,
EPS, proceeds, and current ratio) and non-finance (firm’s age, auditor’s and underwriter’s reputations,
and sort of industry) on underpricing. Referring to the purposive sampling method, the number of
samples in this study was 49 firms from 1999 to 2003. Data analysis used t test, F test, R
test, and
double linier regression with a 5 % level of significance.
The test of financial variable influence on underpricing. The F test showed that the financial
variable influenced underpricing simultaneously. The independent variable in the model could explain
the dependent variable at 22.8%. The test of non-financial variable influence on underpricing,
significant variables were the auditor’s and underwriter’s reputations, and sort of industry. The firm’s
age variable influence on underpricing was insignificant. It means that the non-financial variable
influenced underpricing simultaneously. The independent variable in the model could explain the
dependent variable at 35.7%. The F test of financial and non-financial variable influences on
underpricing simultaneously.