Initial Return dalam Penawaran Saham Perdana di Pasar Modal Indonesi

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Abstrak— Penelitian ini bertujuan untuk mengetahui initial return serta variabel yang mempengaruhinya dalam penawaran saham perdana di Pasar Modal Indonesia. Populasi dalam penelitian ini adalah emiten yang melakukan IPO dan listing di Bursa Efek Indonesia selama periode 1 Januari 2013 – 31 Desember 2017 yaitu sebanyak 122 emiten. Pemilihan sampel dilakukan dengan menggunakan metode purposive sampling dan diperoleh sampel sebanyak 85 emiten. Penelitian ini menggunakan dua model yaitu Uji One Sample T-Test dan Regresi Linear Berganda. Hasil penelitian menyimpulkan bahwa initial return yang terjadi di Pasar Modal Indonesia berbeda secara signifikan dengan angka 5%. Pengujian regresi berganda menyimpulkan bahwa DER, ROE, TATO, reputasi underwriter, dan reputasi auditor secara bersama-sama berpengaruh signifikan terhadap initial return di Pasar Modal Indonesia. Adapun, secara parsial TATO, reputasi underwriter, dan reputasi auditor berpengaruh signifikan terhadap initial return di Pasar Modal Indonesia, sedangkan DER dan ROE berpengaruh namun tidak signifikan.

Kata kunci— initialreturn dan IPO

Abstract— This research aims to determine the initial return and the variables that influence it in the initial public offering in the Indonesian Capital Market. The population in this study are issuers that conduct IPOs and listings on the Indonesia Stock Exchange during the period of January 1, 2013 - December 31, 2017, namely as many as 122 issuers. The sample selection is done by using purposive sampling method and obtained a sample of 85 issuers. This research uses two models, namely One Sample T-Test and Multiple Linear Regression Test. The results of the research conclude that initial returns that occur in the Indonesian Capital Market differ significantly with the 5%. Multiple regression testing concluded that DER, ROE, TATO, underwriter reputation, and auditor reputation together had a significant effect on initial returns in the Indonesian Capital Market. Meanwhile, partially TATO, underwriter reputation, and auditor reputation have a significant effect on initial returns in the Indonesian Capital Market, while DER and ROE are influential but not significant.

Keywords— initial return dan IPO