GDL

The Influence of Return on Equity (ROE), Earning per Share (EPS), and Underwriter Reputation on The Degree of Underpricing Stock IPO Firms that Listed on Indonesia Sharia Stock Index (ISSI) Period of 2019-2022

Skripsi, 025 / 2023 / KS
Undergraduate Theses from JBPTPPOLBAN / 2024-01-09 14:13:32
Oleh : 195144025 - Rachmi Amelia (rachmi.amelia.ksy19@polban.ac.id)
Dibuat : 2024-01-09, dengan 4 file

Keyword : Underpricing, Initial Public Offering, Return On Equtity (ROE), Earning Per Share (EPS), Reputasi Underwriter
Subjek : Underpricing, Initial Public Offering, Return On Equtity (ROE), Earning Per Share (EPS), Underwriter Reputation

Perusahaan membutuhkan tambahan modal salah satunya dari eksternal perusahaan dengan melakukan penawaran umum perdana di pasar modal namun perusahaan sering mengalami underpricing di pasar sekunder. Penelitian ini bertujuan untuk mengembangkan hasil temuan mengenai fenomena underpricing pada perusahaan IPO serta mengetahui pengaruh return on equity (ROE), earning per share (EPS), dan reputasi underwriter terhadap tingkat underpricing. Populasi dalam penelitian ini yaitu perusahaan yang melakukan Initial Public Offering (IPO) yang tedaftar dalam Indeks Saham Syariah Indonesia (ISSI) yang tidak delisting pada kelompok saham syariah dalam periode tahun 2019 hingga 2022. Pengambilan sampel penelitian menggunakan metode purposive sampling sehingga didapatkan sampel sebanyak 104 perusahaan. Analisis data menggunakan analisis regresi linear berganda dengan program SPSS 22. Hasil penelitian menemukan bahwa rata-rata dari tingkat underpricing adalah 31,19%. Secara simultan variabel ROE, EPS, dan reputasi underwriter berpengaruh signifikan terhadap tingkat underpricing. Sedangkan secara parsial menunjukkan bahwa ROE berpengaruh negatif signifikan terhadap tingkat underpricing, reputasi underwriter berpengaruh positif signifikan terhadap tingkat underpricing, dan earning per share tidak memiliki pengaruh terhadap tingkat underpricing. Kata kunci: Underpricing, Initial Public Offering, Return On Equtity (ROE), Earning Per Share (EPS), Reputasi Underwriter.

Deskripsi Alternatif :

Companies need additional capital, one of which is from external companies by conducting initial public offerings on the capital market, but companies often experience underpricing in the secondary market. This study aims to develop findings regarding the phenomenon of underpricing in IPO companies and to determine the effect of return on equity (ROE), earnings per share (EPS), and underwriter's reputation on the level of underpricing. The population in this study are companies that have conducted an Initial Public Offering (IPO) that are registered on the Indonesian Sharia Stock Index (ISSI) and are not delisted on the Sharia Securities List (DES) in the period 2019 to 2022. The research sample was taken using a purposive sampling method to obtain a sample of 68 companies. Data analysis used multiple linear regression analysis with the SPSS 22 program. The results found that the average level of underpricing was 37,67%. Simultaneously the variables ROE, EPS, and underwriter's reputation have a significant effect on the level of underpricing. While partially, it shows that ROE has a negative and significant effect on the level of underpricing, the reputation of underwriters has a positive and significant effect on the level of underpricing, and earnings per share does not affect the level of underpricing. Keywords: Underpricing, Initial Public Offering, Return On Equtity (ROE), Earning Per Share (EPS), Underwriter Reputation.

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