ANALISA PENGARUH FAKTOR – FAKTOR FUNDAMENTAL TERHADAP TINGKAT UNDERPRICING PADA PENAWARAN UMUM PERDANA DI BURSA EFEK INDONESIA

Abstract

The share price in the primary market (IPO) is lower than the share price in the secondary market on the first day, so there will be a phenomenon of low prices in the initial offering, which is called underpricing. Many factors can potentially influence underpricing share. One of the influencing factors underpricing shares are internal factors, namely the company's financial ratio factors which consist of Debt to Equity Ratio (THE), Return on Asset (ROA) and Earning Per Share (EPS). The aim of this research is to determine and analyze the influence Debt to Equity Ratio (THE), Return on Asset (ROA) and Earning Per Share (EPS) partially or simultaneously to the magnitude of the level underpricing to the company that does Initial Public offering 2021 – 2022.

This research was conducted only on companies that conducted initial public offerings on the Indonesian Stock Exchange. The variables that will be examined in this research are: Debt to Equity Ratio (THE),Return on Asset (LONG),Earning Per Share (EPS) and underpricing. Data collection techniques use library research. The sample in this research was 52 companies. The analytical tool in this research uses multiple linear regression analysis.

The research results show that 1)Debt to equity ratio significant effect on the magnitude of the level underpricing to the company that does Initial Public offering 2021 – 2022. 2)Return on asset insignificant effect on the magnitude of the level underpricing to the company that does Initial Public offering 2021 – 2022. 3)Earning per share significant effect on the magnitude of the level underpricing to the company that does Initial Public offering 2021 – 2022. 4) Variable Debt to Equity Ratio (DER),Return on Asset (ROA) and Earning Per Share (EPS) simultaneously has no significant effect on the level underpricing to the company that does Initial Public offering 2021 – 2022.