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JURNAL BISNIS DAN AKUNTANSI
Vol. 14, No. 2a, Is. 8, November 2012, Hlm. 33-46

VARIABEL-VARIABEL YANG MEMPENGARUHI TINGKAT UNDERPRICING PADA PENAWARAN PERDANA DI BURSA EFEK INDONESIA

AAN MARLINAH dan MUNTAHA

STIE Trisakti
muntaha@stietrisakti.ac.id

 

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http://www.tsm.ac.id/JBA/JBAVOL14/VARIABEL-VARIABEL YANG MEMPENGARUHI TINGKAT UNDERPRICING PADA PENAWARAN PERDANA DI BURSA EFEK INDONESIA

ABSTRACT:

This study determine the factors influence underpricing of Initial Public Offering (IPO). The factors are underwriter reputation, auditor reputation, return on asset, total asset turnover, current ratio, debt equity ratio, institusional ownership, managerial ownership, and the number of commissioners. Population of this research is all companies listed in Indonesia Stock Exchange during 2004-2010 that consist of 137 companies, excluding the bank and financial institution. Sample is collected by using purposive sampling, resulting in 55 companies as sample. Hypothesis analysis use multiple regression analysis. The research concludes that underwriter reputation and current ratio influence underpricing, while auditor reputation, return on asset, total asset turnover, debt equity ratio, institusional ownership, managerial ownership, and number of commissioners do not influence underpricing.

Keyword : Underpricing, Initial Public Offering, Reputation Underwriter, Current Ratio, Institusional Ownership.
 
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