Pengaruh Corporate Governance, Variabel Keuangan, dan Variabel Non Keuangan terhadap Tingkat Underpricing pada Perusahaan yang Melakukan IPO Tahun 2014-2017.

DHIAN GARDIKA, YUYUN ISBANAH

Abstract


The underpricing phenomenon can occur in most of the IPO share prices on the IDX. The company hopes not to experience underpricing during the IPO because the company does’nt get more funds. On the other hand, investors expect to underprice because investors will get benefit when IPO company shares are sold on the secondary market. The underpricing event is quite interesting to observe because it involves so many influencing factors. This study aims to determine the effect of corporate governance, financial variables, and non-financial variables on underpricing. The population of this study uses companies that IPO on the IDX in 2014-2017. The final sample amount of 50 companies using purposive sampling. Data obtained from the companys annual report. The analysis technique of this research is to use multiple linear regression analysis. Based on the results of the study, it is known that director tenure has a positive and significant influence on underpricing. ROA has a significant negative effect on underpricing. While institutional ownership, independence of commissioners, board size, firm size, underwriter reputation, auditor reputation, and firm age don’t influence underpricing. This prove that companies must pay attention to the length of office of directors by restructuring to avoid saturation in the directors because the longer the directors tenure can increase underpricing. And ROA needs to be considered because the higher the value of ROA can reduce underpricing so that the company can obtain the maximum additional capital

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