ANALISA PENGARUH FAKTOR RETURN ON ASSETS (ROA), EARNING PER SHARE (EPS), DAN REPUTASI UNDERWRITER TERHADAP UNDERPRICING SAHAM IPO DI BURSA EFEK INDONESIA TAHUN 2016-2018

Abstract

The study aims to analyze the effect of return on assets (ROA), earning per share (EPS), and underwriter reputation on the underpricing of IPO shares in the Indonesian Stock Exchange in the years of 2016-2018.

The research methodology used is a quantitative method with the type of time series data and secondary data in the form of a prospectus and company financial statements conducting an IPO obtained from the official website of the Indonesia Stock Exchange. Mechanical sampling using a purposive sampling method with the data from 2016-2018. The data analysis technique used is multiple linear regression to normality test, classic assumption test (multicollinearity test, autocorrelation test), and hypothesis testing t-statistic and f-statistic to examine the effect together with a significance level of 5%.

The results of this study shows that in partial variable return on assets (ROA), earning per share (EPS), and underwriter reputation has a positive and significant impact on the underpricing of IPO shares in the Indonesian Stock Exchange in the years of 2016-2018. While the underwriter reputation does not have a significant effect. Meanwhile, the independent variables of return on assets (ROA), earning per share (EPS), and underwriter reputation simultaneously together have a significant relationship to the dependent variable, underpricing of IPO shares in the Indonesian Stock Exchange in the years of 2016-2018. Coefficient of determination of this study shows a figure of 18.75% shows that the variation of the free variable return on assets (ROA), earning per share (EPS) and reputation underwriter can explain the rise and fall of variations of underpricing dependent variables by 18.75% while the remaining of 81.25% is affected by other independent variables.