AN ANALYSIS OF FACTORS INFLUENCING UNDERPRICING IN INITIAL PUBLIC OFFERING AT THE INDONESIAN STOCK EXCHANGE YEAR 2007-2010

Nurazi, M.Ridwan and Y , Hernitha (2016) AN ANALYSIS OF FACTORS INFLUENCING UNDERPRICING IN INITIAL PUBLIC OFFERING AT THE INDONESIAN STOCK EXCHANGE YEAR 2007-2010. In: MIICEMA 2012 , 18-20 Oktober 2012, Palermbang.

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Abstract

The purpose of this research is to obtain empirical evidence whether underwriter reputation, company age, company size, company value offered, financial leverage, and return on assets influence the degree of underpricing for the companies doing IPO simultaneously and partially. The data used were secondary data obtained from the whole IPO’s companies that listed in the Indonesia Stock Exchange from year 2007 to 2010. Samples were obtained using purposive sampling. The number of companies met the criteria of purposive sampling were only 46 companies. The data were analyzed using autoregressive conditional heteroschedasticity regression (ARCH), after checking using regression data panel, fixed effect model, least square model, and cencored or turncated data (Tobit) model. The result shows that underwriter reputation, company size, company value offered, and return on assets influence significantly the level of underpricing, while company age, and financial leverage has not have a significant influence towards underpricing.

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