Pengaruh Informasi Akuntansi dan Permintaan Investor terhadap Underpricing
Abstract
Underpricing is a phenomenon that often occurs from IPO activities on the IDX. Underpricing is the difference in stock prices that occur in the primary .market’ and secondary’ market, where the bid price is lower than the closing price of the first trading day. The purpose of this research is to find out the effect of accounting information and investor demand on underpricing.This research was conducted’.at companies whose IPO on .the’ Stock .Exchange in 2016-2018. Data collection was obtained from the collection of prospectuses and company financial statements. The total sample of 81 companies using a purposive sampling method. The analysis technique used is multiple linear regression analysis. This study proves that profitability and firm size negatively affect underpricing, while financial leverage and investor demand have no effect on underpricing.
Keywords: Underpricing; Profitability; Company Size; Investor Demand.
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References
Adhiati, A. H. (2015). Analisis Faktor-Faktor yang Mempengaruhi Tingkat Underpricing Pada Perusahaan yang Melakukan Penawaran Saham Perdana di Bursa Efek Indonesia Periode 2009-2013, Jurnal Ekonomi Fakultas Ekonomi dan Bisnis Universitas Dian Nuswantoro, 1–14.
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Assari, H. N., Juanda, A. dan Suprapti, E. (2014). Pengaruh Financial Leverage, ROI, ROE, Reputasi Auditor, dan Reputasi Underwriter terhadap Tingkat Underpricing Saham pada Saat IPO di BEI, Jurnal Reviu Akuntansi dan Keuangan, 4(1), 545–554.
Azevedo, A., Guney, Y. and Leng, J. (2018). Initial Public Offerings in China: Underpricing, Statistics and Developing Literature, Research in International Business and Finance. Elsevier B.V. doi: 10.1016/j.ribaf.2018.04.011.
Baron, D. P. (1982). A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues, The Journal of Finance. doi: 10.1111/j.1540-6261.1982.tb03591.x.
Bozzolan, S. and Ipino, E. (2007). Information Asymmetries and IPO Underpricing: The Role of Voluntary Disclosure of Forward-Looking Information in the Prospectus, SSRN Electronic Journal, 1–36. doi: 10.2139/ssrn.999518.
Brown, S. and Hillegeist, S. A. (2007) How Disclosure Quality Affects The Level of Information Asymmetry, Review of Accounting Studies, 1–53.
Carter, R. and Manaster, S. (1990). Initial Public Offerings and Underwriter Reputation, The Journal of Finance, 45(4), 1045–1067. doi: 10.1111/j.1540-6261.1990.tb02426.x.
Ferrer, R. c. (2016). The Extent of Their Compliance With Merger and Acquisition Disclosure Requirements: a Test of Ross Signaling Theory. Academy of Accounting & Financial Studies Journal, 20(2), 74–92. Available at: http://esc-web.lib.cbs.dk/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=118436486&site=ehost-live&scope=site.
Grinblatt, M. and Hwang, C. Y. (1989). Signalling and the Pricing of New Issues, The Journal of Finance. doi: 10.1111/j.1540-6261.1989.tb05063.x.
Hair, J. F., Andreson, R. E., Tatham, R. L. and Black, W.C. (1998). Multivariate data analysis with readings (5nd ed.), Prentice-Hall, Upper Saddle River.
Hartono, J. (2017) Teori Portofolio dan Analisis Investasi. Edisi 11.
Heerden, G. V. and Alagidede, P. (2012). Short Run Underpricing of Initial Public Offerings (IPOs) in The Johannesburg Stock Exchange (JSE), Review of Development Finance. University of Cairo., 2, 130–138. doi: 10.1016/j.rdf.2012.10.001.
Kartika, G. A. S. K. dan Putra, I. M. P. D. (2017). Faktor - Faktor Underpricing Initial Public Offering di Bursa Efek Indonesia, E-Jurnal Akuntansi Universitas Udayana, 19, 2205–2233.
Kenessov, N. and Kanzhigalina, M. (2018). Sentiment of Prospectus and IPO Underpricing, Norwegian School Of Economics, 1–37.
Kim, J.-B., Krinsky, I. and Lee, J. (1995). The Role of Financial Variables in the Pricing Korean IPO, Pacific Business Finance Journal, 3(4), 393–498.
Lestari, F. A. dan Sulasmiyati, S. (2017). Pengaruh Informasi Keuangan terhadap Underpricing (Studi Pada Perusahaan Yang Melaksanakan IPO Pada Bursa Efek Indonesia Tahun 2012), Jurnal Administrasi Bisnis, 46(2), 1–8.
Maulidya, P. S. dan Lautania, M. F. (2016). Pengaruh Asset Turnover, Current Ratio, Debt To Equity Ratio, dan Ukuran Perusahaan Terhadap Terjadinya Underpricing Saham Pada Perusahaan di Pasar Penawaran Saham Perdana yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2014, Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), 1(1), 171–182.
Mayasari, T., Yusuf dan Yulianto, A. (2018). Pengaruh Return on Equity, Net Profit Margin dan Ukuran Perusahaan Terhadap Underpricing, Jurnal Kajian Akuntansi, 2(1), 41–53.
Permadi, P. K. A. R. dan Yasa, G. W. (2017). Reputasi Auditor Sebagai Pemoderasi Pengaruh Informasi Keuangan dalam Prospektus Pada Tingkat Underpricing Penawaran Saham Perdana, E-Jurnal Akuntansi, 21, 1963–1992. doi: 10.24843/EJA.2017.v21.i03.p10.
Purwanto., Agustiningsih, S. W., Insani, S. F. dan Wahyono, B. (2014). Fenomena Underpricing Pada Perusahaan yang Go Public di Indonesia, Ekonomi Bisnis dan Kewirausahaan, 3(1), 1–23.
Ramadana, S. W. (2018). Beberapa Faktor yang Mempengaruhi Underpricing Saham Pada Perusahaan Yang Melakukan Initial Public Offering (IPO) Di Bursa Efek Indonesia, Jurnal Riset Inspirasi Manajemen dan Kewirausahaan, 2(2), pp. 102–108. doi: 10.35130/jrimk.v2i2.22.
Ratnasari, A. dan Hudiwinarsih, G. (2013). Analisis Pengaruh Informasi Keuangan, Non Keuangan serta Ekonomi Makro Terhadap Underpricing Pada Perusahaan Ketika IPO, Jurnal Buletin Studi Ekonomi, 18(2), 85–97.
Razafindrambinina, D. and Kwan, T. (2013). The Influence of Underwriter and Auditor Reputations on IPO Under-pricing, European Journal of Business and Management, 5(2), 2222–2839. Available at: http://pakacademicsearch.com/pdf-files/ech/517/199-212 Vol 5, No 2 (2013).pdf.
Risal (2014). Underpricing: Informasi Akuntansi Dan Non Akuntansi Dalam Initial Public Offering (Ipo), Akuntabilitas, 7(1), 42–55. doi: 10.15408/akt.v7i1.2645.
Rock, K. (1986). Why new issues are underpriced, Journal of Financial Economics. doi: 10.1016/0304-405X(86)90054-1.
Suryawan, A. (2015). Analisis Faktor-Faktor Yang Mempengaruhi Tingkat Underpricing Harga Saham Pada Perusahaan Yang Melakukan IPO di Bursa Efek Indonesia Periode 201-2014, Fakultas Ekonomi Bisnis UIN Syarif Hidayatullah Jakarta. Available at: http://repository.ubaya.ac.id/id/eprint/25134.
Utamaningsih, A., Tandelilin, E., Husnan, S. and Sartono, R. A. (2013). Asymmetric Information in the Ipo Underwriting Process on the Indonesia Stock Exchange: Pricing, Initial Allocation, Underpricing, and Price Stabilization, Jurnal of Indonesian Economy and Business, 28(3), 311–321. doi: 10.22146/jieb.6220.
Widarjo, W. and Bandi (2018). Determinants of Intellectual Capital Disclosure in The IPOs and its Impact on Underpricing: Evidence From Indonesia, International Journal of Learning and Intellectual Capital, 15(1), 1–19. doi: 10.1504/ijlic.2018.088346.
Widhiastina, P. dan Prihatni, R. (2016). Pengaruh Return On Asset, Financial Leverage, dan Ukuran Perusahaan Terhadap Underpricing Pada Perusahaan yang Melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia, Jurnal Ilmiah Wahana Akuntansi, 11, No.2, 1–21.
Wiyani, N. T. (2016). Underpricing Pada Initial Public Offering ( Studi Empiris Pada Perusahaan Non Keuangan yang Go Public di Bursa Efek Indonesia Tahun 2011–2014 ), Jurnal Online Insan Akuntan, 1(2), 341–358.
Wulandari, A. (2011). Analisis Faktor-Faktor yang Mempengaruhi Tingkat Underpricing Pada Penawaran Perdana ( Studi Kasus Pada Perusahaan Go Publik Yang Terdaftar di Bursa Efek Indonesia Tahun 2006-2010 ), Jurnal Akuntansi dan Auditing UNDIP, 1.
Yanti, E. dan Yasa, G. W. (2016). Determinan Underpricing Saham Perusahaan Go Public Tahun 2009-2013, E-Jurnal Akuntansi Universitas Udayana, 16.1, 244–274.
Yasa, G. W. dan Hartono, J. (2003). Faktor-Faktor yang Mempengaruhi Underpricing Saham di Bursa Efek Jakarta Tahun 1990-2001, Diss. Universitas Gadjah Mada.
Zhou, J. and Lao, L.-J. (2012). Analysis of Influencing Factors of IPO Underpricing in ChiNext, Physics Procedia, 33, 846–851. doi: 10.1016/j.phpro.2012.05.144.
Ang, R. (2007) Buku Pintar Pasar Modal Indonesia (The Intelligent Guide To Indonesian Capital Market ), Mediasoft Indonesia.
Assari, H. N., Juanda, A. dan Suprapti, E. (2014). Pengaruh Financial Leverage, ROI, ROE, Reputasi Auditor, dan Reputasi Underwriter terhadap Tingkat Underpricing Saham pada Saat IPO di BEI, Jurnal Reviu Akuntansi dan Keuangan, 4(1), 545–554.
Azevedo, A., Guney, Y. and Leng, J. (2018). Initial Public Offerings in China: Underpricing, Statistics and Developing Literature, Research in International Business and Finance. Elsevier B.V. doi: 10.1016/j.ribaf.2018.04.011.
Baron, D. P. (1982). A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues, The Journal of Finance. doi: 10.1111/j.1540-6261.1982.tb03591.x.
Bozzolan, S. and Ipino, E. (2007). Information Asymmetries and IPO Underpricing: The Role of Voluntary Disclosure of Forward-Looking Information in the Prospectus, SSRN Electronic Journal, 1–36. doi: 10.2139/ssrn.999518.
Brown, S. and Hillegeist, S. A. (2007) How Disclosure Quality Affects The Level of Information Asymmetry, Review of Accounting Studies, 1–53.
Carter, R. and Manaster, S. (1990). Initial Public Offerings and Underwriter Reputation, The Journal of Finance, 45(4), 1045–1067. doi: 10.1111/j.1540-6261.1990.tb02426.x.
Ferrer, R. c. (2016). The Extent of Their Compliance With Merger and Acquisition Disclosure Requirements: a Test of Ross Signaling Theory. Academy of Accounting & Financial Studies Journal, 20(2), 74–92. Available at: http://esc-web.lib.cbs.dk/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=118436486&site=ehost-live&scope=site.
Grinblatt, M. and Hwang, C. Y. (1989). Signalling and the Pricing of New Issues, The Journal of Finance. doi: 10.1111/j.1540-6261.1989.tb05063.x.
Hair, J. F., Andreson, R. E., Tatham, R. L. and Black, W.C. (1998). Multivariate data analysis with readings (5nd ed.), Prentice-Hall, Upper Saddle River.
Hartono, J. (2017) Teori Portofolio dan Analisis Investasi. Edisi 11.
Heerden, G. V. and Alagidede, P. (2012). Short Run Underpricing of Initial Public Offerings (IPOs) in The Johannesburg Stock Exchange (JSE), Review of Development Finance. University of Cairo., 2, 130–138. doi: 10.1016/j.rdf.2012.10.001.
Kartika, G. A. S. K. dan Putra, I. M. P. D. (2017). Faktor - Faktor Underpricing Initial Public Offering di Bursa Efek Indonesia, E-Jurnal Akuntansi Universitas Udayana, 19, 2205–2233.
Kenessov, N. and Kanzhigalina, M. (2018). Sentiment of Prospectus and IPO Underpricing, Norwegian School Of Economics, 1–37.
Kim, J.-B., Krinsky, I. and Lee, J. (1995). The Role of Financial Variables in the Pricing Korean IPO, Pacific Business Finance Journal, 3(4), 393–498.
Lestari, F. A. dan Sulasmiyati, S. (2017). Pengaruh Informasi Keuangan terhadap Underpricing (Studi Pada Perusahaan Yang Melaksanakan IPO Pada Bursa Efek Indonesia Tahun 2012), Jurnal Administrasi Bisnis, 46(2), 1–8.
Maulidya, P. S. dan Lautania, M. F. (2016). Pengaruh Asset Turnover, Current Ratio, Debt To Equity Ratio, dan Ukuran Perusahaan Terhadap Terjadinya Underpricing Saham Pada Perusahaan di Pasar Penawaran Saham Perdana yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2014, Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), 1(1), 171–182.
Mayasari, T., Yusuf dan Yulianto, A. (2018). Pengaruh Return on Equity, Net Profit Margin dan Ukuran Perusahaan Terhadap Underpricing, Jurnal Kajian Akuntansi, 2(1), 41–53.
Permadi, P. K. A. R. dan Yasa, G. W. (2017). Reputasi Auditor Sebagai Pemoderasi Pengaruh Informasi Keuangan dalam Prospektus Pada Tingkat Underpricing Penawaran Saham Perdana, E-Jurnal Akuntansi, 21, 1963–1992. doi: 10.24843/EJA.2017.v21.i03.p10.
Purwanto., Agustiningsih, S. W., Insani, S. F. dan Wahyono, B. (2014). Fenomena Underpricing Pada Perusahaan yang Go Public di Indonesia, Ekonomi Bisnis dan Kewirausahaan, 3(1), 1–23.
Ramadana, S. W. (2018). Beberapa Faktor yang Mempengaruhi Underpricing Saham Pada Perusahaan Yang Melakukan Initial Public Offering (IPO) Di Bursa Efek Indonesia, Jurnal Riset Inspirasi Manajemen dan Kewirausahaan, 2(2), pp. 102–108. doi: 10.35130/jrimk.v2i2.22.
Ratnasari, A. dan Hudiwinarsih, G. (2013). Analisis Pengaruh Informasi Keuangan, Non Keuangan serta Ekonomi Makro Terhadap Underpricing Pada Perusahaan Ketika IPO, Jurnal Buletin Studi Ekonomi, 18(2), 85–97.
Razafindrambinina, D. and Kwan, T. (2013). The Influence of Underwriter and Auditor Reputations on IPO Under-pricing, European Journal of Business and Management, 5(2), 2222–2839. Available at: http://pakacademicsearch.com/pdf-files/ech/517/199-212 Vol 5, No 2 (2013).pdf.
Risal (2014). Underpricing: Informasi Akuntansi Dan Non Akuntansi Dalam Initial Public Offering (Ipo), Akuntabilitas, 7(1), 42–55. doi: 10.15408/akt.v7i1.2645.
Rock, K. (1986). Why new issues are underpriced, Journal of Financial Economics. doi: 10.1016/0304-405X(86)90054-1.
Suryawan, A. (2015). Analisis Faktor-Faktor Yang Mempengaruhi Tingkat Underpricing Harga Saham Pada Perusahaan Yang Melakukan IPO di Bursa Efek Indonesia Periode 201-2014, Fakultas Ekonomi Bisnis UIN Syarif Hidayatullah Jakarta. Available at: http://repository.ubaya.ac.id/id/eprint/25134.
Utamaningsih, A., Tandelilin, E., Husnan, S. and Sartono, R. A. (2013). Asymmetric Information in the Ipo Underwriting Process on the Indonesia Stock Exchange: Pricing, Initial Allocation, Underpricing, and Price Stabilization, Jurnal of Indonesian Economy and Business, 28(3), 311–321. doi: 10.22146/jieb.6220.
Widarjo, W. and Bandi (2018). Determinants of Intellectual Capital Disclosure in The IPOs and its Impact on Underpricing: Evidence From Indonesia, International Journal of Learning and Intellectual Capital, 15(1), 1–19. doi: 10.1504/ijlic.2018.088346.
Widhiastina, P. dan Prihatni, R. (2016). Pengaruh Return On Asset, Financial Leverage, dan Ukuran Perusahaan Terhadap Underpricing Pada Perusahaan yang Melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia, Jurnal Ilmiah Wahana Akuntansi, 11, No.2, 1–21.
Wiyani, N. T. (2016). Underpricing Pada Initial Public Offering ( Studi Empiris Pada Perusahaan Non Keuangan yang Go Public di Bursa Efek Indonesia Tahun 2011–2014 ), Jurnal Online Insan Akuntan, 1(2), 341–358.
Wulandari, A. (2011). Analisis Faktor-Faktor yang Mempengaruhi Tingkat Underpricing Pada Penawaran Perdana ( Studi Kasus Pada Perusahaan Go Publik Yang Terdaftar di Bursa Efek Indonesia Tahun 2006-2010 ), Jurnal Akuntansi dan Auditing UNDIP, 1.
Yanti, E. dan Yasa, G. W. (2016). Determinan Underpricing Saham Perusahaan Go Public Tahun 2009-2013, E-Jurnal Akuntansi Universitas Udayana, 16.1, 244–274.
Yasa, G. W. dan Hartono, J. (2003). Faktor-Faktor yang Mempengaruhi Underpricing Saham di Bursa Efek Jakarta Tahun 1990-2001, Diss. Universitas Gadjah Mada.
Zhou, J. and Lao, L.-J. (2012). Analysis of Influencing Factors of IPO Underpricing in ChiNext, Physics Procedia, 33, 846–851. doi: 10.1016/j.phpro.2012.05.144.
Published
2020-03-14
How to Cite
PRADNYADEVI, Made Aida; SUARDIKHA, I Made Sadha.
Pengaruh Informasi Akuntansi dan Permintaan Investor terhadap Underpricing.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 3, p. 746-759, mar. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/55559>. Date accessed: 27 nov. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i03.p16.
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