PENGARUH FINANCIAL LEVERAGE DAN UKURAN PERUSAHAAN TERHADAP FENOMENA UNDERPRICING PADA SAAT INITIAL PUBLIC OFFERING DI BURSA EFEK INDONESIA TAHUN 2015 - 2017

KUSUMADEWI, JESSY (2019) PENGARUH FINANCIAL LEVERAGE DAN UKURAN PERUSAHAAN TERHADAP FENOMENA UNDERPRICING PADA SAAT INITIAL PUBLIC OFFERING DI BURSA EFEK INDONESIA TAHUN 2015 - 2017. S1 thesis, Fakultas Ekonomi.

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Abstract

JESSY KUSUMADEWI. The Effect of Financial Leverage and Firm Size on Underpricing Phenomenon at Initial Public Offering Listed on Indonesia Stock Exchange Year 2015 – 2017. Thesis. Jakarta. Economic Education Study Program, Concentration of Accounting Education, Faculty of Economics, Jakarta State University, 2018. This study aims to determine the effect of financial leverage and firm size on underpricing phenomenon at initial public offering listed on the Indonesia Stock Exchange in 2015 – 2017 either partially or simultaneously. The method used in this research is a quantitative method with statistical descriptive analysis. Data collection using documentation techniques in the form of financial statements and annual company. The affordable population in this study is a company that meets the criteria amounted to 60 companies with 51 research samples of the company. The data analysis technique uses analysis requirements test, classical assumption test, multiple regression equation tests, and hypothesis test consisting of F test and t-test. Result of data analysis yield regression equation UNDi = 2,616 – 0,005DERi – 0,082SIZi. Pursuant to result of this research show that (1) financial leverage not have an effect to underpricing with Tcount ˂ Ttable (-0,156 ˂ 2,0106) and significance 0,876 ˃ 0,05 (2) firm size have negative and significant effect to underpricing with Tcount > Ttable -3,286 > -2,0106 and negative signified and variable significance value firm size 0,002 < 0,05 (3) financial leverage and firm size influence simultaneously to underpricing with Fcount> Ftable (5,892 > 3,19) and the significance value of 0.005 < 0.05, the correlation coefficient of 0.444 with medium classified and the coefficient of determination of 19,7%. Keywords: IPO, Underpricing, Financial Leverage, Firm Size

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