PENGARUH REPUTASI UNDERWRITER DAN REPUTASI AUDITOR TERHADAP UNDERPRICING - Nurfauziah Nurfauziah; Ratna Sari Endang Safitri (Jurnal Siasat Bisnis, 2013)
AbstractStock prices in the primary market are set by agreement between the issuer with the underwriter. Underwriters have more information to the request of the issuer's shares, so the information can be used to obtain optimal agreement with the issuer is to minimize the risk of having to buy shares that are not sold cheaply. With that reputation, share price offered in the primary market is lower than expected after stocks entered in the secondary market or did not happen underpricing. Auditors are also able to influence the level of underpricing. Auditor reputation of quality and professionalism demonstrated auditors audited the financial statements of the company. Using auditors of reputation will reduce the opportunities for issuers to cheat in presenting inaccurate information to the market. For this reason, it is needed; a study examines the effect of Underwriter Reputation and Auditor Reputation on Underpricng. The research was carried out on companies that experience underpricing at initial public offering in 2007 until 2009. Based on examining 42 companies that have been underpricing showing no effect of both underwriter and auditor reputation toward underpricing individually as well as all together.Keywords: IPO, underwriter, auditor, underpricing.AbstrakHarga saham di pasar perdana ditetapkan berdasarkan kesepakatan antara emiten dengan underwriter. Underwriter memiliki informasi yang lebih banyak terhadap permintaan saham-saham emiten, sehingga informasi tersebut dapat digunakan untuk memperoleh kesepakatan optimal dengan emiten yaitu dengan memperkecil risiko keharusan membeli saham yang tidak laku terjual dengan harga murah. Dengan reputasinya itu, harga saham yang ditawarkan di pasar perdana diharapkan tidak lebih rendah dibandingkan setelah saham masuk di pasar sekunder atau tidak terjadi underpricing. Auditor juga mampu mempengaruhi tingkat underpricing. Reputasi auditor menunjukkan kualitas dan profesionalisme auditor yang mengaudit laporan keuangan perusahaan. Pemakaian auditor yang bereputasi akan mengurangi kesempatan emiten untuk berlaku curang dalam menyajikan informasi yang tidak akurat ke pasar. Berdasarkan hal tersebut, perlunya penelitian yang melihat Pengaruh Reputasi Underwriter dan Reputasi Auditor terhadap Underpricng. Penelitian ini dilakukan pada perusahaan yang mengalami underpricing pada saat Initial Public Offering di tahun 2007 sampai dengan 2009. Hasil penelitian dari 42 perusahaan yang mengalami underpricing menunjukkan tidak ada pengaruh reputasi underwriter dan reputasi auditor baik secara individual maupun bersama sama terhadap underpricing.Kata Kunci: IPO, underwriter, auditor, underpricing.