FACTORS AFFECTING THE LEVEL OF UNDERPRICING OF SHARES IN INITIAL PUBLIC OFFERING COMPANIES - Suyono, Suyono; Paramita, Paramita; S, Yvonne Augustin; Murwaningsari, Etty; Hutahuruk, Marice (Bilancia : Jurnal Ilmiah Akuntansi, 2025)
The underpricing phenomenon that occurs due to information asymmetry, to reduce the information asymmetry of companies that will conduct an initial public offering (IPO) to issue a prospectus. Almost in every country companies experience underpricing, this also happens in Indonesian companies that conduct IPOs in the capital market. In this study, there are several factors that will be examined to affect underpricing, namely Debt to Equity Ratio, Return on Equity, Company Age and Total Asset Turnover. The purpose of this study is to empirically analyze the influence of Debt to Equity Ratio, Return on Equity, Company Age and total asset turnover on Underpricing of Companies that conduct Initial Public Offerings (IPOs) listed on the Indonesia Stock Exchange for the period 2019–2022. The sampling technique in this study used purposive sampling with a sample size of 180 samples. This study uses t-test data analysis techniques. The results of this study show that the Debt to Equity Ratio (DER) is not significant to the level of Underpricing of Shares, Return on Equity is not significant to the level of Underpricing of Shares, the age of the company is not significant to the level of Underpricing of Shares, Total Asset Turnover is not significant to the level of Underpricing of Shares. The results of this study have no effect, it is hoped that in the next study we can consider other variables to be researched with other research objects. Fenomena underpricing yang terjadi karena adanya asimetri informasi, maka untuk mengurangi asimetri informasi perusahaan yang akan melakukan initial public offering (IPO) untuk melakukan penerbitan prospektus. Hampir di setiap negara perusahaan – perusahaan mengalami underpricing, hal ini juga terjadi di perusahaan Indonesia yang melakukan IPO di pasar modal. Dalam penelitian ini ada beberapa faktor yang akan di teliti mempengaruhi underpricing adalah Debt to Equity Ratio, Return on Equity, Umur perusahaan dan Total Asset Turnover. Tujuan penelitian ini untuk menganalisis secara empiris pengaruh Debt to Equity Ratio, Return on Equity, Umur Perusahaan dan total asset turnover terhadap Underpricing Perusahaan yang melakukan Initial Public Offering (IPO) yang terdaftar di Bursa Efek Indonesia periode 2019–2022. Teknik pengambilan sampel pada penelitian ini menggunakan purposive sampling dengan jumlah sampel sebanyak 180 sampel. Penelitian ini menggunakan teknik analisis data uji t. Hasil pada penelitian ini menunjukkan bahwa Debt to Equity Ratio (DER) tidak signifikan terhadap tingkat Underpricing Saham, Return on Equity tidak signifikan terhadap tingkat Underpricing Saham, Umur perusahaan tidak signifikan terhadap tingkat Underpricing Saham, Total Asset Turnover tidak signifikan terhadap tingkat Underpricing Saham. Hasil penelitian ini tidak ada yang berpengaruh, diharapkan pada penelitian berikutnya agar dapat mempertimbangkan variabel lainnya untuk diteliti dengan objek penelitian lain.