ANALISIS PENGARUH ROA, EPS, FINANCIAL LEVERAGE, PROCEED TERHADAP INITIAL RETURN - Wijayanto, Andhi (Department of Management, Faculty of Economics, Semarang State University, Indonesia, 2010)
Riset ini bertujuan untuk mengetahui pengaruh ROA, EPS, Financial Leverage dan Proceed terhadap initial return. Initial return diperoleh dengan mengukur perbedaan harga pada hari pertama perdangangan di pasar sekunder dengan harga saat IPO. Penelitian ini menduga bahwa ROA, EPS, Proceed mempunyai pengaruh negatif dengan initial return, disisi lain, Financial Leverage diduga mempunyai pengaruh yang positif terhadap initial return. Data pada penelitian ini terdapat dalam prospectus perusahaan. Sampel diambil dengan menggunakan metode purposive sampling dengan dua kriteria yaitu terdiri dari perusahaan yang IPO selama periode tahun 2000-2006 dan underpriced. Dengan kriteria tersebut, 67 perusahaan dijadikan sebagai sampel. Metode analisis menggunakan regresi berganda. Hasil penelitian ini adalah Earning Per-Share (EPS), dan Proceed mempunyai pengaruh negatif dan signifikan terhadap initial return, sedangkan Return on Assets Ratio (ROA), dan Financial Leverage tidak berpengaruh signifikan terhadap initial return.ÃÂ This research aimed to examine the influence of ROA, EPS, Financial Leverage, and Proceed on initial return. Initial return was measured by the difference between the firmÃ¢â¬â¢s stock price on the first day in the secondary market and itÃ¢â¬â¢s IPO. This research expected that return on assets ratio (ROA), earning per-share (EPS), and proceed negatively associated with initial return. On other hand, financial leverage ratio expected to positively associate with initial return. Data in this study were obtained from company prospectus, ICMD. Sample had been taken by using purposive sampling method with two criterions such as conducted IPO during period 2000-2006 and underpriced. With criterions, 67 companies obtains as sample. The analytical methods used multiple regressions, the empirical result of this research indicate that EPS, and proceed significantly associated with initial returns. Whereas ROA, and financial leverage ratio not significantly influence initial return.