FENOMENA UNDERPRICING DAN FAKTOR YANG MEMPENGARUHI AFTERMARKET LIQUIDITY PASCA IPO DI BURSA EFEK INDONESIA - Pahlevi, Reza Widhar (Fakultas Bisnis UKDW, 2019)
This empirical research is intended to analyze the differences of liquidity after the IPO of financial companies with the level of liquidity of non-financial companies. Second to analyze the effect of underpricing, the stock price, the company's risk level, the volume of shares traded, managerial ownership, and the size of the company post-IPO stock liquidity. The population in this study is the company's initial public offering (going public) and listed in Indonesia Stock Exchange year period from 2000 to 2014, derived from all types of industries and companies that conduct the IPO remain registered and active in the secondary market until 2014 with technical sampling technique used is purposive sampling. The analytical tool used in this research is using independent sample t-test and multiple linear regression. Based on the result of independent test of sample t-test shows that there is difference of post-IPO liquidity between financial company and non-financial company. Second, based on the result of multiple linear regression test shows that: (1) Underpricing has an effect on share liquidity (spread) but does not affect the stock liquidity (turn over) post IPO. (2) Share price has influence to share liquidity (spread) but not affect to stock liquidity (turn over) post IPO. (3) The level of risk does not affect the liquidity of the stock (spread) but has an effect on stock liquidity (turn over) post IPO. (4) The volume of shares traded has an influence on stock liquidity (spread) and post-IPO turnover. (5) The size of the company has an influence on stock liquidity (spread) and stock liquidity (turn over) of post-IPO shares. (5) Managerial ownership does not affect the stock liquidity (spread) but has an effect on stock liquidity (turn over) post-IPO. Keywords : Underpricing, Spread, Turn Over and Liquidity ABSTRAK Penelitian empiris ini dimaksudkan untuk menganalisis perbedaan likuiditas pasca IPO perusahaan keuangan dengan tingkat likuiditas perusahaan non-keuangan. Kedua untuk menganalisis pengaruh underpricing, harga saham, tingkat risiko perusahaan, volume saham yang diperdagangkan, kepemilikan managerial, dan ukuran perusahaan terhadap likuiditas saham pasca IPO. Populasi pada penelitian ini adalah perusahaan yang melakukan penawaran umum perdana (go public) dan terdaftar di Bursa Efek Indonesia periode tahun 2000-2014, berasal dari semua jenis industri serta perusahaan yang melakukan IPO tersebut tetap terdaftar dan aktif di pasar sekunder sampai tahun 2014 dengan teknik pengambilan sampel yang digunakan adalah teknik purposive sampling. Alat analisis yang digunakan pada penelitian ini adalah menggunakan independent sampel t-test dan regresi linear berganda. Berdasarkan hasil uji independent sampel t-test menunjukkan bahwa terdapat perbedaan likuiditas pasca IPO antara perusahaan keuangan dan perusahaan non keuangan. Kedua, berdasarkan hasil uji regresi linear berganda menunjukkan bahwa : (1) Underpricing mempunyai pengaruh terhadap likuiditas saham (spread) namun tidak berpengaruh terhadap likuiditas saham (turn over) pasca IPO. (2) Harga saham mempunyai pengaruh terhadap likuiditas saham (spread) namun tidak berpengaruh terhadap likuiditas saham (turn over) pasca IPO. (3) Tingkat risiko tidak berpengaruh terhadap likuiditas saham (spread) namun mempunyai pengaruh terhadap likuiditas saham (turn over) pasca IPO. (4) Volume saham yang diperdagangkan mempunyai pengaruh terhadap likuiditas saham (spread) dan likuiditas saham (turnover) pasca IPO. (5) Kepemilikan Managerial tidak berpengaruh terhadap likuiditas saham (spread) namun mempunyai pengaruh terhadap likuiditas saham (turn over) pasca IPO. (6) Ukuran perusahaan mempunyai pengaruh terhadap likuiditas saham (spread) dan likuiditas saham (turn over) saham pasca IPO. Kata kunci : Underpricing, Spread, Turn Over dan Liquidity