Perbedaan Underpricing dan Volatilitas Harga Saham Perusahaan yang IPO Sebelum dan Selama Pandemi Covid-19 di Bursa Efek Indonesia

Cicilia Erna Susilawati (Fakultas Bisnis Unika Widya Mandala Surabaya)
Yolanda Natalia Christine (Fakultas Bisnis Unika Widya Mandala Surabaya)
Cyrillius Martono (Fakultas Bisnis Unika Widya Mandala Surabaya)

Jurnal Ekonomi dan Bisnis Dharma Andalas
Vol 24 No 1 (2022): Jurnal Ekonomi dan Bisnis Dharma Andalas

The Covid-19 pandemic has affected many aspects, including the capital market. In 2020, during the COVID-19 pandemic, there were 51 companies conducting IPOs. This shows that the company's interest in obtaining funding sources through the stock exchange is still high. This study aims to analyze investor reactions to the IPO before the Covid-19 pandemic. The analysis was carried out by examining the differences in underpricing and stock price volatility in companies conducting IPOs before and during the Covid-19 pandemic. The number of samples of companies that conducted IPOs in 2019 was 55 companies and in 2020 there were 51 companies. The Mann-Whitney T-Test technique was used to determine the difference between underpricing and the Independent Sample T-Test, to determine the difference in trading volatility. The results show that there are differences in underpricing of companies that IPO before and during the Covid-19 pandemic, but the volatility of stock trading is no different. ABSTRAK Pandemi Covid-19 merupakan peristiwa yang mempengaruhi berbagai aspek kehidupan, termasuk pasar modal. Tahun 2020, saat pandemi covid 19 sedang terjadi, terdapat 51 perusahaan yang melakukan IPO. Hal ini menunjukkan bahwa minat perusahaan untuk mendapatkan sumber pendanaan melalui bursa saham cukup tinggi. Penelitian ini bertujuan untuk menganalisis reaksi investor terhadap peristiwa IPO sebelum selama pandemi Covid-19.Analisis dilakukan dengan menguji perbedaan underpricing dan volatilitas perdagangan saham pada perusahaan yang melakukan IPO sebelum dan selama pandemi Covid-19.Jumlah sampel perusahaan yang melakukan IPO periode 2019 sebanyak 55 perusahaan dan periode 2020 sejumlah 51 perusahaan. Pengujian dilakukan dengan menggunakan teknik uji Mann-Whitney T-Testuntuk perbedaan underpricingdan Independent Sample T-Test, untuk menguji perbedaan volatilitas perdagangan. Hasil penelitian menunjukkan bahwa terdapat perbedaan underpricing pada perusahaan yang IPO sebelum dan selama Pandemi Covid-19, akan tetapi volatilitas perdagangan sahamnya tidak berbeda.