ANALISIS PENGARUH TATA KELOLA PERUSAHAAN TERHADAP TINGKAT UNDERPRICING PENAWARAN UMUM PERDANA SAHAM (Studi Empiris terhadap Perusahaan Non Finansial di Bursa Efek Indonesia)
Abstract: Underpricing
phenomenon often occurs when a company undergoes an Initial Public Offering
(IPO) in the stock market. Underpricing occurs when the initial public offering
price is lower than the first day stock's closing price on the secondary
market. Characteristics of corporate governance within the company may affect
the investment behavior of investors, thus also affect the IPO pricing
strategy. This study aims to analyze the influence of the corporate governance
characteristics on the level of IPO underpricing. This research refers to
research conducted by Darmadi and Gunawan (2013) and Filatotchev and Bishop
(2002). The prior study used board size, board independence, ownership
concentration and institutional ownership to analyze the corporate governance
affect on underpricing. In this study, managerial ownership is added as
independent variable on research model. The purpose is to investigate if and
how the influence of share ownership by manager to management decision in
determining the IPO price. Overall, this study uses five independent variables:
i.e. the number of commissioner, commissioner independence, ownership
concentration, managerial ownership, institutional ownership, and three control
variables: ROE, firm size and underwriter reputation.
Research population comprise all non-financial companies that was
underpriced on IPO for the period 2006-2013. A Total population of 58 companies
was used in analysis. Hypotheses in this study indicate that board size,
commisioner independence, ownership concentration, managerial ownership, and
institutional ownership partially affect the level of underpricing. This study
uses Ordinary Least Square (OLS) Regression for hypotheses testing.
Results of this study showed that the number of commissioner and institutional
ownership negatively affected the level of underpricing. Ownership
concentration had a positive effect on the level of underpricing. This study,
did not find significant effects of commissioner independence and managerial
ownership on the level of IPO undepricing. The implications of this study
showed that the implementation of corporate governance can reduce the
determination of the discount rate that used by company as signal of firm
quality to investor on IPO.
Penulis: Bangkit Sasongko,
Agung Juliarto
Kode Jurnal: jpakuntansidd141100
