PENGARUH VARIABEL-VARIABEL KEUANGAN DAN NON KEUANGAN TERHADAP INITIAL RETURN (STUDI KASUS PADA PERUSAHAAN YANG MELAKUKAN IPO DI BEI PERIODE 2011-2014)

Abstract

Problems in this study is the information from the company's IPO investors have very limited resulting in difficulty to measure the rate of return (underpricing) of the IPO shares. This study aimed to examine the effect of accounting and non-accounting information to the initial return on the company made an initial public offering (IPO) on the Stock Exchange. The population in this study are companies performing IPO of the year 2011-2014 is 100 companies. Sample selection is done by purposive sampling method a sample of 38 companies. Sources of data in this research is secondary data obtained from the site www.idx.co.id, www.e-bursa.com, and ICMD. Data analysis method used is multiple regression analysis using SPSS 20.

Results showed simultaneously (Test F) that CR, EPS, PER, ROI, DER, Firm Size does not affect the initial return. It can be seen from the 0.750 significance level greater than 0.05 (α = 0.05) higher .Artinya CR, EPS, PER, ROI, DER, Firm Size Initial Return obtained make investors buy IPO shares to be negative. And shows simultaneously auditor reputation, underwriter reputation, and age affect the company's initial return to the significance of 0.000 less than 0.05 (α = 0.05). This means that the higher the auditor reputation, underwriter reputation, makes the company's age Initial Return obtained investors in buying IPO shares to be positive. The conclusion from this study is there is no influence CR, EPS, PER, ROI, DER, Firm Size of the initial return means investors do not take into consideration in the decision to buy shares in the IPO, while the auditor reputation, underwriter reputation, and the life of the company investors consider in making decisions to buy IPO shares