ASIMETRI INFORMASI DAN UNDERPRICING : STUDI EMPIRIS DI BURSA EFEK INDONESIA
Abstract
The initial public offering is an activity made by the company in event of the
public offering of stock sales. The shares listed on the primary market are
generally enthused by the investors because they give a high initial return. This
return indicates the occurence of underpricing in the primary market.
Underpricing is a condition in which the share price at the time of offering is
relatively too cheap compared to price in the secondary market. The aim of this
research is to examine the effect of assymetric information on underpricing.
This research used a sample of 63 companies that make initial public offering on
the Indonesia Stock Exchange in the period of 2005-2010. The data analysis is
using multiple linear regression, which is testing the proxy of asymmetric
information which consists of the firm size, the firm age, the proportion of shares
offered to the public, underwriter reputation and auditor reputation on
underpricing.
This research indicates that underwriter reputation and auditor reputation have a
significant effect on underpricing. Meanwhile, the firm size, the firm age and the
proportion of shares offered to the public have no significant effect on
underpricing.
Keywords
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DOI: https://doi.org/10.33387/jms.v2i2.6676
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