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"Skripsi ini meneliti mengenai faktor-faktor yang mempengaruhi underpricing saham IPO seluruh perusahaan yang terdaftar di BEI periode 2002 - April 2012. Faktor -faktor yang diuji antara lain opening spread, reputasi penjamin emisi, reputasi auditor, ukuran perusahaan, umur perusahaan. Kelima faktor tersebut berpengaruh negatif terhadap underpricing. Dari kelima faktor tersebut, opening spread, reputasi penjamin emisi, reputasi auditor berpengaruh negatif signifikan terhadap underpricing, sedangkan ukuran perusahaan dan umur perusahaan berpengaruh negatif tidak signifikan terhadap underpricing.

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This research examines the factors that influence underpricing of stock IPO for all companies that listed in the BEI for period 2002 until April 2012. The factors that were tested include opening spread, underwriter?s reputation, auditor's reputation, firm size and firm age. These five factors have negative correlation with underpricing. All of factors such as opening spread, underwriter's reputation, auditor?s reputation are significantly negative effect on underpricing, whereas firm size and firm age are not significantly negative effect on underpricing."

"Penelitian ini bertujuan untuk menganalisis pengaruh reputasi underwriter, reputasi auditor dan auditor spesialisasi industri terhadap IPO underpricing. Penelitian ini menggunakan 77 sampel perusahaan yang melakukan IPO pada periode 2008-2012 di Bursa Efek Indonesia.Penelitian ini membuktikan bahwa:1) tidak adanya pengaruh yang signfikan antara reputasi underwriter terhadap IPO underpricing,2) tidak adanya pengaruh yang signfikan antara reputasi auditor terhadap IPO underpricing,3) tidak adanya pengaruh yang signfikan antara auditor spesialis industri terhadap IPO underpricing.

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The main objective of this research is to analyze the effect of underwriter reputation, auditor reputation and industry differentiation auditor on IPO underpricing. This study uses sample of 77 IPO company in Indonesia Stock Exchange for the period 2008-2012.

This research finds that:

1) there is no significant relationship between underwriter reputation and IPO underpricing.

2) there is no significant relationship between auditor reputation and IPO underpricing.

3) there is no significant relationship between industry differentiation auditor and IPO underpricing."

"[Penelitian ini bertujuan untuk menguji pengaruh jumlah perusahaan IPO, reputasipenjamin emisi, dan rasio utang terhadap tingkat underpricing saham di pasarperdana yang diukur menggunakan model mean-adjusted. Pengujian hipotesismenggunakan model regresi berganda dengan sampel sebanyak 73 perusahaan yangmelakukan IPO di Bursa Efek Indonesia (BEI) tahun 2009-2014. Hasil penelitianini menunjukkan semua variabel yang diuji yaitu, jumlah perusahaan IPO, reputasipenjamin emisi, dan rasio utang mempunyai efek negatif. Jumlah perusahaan IPOdan reputasi penjamin emisi tidak mempunyai pengaruh signifikan. Sedangkan,rasio utang mempunyai pengaruh signifikan terhadap tingkat underpricing sahamdi pasar perdana.;The objective of this research is to examine the effect of number of IPOs, reputationof underwriter, and debt ratio on the level of underpricing of stocks in primarymarket measured using mean-adjusted model. Hypotheses testing uses multipleregression models with observations from 73 IPOs in Indonesia Stock Exchangeduring the period of 2009-2014. The results indicate that all variables tested,number of IPOs, reputation of underwriters, and debt ratio have negative effect.Number of IPOs and reputation of underwriters have no significant effect.Meanwhile, debt ratio has a significant effect on the level of underpricing of stocksin primary market.;The objective of this research is to examine the effect of number of IPOs, reputationof underwriter, and debt ratio on the level of underpricing of stocks in primarymarket measured using mean-adjusted model. Hypotheses testing uses multipleregression models with observations from 73 IPOs in Indonesia Stock Exchangeduring the period of 2009-2014. The results indicate that all variables tested,number of IPOs, reputation of underwriters, and debt ratio have negative effect.Number of IPOs and reputation of underwriters have no significant effect.Meanwhile, debt ratio has a significant effect on the level of underpricing of stocksin primary market., The objective of this research is to examine the effect of number of IPOs, reputationof underwriter, and debt ratio on the level of underpricing of stocks in primarymarket measured using mean-adjusted model. Hypotheses testing uses multipleregression models with observations from 73 IPOs in Indonesia Stock Exchangeduring the period of 2009-2014. The results indicate that all variables tested,number of IPOs, reputation of underwriters, and debt ratio have negative effect.Number of IPOs and reputation of underwriters have no significant effect.Meanwhile, debt ratio has a significant effect on the level of underpricing of stocksin primary market.]"

"Penelitian ini bertujuan untuk memberikan bukti empiris mengenai pengaruh dari kepemilikan manajerial dan karakteristik Direksi (jumlah Direksi, proporsi Direksi terhadap seluruh anggota Dewan, pengalaman dan latar belakang pendidikan Direksi) terhadap tingkat underpricing saham saat IPO (Initial Public Offering). Sampel penelitian terdiri dari 88 perusahaan yang mengalami underpricing saat melakukan penawaran saham perdana atau initial public offering (IPO) di Bursa Efek Indonesia. Hasil penelitian menunjukan bahwa jumlah Direksi berpengaruh negatif signifikan dan proposi Direksi terhadap total Dewan berpengaruh positif signifikan terhadap underpricing saham IPO. Sedangkan kepemilikan manajerial, pengalaman dan latar belakang pendidikan Direksi, tidak memiliki pengaruh terhadap tingkat underpricing saham IPO.

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This study aims to obtain empirical evidence of the influence of managerial ownership and Board of Directors (BoD) characteristics IPO underpricing. The sample consists of 88 companies listed on Indonesia Stock Exchange for the period 2012 – 2016. Result show that IPO underpricing has negative significant correlated with number of BoD, and a positive correlation with proportion of BoD on boards, but it doesn’t found significant correlation with managerial ownership, experience and educational background of BoD."

"Penelitian ini bertujuan untuk menguji pengaruh corporate governance terhadap tingkat underpricing pada saat perusahaan melakukan Initial Public Offering (IPO). Faktor-faktor corporate governance yang diuji meliputi jumlah anggota dewan komisaris, tingkat independensi dari dewan komisaris, keberadaan komite audit, kualitas auditor eksternal, dan kualitas monitoring bank. Pengujian hipotesis dilakukan menggunakan model regresi berganda dengan sampel 91 observasi dari perusahaan yang melakukan IPO yang tercatat di Bursa Efek Indonesia selama periode 2002-2010. Hasil penelitian ini memberikan bukti empiris bahwa jumlah anggota dewan komisaris dan kualitas auditor berpengaruh negatif dan signifikan terhadap tingkat underpricing. Namun tingkat independensi dari dewan komisaris, keberadaan komite audit, dan kualitas monitoring bank tidak berpengaruh terhadap tingkat underpricing.

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The objective of this research is to examine the effect of corporate governance on underpricing level at Initial Public Offering. The corporate governance factors tested include board size, board independence, the existence of audit committee, external auditor quality, and bank monitoring quality. Testing hypotheses are conducted using multiple regression models with observations from 91 sample IPO companies listed in Indonesian Stock Exchange during the period of 2002-2010. The empirical results show that board size and external auditor quality have negative significant effect on underpricing level. However board independence, the existence of audit committee, and bank monitoring quality have no significant effect on underpricing level."

"Skripsi ini menganalisis pengaruh market timing terhadap struktur modal perusahaan dengan menggunakan proksi rasio market-to-book terhadap tingkat perubahan leverage serta komponennya, yaitu penerbitan saham, penerbitan hutang dan laba ditahan. Penelitian ini dilakukan dengan menggunakan metode OLS dan menunjukkan bahwa pada tahun IPO nilai mean rasio market-to-book mempunyai angka yang tinggi diikuti dengan tingginya jumlah penerbitan saham yang kemudian mengalami penurunan tajam pada tahun-tahun setelahnya.Hasil penelitian menunjukkan adanya hubungan negatif yang signifikan antara rasio market-to-book dengan perubahan leverage dan penerbitan saham serta IPO merupakan satu momentum yang dipertimbangkan perusahaan ketika melakukan penerbitan saham. Berdasarkan hal bahwa adanya pengaruh faktor market timing terjadi ketika perubahan leverage berasal dari penerbitan saham, maka hasil penelitian ini tidak konsisten dengan hasil penelitian oleh Baker dan Wurgler (2002). Untuk penelitian market timing selanjutnya dapat digunakan proksi hot-cold market (Alti, 2006).

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This undergraduate thesis analyses market timing effect on capital structure of firms using market-to-book ratio as the proxy to the level of leverage changes and its components, namely net equity issue, net debt issue and retained earnings. The in-depth research uses OLS method and the IPO year showing a high value of market-to-book ratios? means, followed by a high amount of equity issuance which then declines sharply in the years that follow.The research findings show a significant negative correlation between market-to-book ratio and leverage changes also net equity issue while the IPO time is being an important consideration for firms when issuing equity. Under the interpretation that the effect on leverage changes explained by the market-to-book ratio comes through net equity issues as market timing theory implies, the results of this undergraduate thesis are inconsistent with the findings of Baker and Wurgler (2002). For the upcoming research on market timing, hot-cold market proxy could be used (Alti, 2006)."

"Skripsi ini bertujuan untuk menganalisis pengaruh reputasi underwriter terhadap manajemen laba dan untuk mengetahui efek moderating dari reputasi underwriter terhadap hubungan antara manajemen laba dan kinerja saham jangka panjang perusahaan IPO yang terdaftar di BEI periode 2002-2010. Proksi dari reputasi underwriter adalah dengan menggunakan 20 most active broker berdasarkan total trading value, volume dan frekuensi yang dikeluarkan oleh Bursa Efek Indonesia (BEI) setiap tahunnya. Proksi dari manajemen laba adalah Discretionary Current Accrual (Modified Jones) dan Proksi dari kinerja saham jangka panjang adalah Buy And Hold Abnormal Return (BHAR). Penelitian ini merupakan penelitian kuantitatif dengan menggunakan regresi berganda. Hasil Penelitian dalam model penelitian pertama menunjukkan bahwa terdapat hubungan yang negatif dan signifikan dari reputasi underwriter terhadap manajemen laba. Pada model penelitian kedua menunjukkan bahwa terdapat pengaruh yang negatif dan signifikan dari reputasi underwriter terhadap hubungan antara manajemen laba dan kinerja saham jangka panjang (3 tahun setelah IPO).

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The aim of this study is to analyze the impact of underwriter reputation on earnings management and to analyze moderating effect of underwriter reputation on the relationship between earnings management and long-term stock performance of IPO firms listed in Indonesia Stock Exchange in 2002-2010. The proxy of underwriter reputation is using 20 most active broker based on the total trading value, volume and frequency, issued by Indonesia Stock Exchange (annually). The proxy of earnings management is Discretionary Current Accrual (Modified Jones) and the proxy of the long run performance is Buy And Hold Abnormal Return (BHAR). This research is quantitative and used multivariate regression. The first analysis model finds evidence that there is a negative and significant relationship between underwriter reputation and earnings management. In the second analysis model finds that there is a negative and significant effect on the reputation of underwriters reputation on the relationship between earnings management and long-run performance of IPO ( 3 years after IPO )."

"Penelitian ini bertujuan untuk menganalisis pengaruh struktur corporate governance terhadap underpricing pada saat perusahaan melakukan Initial Public Offering (IPO). Penelitian ini didasarkan pada teori sinyal (signaling theory) yang menyatakan bahwa keberadaan struktur corporate governance yang baik pada saat perusahaan melakukan IPO akan memberikan sinyal kualitas perusahaan yang tinggi kepada investor potensial. Struktur corporate governance yang diuji meliputi jumlah anggota dewan komisaris, tingkat independensi dari dewan komisaris, dan keberadaan komite audit. Pengujian hipotesis dilakukan menggunakan model regresi berganda dengan sampel 95 observasi dari perusahaan yang melakukan IPO yang tercatat di Bursa Efek Indonesia selama periode 2005-2012. Hasil penelitian ini memberikan bukti empiris bahwa: (1) jumlah anggota dewan komisaris berkorelasi negatif dan berpengaruh terhadap underpricing, (2) tingkat independensi dari dewan komisaris tidak memiliki pengaruh terhadap underpricing, (3) keberadaan komite audit tidak memiliki pengaruh terhadap underpricing, (4) struktur corporate governance (jumlah anggota dewan komisaris, independensi dewan komisaris, dan keberadaan komite adit) secara simultan memiliki korelasi positif dan memiliki pengaruh signifikan terhadap underpricing.

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This objective of this research is to examine the effect of corporate governance structure on underpricing at initial public offering (IPO). This study is based on signaling theory to suggest that the existence of properly corporate governance structured at the time of the IPO may signal high firm quality to potential investors. The corporate governance structure tested include board size, board independence, and existence of audit committee. Testing hypotheses are conducted using multiple regression models with observations from 95 sample IPO companies listed in Indonesian Stock Exchange during the period of 2005-2012.

The empirical result show that: (1) board size have negative correlation and have effect on underpricing, (2) board independence have no effect on underpricing, (3) the existence of audit committee have no effect on underpricing, (4) corporate governance structure (board size, board independence, and the existence of audit committee) simultantly have positive correlation and have effect on underpricing."

"Fenomena underpricing terjadi pada hampir di seluruh pasar modal di dunia, termasuk Indonesia, namun dengan tingkat yang bervariasi. Skripsi ini membahas tentang analisis fenomena underpricing pada perusahaan yang melakukan penawaran saham perdana di Bursa Efek Indonesia, dan bertujuan untuk membuktikan fenomena underpricing yang terjadi pada perusahaan yang melakukan IPO pada periode 1998 - 2010 sekaligus mempelajari faktor-faktor yang mempengaruhinya. Peneliti menggunakan regresi berganda dalam perhitungannya dan variabel yang diteliti adalah umur perusahaan, ukuran perusahaan, proporsi penawaran perdana, jenis industri, return on asset, financial leverage, earning per share, reputasi auditor, reputasi underwriter dan tujuan penggunaan dana investasi.Hasil pengujian membuktikan bahwa dari variabel-variabel yang digunakan, hanya reputasi auditor dan ukuran perusahaan yang secara signifikan berpengaruh terhadap tingkat underpricing, dengan arah hubungan negatif untuk ukuran perusahaan dan positif untuk reputasi auditor. Secara bersama-sama seluruh variabel berpengaruh terhadap underpricing.

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Underpricing phenomenon occurs in almost all the world's capital markets, including Indonesia, but with varying levels of underpricing. This research discuss about analysis phenomenon of underpricing that occurs in companies that do in initial public offering in indonesia stock exchange and the aims are to prove the phenomenon of underpricing that occurs in companies that do an IPO on 1998 - 2010 at once study factors that affecting underpricing. Researchers used multiple regression in its calculation and variable which studied are company age, company size, the proportion of offers, type of industry, return on asset, financial leverage, earning per share, auditor reputation, underwriter reputation, and the intended use of investment funds.

Result of this study prove that from all variable used, only auditor reputation and company size that significantly affect the level undepricing, with a negative relationship for company size and positive relationship for auditor reputation. Taken together, all variables affect the level of underpricing."

"Penelitian ini memberikan bukti empiris atas pengaruh reputasi auditor, umur perusahaan, struktur kepemilikan, dan jenis industri terhadap pengungkapan informasi keuangan melalui website perusahaan (IFR). Hasil pengujian atas sampel perusahaan non keuangan yang terdaftar di BEI selama tahun 2010 menunjukan bahwa reputasi auditor dan jenis industri berpengaruh terhadap IFR, sedangkan umur perusahaan dan struktur kepemilikan perusahaan tidak berpengaruh. Selain itu ada variasi substansial dalam kualitas dan tingkat penerapan IFR. Beberapa perusahaan mengungkapkan hanya sebagian laporan keuangan, sementara perusahaan yang lain mengungkapkan laporan keuangan lebih lengkap dalam website perusahaan.

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This research provides empirical evidence on the effect of auditor reputation, firm age, ownership structure, and industry classification on the disclosure of financial information through the company website (IFR). Test results on samples of non-financial companies listed on the Stock Exchange during 2010 showed that the auditor's reputation and industry classification affect the IFR, while the company's age and structure of corporate ownership has no effect. In addition there is substantial variation in the quality and level of application of the IFR. Some companies disclose only part of their financial statements, while other companies are more fully disclose their financial statements in the company's website."