Pengaruh Financial Leverage, Return On Equity, dan Ukuran Perusahaan terhadap Underpricing dengan Reputasi Underwriter Sebagai Variabel Moderasi

Syahrul Arifin, Muhamad (2025) Pengaruh Financial Leverage, Return On Equity, dan Ukuran Perusahaan terhadap Underpricing dengan Reputasi Underwriter Sebagai Variabel Moderasi. Undergraduate Thesis thesis, UIN K.H. Abdurrahman Wahid Pekalongan.

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Abstract

Penelitian ini dilatarbelakangi oleh fenomena underpricing yang sering terjadi pada perusahaan yang melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia (BEI), khususnya yang terdaftar dalam Indeks Saham Syariah Indonesia (ISSI). Underpricing merupakan kondisi ketika harga saham di pasar perdana lebih rendah dibandingkan harga di pasar sekunder pada hari pertama perdagangan, yang menyebabkan perusahaan tidak memperoleh dana optimal. Faktor-faktor seperti Financial Leverage, Return On Equity (ROE), dan Ukuran Perusahaan diduga berpengaruh terhadap tingkat underpricing, dengan Reputasi Underwriter sebagai variabel yang memoderasi hubungan tersebut. Penelitian ini bertujuan untuk menganalisis pengaruh Financial Leverage, ROE, dan Ukuran Perusahaan terhadap underpricing, serta mengevaluasi peran Reputasi Underwriter sebagai variabel moderasi. Penelitian ini menggunakan metode kuantitatif dengan pendekatan asosiatif. Data sekunder diperoleh dari laporan keuangan dan prospektus perusahaan IPO periode 2021–2023. Sampel penelitian sebanyak 102 perusahaan yang dipilih menggunakan teknik purposive sampling. Analisis data dilakukan melalui uji regresi linier berganda dan Moderated Regression Analysis (MRA) dengan bantuan software SPSS versi 26. Hasil penelitian menunjukkan bahwa Financial Leverage dan ROE tidak berpengaruh signifikan terhadap underpricing, sementara Ukuran Perusahaan berpengaruh signifikan. Reputasi Underwriter terbukti tidak dapat memoderasi pengaruh seluruh variabel dependen terhadap underpricing secara signifikan. Simpulan dari penelitian ini adalah bahwa risiko keuangan dan profitabilitas tidak memengaruhi kecenderungan terjadinya underpricing pada IPO perusahaan syariah, sementara ukuran perusahaan cenderung memiliki berpengaruh. Peneliti menyarankan agar perusahaan memperhatikan struktur keuangannya dan memilih underwriter yang bereputasi untuk meminimalkan risiko underpricing. Kata Kunci: Underpricing, Financial Leverage, Return On Equity, Ukuran Perusahaan, Reputasi Underwriter   ABSTRACT MUHAMAD SYAHRUL ARIFIN, The Influence of Financial Leverage, Return On Equity, and Company Size on Underpricing with Underwriter Reputation as a Moderating Variable This research is motivated by the underpricing phenomenon that often occurs in companies conducting Initial Public Offerings (IPOs) on the Indonesia Stock Exchange (IDX), especially those listed in the Indonesian Sharia Stock Index (ISSI). Underpricing is a condition when the stock price in the primary market is lower than the price in the secondary market on the first day of trading, which causes the company not to obtain optimal funds. Factors such as Financial Leverage, Return On Equity (ROE), and Company Size are thought to influence the level of underpricing, with Underwriter Reputation as a moderating variable. This study aims to analyze the effect of Financial Leverage, ROE, and Company Size on underpricing, and to evaluate the role of Underwriter Reputation as a moderating variable. This study uses a quantitative method with an associative approach. Secondary data were obtained from the financial statements and prospectuses of IPO companies for the period 2021–2023. The research sample was 102 companies selected using a purposive sampling technique. Data analysis was conducted through multiple linear regression tests and Moderated Regression Analysis (MRA) with the help of SPSS software version 26. The results of the study indicate that Financial Leverage and ROE do not have a significant effect on underpricing, while Company Size has a significant effect. Underwriter Reputation is proven to be unable to moderate the influence of all dependent variables on underpricing significantly. The conclusion of this study is that financial risk and profitability do not affect the tendency of underpricing in IPOs of sharia companies, while company size tends to have an effect. Researchers suggest that companies pay attention to their financial structure and choose reputable underwriters to minimize the risk of underpricing. Keywords: Underpricing, Financial Leverage, Return On Equity, Company Size, Underwriter Reputation

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