Pengaruh Profitabilitas, Leverage, Likuiditas Dan Ukuran Perusahaan Terhadap Underpricing Perusahaan Yang Melakukan Initial Public Offering

The Effect of Profitability, Leverage, Liquidity, and Firm Size on Underpricing in Companies Conducting Initial Public Offerings

Penelitian ini dilatarbelakangi oleh meningkatnya jumlah investor di pasar modal Indonesia selama periode 2022–2024 yang mendorong meningkatnya aktivitas Initial Public Offering (IPO) serta tingginya fenomena underpricing pada saham perdana. Penelitian ini bertujuan untuk mengetahui pengaruh profitabilitas, leverage, likuiditas, dan ukuran perusahaan terhadap underpricing pada perusahaan yang melakukan IPO di Bursa Efek Indonesia periode 2022–2024. Metode penelitian yang digunakan adalah penelitian kuantitatif dengan pendekatan asosiatif. Sampel penelitian diperoleh menggunakan teknik purposive sampling dengan jumlah 113 perusahaan yang memenuhi kriteria penelitian. Analisis data menggunakan analisis regresi linear berganda dengan didahului uji statistik deskriptif, uji asumsi klasik, uji t, uji F, dan koefisien determinasi. Hasil penelitian menunjukkan bahwa Return on Equity (ROE) berpengaruh positif dan signifikan terhadap underpricing dengan nilai signifikansi 0,000 (< 0,05), Debt to Equity Ratio (DER) berpengaruh negatif dan signifikan terhadap underpricing dengan nilai signifikansi 0,010 (< 0,05), Current Ratio (CR) berpengaruh negatif dan signifikan terhadap underpricing dengan nilai signifikansi 0,000 (< 0,05), sedangkan ukuran perusahaan tidak berpengaruh signifikan terhadap underpricing dengan nilai signifikansi 0,166 (> 0,05). Kesimpulannya, profitabilitas, leverage, dan likuiditas berpengaruh terhadap tingkat underpricing, sedangkan ukuran perusahaan tidak berpengaruh terhadap underpricing pada perusahaan yang melakukan IPO di Bursa Efek Indonesia periode 2022–2024.

This study was motivated by the increasing number of investors in the Indonesian capital market during the 2022–2024 period, which encouraged the growth of Initial Public Offering (IPO) activities and the high occurrence of underpricing in initial public offerings. This study aims to examine the effect of profitability, leverage, liquidity, and firm size on underpricing in companies conducting IPOs on the Indonesia Stock Exchange during the 2022–2024 period. This research employed a quantitative method with an associative approach. The sample consisted of 113 companies selected using the purposive sampling technique based on predetermined criteria. The data were analyzed using multiple linear regression analysis, preceded by descriptive statistical analysis, classical assumption tests, t-tests, F-tests, and the coefficient of determination. The results indicate that Return on Equity (ROE) has a positive and significant effect on underpricing with a significance value of 0.000 (< 0.05), Debt to Equity Ratio (DER) has a negative and significant effect on underpricing with a significance value of 0.010 (< 0.05), and Current Ratio (CR) has a negative and significant effect on underpricing with a significance value of 0.000 (< 0.05). Meanwhile, firm size has no significant effect on underpricing, with a significance value of 0.166 (> 0.05). In conclusion, profitability, leverage, and liquidity significantly affect the level of underpricing, whereas firm size has no significant effect on underpricing in companies conducting IPOs on the Indonesia Stock Exchange during the 2022–2024 period.