PENGARUH TOTAL ASSET TURNOVER, DEBT TO EQUITY RATIO (DER), UKURAN PERUSAHAAN, NILAI TUKAR RUPIAH, DAN IHSG TERHADAP TERJADINYA TINGKAT UNDERPRICING SAHAM

Abstract

This study aims to determine the influence of total asset turnover, debt to equity ratio (DER), company size, rupiah exchange rate and IHSG on the occurrence of stock underpricing levels. The population used is companies that conduct IPO (Initial Public Offering) on the Indonesia Stock Exchange period 2015-2019, the population of 177 companies and samples in this study are 133 companies determined through purposive sampling. The data analysis techniques used are multiple linear regression analysis and hypothesis test with t-test and F-test. Based on the hypothetical test results showed that partial variable total asset turnover and the size of the company had a significant effect on the occurrence of stock underpricing, while other variables namely debt to equity ratio, rupiah exchange rate and IHSG were not shown to have a significant effect on the occurrence of stock underpricing. F test results showed that total asset turnover, debt to equity ratio (DER), company size, rupiah exchange rate, and JCI simultaneously had a significant effect on the level of stock underpricing. ABSTRAK Penelitian ini bertujuan untuk mengetahui pengaruh total asset turnover, debt to equity ratio (DER), ukuran perusahaan, nilai tukar rupiah dan IHSG terhadap terjadinya tingkat underpricing saham. Populasi yang digunakan adalah perusahaan yang melakukan IPO (Initial Public Offering) di Bursa Efek Indonesia selama tahun 2015-2019, populasi sebanyak 177 perusahaan dan sampel dalam penelitian ini adalah 133 perusahaan yang ditentukan melalui purposive sampling. Teknik analisis data yang digunakan adalah analisis regresi linier berganda dan pengujian hipotesis serta uji asumsi klasik yang meliputi uji normalitas, uji multikolinearitas, uji  heteroskedastisitas dan uji autokorelasi dengan tingkat signifikansi alpha 5%. Berdasarkan hasil uji hipotesis menunjukkan bahwa secara parsial variabel total asset turnover dan ukuran perusahaan berpengaruh signifikan terhadap terjadinya underpricing saham, sedangkan variabel lain yaitu debt to equity ratio, nilai tukar rupiah dan IHSG tidak terbukti berpengaruh signifikan terhadap terjadinya underpricing saham. Hasil uji F menunjukkan bahwa total asset turnover, debt to equity ratio (DER), ukuran perusahaan, nilai tukar rupiah, dan IHSG secara simultan berpengaruh signifikan terhadap tingkat underpricing saham.