Pengaruh Variabel Keuangan Dan Non Keuangan Terhadap Underpricing Pada Saham Perusahaan Yang Melakukan Initial Public Offering Di Bei Periode 2020-2022

Abstract

This study examines the impact of financial and non-financial factors on stock underpricing in companies conducting initial public offerings (IPOs) on the Indonesia Stock Exchange (IDX) between 2020 and 2022. Underpricing is the dependent variable, while independent factors examined include firm size, return on assets (ROA), debt-to-equity ratio (DER), and firm age. The findings of a multiple linear regression analysis, conducted using quantitative causal methodology and secondary data from 94 sample companies, indicate that underpricing is significantly negatively influenced by firm size and ROA, but positively by DER and firm age. With a coefficient of determination (R2) of 0.996, all four factors simultaneously have a significant impact on underpricing, indicating that this model is highly successful in explaining differences in underpricing. These results provide issuers and investors with a comprehensive understanding of the variables influencing IPO stock underpricing, which aids decision-making.