Analisis Pengaruh Financial Leverage, Return On Assets, dan Earning Per Share terhadap Underpricing Saham pada Saat Initial Public Offering di Bursa Efek Indonesia pada Tahun 2018-2021

Abstract

The research aims to determine effects of Financial Leverage, Return on Assets, and Earning Per Share on Stock Underpricing during the Initial Public Offering on Indonesia Stock Exchange during the period 2018-2021. This is a Casual-Comparative (cause-effect relationship) type of research with a quantitative approach. The reasearch employs secondary data taken from the prospectus of each company published at the time of the initial public offering. The population is made up of 214 companies. A purposive sampling technique is employed to obtain 162 samples which serve as the research object. The data are analyzed with descriptive statistical analysis, classical assumption test, multiple linear analysis, and hypothesis testing. The results of this research state that partially the financial leverage and earnings per share variables have a positive and significant effect on stock underpricing, while the return on assets variable has a negative and significant effect on stock underpricing during the initial public offering on Indonesia Stock Exchange. Simultaneously financial leverage, return on assets, and earnings per share has a significant positive effect on stock underpricing during the initial public offering on Indonesia Stock Exchange.