Tingkat Pergerakan Underpricing Saham: Financial Leverage serta Pengaruhnya
DOI:
https://doi.org/10.33830/jiapi.v4i2.170Keywords:
financial leverage, initial public offering, underpricingAbstract
Analisis financial leverage saham dan dampaknya terhadap tingkat pergerakan underpricing menjadi fokus utama dalam proses kajian ini. Variabel kunci yang dieksplorasi adalah Debt to Equity Ratio (DER) dan Debt to Asset Ratio (DAR), yang mewakili aspek-aspek dari financial leverage. Penelitian ini memiliki orientasi kuantitatif dan mengandalkan data sekunder, dengan pendekatan explanatory research. Cara purposive sampling digunakan dalam pemilihan sampel, memungkinkan kajian berfokus pada 75 emiten yang mencakup periode signifikan dari tahun 2021 hingga 2022. Keunikannya terletak pada penggunaan data terbaru dan sampel yang representative dari tahun 2021 hingga 2022. Metode analisis regresi linear berganda dengan dukungan perangkat lunak Eviews menjadi alat utama untuk menguji hipotesis. Sumber data bebasis dari data perusahaan yang menunaikan penawaran umum perdana dan diakses melalui situs web Bursa Efek Indonesia. Hasil perhitungan menyoroti dampak signifikan variabel DAR terhadap tingkat pergerakan underpricing saham initial public offering (IPO) secara parsial. Secara keseluruhan atau simultan, variabel financial leverage yang terdiri dari DER dan DAR juga ditemukan mempunyai pengaruh yang signifikan pada tingkat pergerakan underpricing saham IPO. Koefisien positif pada DER dan DAR menggambarkan bahwa peningkatan nilai keduanya berpotensi meningkatkan tingkat pergerakan underpricing saham IPO, dan sebaliknya. Dengan demikian, fokus penelitian ini adalah memahami hubungan antara tingkat pergerakan underpricing saham dan variabel financial leverage, khususnya DER dan DAR, pada saat perusahaan meluncurkan IPO.
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