PENGARUH UNDERPRICING DAN UKURAN PERUSAHAAN TERHADAP ABNORMAL RETURN DAN TRADING TURNOVER PASCA IPO

Santika Santika; Andre Suryaningprang; Yoyo Sudaryo; Riyandi Nur Sumawidjaja

doi:10.63754/jcn.v4i3.175

Authors

Santika Universitas Indonesia Membangun
Andre Suryaningprang Universitas Indonesia Membangun
Yoyo Sudaryo Universitas Indonesia Membangun
Riyandi Nur Sumawidjaja Universitas Indonesia Membangun

DOI:

https://doi.org/10.63754/jcn.v4i3.175

Keywords:

Underpricing, Firm Size, Abnormal Return, Trading Turnover, Initial Public Offering

Abstract

Penelitian ini menguji hubungan antara tingkat underpricing dan ukuran perusahaan dengan respons pasar setelah pelaksanaan Initial Public Offering (IPO). Sampel penelitian terdiri atas perusahaan sektor Consumer Cyclicals yang terdaftar di Bursa Efek Indonesia selama periode 2021–2025. Penelitian menggunakan pendekatan kuantitatif dengan 200 observasi yang dipilih melalui teknik purposive sampling. Underpricing dan ukuran perusahaan ditempatkan sebagai variabel independen, sedangkan abnormal return dan trading turnover digunakan sebagai indikator respons pasar setelah pencatatan saham. Pengujian empiris dilakukan menggunakan regresi linear berganda. Hasil penelitian menunjukkan bahwa underpricing berhubungan positif dan signifikan dengan abnormal return, sedangkan ukuran perusahaan menunjukkan hubungan negatif dan signifikan. Pada trading turnover, underpricing maupun ukuran perusahaan sama-sama menunjukkan hubungan negatif dan signifikan. Temuan tersebut mengindikasikan bahwa karakteristik harga penawaran perdana dan skala perusahaan penerbit berkaitan dengan perubahan kinerja harga saham serta aktivitas perdagangan setelah IPO.

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