PENGARUH REPUTASI UNDERWRITER, DEBT TO EQUITY RATIO DAN PENGGUNAAN DANA INITIAL PUBLIC OFFERING INVESTASI TERHADAP UNDERPRICING SAHAM SYARIAH (Studi Pada Indeks Saham Syariah Indonesia Tahun 2016-2020)

MEGA, AMBARWATI (2023) PENGARUH REPUTASI UNDERWRITER, DEBT TO EQUITY RATIO DAN PENGGUNAAN DANA INITIAL PUBLIC OFFERING INVESTASI TERHADAP UNDERPRICING SAHAM SYARIAH (Studi Pada Indeks Saham Syariah Indonesia Tahun 2016-2020). Diploma thesis, UIN Raden Intan Lampung.

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Abstract

ABSTRAK Underpricing merupakan suatu fenomena dimana harga saham pada pasar perdana lebih rendah dibandingkan dengan harga saham pada pasar sekunder di hari pertama. Rumusan masalah pada penelitian ini adalah apakah pengaruh reputasi underwriter, debt to equity ratio, dan penggunaan dana initial public offering investasi terhadap underpricing saham syariah pada perusahaan yang terdaftar di indeks saham syariah indonesia yang masuk kedalam daftar efek syariah tahun 2016-2020. Tujuan penelitian ini untuk mengetahui pengaruh reputasi underwriter, debt to equity ratio, dan penggunaan dana initial public offering investasi terhadap underpricing saham syariah secara simultan dan parsial. Metode yang digunakan dalam penelitian ini adalah metode kuantitatif dengan menggunakan data sekunder berupa data prospektus perusahaan dan laporan keuangan yang diperoleh dari situs Bursa Efek Indonesia (www.idx.co.id) dan terdapat dalam Daftar Efek Syariah. Teknik yang digunakan untuk pemilihan sampel pada penelitian ini adalah Purposive Sampling serta terdapat 54 sampel yang dipilih berdasarkan kriteria tertentu yang terdaftar di Indeks Saham Syariah Indonesia (ISSI) pada tahun 2016-2020. Penelitian ini menggunakan analisis regresi linier berganda, uji asumsi klasik, uji simultan dan parsial dengan pengolahan data menggunakan program SPSS 25. Hasil penelitian menunjukkan bahwa secara simultan variabel Reputasi Underwriter, Debt to Equity Ratio , dan Penggunaan Dana Initial Public Offering Investasi berpengaruh terhadap underpricing Saham Syariah. Sedangkan hasil penelitian secara parsial menunjukkan bahwa variabel Reputasi Underwriter berpengaruh positif terhadap underpricing saham syariah, Debt to Equity Ratio berpengaruh positif terhadap underpricing saham syariah, dan Penggunaan Dana Initial Public Offering Investasi tidak berpengaruh terhadap underpricing saham syariah. Kata Kunci: Underpricing Saham Syariah, Reputasi Underwriter, Debt to Equity Ratio , dan Penggunaan Dana Initial Public Offering Investasi. ABSTRACT Underpricing is a phenomenon where the share price on the primary market is lower than the share price on the secondary market on the first day. The formulation of the problem in this study is whether the effect of underwriter reputation, debt to equity ratio, and the use of initial public offering investment funds on underpricing of Islamic shares in companies listed on the Indonesian sharia stock index which are included in the list of sharia securities in 2016-2020. The purpose of this study was to determine the effect of underwriter reputation, debt to equity ratio, and the use of investment initial public offering funds on underpricing of Islamic stocks simultaneously and partially. The method used in this research is quantitative method using secondary data in the form of company prospectus data and financial reports obtained from the Indonesia Stock Exchange website (www.idx.co.id) and contained in the Sharia Securities List. The technique used for selecting samples in this study was Purposive Sampling and there were 54 samples selected based on certain criteria listed on the Indonesian Sharia Stock Index (ISSI) in 2016- 2020. This study uses multiple linear regression analysis, classical assumption test, simultaneous and partial tests with data processing using the SPSS 25 program. The results showed that simultaneously the variables of Underwriter Reputation, Debt to Equity Ratio , and Use of Investment Initial Public Offering Funds had an effect on the underpricing of Islamic stocks. While the partial research results show that the Underwriter Reputation variable has a positive effect on underpricing of Islamic stocks, Debt to Equity Ratio has a positive effect on underpricing of Islamic stocks, and the Use of Investment Initial Public Offering Funds has no effect on underpricing of Islamic stocks. Keywords: Islamic Stock Underpricing, Underwriter Reputation, Debt to Equity Ratio , and Use of Investment Initial Public Offering Funds.

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