Pengaruh Kinerja Keuangan, Eksposur Media Digital, Oversubscription dan Reputasi Underwriter terhadap Underpricing Saham IPO di Indonesia

Abstract

Fenomena underpricing pada Initial Public Offering (IPO) di Indonesia mencapai rata–rata 89% selama sepuluh tahun terakhir. Hal ini menyebabkan perolehan dana perusahaan tidak optimal. Penelitian ini bertujuan menganalisis pengaruh kinerja keuangan (Return on Assets, Return on Equity, Debt to Equity Ratio), eksposur media digital, oversubscription, dan reputasi underwriter terhadap underpricing saham IPO di Indonesia pada periode 2023–2025. Penelitian dilakukan dengan metode kuantitatif dengan menggunakan data sekunder. Pengambilan sampel dilakukan menggunakan teknik purposive sampling dan diperoleh 106 perusahaan yang mengalami underpricing dari total populasi 146 perusahaan. Analisis data dilakukan menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa secara simultan seluruh variabel independen memengaruhi underpricing dengan koefisien determinasi sebesar 19,5%. Namun, secara parsial hanya variabel DER dan oversubscription yang terbukti berpengaruh positif dan signifikan terhadap underpricing saham IPO. Variabel ROA, ROE, eksposur media digital, dan reputasi underwriter tidak berpengaruh signifikan. Tingginya DER dan oversubscription menjadi faktor penentu utama yang memicu kenaikan initial return, sehingga perusahaan disarankan mengoptimalkan tahap bookbuilding untuk menetapkan harga penawaran yang lebih akurat.

The phenomenon of underpricing in Initial Public Offering (IPO) in Indonesia has reached an average of 89% over the past ten years. This has resulted in suboptimal company fundraising. This study aims to analyze the influence of financial performance (Return on Assets, Return on Equity, Debt to Equity Ratio), digital media exposure, oversubscription, and underwriter reputation on the underpricing of IPO shares in Indonesia during the 2023–2025 period. The study was conducted using quantitative methods using secondary data. Sampling was carried out using a purposive sampling technique and obtained 106 companies experiencing underpricing from a total population of 146 companies. Data analysis was performed using multiple linear regression. The results showed that all independent variables simultaneously influenced underpricing with a coefficient of determination of 19,5%. However, partially only DER and oversubscription variable was proven to have a positive and significant effect on IPO share underpricing. The variables ROA, ROE, digital media exposure, and underwriter reputation did not have a significant effect. High DER and oversubscription is a major determining factor driving the increase in initial returns, so companies are advised to optimize the bookbuilding phase to set a more accurate offering price.