The Effect Of Ratio To Asset And Debt To Equity Ratio On The Phenomenon Of Underpricing With The Inflation Rate As An Intervening Variable In Companies Conducting Initial Public Offerings On The Indonesian Stock Exchange
DOI:
https://doi.org/10.37676/jmea.v5i2.1254Keywords:
Return on Asset, Debt to Equity Ratio, Inflasi, Underpricing, Initial Public OfferingAbstract
The analysis technique used is path analysis with the help of SPSS 23 software. The results of the study indicate that (1) ROA has a significant negative effect on underpricing; (2) DER has a significant positive effect on underpricing; (3) inflation acts as an intervening variable that strengthens the effect of DER on underpricing; but does not mediate the effect of ROA on underpricing. These findings indicate that the company's fundamental factors and macroeconomic conditions simultaneously influence the initial stock price level in the Indonesian capital market.
Downloads
References
Ariyani, Linda Defi (2019). Analisis Underpricing Saham Di Bursa Efek Indonesia Periode 2012 - 2017. Jurnal Dinamika Ekonomi dan Bisnis. Vol.16.No.1.
Christine, Yolanda Natalia, et al.(2022). Perbedaan Underpricing dan Volatilitas Harga Saham Perusahaan yang IPO Sebelum dan Selama Pandemi Covid-19. Jurnal Ekonomi dan Bisnis Dharma Andalas. Vol.24.No.1.
Hadi, Sofyan. (2019). Faktor-Faktor Yang Mempengaruhi Underpricing Saham Perdana Pada Perusahaan Yang Melakukan Initial Public Offering. Jurnal Akuntansi & Perpajakan Jayakarta. Vol.1.No.1.
Hadiwidjaja, Rini Dwiyani, et al.(2021). IPO Under-pricing Phenomenon Approach: Does Covid-19 Has Negative Sectoral Impact?. Journal of Accounting and Strategic Finance. Vol.4.No.2.
Hartono, Taufika Dian dan Nurfauziah. (2019). Pengaruh Reputasi Underwriter, Reputasi Auditor, Dan Return On Asset Terhadap Fenomena Underpricing Pada Initial Public Offering Di Bursa Efek Indonesia. Jurnal Bisnis Manajemen. Vol.15.No.2.
Kurniawan, Ryan, et al.(2021). Pengaruh Initial Public Offering (IPO) Dan Financial Leverage Terhadap Praktik Manajemen Laba. Jurnal Ilmiah Akuntansi Dan Keuangan. Vol.3.No.2.
Kusumawati, Rita dan Fitriyani, Azhar. (2019). Fenomena Underpricing dan Faktor-Faktor Yang Mempengaruhinya. Jurnal Ekonomi Pembangunan. Vol.5.No.2.
Kuswanto, Randy. (2022). Dampak Risiko Pandemi Dan Faktor Utang Terhadap Return Awal Saham IPO Pada Tahun 2020. Jurnal Ilmiah Akuntansi Dan Keuangan. Vol.4.No.3.
Nurazzizah, Din Nanda dan Majidah. (2019). Analisis Faktor-Faktor Yang Mempengaruhi Tingkat Underpricing Pada Saat Initial Public Offering (IPO) Di Bursa Efek Indonesia. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi). Vol.3.No.3.
Nurcahayani, Jeny dan Harianti, Ati. (2021). Faktor Yang Mempengaruhi Underpricing Pada Perusahaan Sektor Non Keuangan. Jurnal Manajemen, Organisasi, Dan Bisnis. Vol.10.No.2.
Solida, Adinda et al.(2019). Pengaruh Pengungkapan Intellectual Capital, Reputasi Underwriter, Financial Leverage, Umur dan Size Perusahaan Terhadap Underpricing Saham IPO Di Bursa Efek Indonesia Periode 2014-2018. Journal Of Economics and Business. Vol.4.No.1.
Widianto, Try dan Khristiana, Yeni. (2021). Analisis Underpricing Saham Pada Penawaran Pasar Perdana di Bursa Efek Indonesia Seblum Covid-19 Di Dunia. Jurnal Manajemen, Bisnis, dan Pendidikan. Vol.8.No.1.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Muhammad Irza Aryasta, Rahima Br Purba, M. Irsan Nasution
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
