Published: 2025-02-05
Mengungkap Pengaruh Leverage, Likuiditas, dan Reputasi Underwriter terhadap Underpricing di Sektor Energy: Peran Ukuran Perusahaan sebagai Variabel Kontrol (2021-2023)
DOI: 10.35870/jemsi.v11i1.3697
Downloads
Abstract
This study aims to determine the effect of leverage, liquidity, and underwriter reputation on underpricing and the role of company size in controlling leverage, liquidity and underwriter reputation on underpricing. This study applies quantitative analysis using a sample of companies from the energy sector listed on the Indonesia Stock Exchange in the period 2021-2023, with a purposive sampling method for sample selection. The results of this study are that leverage and liquidity have a positive and significant effect on underpricing, underwriters have a negative and significant effect on underpricing and the role of company size weakens the relationship between leverage, liquidity, underwriters on underpricing.
Keywords
Underpricing ; Leverage ; Liquidity ; Underwriter Reputation ; Company Size
Article Information
This article has been peer-reviewed and published in the JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.
-
Issue: Vol. 11 No. 1 (2025)
-
Section: Articles
-
Published: %750 %e, %2025
-
License: CC BY 4.0
-
Copyright: © 2025 Authors
-
DOI: 10.35870/jemsi.v11i1.3697
AI Research Hub
This article is indexed and available through various AI-powered research tools and citation platforms. Our AI Research Hub ensures that scholarly work is discoverable, accessible, and easily integrated into the global research ecosystem. By leveraging artificial intelligence for indexing, recommendation, and citation analysis, we enhance the visibility and impact of published research.
Rachel Finna Terentia
Fakultas Ekonomi dan Bisnis, Universitas Bandar Lampung, Jl. Zainal Abidin Pagar Alam No.26 Labuhan Ratu Kedaton 35142, Bandar Lampung, Indonesia.
Riswan
Fakultas Ekonomi dan Bisnis, Universitas Bandar Lampung, Jl. Zainal Abidin Pagar Alam No.26 Labuhan Ratu Kedaton 35142, Bandar Lampung, Indonesia.
-
Andari, B. (2020). Pengaruh Return On Asset (ROA), Debt To Equity Ratio (DER), Ukuran Perusahaan, Umur Perusahaan, Jenis Industri Dan Reputasi Underwriter Terhadap Underpricing Saham Pada Perusahaan IPO Di Bursa Efek Indonesia Periode (2016-2018). Jurnal Ilmu Administrasi Bisnis, 9(4), 496-506. https://doi.org/10.14710/jiab.2020.28778.
-
Ariyanti, S., & Isynuwardhana, D. (2023). Pengaruh Debt To Equity Ratio, Return On Assets, Reputasi Underwriter, Ukuran Perusahaan Dan Jenis Industri Terhadap Underpricing Saham (Studi Pada Perusahaan yang Melakukan Initial Public Offering di Bursa Efek Indonesia Periode 2016-2020). eProceedings of Management, 10(2).
-
Arman, A. (2012). Pengaruh Umur dan Ukuran Perusahaan, Reputasi Underwriter, dan Return on Equity Terhadap Tingkat Underpricing Saham di Bursa Efek Indonesia.
-
Carolina, D. (2020). Pengaruh Current Ratio, Return on Equity, dan Total Asset Turnover Terhadap Underpricing Pada Penawaran Umum Perdana (Studi Empiris Pada Perusahaan Go Public di Bursa Efek Indonesia). JEMBATAN (Jurnal Ekonomi, Manajemen, Bisnis, Auditing, dan Akuntansi), 5(1), 12-23. https://doi.org/10.54077/jembatan.v5i1.34.
-
Damanik, J., & Sembiring, F. (2020, December). The Effect Of Return On Assets, Current Ratio, Debt To Equity Ratio And Underwriter's Reputation On Underpricing During Initial Public Offering (IPO) On The Indonesia Stock Exchange In Period 2014-2018. In Proceedings of The International Conference on Environmental and Technology of Law, Business and Education on Post Covid 19, ICETLAWBE 2020, 26 September 2020, Bandar Lampung, Indonesia. http://dx.doi.org/10.4108/eai.26-9-2020.2302725.
-
Darmayanti, N., Mildawati, T., & Susilowati, F. D. (2020). Dampak Covid-19 terhadap perubahan harga dan return saham. EKUITAS (Jurnal Ekonomi Dan Keuangan), 4(4), 462-480. https://doi.org/10.24034/j25485024.y2020.v4.i4.4624.
-
Dwijaya, N., & Cahyadi, H. (2021). Faktor-Faktor yang Mempengaruhi Tingkat Underpricing: Studi Empiris Perusahaan Keluarga IPO di BEI. Jurnal Ekonomi, 26(11), 337-394. https://doi.org/10.24912/je.v26i11.783.
-
Fahmi, I. (2014). Pengantar manajemen keuangan: Teori dan soal jawab.
-
Firdaus, H., & Herawaty, V. (2020). Pengaruh Profitabilitas, Umur Perusahaan, Financial Leverage, Dan Reputasi Underwriter Terhadap Tingkat Underpricing Dengan Reputasi Auditor Sebagai Variabel Moderasi. Kocenin Serial Konferensi, (1), 6-3.
-
Jadoon, D. K., & Ali, H. (2020). Underwriter reputation and IPOs performance. Available at SSRN 3685368.
-
Jayanarendra, A. A. G., & Wiagustini, N. L. P. (2019). Pengaruh Reputasi Underwriter, Ukuran Perusahaan, Dan Return on Equity Terhadap Underpricing Saat Ipo Di Bei (Doctoral dissertation, Udayana University).
-
Kharisma, J., & Pratama, I. A. (2022). Analisis Faktor-Faktor yang mempengaruhi Underpricing Saham Saat Initial Publik Ofering (IPO) pada Perusahaan Sektor Non Keuangan yang terdaftar di Bursa Efek Indonesia Periode 2016-2020. Journal Intelektual, 1(1), 96-108.
-
Lukman, S. A. (2023). Pengaruh Likuiditas, Profitabilitas, Leverage, Reputasi Underwriter Dan Jenis Industri Terhadap Underpricing Saham Pada Perusahaan Yang Melakukan IPO Di BEI Pada Tahun 2020-2021. Wawasan: Jurnal Ilmu Manajemen, Ekonomi dan Kewirausahaan, 1(2), 40-54. https://doi.org/10.58192/wawasan.v1i2.536.
-
Mahardika, D. F., & Ismiyanti, F. (2021). The effect of financial and non-financial variables on underpricing. European Journal of Economic and Financial Research, 4(4). https://doi.org/10.46827/ejefr.v4i4.991.
-
Marcella, A., & Saputra, W. A. (2024). Pengaruh Reputasi Underwriter, Kinerja Keuangan, Profitabilitas, dan Financial Leverage Terhadap Tingkat Underpricing pada Pelaksanaan Initial Public Offering (IPO). ULIL ALBAB: Jurnal Ilmiah Multidisiplin, 3(4), 57-68.
-
Maulidia, Y., & Gumanti, T. A. Determinants of Underpricing in Indonesian Stock Market. https://doi.org/10.7763/joebm.2015.v3.289.
-
Mentari, C. (2024). Pengaruh Leverage dan Likuiditas terhadap Tingkat Underpricing Perusahaan non Keuangan yang IPO. Widya Manajemen, 6(1), 71-85.
-
Muhani, M., Pramelia, N. E., & Molina, M. (2020). Faktor Fundamental Terhadap Tingkat Underpricing Perusahaan Yang Melakukan Initial Public Offering (IPO). Jurnal Manajemen Strategi dan Aplikasi Bisnis, 3(2), 171-184. https://doi.org/10.36407/jmsab.v3i2.167.
-
Pahlevi, R. W. (2014). Analisis faktor-faktor yang mempengaruhi underpricing saham pada penawaran saham perdana di bursa efek Indonesia. Jurnal Siasat Bisnis, 18(2), 219-232. https://doi.org/10.20885/jsb.vol18.iss2.art8.
-
Rafieldy, M., & Yusrialis, Y. (2023). Pengaruh Reputasi Underwriter, Financial Leverage, Profitabilitas dan Ukuran Perusahaan terhadap Underpricing Saham IPO di Bursa Efek Indonesia (BEI) Periode 2022. JAWI: Journal of Ahkam Wa Iqtishad, 1(4), 259-270. https://doi.org/10.5281/zenodo.10690927.
-
Rofika, R., & Indrawati, N. (2024). PENGARUH MANAJEMEN LABA, CURRENT RATIO, DAN FINANCIAL LEVERAGE TERHADAP INITIAL RETURN. Jurnal Kajian Akuntansi dan Auditing, 20(1).
-
Syofian, A., & Sebrina, N. (2021). Pengaruh Reputasi Underwriter, Reputasi Auditor, dan Ukuran Perusahaan terhadap Underpricing Perusahaan yang Melakukan Initial Public Offering (IPO) di BEI. Jurnal Eksplorasi Akuntansi, 3(1), 137-152. https://doi.org/10.24036/jea.v3i1.331.
-
Utomo, A. H., & Kurniasih, A. (2020). The determinant of underpricing towards IPO company at Indonesia stock exchange in 2019. Journal of Economics, Finance and Management Studies, 3(8), 117-125. https://doi.org/10.47191/jefms/v3-i8-02.
-
Yuniarti, D., & Syarifudin, A. (2020). Pengaruh leverage, profitabilitas dan ukuran perusahaan terhadap underpricing pada saat initial public offering. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi (JIMMBA), 2(2), 214-227.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.