Pengaruh Return on Assets, Debt to Equity Ratio, dan Oversubscription Ratio terhadap Underpricing Saham IPO pada Era e-IPO

Syailendra, Adrian Novada and Suhendro, Suhendro and Rois, Dimas Ilham Nur Pengaruh Return on Assets, Debt to Equity Ratio, dan Oversubscription Ratio terhadap Underpricing Saham IPO pada Era e-IPO. Jurnal Perpajakan, Manajemen, dan Akuntansi.

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Abstract

This study aims to examine the effect of Return on Assets (ROA), Debt to Equity Ratio (DER), and Oversubscription Ratio (OSR) on the underpricing of Initial Public Offering (IPO) shares during the implementation of the Electronic Initial Public Offering (e-IPO) system on the Indonesia Stock Exchange for the 2023–2025 period. This study employed a quantitative approach using secondary data from 146 IPO companies, resulting in 142 observations after outlier removal using Casewise Diagnostics. The data were analyzed using multiple linear regression. The results show that ROA and DER have no significant effect on underpricing, while OSR has a positive and significant effect. Simultaneously, ROA, DER, and OSR significantly affect underpricing, with an Adjusted R² of 28.1%. These findings indicate that investor demand has a greater influence on underpricing than the company's fundamental performance during the e-IPO period.menunjukkan bahwa secara parsial ROA dan DER tidak berpengaruh signifikan terhadap underpricing, sedangkan OSR berpengaruh positif dan signifikan. Secara simultan, ROA, DER, dan OSR berpengaruh signifikan terhadap underpricing dengan nilai Adjusted R² sebesar 28,1%. Penelitian ini menunjukkan bahwa tingkat permintaan investor memiliki pengaruh yang lebih besar terhadap underpricing dibandingkan kondisi fundamental perusahaan pada era e-IPO.

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