Pengaruh variabel keuangan dan non keuangan Terhadap underpricing pada perusahaan yang melakukan initial public offering (ipo) Di bursa efek indonesia

The study aimed to examine the influence of factors in finance (ROA, leverage, and firm’s size) and non-finance (issue price, underwriter’s reputations, percentage of shares sold to public, time IPO and firm’s age) on underpricing. Referring to the purposive sampling method, the number of samples in this study was 66 firms go public that underpriced from 2000 to 2007. Data analysis used t test, F test, R 2 test, and double linier regression. The test of financial variable influence on underpricing, significant variables were ROA at 10 % level of significance, and leverage at 1 % level of significance. The firm’s size variable influence on underpricing was insignificant. The F test showed that the financial variable influenced underpricing simultaneously. The independent variable in the model could explain the dependent variable at 38.7%. The test of non-financial variable influence on underpricing, significant variables were the issue price at 1 % level of significance, underwriter’s reputations at 5 % level of significance, percentage of shares sold to public at 10 % level of significance, and time IPO at 1 % level of significance. The firm’s age variable influence on underpricing was insignificant. It means that the non-financial variable influenced underpricing simultaneously. The independent variable in the model could explain the dependent variable at 56.7%. Looked at the R 2 test, non- financial variable have more dominant influenced underpricing