ANALISIS PENGARUH INFORMASI KEUANGAN, NON – KEUANGAN SERTA EKONOMI MAKRO TERHADAP UNDERPRICING SAHAM PADA PERUSAHAAN KETIKA INITIAL PUBLIC OFFERING (IPO) TAHUN 2007-2011

Initial Public Offering (IPO) is activity of company in order to public offer of primary share sale. A company who want to go public will be doing an IPO process. Phenomenon that happened commonly is underpricing. Underpricing is conditions which show that share’s price at primary market was to low than first day of secondary market. This study aimed to analyse influence variabels which have an impact to underpricing at company when IPO in Indonesian Stock Exchange during 2007- 2011. The factors studied were Return on Equity, Debt to Equity Ratio, Inflation Rate, Reputation's of KAP and Reputation of underwriter. This research methodology used descriptive analysis method and statistical analysis methods. The data used are secondary data with 74 issuer used in study. The hypothesis examination was performed using the F test and t test, with a significance level (α) of 5%. Analyzing data used a statistical data processing software SPSS 17.00 for windows. The result of regression analysis for this study indicates that return on equity, KAP reputation and reputation of underwriter has a significant effect on underpricing, while financial leverage and inflation rate has no effect on underpricing. Keyword : initial public offering (IPO), underpricing, return on equity, financial leverage, inflation rate, reputation of KAP, underwriter’s reputation