ANALISIS RETURN ON ASSETS, EARNING PER SHARE DAN DEBT TO EQUITY RATIO TERHADAP UNDERPRICING PADA SAAT INITIAL PUBLIC OFFERING (Studi Kasus Pada Perusahaan Yang Go Public Di Bursa Efek Indonesia Tahun 2013-2017)

Abstract

          This study aims to examine the effect of Return On Assets, Earning Per Share, and Debt to Equity Ratio on Underpricing shares in go public companies listed on the Indonesia Stock Exchange partially and simultaneously. The research periods used were from 2013-2017. Based on the type of investigation, this study wanted to prove the effect of independent variables' Return On Assets, Earning Per Share, and Debt to Equity Ratio on the dependent variable Underpricing. The sampling technique used is purposive sampling, with criteria: 1) Recorded as issuer during the study period; 2) Issuing financial statements in the IPO year; 3) Providing data on opening and closing prices of shares; 4) positive ROA. Based on these criteria obtained a sample of 11 companies was. The data analysis technique used is multiple linear regression with a level of significant 0,05. Based on the results of data analysis using a partial test (t test), Return On Assets negatively affects the underpricing indicated by t_hitung  -1,117 and significant value 0.301 so H_a1 rejected. Variable Earning Per Share has a negative and significant effect on underpricing which is indicated by t_hitung -0.384 and significant value of 0.712 so that H_a2 is rejected. The debt to Equity Ratio variable has a negative and significant effect on underpricing indicated by t_hitung  -0.114 and a significant value of 0.913 so that H_a3 is rejected. The result of the model accuracy test is done using Test F which has a value of 4.38 with a significance value of 0.000. The coefficient of determination value is 0.209. This means the ability of the independent variable to explain the variation of the dependent variable is 20.9%, while the rest is explained by other independent variables outside the model.