THE EFFECT OF FINANCIAL AND NON-FINANCIAL VARIABLES ON UNDERPRICING

Dyan Fajar Mahardika, Fitri Ismiyanti

Abstract


After the shares were introduced to the public by the underpricing company (IPO), the problem lies in the closing price on the first day which tends to be higher than the initial offering price. Various factors can influence the occurrence of underpricing, both external and internal, that occurs in Islamic stocks. This study examines more about the influence of financial and non-financial variables on underpricing shares, especially in Islamic stocks. The population used includes, among others, listed companies on the IDX with a sample of issuers that went public from 2015 to 2019. Data analysis in this study used multiple regression. The results of the study prove that block holders in a company have an effect on the level of underpricing. Debt to Equity Ratio (DER) have an effect on the underpricing variable. Return on Asset (ROA) harms the underpricing variable. There is an effect of the current ratio value on underpricing. Firm size has an effect on underpricing. Company age (firm age) has an effect on the underpricing variable.

JEL: D53; E44; G10

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Keywords


underpricing, initial public offering, financial factors, non-financial factors

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References


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DOI: http://dx.doi.org/10.46827/ejefr.v4i4.991

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