The Influence of Debt to Equity Ratio, Return on Assets, and Percentage of Stock Offering on IPO Underpricing in the Indonesia Stock Exchange
Keywords:
Debt to Equity Ratio, Return on Assets, Share Offering, UnderpricingAbstract
The aim of this research is to examine and analyze the influence of Debt to Equity Ratio, Return on Assets, and the percentage of stock offering on IPO underpricing. This study employs a quantitative method using secondary data obtained from the official website of the Indonesia Stock Exchange and company prospectuses. The population of this research includes companies that conducted Initial Public Offerings (IPOs) on the Indonesia Stock Exchange during the period of 2020-2022. Sample selection was done through purposive sampling, resulting in 124 processed data samples that met the criteria. The analytical methods used include descriptive statistical tests, classical assumption tests, multiple regression tests, and hypothesis tests. The research findings indicate that the Debt to Equity Ratio has a negative influence on underpricing, suggesting that the higher the debt-to-equity ratio, the lower the level of underpricing observed in stock offerings. Additionally, Return on Assets and the percentage of stock offering do not have a significant effect on the level of underpricing. Nevertheless, collectively, the variables of Debt to Equity Ratio, Return on Assets, and the percentage of stock offering influence underpricing. These results can serve as a crucial guide for market participants and companies planning stock offerings to understand the factors that may affect underpricing and optimize strategies in the stock pricing process.
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