ABSTRAK
Penelitian ini bertujuan untuk mengetahui pengaruh struktur kepemilikan saham terhadap tingkat underpricing selama periode 2007-2013. Struktur kepemilikan saham direpresentasikan manjadi kepemilikan komisaris, kepemilikan direksi, kepemilikan institusional dan kepemilikan asing.
Populasi penelitian ini berupa perusahaan yang melakukan penawaran umum perdana di Bursa Efek Indonesia (BEI) periode 2007-2013. Jumlah sampel penelitian ini sebanyak 117 perusahaan. Data yang digunakan dalam penelitian ini merupakan data sekunder yang diperoleh dari prospektus, ICMD dan laporan keuangan. Pengujian hipotesis dengan menggunakan analisis regresi berganda. Penulis menggunakan program IBM SPSS Statistics 21.
Secara simultan seluruh struktur kepemilikan saham berpengaruh signifikan terhadap tingkat underpricing. Sementara itu, hasil dari yang sama dari penelitian ini menunjukkan struktur kepemilikan saham berupa kepemilikan komisaris, kepemilikan direksi dan kepemilikan institusioanal berpengaruh positif dan signifikan terhadap tingkat underpricing hasil yang sama dengan kepemilikan asing yang berpengaruh positif terhadap underpricing,
Kata kunci: Underpricing, kepemilikan direksi, kepemilikan komisaris, kepemilikan institusional dan kepemilikan asing
ABSTRACT
This research aims to determine the effect of ownership structure on the level of underpricing during the period 2007-2013. Ownership structure represented widened commissioner ownership,board of director, ownership, institutional ownership and foreign ownership.
Research population is in the form of the company's initial public offering on the Indonesian Stock Exchange (BEI) in the period 2007-2013. Total sample of this study were 117 companies. The data used in this research is secondary data obtained from the prospectus, ICMD and financial statements. Testing the hypothesis by using multiple regression analysis. The author uses IBM SPSS Statistics 21 program.
Simultaneously entire ownership structure significant effect on the level of underpricing. Meanwhile, the results of the same from this research indicate the structure of ownership in the form of a commissioner ownership, managerial ownership and possession institusioanal positive and significant effect on the level of underpricing the same results with a positive effect of foreign ownership on underpricing,
Keywords: Underpricing, board of director ownership, commissioner ownership, institutional ownership and foreign ownership
