Ika Budi Kusuma, 7211415125 (2020) PERAN REPUTASI UNDERWRITER DALAM MEMODERASI FAKTOR-FAKTOR YANG MEMPENGARUHI INITIAL RETURN. Under Graduates thesis, Universitas Negeri Semarang.

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Abstract

Initial Return is an investor's profit from the difference in the stock price purchased in the first market with the selling price of the stock in the secondary market. The purpose of this research is to analyze the influence of return on assets, debt to equity ratio, the independence level of the Board of Commissioners against initial return with a reputation of underwriters as a moderating variable. The population of this research is the company that undertook the Initial Public Offering in the Indonesian stock exchange in 2016-2019 amounted to 161 companies. The sample selection is performed using the purposive sampling method generating a sample company with 113 analysis units. This research uses secondary data in the form of a prospectus and document description of the Indonesian Capital Market directory (ICMD). The analysis tool to test the hypothesis is to test the absolute difference values with IBM SPSS 21 software. The results showed that the debt to equity ratio was negatively and significantly important to the initial return. Return on asset and the independence rate of the Board of Commissioners have no significant effect on initial return. Underwriter's reputation is moderate to significantly the influence of debt to equity ratio to initial return. The reputation of underwriters does not moderate a significant return on asset effect and the independence rate of the Board of Commissioners against initial return. Advice for investors should not only see financial factors in analyzing the company's prospects. For issuers and underwriters can use fundamental factors in analyzing the company and and determine strategies to minimize underpricing phenomenon. Lastly, the next researcher is expected to distinguish the company samples by industry type to minimize the likelihood of not being aware of variable influence over each industry. Furthermore, researchers are expected to use other moderating variables that can moderate return on asset and the independence rate of the Board of Commissioners against initial return.

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