dapus dan lampiran underpricing

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57 DAFTAR PUSTAKA Ang, Robert . 1997 . Buku Pintar Pasar Modal Indonesia. Mediasoft Indonesia. Arifin, Zaenal. 2010. Potret IPO di Bursa Efek Indonesia. Jurnal Siasat Bisnis Vol. 14, No. 1, April 2010, Halaman : 89-100. Beatty, Randolph P. and Jay R. Ritter. 1986. Investment Banking Reputation, and the Underpricing of Initial Public Offerings. Jurnal Of Financial Economics 15 (1986) 213-232, North Holland. Brigham, Eugene. F and Houston, Joel. F. 2010. Dasar-Dasar Manajemen Keuangan. Edisi 11. Buku 1. Salemba Empat. Jakarta. Bundoo, Sunil Kumar. 2007. AN ANALYSIS OF IPOs UNDERPRICING IN MAURITIUSAfrican Journal of Accounting, Economics, Finance and Banking Research Vol. 1. No. 1. Carter, Richard & Steven Manaster. 1990. “Initial Public Offerings and Underwriter Reputation”. Journal of Finance. Vol. XLV. No.4. September. Hatta, Atika Jauharia dan Eliya Isfaatun. 2010. Analisis Informasi Penentu Harga Saham Saati Initial public offering. Jurnal Ekonomi Bisnis No. 1, Vol, 15, April 2010. Hartono, Jogiyanto. 2000. Teori Portfolio dan Analisis Investasi. BPFE UGM.Yogyakarta. Kusuma, Hadri. 2001. PROSPEKTUS PERUSAHAAN DAN KEPUTUSAN INVESTASI: STUDI EMPIRIS PERUSAHAAN YANG TERDAFTAR DI

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Page 1: Dapus Dan Lampiran underpricing

57

DAFTAR PUSTAKA

Ang, Robert . 1997 . Buku Pintar Pasar Modal Indonesia. Mediasoft Indonesia.

Arifin, Zaenal. 2010. Potret IPO di Bursa Efek Indonesia. Jurnal Siasat Bisnis

Vol. 14, No. 1, April 2010, Halaman : 89-100.

Beatty, Randolph P. and Jay R. Ritter. 1986. Investment Banking Reputation, and

the Underpricing of Initial Public Offerings. Jurnal Of Financial Economics

15 (1986) 213-232, North Holland.

Brigham, Eugene. F and Houston, Joel. F. 2010. Dasar-Dasar Manajemen

Keuangan. Edisi 11. Buku 1. Salemba Empat. Jakarta.

Bundoo, Sunil Kumar. 2007. AN ANALYSIS OF IPOs UNDERPRICING IN

MAURITIUSAfrican Journal of Accounting, Economics, Finance and

Banking Research Vol. 1. No. 1.

Carter, Richard & Steven Manaster. 1990. “Initial Public Offerings and

Underwriter Reputation”. Journal of Finance. Vol. XLV. No.4. September.

Hatta, Atika Jauharia dan Eliya Isfaatun. 2010. Analisis Informasi Penentu Harga

Saham Saati Initial public offering. Jurnal Ekonomi Bisnis No. 1, Vol, 15,

April 2010.

Hartono, Jogiyanto. 2000. Teori Portfolio dan Analisis Investasi. BPFE

UGM.Yogyakarta.

Kusuma, Hadri. 2001. PROSPEKTUS PERUSAHAAN DAN KEPUTUSAN

INVESTASI: STUDI EMPIRIS PERUSAHAAN YANG TERDAFTAR DI

Page 2: Dapus Dan Lampiran underpricing

58

BURSA EFEK JAKARTA. Jurnal Siasat Bisnis Vol. 6 Halaman 61-75,

ISSN : 0853 – 7665.

Martani, Dwi dan Chastina yolana. 2005. Variabel -Variabel yang Mempengaruhi

Fenomena Underpricing pada Penawaran Saham Perdana di BEJ tahun

1994 - 2001. Simposium Nasional Akuntansi VIII Solo, 15-16 September

2005.

Rock, Kevin. 1986. Why New Issues Are Underpriced. Journal of Financoal

Economics 15 (1986) 187-212, North Holland.

Ritter, Jay R. 1991 . “The Long Run Performance of Initial Public Offerings”. The

Journal of Finance. Vol.XLVI . No.1 . March.

Ritter, Jay R and Tim Loughran. 2004. “Why Has IPO Underpricing Changed

Over Time?”. Financial Management • Autumn 2004 • pages 5 – 37.

Suad, Husnan. 1998. “Teori Portofolio dan Analisis Investasi“. BPFE UGM.

Yogyakarta.

Sulistio, Helen. 2005.“Pengaruh Informasi Akuntansi dan Non Akuntansi

terhadap Initial Return: Studi Pada Perusahaan yang Melakukan Initial

public offering di Bursa Efek Jakarta”.Simposium Nasional Akuntansi VIII.

IAI. September.

Suliyanto. 2008. Teknik Proyeksi Bisnis : Teori dan Aplikasi dengan Microsoft

Excel. Penerbit ANDI. Yogyakarta.

Tjiptono, Darmaji dan Fakhruddin, Hendy M. 2006. Pasar Modal di Indonesia :

Pendekatan Tanya Jawab. Edisi 2.Salemba Empat. Jakarta.

Page 3: Dapus Dan Lampiran underpricing

59

Trisnaningsih, Sri. 2005. Analisis Faktor-Faktor Yang Mempengaruhi Tingkat

Underpricing Pada Perusahaan Yang Go Public di Bursa Efek Jakarta.

Jurnal Akuntansi dan Keuangan. vol. 4 no. 2. Universitas Pembangunan

Veteran (UPN) ”Veteran” Surabaya. 195-210.

Wijayanto, Adhi. 2009. Analisis Pengaruh ROA, EPS, Financial LEverage,

Proceed terhedap initial retunr (Studi Terhadap Perusahaan Non Keuangan

yang Melakukan IPO di Bursa Efek Indonesia Periode Tahun 200-2006).

Dinamika Manajemen, Vol. 1, No. 1, Nopember 2009.

www.idx.co.id

www.duniainvestasi.com

Yohanes, dkk. (2004). Analisis Perbedaan Kinerja Saham Jangka Pendek dan

Jangka Panjang Pada Perusahaan Yang Melakukan Initial Public Offering

(IPO) di Pasar Modal Indonesia. Jurnal Bisnis dan Ekonomi. Vol. 11. No.

1. Hal. 80-94.

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60

Lampiran 1. Data Perusahaan yang melakukan IPO

No Kode Nama Tanggal

Pencatatan

1 BAEK Bank ekonomi Raharja Tbk 08-Jan-08

2 BAPA Bekasi Asri Pemula Tbk 14-Jan-08

3 TRIL Triwira Insan Lestari Tbk 28-Jan-08

4 ELSA Elnusa Tbk 06-Feb-08

5 YPAS Yanaprima Hastapersada Tbk 05-Mar-08

6 BTPN Bank Tabungan Pensiunan Nasional Tbk 12-Mar-08

7 KOIN Kokoh Inti Arebama Tbk 09-Apr-08

8 GZCO Gozco Plantations Tbk 15-Mei-08

9 TPIA Tri Polyta Indonesia Tbk 26-Mei-08

10 BSDE Bumi Serpong Damai Tbk 06-Jun-08

11 INDY Indika Energy Tbk 11-Jun-08

12 VRNA Verena Multi Finance Tbk 25-Jun-08

13 PDES Destinasi Tirta Nusantara Tbk 08-Jul-08

14 KBRI Kertas Basuki Rachmat Indonesia Tbk 11-Jul-08

15 ADRO Aadaro Energy Tbk 16-Jul-08

16 HOME Hotel Mandarine Regency Tbk 17-Jul-08

17 BYAN Bayan Resources Tbk 12-Agust-08

18 TRAM Trada Maritime Tbk 10-Sep-08

19 SIAP Sekawan Intipratama Tbk 17-Okt-08

20 AMRT Sumber Alfaria Trijaya Tbk 15-Jan-09

21 TRIO Trikomsel Oke Tbk 14-Apr-09

22 BPFI Batavia Prosperindo Finance Tbk Tbk 01-Jun-09

23 INVS Inovisi Infracom Tbk 03-Jul-09

24 GTBO Garda Tujuh Buana Tbk 09-Jul-09

25 MPKI Metropolitan Kentjana Tbk 10-Jul-09

26 RINA Katarina Utama Tbk 14-Jul-09

27 BWPT BW Plantation Tbk 27-Okt-09

28 DSSA Dian Swastatika Sentosa Tbk 10-Des-09

29 BCIP Bumi Citra Permai Tbk 11-Des-09

30 NIKL Pelat Timah Nusantara Tbk 14-Des-09

31 BBTN Bank Tabungan Negara (Persero) Tbk 17-Des-09

32 GDST Gunawan Dianjaya Steel Tbk 23-Des-09

33 PTPP Pembangunan Perumahan (Persero) Tbk 09-Feb-10

34 BIPI Benakat Petroleum Energy Tbk 11-Feb-10

35 TOWR Sarana Menara Nusantara Tbk 08-Mar-10

36 ROTI Nippon Indosari Corpindo Tbk 28-Jun-10

37 GOLD Golden Retailindo Tbk 07-Jul-10

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38 SKYB Skybee Tbk 07-Jul-10

39 BJBR Bank Pembangunan Daerah Jawa Barat

dan Banten Tbk 08-Jul-10

40 IPOL Indopoly Swakarsa Industry Tbk 09-Jul-10

41 GREN Evergreen Invesco Tbk 09-Jul-10

42 BUVA PT Bukit Uluwatu Villa Tbk 12-Jul-10

43 BRAU Berau Coal Energy Tbk 19-Agust-10

44 HRUM Harum Energy Tbk 06-Okt-10

45 ICBP Indofood CBP Sukses Makmur Tbk 07-Okt-10

46 TBIG PT Tower Bersama Infrastructure Tbk 26-Okt-10

47 KRAS Krakatau Steel (Persero) Tbk 10-Nop-10

48 APLN Agung Podomoro Land Tbk 11-Nop-10

49 BORN Borneo Lumbung Energi & Metal Tbk 26-Nop-10

50 WINS Wintermar Offshore Marine Tbk 29-Nop-10

51 MIDI Midi Utama Indonesia Tbk 30-Nop-10

52 BRMS Bumi Resources Minerals Tbk 09-Des-10

53 BSIM Bank Sinarmas Tbk 13-Des-10

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Lampiran 2. Tabulasi Tingkat Underpricing

No KODE

Open

price

(Rp)

Close

price

(Rp)

Change

(Rp) Keterangan

Tingkat

underpricing

(x)

1 BAEK 1080 1320 -240 UP 0,22

2 BAPA 150 255 -105 UP 0,70

3 TRIL 400 680 -280 UP 0,70

4 ELSA 400 515 -115 UP 0,29

5 YPAS 545 640 -95 UP 0,17

6 BTPN 517 503 14 Over Price

7 KOIN 178 197 -19 UP 0,11

8 GZCO 225 275 -50 UP 0,22

9 TPIA 2200 2850 -650 UP 0,30

10 BSDE 550 520 30 Over Price

11 INDY 2950 3425 -475 UP 0,16

12 VRNA 100 82 18 Over Price

13 PDES 200 340 -140 UP 0,70

14 KBRI 260 726 -466 UP 1,79

15 ADRO 1100 1750 -650 UP 0,59

16 HOME 110 183 -73 UP 0,66

17 BYAN 5800 5450 350 Over Price

18 TRAM 125 159 -34 UP 0,27

19 SIAP 150 159 -9 UP 0,06

20 AMRT 395 395 0 Fair Price

21 TRIO 225 230 -5 UP 0,02

22 BPFI 110 121 -11 UP 0,10

23 INVS 125 60 65 Over Price

24 GTBO 115 105 10 Over Price

25 MPKI 2100 2750 -650 UP 0,31

26 RINA 160 155 5 Over Price

27 BWPT 550 570 -20 UP 0,04

28 DSSA 1500 2250 -750 UP 0,50

29 BCIP 110 173 -63 UP 0,57

30 NIKL 325 300 25 Over Price

31 BBTN 800 840 -40 UP 0,05

32 GDST 160 131 29 Over Price

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33 PTPP 560 580 -20 UP 0,04

34 BIPI 140 191 -51 UP 0,36

35 TOWR 1050 1570 -520 UP 0,50

36 ROTI 1275 1490 -215 UP 0,17

37 GOLD 350 520 -170 UP 0,49

38 SKYB 375 560 -185 UP 0,49

39 BJBR 600 900 -300 UP 0,50

40 IPOL 210 235 -25 UP 0,12

41 GREN 105 178 -73 UP 0,70

42 BUVA 260 310 -50 UP 0,19

43 BRAU 400 445 -45 UP 0,11

44 HRUM 5200 5450 -250 UP 0,05

45 ICBP 5395 5950 -555 UP 0,10

46 TBIG 2025 2400 -375 UP 0,19

47 KRAS 850 1270 -420 UP 0,49

48 APLN 365 410 -45 UP 0,12

49 BORN 1170 1280 -110 UP 0,09

50 WINS 380 59 321 Over Price

51 MIDI 275 410 -135 UP 0,49

52 BRMS 635 700 -65 UP 0,10

53 BSIM 150 255 -105 UP 0,70

Keterangan :

UP = Underpricing

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Lampiran 3. Peringkat Underwriter

Tahun Ranking Nama

Volume Penjaminan

Emisi

(million Share)

2008

1 Kim Eng Securities 72,299

2 CIMB-GK Securities Indonesia 60,485

3 Danareksa Sekuritas 56,197

4 Danatama Makmur 56,037

5 CLSA Indonesia 54,793

2009

1 eTrading Securities 143,017

2 Indo Premier Securities 140,887

3 Danareksa Sekuritas 114,265

4 Lautandhana Securindo 113,961

5 Ciptadana Securities 111,14

2010

1 eTrading Securities 163,182

2 Indo Premier Securities 109,57

3 CIMB Securities Indonesia 99,417

4 Ciptadana Securities 96,693

5 OSK Nusadana Securities Indonesia 95,492

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Lampiran 4. Tabulasi Penilaian Reputasi Underwriter

No Kode Underwritter Nilai Reputasi

Underwriter

1 BAEK Dinamika Usahajaya 0

2 BAPA Makinta Securities 0

3 TRIL Optima Kharya Capital 0

4 ELSA Mandiri Sekuritas 0

5 YPAS Investindo Nusantara 0

6 KOIN Makinta Securities 0

7 GZCO CLSA Indonesoa 1

8 TPIA Truscel Capital 0

9 INDY Danareksa Sekuritas 1

10 PDES Dinakima Usahajaya 0

11 KBRI Henan Putihrai 0

12 ADRO Danatama Makmusr 1

13 HOME Overseas Securities 0

14 TRAM Danatama Makmusr 1

15 SIAP Asia Captialindo 0

16 TRIO PT Mandiri Sekuritas 0

17 BPFI PT Panin Sekuritas Tbk 0

18 MKPI PT Mandiri Sekuritas 1

19 BWPT Danareksa Sekuritas 1

20 DSSA PT Sinarmas Sekuritas 0

21 BCIP PT Pacific Capital 0

22 BBTN PT CIMB Securities Indonesia 0

23 PTPP PT Mandiri Sekuritas 0

24 BIPI PT Danatama Makmur 0

25 TOWR PT Dinamika Usahajaya 0

26 ROTI PT OSK Nusadana Securities Indonesia 1

27 GOLD PT Dinamika Usahajaya 0

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28 SKYB PT Lautandhana Securindo 0

29 BJBR PT. CIMB Securities Indonesia 1

30 IPOL PT OSK Nusadana Securities Indonesia 1

31 GREN PT Andalan Artha Advisindo Sekuritas 0

32 BUVA PT Danareksa Sekuritas 0

33 BRAU PT Danatama Makmur 0

34 HRUM PT Ciptadana Securities 1

35 ICBP PT Kiem Eng Securities 0

36 TBIG PT UBS Securities 1

37 KRAS PT Bahana securities 0

38 APLN PT Indo Premier Securities 1

39 BORN PT CIMB Securities Indonesia 1

40 MIDI PT Indo Premier Securities 1

41 BRMS PT Danatama Makmur 0

42 BSIM PT Sinarmas Sekuritas 0

Keterangan :

- 1 = Bereputasi Baik (masuk dalam top 5 ranked underwriter)

- 0 = Tidak Bereputasi Baik (tidak masuk dalam top 5 ranked underwriter)

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Lampiran 5. Tabulasi DER, ROE, dan EPS

No Kode Laba bersih

(A)

Total Hutang

(B)

Total Ekuitas

(C)

jumlah saham

(D)

DER

(B/C)

ROE

(A/C)

EPS

(A/D)

1 BAEK 192.752.000.000 14.521.028.000.000 1.120.788.000.000 2.400.000.000 12,96 17,20 80,31

2 BAPA 916.000.000 21.544.000.000 36.335.000.000 500.000.000 0,59 2,52 1,83

3 TRIL 18.916.000.000 26.127.000.000 115.905.000.000 900.000.000 0,23 16,32 21,02

4 ELSA 100.140.000.000 1.195.264.000.000 948.901.000.000 5.839.000.000 1,26 10,55 17,15

5 YPAS 18.693.000.000 62.061.000.000 118.489.000.000 668.000.000 0,52 15,78 27,98

6 KOIN 6.936.000.000 319.065.000.000 112.883.000.000 850.000.000 2,83 6,14 8,16

7 GZCO 54.750.000.000 517.185.000.000 881.772.000.000 5.000.000.000 0,59 6,21 10,95

8 TPIA 485.774.000.000 1.039.061.000.000 1.571.421.000.000 728.401.000 0,66 30,91 666,90

9 INDY 1.084.742.000.000 3.496.524.000.000 5.213.609.000.000 5.207.000.000 0,67 20,81 208,32

10 PDES 5.995.000.000 66.233.000.000 103.810.000.000 715.000.000 0,64 5,77 8,38

11 KBRI -97.592.000.000 630.964.000.000 491.712.000.000 3.860.000.000 1,28 -19,85 -25,28

12 ADRO 887.198.000.000 19.692.546.000.000 14.009.245.000.000 31.986.000.000 1,41 6,33 27,74

13 HOME -14.114.000.000 87.064.000.000 108.379.000.000 1.212.200.000 0,80 -13,02 -11,64

14 TRAM 43.702.000.000 368.264.000.000 1.015.249.000.000 8.732.000.000 0,36 4,30 5,00

15 SIAP 3.694.000.000 52.968.000.000 70.717.000.000 600.000.000 0,75 5,22 6,16

16 TRIO 117.688.000.000 1.261.401.000.000 687.435.000.000 4.450.000.000 1,83 17,12 26,45

17 BPFI 16.844.000.000 104.280.000.000 125.873.000.000 1.000.000.000 0,83 13,38 16,84

18 MKPI 236.424.000.000 538.080.000.000 1.125.652.000.000 948.190.000 0,48 21,00 249,34

19 BWPT 167.467.000.000 717.425.000.000 905.460.000.000 4.037.080.000 0,79 18,50 41,48

20 DSSA 52.667.000.000 2.173.433.000.000 3.038.980.000.000 771.552.320 0,72 1,73 68,26

21 BCIP 8.615.000.000 31.834.000.000 134.843.000.000 1.200.000.000 0,24 6,39 7,18

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22 BBTN 490.453.000.000 53.054.542.000.000 5.461.516.000.000 8.714.000.000 9,71 8,98 56,28

23 PTPP 163.260.000.000 3.577.545.000.000 548.007.000.000 3.803.460.000 6,53 29,79 42,92

24 BIPI 6.929.000.000 62.544.000.000 1.867.785.000.000 18.575.740 0,03 0,37 373,01

25 TOWR 589.493.000.000 5.761.326.000.000 1.115.417.000.000 980.000.000 5,17 52,85 601,52

26 ROTI 57.115.000.000 179.138.000.000 167.840.000.000 86.051.000 1,07 34,03 663,73

27 GOLD 5.065.000.000 12.528.000.000 22.293.000.000 16.500.000 0,56 22,72 306,97

28 SKYB 3.360.000.000 4.475.000.000 17.710.000.000 100.000.000 0,25 18,97 33,60

29 BJBR 709.106.000.000 29.318.786.000.000 3.091.543.000.000 6.336.000.000 9,48 22,94 111,92

30 IPOL 93.440.000.000 1.381.552.000.000 280.939.000.000 81.000.000 4,92 33,26 1153,58

31 GREN 330.000.000 119.803.000.000 262.008.000.000 2.605.000.000 0,46 0,13 0,13

32 BUVA 4.592.000.000 345.424.000.000 205.757.000.000 200.000.000.000 1,68 2,23 0,02

33 BRAU 6.198.340.000 12.966.294.000.000 3.196.414.000.000 349.000.000 4,06 0,19 17,76

34 HRUM 823.940.000.000 925.284.000.000 2.298.506.000.000 2.700.000.000 0,40 35,85 305,16

35 ICBP 1.704.047.000.000 3.999.132.000.000 8.919.546.000.000 5.830.950.000 0,45 19,10 292,24

36 TBIG 326.729.000.000 2.857.915.000.000 2.144.324.000.000 4.556.700.000 1,33 15,24 71,70

37 KRAS 1.062.683.000.000 8.158.514.000.000 9.293.915.000.000 15.775.000.000 0,88 11,43 67,37

38 APLN 241.885.000.000 3.429.716.000.000 3.851.144.000.000 20.500.000.000 0,89 6,28 11,80

39 BORN 348.847.000.000 1.946.199.000.000 6.577.749.000.000 17.693.000.000 0,30 5,30 19,72

40 MIDI 10.203.000.000 738.783.000.000 376.021.000.000 2.882.350.000 1,96 2,71 3,54

41 BRMS 764.604.000.000 2.943.462.000.000 16.720.092.000.000 18.169.000.000 0,18 4,57 42,08

42 BSIM 101.806.000.000 10.320.685.000.000 911.494.000.000 7.280.500.000 11,32 11,17 13,98

Keterangan :

- DER dalam satuan kali (x)

- ROE dalam satuan persentase (%)

- Laba Bersih, Total Hutang, Total Ekuitas, Jumlah saham dan EPS dalam satuan Rupiah (Rp)

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Lampiran 6. Input Data

i Y X1 X2 X3 X4

1 0,22 0 12,96 17,20 80,31

2 0,70 0 0,59 2,52 1,83

3 0,70 0 0,23 16,32 21,02

4 0,29 0 1,26 10,55 17,15

5 0,17 0 0,52 15,78 27,98

6 0,16 0 2,83 6,14 8,16

7 0,22 1 0,59 6,21 10,95

8 0,30 0 0,66 30,91 666,90

9 0,16 1 0,67 20,81 208,32

10 0,70 0 0,64 5,77 8,38

11 1,79 0 1,28 -19,85 -25,28

12 0,59 1 1,41 6,33 27,74

13 0,66 0 0,80 -13,02 -11,64

14 0,27 1 0,36 4,30 5,00

15 0,06 0 0,75 5,22 6,16

16 0,02 0 1,83 17,12 26,45

17 0,10 0 0,83 13,38 16,84

18 0,31 1 0,48 21,00 249,34

19 0,04 1 0,79 18,50 41,48

20 0,50 0 0,72 1,73 68,26

21 0,57 0 0,24 6,39 7,18

22 0,05 0 9,71 8,98 56,28

23 0,04 0 6,53 29,79 42,92

24 0,36 0 0,03 0,37 373,01

25 0,50 0 5,17 52,85 601,52

26 0,17 1 1,07 34,03 663,73

27 0,49 0 0,56 22,72 306,97

28 0,49 0 0,25 18,97 33,60

29 0,50 1 9,48 22,94 111,92

30 0,12 1 4,92 33,26 1153,58

31 0,70 0 0,46 0,13 0,13

32 0,19 0 1,68 2,23 0,02

33 0,11 0 4,06 0,19 17,76

34 0,05 1 0,40 35,85 305,16

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35 0,10 0 0,45 19,10 292,24

36 0,19 1 1,33 15,24 71,70

37 0,49 0 0,88 11,43 67,37

38 0,12 1 0,89 6,28 11,80

39 0,09 1 0,30 5,30 19,72

40 0,49 1 1,96 2,71 3,54

41 0,10 0 0,18 4,57 42,08

42 0,70 0 11,32 11,17 13,98

Keterangan :

- Y = Tingkat Underpricing dalam kali (x)

- X1 = Reputasi Underwriter menggunakan variabel dummy

- X2 = Debt to Equity Ratio (DER) dalam kali (x)

- X3 = Return On Equity (ROE) dalam prosentase (%)

- X4 = Earning Per Share (EPS) dalam Rupiah (Rp)

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Lampiran 7. Output Uji Normalitas

One-Sample Kolmogorov-Smirnov Test

Standardized

Residual

N 42

Normal Parametersa Mean .0000000

Std. Deviation .94996791

Most Extreme

Differences

Absolute .088

Positive .088

Negative -.073

Kolmogorov-Smirnov Z .573

Asymp. Sig. (2-tailed) .898

a. Test distribution is Normal.

Page 16: Dapus Dan Lampiran underpricing

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Page 17: Dapus Dan Lampiran underpricing

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Lampriran 8. Output Uji Multikolinieritas

Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients

t Sig.

Collinearity Statistics

B Std. Error Beta Tolerance VIF

1 (Constant) .503 .073 6.888 .000

Reputasi Underwriter -.116 .101 -.171 -1.144 .260 .927 1.078

DER .004 .015 .039 .261 .796 .922 1.084

ROE -.013 .005 -.536 -2.682 .011 .521 1.920

EPS .000 .000 .212 1.088 .284 .550 1.818

a. Dependent Variable: Tingkat Underpricing

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Lampiran 9. Output Uji Auto Korelasi

Variables Entered/Removedb,c

Model

Variables

Entered

Variables

Removed Method

1 Ut_2, Ut_1a . Enter

a. All requested variables entered.

b. Dependent Variable: Unstandardized Residual

c. Linear Regression through the Origin

Model Summary

Model R R Squareb

Adjusted R

Square

Std. Error of the

Estimate

1 .214a .046 -.005 .28379454

a. Predictors: Ut_2, Ut_1

b. For regression through the origin (the no-intercept model), R Square

measures the proportion of the variability in the dependent variable

about the origin explained by regression. This CANNOT be compared

to R Square for models which include an intercept.

ANOVAc,d

Model Sum of Squares df Mean Square F Sig.

1 Regression .146 2 .073 .907 .412a

Residual 3.060 38 .081

Total 3.207b 40

a. Predictors: Ut_2, Ut_1

b. This total sum of squares is not corrected for the constant because the constant is zero for

regression through the origin.

c. Dependent Variable: Unstandardized Residual

d. Linear Regression through the Origin

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75

Coefficientsa,b

Model

Unstandardized Coefficients

Standardized

Coefficients

t Sig. B Std. Error Beta

1 Ut_1 .191 .164 .190 1.164 .252

Ut_2 .065 .167 .063 .389 .699

a. Dependent Variable: Unstandardized Residual

b. Linear Regression through the Origin

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Lampiran 10. Output Uji Heteroskedastisitas

Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients

t Sig. B Std. Error Beta

1 (Constant) .269 .041 6.496 .000

Reputasi Underwriter -.096 .057 -.255 -1.676 .102

DER .012 .009 .217 1.418 .165

ROE -.005 .003 -.359 -1.767 .085

EPS 9.418E-5 .000 .126 .638 .528

a. Dependent Variable: abres

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Lampiran 11. Output Analisis Regresi Linier Berganda

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate Durbin-Watson

1 .479a .230 .147 .29757 1.589

a. Predictors: (Constant), EPS, DER, Reputasi Underwriter, ROE

b. Dependent Variable: Tingkat Underpricing

ANOVAb

Model Sum of Squares df Mean Square F Sig.

1 Regression .977 4 .244 2.760 .042a

Residual 3.276 37 .089

Total 4.254 41

a. Predictors: (Constant), EPS, DER, Reputasi Underwriter, ROE

b. Dependent Variable: Tingkat Underpricing

Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients

t Sig.

Collinearity Statistics

B Std. Error Beta Tolerance VIF

1 (Constant) .503 .073 6.888 .000

Reputasi Underwriter -.116 .101 -.171 -1.144 .260 .927 1.078

DER .004 .015 .039 .261 .796 .922 1.084

ROE -.013 .005 -.536 -2.682 .011 .521 1.920

EPS .000282 .000 .212 1.088 .284 .550 1.818

a. Dependent Variable: Tingkat Underpricing

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Lampiran 12. Output Descriptive Statistik

Descriptive Statistics

N Minimum Maximum Mean Std. Deviation

Tingkat Underpricing 42 .02 1.79 .3471 .32210

Reputasi Underwriter 42 .00 1.00 .3333 .47712

DER 42 .03 12.96 2.1921 3.21218

ROE 42 -19.85 52.85 12.6529 13.35980

EPS 42 -25.28 1153.58 134.56 241.09837

Valid N (listwise) 42

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Lampiran 13. Nilai F Tabel (0,05)

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80

41 1,303 1,683 2,020 2,421 2,701 3,544

42 1,302 1,682 2,018 2,419 2,698 3,538

43 1,302 1,681 2,017 2,416 2,695 3,532

44 1,301 1,680 2,015 2,414 2,692 3,526

45 1,301 1,679 2,014 2,412 2,690 3,520

46 1,300 1,679 2,013 2,410 2,687 3,515

47 1,300 1,678 2,012 2,408 2,685 3,510

48 1,299 1,677 2,011 2,407 2,682 3,505

49 1,299 1,677 2,010 2,405 2,680 3,500

50 1,299 1,676 2,009 2,403 2,678 3,496

51 1,298 1,675 2,008 2,402 2,676 3,492

52 1,298 1,675 2,007 2,400 2,674 3,488

53 1,298 1,674 2,006 2,399 2,672 3,484

54 1,297 1,674 2,005 2,397 2,670 3,480

55 1,297 1,673 2,004 2,396 2,668 3,476

56 1,297 1,673 2,003 2,395 2,667 3,473

57 1,297 1,672 2,003 2,394 2,665 3,470

58 1,296 1,672 2,002 2,392 2,663 3,466

59 1,296 1,671 2,001 2,391 2,662 3,463

60 1,296 1,671 2,000 2,390 2,660 3,460

61 1,296 1,670 2,000 2,389 2,659 3,457

62 1,295 1,670 1,999 2,388 2,658 3,455

63 1,295 1,669 1,998 2,387 2,656 3,452

64 1,295 1,669 1,998 2,386 2,655 3,449

65 1,295 1,669 1,997 2,385 2,654 3,447

66 1,295 1,668 1,997 2,384 2,652 3,444

67 1,294 1,668 1,996 2,383 2,651 3,442

68 1,294 1,668 1,996 2,382 2,650 3,439

69 1,294 1,667 1,995 2,382 2,649 3,437

70 1,294 1,667 1,994 2,381 2,648 3,435

71 1,294 1,667 1,994 2,380 2,647 3,433

72 1,293 1,666 1,994 2,379 2,646 3,431

73 1,293 1,666 1,993 2,379 2,645 3,429

74 1,293 1,666 1,993 2,378 2,644 3,427

75 1,293 1,665 1,992 2,377 2,643 3,425

76 1,293 1,665 1,992 2,376 2,642 3,423

77 1,293 1,665 1,991 2,376 2,641 3,421

78 1,293 1,665 1,991 2,375 2,640 3,420

79 1,292 1,664 1,991 2,375 2,640 3,418

80 1,292 1,664 1,990 2,374 2,639 3,416

81 1,292 1,664 1,990 2,373 2,638 3,415

82 1,292 1,664 1,989 2,373 2,637 3,413

83 1,292 1,663 1,989 2,372 2,636 3,412

84 1,292 1,663 1,989 2,372 2,636 3,410

85 1,292 1,663 1,988 2,371 2,635 3,409

86 1,292 1,663 1,988 2,371 2,634 3,407

87 1,291 1,663 1,988 2,370 2,634 3,406

88 1,291 1,662 1,987 2,370 2,633 3,405

89 1,291 1,662 1,987 2,369 2,632 3,403

90 1,291 1,662 1,987 2,369 2,632 3,402

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81

Lampiran 14. Nilai t Tabel

0,10 0,05 0,025 0,01 0,005 0,0005

0,20 0,10 0,05 0,02 0,01 0,00 n 1 3,078 6,314 12,706 31,821 63,657 636,619 2 1,886 2,920 4,303 6,965 9,925 31,599 3 1,638 2,353 3,182 4,541 5,841 12,924 4 1,533 2,132 2,776 3,747 4,604 8,610 5 1,476 2,015 2,571 3,365 4,032 6,869 6 1,440 1,943 2,447 3,143 3,707 5,959 7 1,415 1,895 2,365 2,998 3,500 5,408 8 1,397 1,860 2,306 2,897 3,355 5,041 9 1,383 1,833 2,262 2,821 3,250 4,781 10 1,372 1,813 2,228 2,764 3,169 4,587 11 1,363 1,796 2,201 2,718 3,106 4,437 12 1,356 1,782 2,179 2,681 3,055 4,318 13 1,350 1,771 2,160 2,650 3,012 4,221 14 1,345 1,761 2,145 2,625 2,977 4,141 15 1,341 1,753 2,131 2,603 2,947 4,073 16 1,337 1,746 2,120 2,584 2,921 4,015 17 1,333 1,740 2,110 2,567 2,898 3,965 18 1,330 1,734 2,101 2,552 2,878 3,922 19 1,328 1,729 2,093 2,540 2,861 3,883 20 1,325 1,725 2,086 2,528 2,845 3,850 21 1,323 1,721 2,080 2,518 2,831 3,819 22 1,321 1,717 2,074 2,508 2,819 3,792 23 1,320 1,714 2,069 2,500 2,807 3,768 24 1,318 1,711 2,064 2,492 2,797 3,745 25 1,316 1,708 2,060 2,485 2,787 3,725 26 1,315 1,706 2,056 2,479 2,779 3,707 27 1,314 1,703 2,052 2,473 2,771 3,690 28 1,313 1,701 2,048 2,467 2,763 3,674 29 1,311 1,699 2,045 2,462 2,756 3,659 30 1,310 1,697 2,042 2,457 2,750 3,646 31 1,310 1,696 2,040 2,453 2,744 3,634 32 1,309 1,694 2,037 2,449 2,739 3,622 33 1,308 1,692 2,035 2,445 2,733 3,611 34 1,307 1,691 2,032 2,441 2,728 3,601 35 1,306 1,690 2,030 2,438 2,724 3,591 36 1,306 1,688 2,028 2,435 2,720 3,582 37 1,305 1,687 2,026 2,431 2,715 3,574 38 1,304 1,686 2,024 2,429 2,712 3,566 39 1,304 1,685 2,023 2,426 2,708 3,558 40 1,303 1,684 2,021 2,423 2,705 3,551

Satu ujung

Dua Ujung

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82

41 1,303 1,683 2,020 2,421 2,701 3,544

42 1,302 1,682 2,018 2,419 2,698 3,538

43 1,302 1,681 2,017 2,416 2,695 3,532

44 1,301 1,680 2,015 2,414 2,692 3,526

45 1,301 1,679 2,014 2,412 2,690 3,520

46 1,300 1,679 2,013 2,410 2,687 3,515

47 1,300 1,678 2,012 2,408 2,685 3,510

48 1,299 1,677 2,011 2,407 2,682 3,505

49 1,299 1,677 2,010 2,405 2,680 3,500

50 1,299 1,676 2,009 2,403 2,678 3,496

51 1,298 1,675 2,008 2,402 2,676 3,492

52 1,298 1,675 2,007 2,400 2,674 3,488

53 1,298 1,674 2,006 2,399 2,672 3,484

54 1,297 1,674 2,005 2,397 2,670 3,480

55 1,297 1,673 2,004 2,396 2,668 3,476

56 1,297 1,673 2,003 2,395 2,667 3,473

57 1,297 1,672 2,003 2,394 2,665 3,470

58 1,296 1,672 2,002 2,392 2,663 3,466

59 1,296 1,671 2,001 2,391 2,662 3,463

60 1,296 1,671 2,000 2,390 2,660 3,460

61 1,296 1,670 2,000 2,389 2,659 3,457

62 1,295 1,670 1,999 2,388 2,658 3,455

63 1,295 1,669 1,998 2,387 2,656 3,452

64 1,295 1,669 1,998 2,386 2,655 3,449

65 1,295 1,669 1,997 2,385 2,654 3,447

66 1,295 1,668 1,997 2,384 2,652 3,444

67 1,294 1,668 1,996 2,383 2,651 3,442

68 1,294 1,668 1,996 2,382 2,650 3,439

69 1,294 1,667 1,995 2,382 2,649 3,437

70 1,294 1,667 1,994 2,381 2,648 3,435

71 1,294 1,667 1,994 2,380 2,647 3,433

72 1,293 1,666 1,994 2,379 2,646 3,431

73 1,293 1,666 1,993 2,379 2,645 3,429

74 1,293 1,666 1,993 2,378 2,644 3,427

75 1,293 1,665 1,992 2,377 2,643 3,425

76 1,293 1,665 1,992 2,376 2,642 3,423

77 1,293 1,665 1,991 2,376 2,641 3,421

78 1,293 1,665 1,991 2,375 2,640 3,420

79 1,292 1,664 1,991 2,375 2,640 3,418

80 1,292 1,664 1,990 2,374 2,639 3,416

81 1,292 1,664 1,990 2,373 2,638 3,415

82 1,292 1,664 1,989 2,373 2,637 3,413

83 1,292 1,663 1,989 2,372 2,636 3,412

84 1,292 1,663 1,989 2,372 2,636 3,410

85 1,292 1,663 1,988 2,371 2,635 3,409

86 1,292 1,663 1,988 2,371 2,634 3,407

87 1,291 1,663 1,988 2,370 2,634 3,406

88 1,291 1,662 1,987 2,370 2,633 3,405

89 1,291 1,662 1,987 2,369 2,632 3,403

90 1,291 1,662 1,987 2,369 2,632 3,402

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83

Lampiran 15. Tabel Chi Square