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 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. 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. 60 Lampiran 1. Data Perusahaan yang melakukan IPO No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Kode BAEK BAPA TRIL ELSA YPAS BTPN KOIN GZCO TPIA BSDE INDY VRNA PDES KBRI ADRO HOME BYAN TRAM SIAP AMRT TRIO BPFI INVS GTBO MPKI RINA BWPT DSSA BCIP NIKL BBTN GDST PTPP BIPI TOWR ROTI GOLD Nama Bank ekonomi Raharja Tbk Bekasi Asri Pemula Tbk Triwira Insan Lestari Tbk Elnusa Tbk Yanaprima Hastapersada Tbk Bank Tabungan Pensiunan Nasional Tbk Kokoh Inti Arebama Tbk Gozco Plantations Tbk Tri Polyta Indonesia Tbk Bumi Serpong Damai Tbk Indika Energy Tbk Verena Multi Finance Tbk Destinasi Tirta Nusantara Tbk Kertas Basuki Rachmat Indonesia Tbk Aadaro Energy Tbk Hotel Mandarine Regency Tbk Bayan Resources Tbk Trada Maritime Tbk Sekawan Intipratama Tbk Sumber Alfaria Trijaya Tbk Trikomsel Oke Tbk Batavia Prosperindo Finance Tbk Tbk Inovisi Infracom Tbk Garda Tujuh Buana Tbk Metropolitan Kentjana Tbk Katarina Utama Tbk BW Plantation Tbk Dian Swastatika Sentosa Tbk Bumi Citra Permai Tbk Pelat Timah Nusantara Tbk Bank Tabungan Negara (Persero) Tbk Gunawan Dianjaya Steel Tbk Pembangunan Perumahan (Persero) Tbk Benakat Petroleum Energy Tbk Sarana Menara Nusantara Tbk Nippon Indosari Corpindo Tbk Golden Retailindo Tbk Tanggal Pencatatan 08-Jan-08 14-Jan-08 28-Jan-08 06-Feb-08 05-Mar-08 12-Mar-08 09-Apr-08 15-Mei-08 26-Mei-08 06-Jun-08 11-Jun-08 25-Jun-08 08-Jul-08 11-Jul-08 16-Jul-08 17-Jul-08 12-Agust-08 10-Sep-08 17-Okt-08 15-Jan-09 14-Apr-09 01-Jun-09 03-Jul-09 09-Jul-09 10-Jul-09 14-Jul-09 27-Okt-09 10-Des-09 11-Des-09 14-Des-09 17-Des-09 23-Des-09 09-Feb-10 11-Feb-10 08-Mar-10 28-Jun-10 07-Jul-10 61 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 SKYB BJBR IPOL GREN BUVA BRAU HRUM ICBP TBIG KRAS APLN BORN WINS MIDI BRMS BSIM Skybee Tbk Bank Pembangunan Daerah Jawa Barat dan Banten Tbk Indopoly Swakarsa Industry Tbk Evergreen Invesco Tbk PT Bukit Uluwatu Villa Tbk Berau Coal Energy Tbk Harum Energy Tbk Indofood CBP Sukses Makmur Tbk PT Tower Bersama Infrastructure Tbk Krakatau Steel (Persero) Tbk Agung Podomoro Land Tbk Borneo Lumbung Energi & Metal Tbk Wintermar Offshore Marine Tbk Midi Utama Indonesia Tbk Bumi Resources Minerals Tbk Bank Sinarmas Tbk 07-Jul-10 08-Jul-10 09-Jul-10 09-Jul-10 12-Jul-10 19-Agust-10 06-Okt-10 07-Okt-10 26-Okt-10 10-Nop-10 11-Nop-10 26-Nop-10 29-Nop-10 30-Nop-10 09-Des-10 13-Des-10 62 Lampiran 2. Tabulasi Tingkat Underpricing No KODE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 BAEK BAPA TRIL ELSA YPAS BTPN KOIN GZCO TPIA BSDE INDY VRNA PDES KBRI ADRO HOME BYAN TRAM SIAP AMRT TRIO BPFI INVS GTBO MPKI RINA BWPT DSSA BCIP NIKL BBTN GDST Open price (Rp) 1080 150 400 400 545 517 178 225 2200 550 2950 100 200 260 1100 110 5800 125 150 395 225 110 125 115 2100 160 550 1500 110 325 800 160 Close price (Rp) 1320 255 680 515 640 503 197 275 2850 520 3425 82 340 726 1750 183 5450 159 159 395 230 121 60 105 2750 155 570 2250 173 300 840 131 Change Keterangan (Rp) -240 -105 -280 -115 -95 14 -19 -50 -650 30 -475 18 -140 -466 -650 -73 350 -34 -9 0 -5 -11 65 10 -650 5 -20 -750 -63 25 -40 29 UP UP UP UP UP Over Price UP UP UP Over Price UP Over Price UP UP UP UP Over Price UP UP Fair Price UP UP Over Price Over Price UP Over Price UP UP UP Over Price UP Over Price Tingkat underpricing (x) 0,22 0,70 0,70 0,29 0,17 0,11 0,22 0,30 0,16 0,70 1,79 0,59 0,66 0,27 0,06 0,02 0,10 0,31 0,04 0,50 0,57 0,05 63 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 PTPP BIPI TOWR ROTI GOLD SKYB BJBR IPOL GREN BUVA BRAU HRUM ICBP TBIG KRAS APLN BORN WINS MIDI BRMS BSIM 560 140 1050 1275 350 375 600 210 105 260 400 5200 5395 2025 850 365 1170 380 275 635 150 580 191 1570 1490 520 560 900 235 178 310 445 5450 5950 2400 1270 410 1280 59 410 700 255 -20 -51 -520 -215 -170 -185 -300 -25 -73 -50 -45 -250 -555 -375 -420 -45 -110 321 -135 -65 -105 UP UP UP UP UP UP UP UP UP UP UP UP UP UP UP UP UP Over Price UP UP UP 0,04 0,36 0,50 0,17 0,49 0,49 0,50 0,12 0,70 0,19 0,11 0,05 0,10 0,19 0,49 0,12 0,09 0,49 0,10 0,70 Keterangan : UP = Underpricing 64 Lampiran 3. Peringkat Underwriter Volume Penjaminan Emisi (million Share) 72,299 60,485 56,197 56,037 54,793 143,017 140,887 114,265 113,961 111,14 163,182 109,57 99,417 96,693 95,492 Tahun Ranking Nama 1 2 2008 3 4 5 1 2 2009 3 4 5 1 2 2010 3 4 5 Kim Eng Securities CIMB-GK Securities Indonesia Danareksa Sekuritas Danatama Makmur CLSA Indonesia eTrading Securities Indo Premier Securities Danareksa Sekuritas Lautandhana Securindo Ciptadana Securities eTrading Securities Indo Premier Securities CIMB Securities Indonesia Ciptadana Securities OSK Nusadana Securities Indonesia 65 Lampiran 4. Tabulasi Penilaian Reputasi Underwriter No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Kode BAEK BAPA TRIL ELSA YPAS KOIN GZCO TPIA INDY PDES KBRI ADRO HOME TRAM SIAP TRIO BPFI MKPI BWPT DSSA BCIP BBTN PTPP BIPI TOWR ROTI GOLD Underwritter Dinamika Usahajaya Makinta Securities Optima Kharya Capital Mandiri Sekuritas Investindo Nusantara Makinta Securities CLSA Indonesoa Truscel Capital Danareksa Sekuritas Dinakima Usahajaya Henan Putihrai Danatama Makmusr Overseas Securities Danatama Makmusr Asia Captialindo PT Mandiri Sekuritas PT Panin Sekuritas Tbk PT Mandiri Sekuritas Danareksa Sekuritas PT Sinarmas Sekuritas PT Pacific Capital PT CIMB Securities Indonesia PT Mandiri Sekuritas PT Danatama Makmur PT Dinamika Usahajaya PT OSK Nusadana Securities Indonesia PT Dinamika Usahajaya Nilai Reputasi Underwriter 0 0 0 0 0 0 1 0 1 0 0 1 0 1 0 0 0 1 1 0 0 0 0 0 0 1 0 66 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 SKYB BJBR IPOL GREN BUVA BRAU HRUM ICBP TBIG KRAS APLN BORN MIDI BRMS BSIM PT Lautandhana Securindo PT. CIMB Securities Indonesia PT OSK Nusadana Securities Indonesia PT Andalan Artha Advisindo Sekuritas PT Danareksa Sekuritas PT Danatama Makmur PT Ciptadana Securities PT Kiem Eng Securities PT UBS Securities PT Bahana securities PT Indo Premier Securities PT CIMB Securities Indonesia PT Indo Premier Securities PT Danatama Makmur PT Sinarmas Sekuritas 0 1 1 0 0 0 1 0 1 0 1 1 1 0 0 Keterangan : 1 = Bereputasi Baik (masuk dalam top 5 ranked underwriter) 0 = Tidak Bereputasi Baik (tidak masuk dalam top 5 ranked underwriter) 67 Lampiran 5. Tabulasi DER, ROE, dan EPS No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Laba bersih Total Hutang Total Ekuitas (A) (B) (C) BAEK 192.752.000.000 14.521.028.000.000 1.120.788.000.000 BAPA 916.000.000 21.544.000.000 36.335.000.000 TRIL 18.916.000.000 26.127.000.000 115.905.000.000 ELSA 100.140.000.000 1.195.264.000.000 948.901.000.000 YPAS 18.693.000.000 62.061.000.000 118.489.000.000 KOIN 6.936.000.000 319.065.000.000 112.883.000.000 GZCO 54.750.000.000 517.185.000.000 881.772.000.000 TPIA 485.774.000.000 1.039.061.000.000 1.571.421.000.000 INDY 1.084.742.000.000 3.496.524.000.000 5.213.609.000.000 PDES 5.995.000.000 66.233.000.000 103.810.000.000 KBRI -97.592.000.000 630.964.000.000 491.712.000.000 ADRO 887.198.000.000 19.692.546.000.000 14.009.245.000.000 HOME -14.114.000.000 87.064.000.000 108.379.000.000 TRAM 43.702.000.000 368.264.000.000 1.015.249.000.000 SIAP 3.694.000.000 52.968.000.000 70.717.000.000 TRIO 117.688.000.000 1.261.401.000.000 687.435.000.000 BPFI 16.844.000.000 104.280.000.000 125.873.000.000 MKPI 236.424.000.000 538.080.000.000 1.125.652.000.000 BWPT 167.467.000.000 717.425.000.000 905.460.000.000 DSSA 52.667.000.000 2.173.433.000.000 3.038.980.000.000 BCIP 8.615.000.000 31.834.000.000 134.843.000.000 Kode jumlah saham (D) 2.400.000.000 500.000.000 900.000.000 5.839.000.000 668.000.000 850.000.000 5.000.000.000 728.401.000 5.207.000.000 715.000.000 3.860.000.000 31.986.000.000 1.212.200.000 8.732.000.000 600.000.000 4.450.000.000 1.000.000.000 948.190.000 4.037.080.000 771.552.320 1.200.000.000 DER (B/C) 12,96 0,59 0,23 1,26 0,52 2,83 0,59 0,66 0,67 0,64 1,28 1,41 0,80 0,36 0,75 1,83 0,83 0,48 0,79 0,72 0,24 ROE (A/C) 17,20 2,52 16,32 10,55 15,78 6,14 6,21 30,91 20,81 5,77 -19,85 6,33 -13,02 4,30 5,22 17,12 13,38 21,00 18,50 1,73 6,39 EPS (A/D) 80,31 1,83 21,02 17,15 27,98 8,16 10,95 666,90 208,32 8,38 -25,28 27,74 -11,64 5,00 6,16 26,45 16,84 249,34 41,48 68,26 7,18 68 22 BBTN 490.453.000.000 53.054.542.000.000 5.461.516.000.000 8.714.000.000 23 PTPP 163.260.000.000 3.577.545.000.000 548.007.000.000 3.803.460.000 24 BIPI 6.929.000.000 62.544.000.000 1.867.785.000.000 18.575.740 25 TOWR 589.493.000.000 5.761.326.000.000 1.115.417.000.000 980.000.000 26 ROTI 57.115.000.000 179.138.000.000 167.840.000.000 86.051.000 27 GOLD 5.065.000.000 12.528.000.000 22.293.000.000 16.500.000 28 SKYB 3.360.000.000 4.475.000.000 17.710.000.000 100.000.000 29 BJBR 709.106.000.000 29.318.786.000.000 3.091.543.000.000 6.336.000.000 30 IPOL 93.440.000.000 1.381.552.000.000 280.939.000.000 81.000.000 31 GREN 330.000.000 119.803.000.000 262.008.000.000 2.605.000.000 32 BUVA 4.592.000.000 345.424.000.000 205.757.000.000 200.000.000.000 33 BRAU 6.198.340.000 12.966.294.000.000 3.196.414.000.000 349.000.000 34 HRUM 823.940.000.000 925.284.000.000 2.298.506.000.000 2.700.000.000 35 ICBP 1.704.047.000.000 3.999.132.000.000 8.919.546.000.000 5.830.950.000 36 TBIG 326.729.000.000 2.857.915.000.000 2.144.324.000.000 4.556.700.000 37 KRAS 1.062.683.000.000 8.158.514.000.000 9.293.915.000.000 15.775.000.000 38 APLN 241.885.000.000 3.429.716.000.000 3.851.144.000.000 20.500.000.000 39 BORN 348.847.000.000 1.946.199.000.000 6.577.749.000.000 17.693.000.000 40 MIDI 10.203.000.000 738.783.000.000 376.021.000.000 2.882.350.000 41 BRMS 764.604.000.000 2.943.462.000.000 16.720.092.000.000 18.169.000.000 42 BSIM 101.806.000.000 10.320.685.000.000 911.494.000.000 7.280.500.000 Keterangan : - DER dalam satuan kali (x) - ROE dalam satuan persentase (%) - Laba Bersih, Total Hutang, Total Ekuitas, Jumlah saham dan EPS dalam satuan Rupiah (Rp) 9,71 6,53 0,03 5,17 1,07 0,56 0,25 9,48 4,92 0,46 1,68 4,06 0,40 0,45 1,33 0,88 0,89 0,30 1,96 0,18 11,32 8,98 29,79 0,37 52,85 34,03 22,72 18,97 22,94 33,26 0,13 2,23 0,19 35,85 19,10 15,24 11,43 6,28 5,30 2,71 4,57 11,17 56,28 42,92 373,01 601,52 663,73 306,97 33,60 111,92 1153,58 0,13 0,02 17,76 305,16 292,24 71,70 67,37 11,80 19,72 3,54 42,08 13,98 69 Lampiran 6. Input Data i 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Y 0,22 0,70 0,70 0,29 0,17 0,16 0,22 0,30 0,16 0,70 1,79 0,59 0,66 0,27 0,06 0,02 0,10 0,31 0,04 0,50 0,57 0,05 0,04 0,36 0,50 0,17 0,49 0,49 0,50 0,12 0,70 0,19 0,11 0,05 X1 0 0 0 0 0 0 1 0 1 0 0 1 0 1 0 0 0 1 1 0 0 0 0 0 0 1 0 0 1 1 0 0 0 1 X2 12,96 0,59 0,23 1,26 0,52 2,83 0,59 0,66 0,67 0,64 1,28 1,41 0,80 0,36 0,75 1,83 0,83 0,48 0,79 0,72 0,24 9,71 6,53 0,03 5,17 1,07 0,56 0,25 9,48 4,92 0,46 1,68 4,06 0,40 X3 17,20 2,52 16,32 10,55 15,78 6,14 6,21 30,91 20,81 5,77 -19,85 6,33 -13,02 4,30 5,22 17,12 13,38 21,00 18,50 1,73 6,39 8,98 29,79 0,37 52,85 34,03 22,72 18,97 22,94 33,26 0,13 2,23 0,19 35,85 X4 80,31 1,83 21,02 17,15 27,98 8,16 10,95 666,90 208,32 8,38 -25,28 27,74 -11,64 5,00 6,16 26,45 16,84 249,34 41,48 68,26 7,18 56,28 42,92 373,01 601,52 663,73 306,97 33,60 111,92 1153,58 0,13 0,02 17,76 305,16 70 35 36 37 38 39 40 41 42 0,10 0,19 0,49 0,12 0,09 0,49 0,10 0,70 0 1 0 1 1 1 0 0 0,45 1,33 0,88 0,89 0,30 1,96 0,18 11,32 19,10 15,24 11,43 6,28 5,30 2,71 4,57 11,17 292,24 71,70 67,37 11,80 19,72 3,54 42,08 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) 71 Lampiran 7. Output Uji Normalitas One-Sample Kolmogorov-Smirnov Test Standardized Residual N Normal Parameters Most Extreme Differences a 42 Mean Std. Deviation Absolute Positive Negative .0000000 .94996791 .088 .088 -.073 .573 .898 Kolmogorov-Smirnov Z Asymp. Sig. (2-tailed) a. Test distribution is Normal. 72 73 Lampriran 8. Output Uji Multikolinieritas Coefficients Unstandardized Coefficients Model 1 (Constant) Reputasi Underwriter DER ROE EPS B .503 -.116 .004 -.013 .000 Std. Error .073 .101 .015 .005 .000 a Standardized Coefficients Beta t Collinearity Statistics Sig. Tolerance VIF 6.888 .000 -.171 -1.144 .260 .039 .261 .796 .927 .922 .521 .550 1.078 1.084 1.920 1.818 -.536 -2.682 .011 .212 1.088 .284 a. Dependent Variable: Tingkat Underpricing 74 Lampiran 9. Output Uji Auto Korelasi Variables Entered/Removed Variables Model 1 Entered Ut_2, Ut_1 a b,c Variables Removed Method . Enter a. All requested variables entered. b. Dependent Variable: Unstandardized Residual c. Linear Regression through the Origin Model Summary Adjusted R Model 1 R .214 a Std. Error of the Estimate .28379454 R Square b Square -.005 .046 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. ANOVA Model 1 Regression Residual Total a. Predictors: Ut_2, Ut_1 Sum of Squares .146 3.060 3.207 b c,d df 2 38 40 Mean Square .073 .081 F .907 Sig. .412 a 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 75 Coefficients a,b Standardized Unstandardized Coefficients Model 1 Ut_1 Ut_2 B .191 .065 Std. Error .164 .167 Coefficients Beta .190 .063 t 1.164 .389 Sig. .252 .699 a. Dependent Variable: Unstandardized Residual b. Linear Regression through the Origin 76 Lampiran 10. Output Uji Heteroskedastisitas Coefficients a Unstandardized Coefficients Model 1 (Constant) Reputasi Underwriter DER ROE EPS B .269 -.096 .012 -.005 9.418E-5 Std. Error .041 .057 .009 .003 .000 Standardized Coefficients Beta t Sig. 6.496 .000 -.255 -1.676 .102 .217 1.418 .165 -.359 -1.767 .085 .126 .638 .528 a. Dependent Variable: abres 77 Lampiran 11. Output Analisis Regresi Linier Berganda Model Summary Adjusted R Model 1 R .479 a b Std. Error of the Estimate Durbin-Watson 1.589 R Square .230 Square .147 .29757 a. Predictors: (Constant), EPS, DER, Reputasi Underwriter, ROE b. Dependent Variable: Tingkat Underpricing ANOVA Model 1 Regression Residual Total Sum of Squares .977 3.276 4.254 df b Mean Square 4 37 41 .244 .089 F 2.760 Sig. .042 a a. Predictors: (Constant), EPS, DER, Reputasi Underwriter, ROE b. Dependent Variable: Tingkat Underpricing Coefficients Unstandardized Coefficients Model 1 (Constant) Reputasi Underwriter DER ROE EPS B .503 -.116 .004 -.013 .000282 Std. Error .073 .101 .015 .005 .000 a Standardized Coefficients Beta t Collinearity Statistics Sig. Tolerance VIF 6.888 .000 -.171 -1.144 .260 .039 .261 .796 .927 .922 .521 .550 1.078 1.084 1.920 1.818 -.536 -2.682 .011 .212 1.088 .284 a. Dependent Variable: Tingkat Underpricing 78 Lampiran 12. Output Descriptive Statistik Descriptive Statistics N Tingkat Underpricing Reputasi Underwriter DER ROE EPS Valid N (listwise) 42 42 42 42 42 42 Minimum .02 .00 .03 -19.85 -25.28 Maximum 1.79 1.00 12.96 52.85 1153.58 Mean .3471 .3333 2.1921 12.6529 134.56 Std. Deviation .32210 .47712 3.21218 13.35980 241.09837 79 Lampiran 13. Nilai F Tabel (0,05) 80 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 1,303 1,302 1,302 1,301 1,301 1,300 1,300 1,299 1,299 1,299 1,298 1,298 1,298 1,297 1,297 1,297 1,297 1,296 1,296 1,296 1,296 1,295 1,295 1,295 1,295 1,295 1,294 1,294 1,294 1,294 1,294 1,293 1,293 1,293 1,293 1,293 1,293 1,293 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,291 1,291 1,291 1,291 1,683 1,682 1,681 1,680 1,679 1,679 1,678 1,677 1,677 1,676 1,675 1,675 1,674 1,674 1,673 1,673 1,672 1,672 1,671 1,671 1,670 1,670 1,669 1,669 1,669 1,668 1,668 1,668 1,667 1,667 1,667 1,666 1,666 1,666 1,665 1,665 1,665 1,665 1,664 1,664 1,664 1,664 1,663 1,663 1,663 1,663 1,663 1,662 1,662 1,662 2,020 2,018 2,017 2,015 2,014 2,013 2,012 2,011 2,010 2,009 2,008 2,007 2,006 2,005 2,004 2,003 2,003 2,002 2,001 2,000 2,000 1,999 1,998 1,998 1,997 1,997 1,996 1,996 1,995 1,994 1,994 1,994 1,993 1,993 1,992 1,992 1,991 1,991 1,991 1,990 1,990 1,989 1,989 1,989 1,988 1,988 1,988 1,987 1,987 1,987 2,421 2,419 2,416 2,414 2,412 2,410 2,408 2,407 2,405 2,403 2,402 2,400 2,399 2,397 2,396 2,395 2,394 2,392 2,391 2,390 2,389 2,388 2,387 2,386 2,385 2,384 2,383 2,382 2,382 2,381 2,380 2,379 2,379 2,378 2,377 2,376 2,376 2,375 2,375 2,374 2,373 2,373 2,372 2,372 2,371 2,371 2,370 2,370 2,369 2,369 2,701 2,698 2,695 2,692 2,690 2,687 2,685 2,682 2,680 2,678 2,676 2,674 2,672 2,670 2,668 2,667 2,665 2,663 2,662 2,660 2,659 2,658 2,656 2,655 2,654 2,652 2,651 2,650 2,649 2,648 2,647 2,646 2,645 2,644 2,643 2,642 2,641 2,640 2,640 2,639 2,638 2,637 2,636 2,636 2,635 2,634 2,634 2,633 2,632 2,632 3,544 3,538 3,532 3,526 3,520 3,515 3,510 3,505 3,500 3,496 3,492 3,488 3,484 3,480 3,476 3,473 3,470 3,466 3,463 3,460 3,457 3,455 3,452 3,449 3,447 3,444 3,442 3,439 3,437 3,435 3,433 3,431 3,429 3,427 3,425 3,423 3,421 3,420 3,418 3,416 3,415 3,413 3,412 3,410 3,409 3,407 3,406 3,405 3,403 3,402 81 Lampiran 14. Nilai t Tabel 0,10 0,20 n 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 3,078 1,886 1,638 1,533 1,476 1,440 1,415 1,397 1,383 1,372 1,363 1,356 1,350 1,345 1,341 1,337 1,333 1,330 1,328 1,325 1,323 1,321 1,320 1,318 1,316 1,315 1,314 1,313 1,311 1,310 1,310 1,309 1,308 1,307 1,306 1,306 1,305 1,304 1,304 1,303 0,05 0,10 6,314 2,920 2,353 2,132 2,015 1,943 1,895 1,860 1,833 1,813 1,796 1,782 1,771 1,761 1,753 1,746 1,740 1,734 1,729 1,725 1,721 1,717 1,714 1,711 1,708 1,706 1,703 1,701 1,699 1,697 1,696 1,694 1,692 1,691 1,690 1,688 1,687 1,686 1,685 1,684 Satu ujung 0,025 Dua Ujung 0,05 12,706 4,303 3,182 2,776 2,571 2,447 2,365 2,306 2,262 2,228 2,201 2,179 2,160 2,145 2,131 2,120 2,110 2,101 2,093 2,086 2,080 2,074 2,069 2,064 2,060 2,056 2,052 2,048 2,045 2,042 2,040 2,037 2,035 2,032 2,030 2,028 2,026 2,024 2,023 2,021 0,01 0,02 31,821 6,965 4,541 3,747 3,365 3,143 2,998 2,897 2,821 2,764 2,718 2,681 2,650 2,625 2,603 2,584 2,567 2,552 2,540 2,528 2,518 2,508 2,500 2,492 2,485 2,479 2,473 2,467 2,462 2,457 2,453 2,449 2,445 2,441 2,438 2,435 2,431 2,429 2,426 2,423 0,005 0,01 63,657 9,925 5,841 4,604 4,032 3,707 3,500 3,355 3,250 3,169 3,106 3,055 3,012 2,977 2,947 2,921 2,898 2,878 2,861 2,845 2,831 2,819 2,807 2,797 2,787 2,779 2,771 2,763 2,756 2,750 2,744 2,739 2,733 2,728 2,724 2,720 2,715 2,712 2,708 2,705 0,0005 0,00 636,619 31,599 12,924 8,610 6,869 5,959 5,408 5,041 4,781 4,587 4,437 4,318 4,221 4,141 4,073 4,015 3,965 3,922 3,883 3,850 3,819 3,792 3,768 3,745 3,725 3,707 3,690 3,674 3,659 3,646 3,634 3,622 3,611 3,601 3,591 3,582 3,574 3,566 3,558 3,551 82 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 1,303 1,302 1,302 1,301 1,301 1,300 1,300 1,299 1,299 1,299 1,298 1,298 1,298 1,297 1,297 1,297 1,297 1,296 1,296 1,296 1,296 1,295 1,295 1,295 1,295 1,295 1,294 1,294 1,294 1,294 1,294 1,293 1,293 1,293 1,293 1,293 1,293 1,293 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,291 1,291 1,291 1,291 1,683 1,682 1,681 1,680 1,679 1,679 1,678 1,677 1,677 1,676 1,675 1,675 1,674 1,674 1,673 1,673 1,672 1,672 1,671 1,671 1,670 1,670 1,669 1,669 1,669 1,668 1,668 1,668 1,667 1,667 1,667 1,666 1,666 1,666 1,665 1,665 1,665 1,665 1,664 1,664 1,664 1,664 1,663 1,663 1,663 1,663 1,663 1,662 1,662 1,662 2,020 2,018 2,017 2,015 2,014 2,013 2,012 2,011 2,010 2,009 2,008 2,007 2,006 2,005 2,004 2,003 2,003 2,002 2,001 2,000 2,000 1,999 1,998 1,998 1,997 1,997 1,996 1,996 1,995 1,994 1,994 1,994 1,993 1,993 1,992 1,992 1,991 1,991 1,991 1,990 1,990 1,989 1,989 1,989 1,988 1,988 1,988 1,987 1,987 1,987 2,421 2,419 2,416 2,414 2,412 2,410 2,408 2,407 2,405 2,403 2,402 2,400 2,399 2,397 2,396 2,395 2,394 2,392 2,391 2,390 2,389 2,388 2,387 2,386 2,385 2,384 2,383 2,382 2,382 2,381 2,380 2,379 2,379 2,378 2,377 2,376 2,376 2,375 2,375 2,374 2,373 2,373 2,372 2,372 2,371 2,371 2,370 2,370 2,369 2,369 2,701 2,698 2,695 2,692 2,690 2,687 2,685 2,682 2,680 2,678 2,676 2,674 2,672 2,670 2,668 2,667 2,665 2,663 2,662 2,660 2,659 2,658 2,656 2,655 2,654 2,652 2,651 2,650 2,649 2,648 2,647 2,646 2,645 2,644 2,643 2,642 2,641 2,640 2,640 2,639 2,638 2,637 2,636 2,636 2,635 2,634 2,634 2,633 2,632 2,632 3,544 3,538 3,532 3,526 3,520 3,515 3,510 3,505 3,500 3,496 3,492 3,488 3,484 3,480 3,476 3,473 3,470 3,466 3,463 3,460 3,457 3,455 3,452 3,449 3,447 3,444 3,442 3,439 3,437 3,435 3,433 3,431 3,429 3,427 3,425 3,423 3,421 3,420 3,418 3,416 3,415 3,413 3,412 3,410 3,409 3,407 3,406 3,405 3,403 3,402 83 Lampiran 15. Tabel Chi Square