Pengaruh Likuiditas, Total Asset Turnover, Ukuran Perusahaan Dan Umur Perusahaan Terhadap Initial Return (Studi Empiris pada Perusahaan yang Melakukan IPO di BEI Tahun 2008-2012)

Abstract

This research aims to test: 1) the influence of liquidity (CR) toinitial return, 2) the influence of total asset turnover(TATO) to initial return, 3) the influence of company’s size (Size) to initial return and 4) the influence of company’s age (Age) to initial return. This research is causative research. The populations in this research is initial public offering (IPO) company registered in BEI in 2008 until 2012. Sample was determined by the purposive sampling method. Types of data is secondary data and the method of analysis used is multiple regression analysis. Based on the results of multiple regression analysis with a significance level of 0,05, the results of the study concluded: 1) liquidity (CR) not negative affect to initial return with the level of significance 0,003 < 0,05 or t_hitung> t_tabel (3,158 > 2,002)andβ 9,448(H₁ rejected). 2) total asset turnover(TATO) is significant negative affect to initial return with the level of significance 0,001 < 0,05 or t_hitung> t_tabel (3,336 > 2,002) and β -6,771 (H₂accepted).3) company’s size (Size) not negative affect to initial return with the level of significance 0,005 < 0,05 or t_hitung> t_tabel (2,886> 2,002)andβ 3,144(H₃ rejected). 4) company’s age (Age) not significant affect to initial return with the level of significance 0,478> 0,05 or t_hitung< t_tabel (0,175 < 2,002) and β 0,478 (H₄rejected). This research suggested: 1) For investors who want to invest in primary market, should not only pay attention to liquidity,total asset turnover, company’s size and company’s age to predictions of initial return, because there are many other factors that influential to initial return, 2) For further researcher should be able to collaborate on a variety of relevant variables in affecting initial return ,consider on observation period, and add more sample because this research is limited to see the influence of liquidity,total asset turn over, company’s size and company’s age to initial return of non-financial IPO company only.

Keywords: Liquidity,Total Asset Turnover, Company’s Size, Company’s Age, Initial Return