ABSTRACT

The aims of this study is to find out the effect of Profitability, Leverage, against Underpricing to firms at Intial Public Offering (IPO) on Indonesia Stock Exchange 2012-2016 which is mediated by Stock Liqudity. The population in this study are 105 companies at Intial Public Offering (IPO) that listed on Indonesia Stock Exchange 2012-2016. After selection by using the purposive sampling method in the population, obtained the results of the census of 71 firms were through underpricing used as samples. The secondary data collection method that used is documentation method and indirect observation. Data analysis technique used regression analysis of panel data. Based on the results of research, Based on the results of the research, partially profitability has a positive effect to stock liquidity. Leverage has negative and no significant effect to stock liquidity. Profitability, Leverage, and Stock Liquidity have a significant negative effect on underpricing. And simultaneously, Profitability, Leverage, and Stock Liquidity have an effect on Underpricing.

Keywords: Profitabilty, Leverage, Stock Liquidity, Underpricing