Underpricing pada Penawaran Perdana Obligasi Korporasi di Indonesia pada Tahun 2016

In recent years, bond issuance becomes a very attractive alternative of corporate funding for companies. Bond has grown rapidly in Indonesia the number has reached 236 bonds in 2016. In its comparison to stocks, bond issuance had successfully collected 117 trillion rupiahs in 2016, while the issuance of stocks only collected 13 trillion rupiahs. The underpricing phenomenon has been widely proven in the event of initial public offering (IPO) stocks in Indonesia, but rarely examined in initial offering of corporate bonds. Based on previous researches, such as default risk (Datta, et al., 1997) and liquidity risk (Chakravarty & Sarkar, 2003) are the causes of underpricing phenomena in corporate bond offering. Default risk and maturity are significantly positive in the occurrence of phenomenon in corporate bond offering in Indonesia, while market liquidity risk does not affect the occurrence of underpricing according to the results of this study.