Pengaruh Likuiditas, Leverage Dan Profitabilitas Terhadap Initial Return Pada Perusahaan Yang Melakukan Initial Public Offering (Studi Empiris Pada Perusahaan yang IPO di Bursa Efek Indonesia Tahun 2008 2011)
T his study aimed to examine the effect of liquidity, as measured by current ratio (CR) leverage as measured by debt toequity ratio (DER) and profitability as measured by return on asse t (ROA) to initial return in companies that do initial public offering. This study considered the causative research. The population in this study was companies that do initial public offering listed on BEI in 2008 until 2011. The sample was determined by the purposive sampling method and obtain 28 companies. Types of data used was secondary data obtained from www.idx.co.id. The method of analysis used is multiple regression analysis. Based on the results of multiple regression analysis with a significance level of 5% the results of the study concluded: (1) likuiditas which given has no effect on initial return on companies of that do initial public offering with the b coefficient is posi ti ve amounted to 0, 026 and significance value 0.086 0.05, (2) leverage as measured debt to equity ratio has a no effect on initial return on companies that do initial public offering with the b coefficient is nega tive amounted to 0,010 and significance value 0.283 0.05 (3) profitabilitas as measured return on asset has a effect on intial return that do initial public offering with the b coefficient is negative amounted to 0.068 and significance value 0.003 0.05 Based on the above results, it is suggested: (1) Doing research about other influence such as influence from non finance(2) For the next research, it's better to separate kind of company industry that will be researched. (3)In taking decision to invest, the investor should consider about others factors that more influence toward initial return besides the factor that is researched in this research. Key Words initial return, liquidity, current ratio, leverage, debt to equity ratio, profitability, Return on Asset