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Journal articles on the topic 'Level of underpricing'

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Published: 3 June 2025
Last updated: 31 July 2025

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1

Hadi Cahyadi, Novellia Dwijaya,. "Faktor-Faktor yang Mempengaruhi Tingkat Underpricing: Studi Empiris Perusahaan Keluarga IPO di BEI." Jurnal Ekonomi 26, no. 11 (2022): 337–94. http://dx.doi.org/10.24912/je.v26i11.783.

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This study aims to examine and analyze whether there is a partial or simultaneous influence between firm size, underwriter reputation, firm age, financial leverage, and capital market conditions on the level of underpricing. The population in this study is a family company that has conducted an IPO and has been listed on the Indonesia Stock Exchange for the 2016-2021 period. The method in this research is purposive sampling and the research object used is 45 samples. The results of this study are: company size, underwriter reputation, and company age have a positive and significant effect on t
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Suyono, Suyono, Paramita Paramita, Yvonne Augustin S, Etty Murwaningsari, and Marice Hutahuruk. "FACTORS AFFECTING THE LEVEL OF UNDERPRICING OF SHARES IN INITIAL PUBLIC OFFERING COMPANIES." Bilancia : Jurnal Ilmiah Akuntansi 9, no. 1 (2025): 11. https://doi.org/10.35145/bilancia.v9i1.4551.

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The underpricing phenomenon that occurs due to information asymmetry, to reduce the information asymmetry of companies that will conduct an initial public offering (IPO) to issue a prospectus. Almost in every country companies experience underpricing, this also happens in Indonesian companies that conduct IPOs in the capital market. In this study, there are several factors that will be examined to affect underpricing, namely Debt to Equity Ratio, Return on Equity, Company Age and Total Asset Turnover. The purpose of this study is to empirically analyze the influence of Debt to Equity Ratio, Re
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Purnama, Rita Lian. "FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING SAHAM PADA PENAWARAN UMUM PERDANA DI BURSA EFEK INDONESIA TAHUN 2009 - 2013." JURNAL FAIRNESS 4, no. 1 (2021): 61–72. http://dx.doi.org/10.33369/fairness.v4i1.15300.

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This study aimed to examine the effect of underwriter’s reputation, corporate profitability (ROA), financial leverage (DER), firm’s scale and firm’s age on the level of underpricing. This study uses 36 companies which run IPOs in Indonesia Stock Exchange in the period of 2009-2013 as its samples. Secondary datas were used and obtained from the Indonesian Stock Exchange by using multiple regression analysis testing to prove the research’s hypothesis. The results shows that the underwriter's reputation and firm’s age do not significantly affected the level of underpricing. Corporate profitabilit
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4

Amelia, Rachmi, Hasbi Assidiki Mauluddi, and Radia Purbayati. "Pengaruh ROE, EPS, dan Reputasi Underwriter terhadap Tingkat Underpricing Stock pada Perusahaan IPO di ISSI." Journal of Applied Islamic Economics and Finance 3, no. 3 (2023): 640–50. http://dx.doi.org/10.35313/jaief.v3i3.5499.

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 Companies need additional capital, one of which is from external companies by conducting initial public offerings on the capital market, but companies often experience underpricing in the secondary market. This study aims to develop findings regarding the phenomenon of underpricing in IPO companies and to determine the effect of return on equity (ROE), earnings per share (EPS), and underwriter's reputation on the level of underpricing. The population in this study are companies that have conducted an Initial Public Offering (IPO) that are registered on the Indonesia
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Li, Jie, Jun Chen, and Jiahao Li. "The Impact of Enterprise Innovation Level on IPO Underpricing under Registration System - Based on Signaling Theory." Journal of Economics and Public Finance 9, no. 2 (2023): p27. http://dx.doi.org/10.22158/jepf.v9n2p27.

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Background: Chinese capital market has continued to develop and mature recently. And in December 2021, the Central Economic Work Conference formally proposed the full implementation of the stock issuance registration system. In this context, the phenomenon of IPO underpricing has not been effectively alleviated in the Chinese capital market.Objective: This paper aims to analyze the impact of listed companies’ characteristics and underwriters’ underwriting level on high IPO underpricing in the Chinese capital market, find the main reasons for high IPO pricing, and ultimately help enterprises al
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6

Chrisnanda, Widya Andhi, and Surya Raharja. "Pengaruh Reputasi Underwriter, Return On Equity, dan Umur Perusahaan Syariah Terhadap Underpricing (Studi Pada Perusahaan Yang Teregistrasi di BEI Tahun 2018-2021)." Jurnal Ilmiah Ekonomi Islam 9, no. 3 (2023): 4329. http://dx.doi.org/10.29040/jiei.v9i3.11451.

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This research aims to determine the influence of Underwriter reputation, Return On Equity, and Company Age on Underpricing (Study of Companies Registered on the BEI in 2018-2021)The samples used in this research are companies that were newly registered on the IDX in 2018-2021. Things that influence the level of Underpricing are proxied as ROE, Company Age, and Underwriter Reputation. Companies that registered on the stock exchange before and during Covid-19 were involved in moderating the underpricing. Company age has a significant negative effect on underpricing, the longer the company's age
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7

Faisal, Muhammad, and Gerianta Wirawan Yasa. "The Influence of Intellectual Capital Disclosure, Economic Value Added Analysis, and Inclusion of Warrants on the Level of Underpricing in Shares." E-Jurnal Akuntansi 28, no. 3 (2019): 1682. http://dx.doi.org/10.24843/eja.2019.v28.i03.p04.

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The underpricing phenomenon often occurs when a company conducts an initial public offering or commonly known as IPO (Initial Public Offering). This condition causes stakeholders receive not enough information for assessing the company value. This study aims to analyze the effect of intellectual capital disclosure, economic value added, and inclusion of warrants on the level of underpricing of shares. This research was conducted in all companies that conducted IPOs on the Indonesia Stock Exchange (IDX) in the period 2012-2014. The number of samples taken was 60 companies, with a purposive samp
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8

Isynuwardhana, Deannes, and Frizky Vega Febryan. "Factors Affecting Underpricing Level during IPO in Indonesia Stock Exchange 2018 - 2019." Indonesian Accounting Review 12, no. 1 (2022): 87. http://dx.doi.org/10.14414/tiar.v12i1.2660.

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The underpricing is an event that occurs when stock price in a primary market is smaller than that on secondary market. Indonesia has an increase of companies that experience underpricing every year, although there was a decline in 2019/ Yet, the decline was not significant. The purpose of the study was to determine the effect of factors such as company age, company size, and return on assets, financial leverage, earnings per share and current ratio on level of underpricing at the time of Initial Public Offering (IPO) on the Indonesia Stock Exchange for the period 2018-2018. This research was
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9

Chong, Terence Tai-Leung, Shuo Yuan, and Isabel Kit-Ming Yan. "An Examination of the Underpricing of H-Share IPOs in Hong Kong." Review of Pacific Basin Financial Markets and Policies 13, no. 04 (2010): 559–82. http://dx.doi.org/10.1142/s0219091510002074.

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The main purpose of this paper is to study the empirical determinants of the underpricing of H-share initial public offerings (IPOs) during the 1993–2003 period. A special characteristic of H-shares is that they are shares of companies incorporated in China, but are also listed abroad. Our estimates indicate that the average IPO underpricing level of H-shares was about 16.8%. We find that the conventional explanations for the worldwide IPO underpricing are not adequate in explaining the underpricing level of H-shares. Some new factors that are important in explaining the underpricing phenomeno
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10

Muhani, Muhani, Nia Eka Pramelia, and Molina Molina. "Faktor Fundamental Terhadap Tingkat Underpricing Perusahaan Yang Melakukan Initial Public Offering (IPO)." Jurnal Manajemen Strategi dan Aplikasi Bisnis 3, no. 2 (2020): 171–84. http://dx.doi.org/10.36407/jmsab.v3i2.167.

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This study aims to find out the influence of debt to equity ratio, return on asset, return on equity and firm size on the level of underpricing in companies that conduct an Initial Public Offering (IPO) in Indonesia Stock Exchange period 2014-2019. The population in this study is all companies that conducted an Initial Public Offering (IPO) in Indonesia Stock Exchange period 2014-2019. Determination of the sample using a purposive sampling method through certain criteria in order to obtain a sample of 115 companies. The analysis method used in this study was multiple linear regression method.
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11

Too, Shaw Warn, and Wan Fadzilah Wan Yusoff. "Exploring intellectual capital disclosure as a mediator for the relationship between IPO firm-specific characteristics and underpricing." Journal of Intellectual Capital 16, no. 3 (2015): 639–60. http://dx.doi.org/10.1108/jic-08-2014-0098.

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Purpose – The purpose of this paper is to examine the direct and indirect impact of firm-specific characteristics on the level of underpricing among Malaysian initial public offerings (IPOs). Design/methodology/approach – Content analysis of IPO prospectuses was used for 331 firms underwent listing between 2002 and 2008. The extent of disclosure was computed by applying the disclosure index of Bukh et al. (2005). Findings – Of the five firm characteristics examined, there is a direct relationship between the firm’s financial performance and the level of foreign activity, and the level of under
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12

Gunarsih, Tri, Wulan Handayani, and Lilis Endang Wijayanti. "PENGARUH PENGUNGKAPAN INTELLECTUAL CAPITAL DAN KEPEMILIKAN INSTITUSI TERHADAP UNDERPRICING PADA PENAWARAN UMUM PERDANA." Jurnal Ekonomi dan Bisnis 15, no. 1 (2014): 85. http://dx.doi.org/10.30659/ekobis.15.1.85-101.

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The objective of this study is to examine the effect of intellectual capital disclosure and institutional ownership to the level of underpricing in Initial Public Offering (IPO) in Indonesian Stock Exchange. It is argued that the higher the intelectual capital disclosure the lower the level of underpricing. While because of assymmtric informatian, another argumentation is that institutional ownership influence underpricing. The sample in this study are company’s IPO in the Indonesian Stock Exchange (IDX) during 2007-2011. The sample are selected using purposive sampling method. The hypothese
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13

Widjaya, Kunthi, and Tina Sulistiyani. "ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI TINGKAT UNDERPRICING PADA PERUSAHAAN GO PUBLIC YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) TAHUN 2012-2014." Jurnal Fokus Manajemen Bisnis 7, no. 2 (2020): 109. http://dx.doi.org/10.12928/fokus.v7i2.1739.

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This study aims to determine the factors that influence underpricing. The variables studied were earnings per share (EPS), debt to equity ratio (DER), underwriter reputation, auditor reputation, industry type. Which method used in this research is purposive sampling, obtained as many samples 47 companies out of a population of 77 companies. This research was conducted with using multiple linear regression analysis with a significance level of 5%.The results of the study concluded that earning per share (EPS) variable successfully demonstrated a negative influence on the current underpricing of
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14

PRADNYANA, Komang Wisnu Aria, and Ni Made Adi ERAWATI. "The Effect of Company Performance on Underpricing Level IPO Shares on the Indonesia Stock Exchange for the Period 2013- 2023." Journal of Tourism Economics and Policy 4, no. 3 (2024): 317–28. http://dx.doi.org/10.38142/jtep.v4i3.1113.

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The purpose of this study was to examine the effect of profitability, solvency, company size, and company age on the level of underpricing of IPO shares on the Indonesia Stock Exchange for the period 2013- 2023. Underpricing is the difference between the IPO stock offering price and the market price when the shares are first traded on the market. This study aims to examine the effect of profitability, solvency, company size and company age on the level of underpricing of IPOshares on the IDX for the period 2013-2023. The sample of this study was 376 using purposive sampling. Data collection te
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15

Podedworna-Tarnowska, Dorota. "Fundamental factors and the level of underpricing." Journal of Management and Financial Sciences, no. 50 (July 2, 2024): 239–56. http://dx.doi.org/10.33119/jmfs.2023.50.13.

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Underpricing has been the subject of substantial research at a global scale and has been thoroughly described in the literature, but it is still unclear what factors influence its level in the Polish capital market, particularly in the context of fundamental factors. Since investors have very limited information of the companies going public, the companies must convey or signal information that can be used for valuing their shares. The aim of the article is to identify the impact of a company’s fundamental factors on the level of underpricing of an initial public offering. The research is base
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16

Honorine, Awounou-N’dri, and Dubocage Emmanuelle. "Stage financing and syndication in the IPO underpricing of venture-backed firms: Venture capital and IPO underpricing." International Journal of Entrepreneurship and Innovation 20, no. 4 (2019): 289–300. http://dx.doi.org/10.1177/1465750318795083.

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The article investigates the impact of stage financing and syndication practices on the underpricing level of venture-backed firms (VBFs) undertaking their initial public offerings (IPOs). This empirical study uses a unique hand-collected data set concerning more than 260 VBFs that went public on Euronext Paris and Alternext between 1997 and 2013. Our findings suggest a lower level of underpricing for firms backed by syndicated venture capital investment. Additionally, we find that the syndicate size is negatively associated with the level of underpricing. However, there is no evidence that st
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17

Sochi, Maria Hossain, and Raisul Islam. "What Impacts IPO Underpricing? Evidence from Dhaka Stock Exchange." International Journal of Business and Management 13, no. 3 (2018): 88. http://dx.doi.org/10.5539/ijbm.v13n3p88.

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Initial Public Offering (IPO) is an important and widely popular research topic among many researchers in finance discipline. This study is prepared to identify the connection among various empirical studies and theories regarding underpricing of IPO in the stock market of Bangladesh. We have chosen the time frame of June 2011 to June 2016 at DSE to conduct the research. In this study, ordinary least square (OLS) regression method is used to identify in what extent the dependent and the independent variables are related in the level of underpricing. The results of the study disclose that overs
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TRẦN THỊ HẢI, LÝ, and KHA DƯƠNG. "Evidence of Underpricing of Initial Public Offerings in Vietnam." Journal of Asian Business and Economic Studies 217 (July 1, 2013): 74–91. http://dx.doi.org/10.24311/jabes/2013.217.05.

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This study was conducted to find evidence of short-term underpricing of initial public offerings (IPOs) and factors that explain the level of underpricing based on IPO samples in the period between January 2005 and July 2012 in Vietnam. The authors found certain evidence to support the underpricing, with the underpricing rate set at 38% and 49%. Having bootstrapping regression model employed, the results showed that the two factors ? the exceeding purchase ratio and the starting price of the auctions ? negatively correlated as expected with underpricing rate while impact of market conditions a
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19

Yandes, Jufri, and Sapto Setyo Nugroho. "Reviewing Internal Variables on the Level of Underpricing of IPO Shares (Observation of the Company Go Public on IDX 2021-2022)." Ilomata International Journal of Tax and Accounting 4, no. 2 (2023): 311–23. http://dx.doi.org/10.52728/ijtc.v4i2.734.

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This research study was held to examine internal variables that can determine the effect of stock underpricing levels when conducting an IPO (Initial Public Offering) on the IDX (Indonesia Stock Exchange) 2021-2022. Internal factors include ROE and ROA. Research is quantitative and uses secondary data, explanatory research study type, using methods by purposive sampling when determining samples. The novelty of the study can be seen from the overall data and the latest samples used by 64 issuers and the periods used, namely 2022 and 2021. The study used hypothesis testing methods, including mul
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Ng, Martha, Novita Yulia Putri, Stefani Chandra, and Agnes Debora Saragih. "FACTORS INFLUENCING THE LEVEL OF STOCK UNDERPRICING IN COMPANIES CONDUCTING INITIAL PUBLIC OFFERINGS REGISTERED ON THE IDX FROM 2017–2021." Bilancia : Jurnal Ilmiah Akuntansi 8, no. 4 (2024): 380. https://doi.org/10.35145/bilancia.v8i4.4696.

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This study aims to analyze the factors influencing stock underpricing in companies conducting Initial Public Offerings (IPOs) from 2017 to 2021. This study uses secondary data obtained from the official website of the Indonesia Stock Exchange (IDX). The sample comprises 137 companies, selected through purposive sampling. Data analysis is conducted using SPSS software, with methods including classical assumption tests, multiple regression analysis, and hypothesis testing. The results indicate that only Company Size has a significant influence on stock underpricing. In contrast, Industry Type, C
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Setya, Vabila Ananta, Indri Supriani, and Bayu Arie Fianto. "Determinants of Underpricing in Islamic and Non-Islamic Shares on IPO." Shirkah: Journal of Economics and Business 5, no. 1 (2020): 70. http://dx.doi.org/10.22515/shirkah.v5i1.276.

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This study aims at investigating the factors affecting the share’s underpricing in service companies of the Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) covering the period from 2011 to 2017. Compared to the precedent studies, this study provides an empirical comparison between Islamic and non-Islamic shares on 22 underpricing stock samples from 44 IPOs in Islamic service shares and 21 underpricing samples from 32 IPOs in non-Islamic service shares. This study adopts a multiple linear regression analysis and an independent sample t-test method. It is revealed that the un
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Minawati Dewi, Ali Sadikin, and Fahmi Roy Dalimunthe. "The Factors That Influence the Level of Underpricing of Shares in Non-Financial Companies That Conduct IPO (Initial Public Offering) on the Indonesian Stock Exchange." Open Access Indonesia Journal of Social Sciences 7, no. 1 (2023): 1332–38. http://dx.doi.org/10.37275/oaijss.v7i1.208.

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Underpricing is also often defined as the positive difference between the share price in the secondary market and the share price in the primary market or during the initial public offering (IPO). This price difference is known as the initial return (IR) or positive return for investors. Underpricing is a common phenomenon that often occurs in the capital market and when companies conduct an initial public offering (IPO). This research was conducted to analyse the factors that affect the level of stock underpricing in non-financial companies. These factors are Return on assets, financial lever
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Setyaningsih, Ulfa, Theresia Tyas Listyani, and Manarotul Fatati. "ANALISIS PENGARUH INFORMASI KEUANGAN PERUSAHAAN DAN NON KEUANGAN PERUSAHAAN TERHADAP TINGKAT UNDERPRICING SAHAM PERDANA DI BURSA EFEK INDONESIA (Studi empiris pada perusahaan yang IPO periode 2018)." KEUNIS 7, no. 2 (2019): 65. http://dx.doi.org/10.32497/keunis.v7i2.1586.

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<em>Stock underpricing is a situation where the stock price at the time of supply in the primary market lower than when traded in the secondary market. Stock Underpricing is unfavorable phenomenon for companies that go public, because the funds obtained the company was not optimal. This study aimed to analyze the influence of Earning Per Share (EPS), Debt to Equity Ratio (DER), Underwriter Reputation and Age Companies on the level of Underpricing level at the Indonesia Stock Exchange on the company's IPO period of 2018. The study design was quantitative research applied causal. The sampl
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Akbar, Dinnul Alfian, and Fernando Africano. "PENGARUH REPUTASI UNDERWRITER DAN UMUR PERUSAHAAN, TERHADAP UNDERPRICING SAHAM PADA SAAT INITIAL PUBLIC OFFERING." JURNAL AL-QARDH 4, no. 2 (2020): 129–41. http://dx.doi.org/10.23971/jaq.v4i2.1660.

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Underpricing is a condition where the stock price in the primary market is lower than the stock price in the secondary market. There are various factors that can affect the level of underpricing of both financial and non-financial factors. This study aims to analyze the effect of underwriter reputation and company age on underpricing.This study uses a sample of companies listed on the Indonesian Sharia Stock Index (ISSI) which conducted an initial public offering in the 2014-2018 period. The sampling technique was conducted using the purposive sampling method with predetermined criteria. Obtai
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Rabiqy, Yohandes, and Yusnaidi Yusnaidi. "The Factors Underpricing Level in The Companies Conducting Initial Public Offering At Indonesia Stock Exchange." AFEBI Management and Business Review 2, no. 1 (2017): 8. http://dx.doi.org/10.47312/ambr.v2i1.54.

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<p>The purpose of this research is to examine and analyze the influence of of the variables Current Ratio, Firm Size, Financial Leverage, and Return on Equity to Underpricing level. This research used the Initial Public Offerings companies which was listed its stock to Indonesian Stock Exchange. The data that is used at this research was taken from the annual published financial report of each company. The population in this research is companies that were listed to Indonesian Stock Exchange during period 2012 through 2016. The amount of population was 115 companies. Based on certain cri
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Rabiqy, Yohandes, and Yusnaidi Yusnaidi. "The Factors Underpricing Level in The Companies Conducting Initial Public Offering At Indonesia Stock Exchange." AFEBI Management and Business Review 2, no. 01 (2017): 8. http://dx.doi.org/10.47312/ambr.v2i01.54.

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<p>The purpose of this research is to examine and analyze the influence of of the variables Current Ratio, Firm Size, Financial Leverage, and Return on Equity to Underpricing level. This research used the Initial Public Offerings companies which was listed its stock to Indonesian Stock Exchange. The data that is used at this research was taken from the annual published financial report of each company. The population in this research is companies that were listed to Indonesian Stock Exchange during period 2012 through 2016. The amount of population was 115 companies. Based on certain cri
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Nurmasari, Nuraini Desty, Ninditya Nareswari, and Novita Rahayu Pratiwi. "Underpricing Anomaly and Aftermarket Liquidity of IPOs: An Application on Indonesia Stock Exchange during The Covid 19 Period." INOBIS: Jurnal Inovasi Bisnis dan Manajemen Indonesia 7, no. 1 (2023): 1–17. http://dx.doi.org/10.31842/jurnalinobis.v7i1.298.

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Underpricing occurs when the initial public offering price is lower than the stock's closing price on the first day in the secondary market. This study investigates the influence of IPO pricing and ownership retention against underpricing levels in Initial Public Offering at the Indonesia Stock Exchange (IDX). This study also examines the impact of IPO's underpricing on the aftermarket liquidity based on 167 qualified initial public offerings listed at the Indonesia Stock Exchange during the four years from 2019 to 2022. The proxy used to measure underpricing are initial return and market-adju
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Wei, Hua. "The IPO Underpricing and Market Liquidity after Reform on Chi-Next Board." International Journal of Social Science And Human Research 06, no. 06 (2022): 3422–38. https://doi.org/10.5281/zenodo.8031999.

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This essay examines market liquidity and underpricing of initial public offerings (IPOs) in the wake of the Chi- Next board's financial reform in June 2020. The results show that IPO underpricing has grown and market liquidity has improved since the reform. The channel by which the reform affects IPO underpricing and market liquidity can be explained by investor sentiment. The impact of the reform on underpricing and market liquidity can also be explained by other firm-level characteristics, such as leverage and firm life cycle.
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Alhadab, Mohammad. "IPO underpricing and audit quality: Evidence from the alternative investment market in the UK." Corporate Board role duties and composition 12, no. 2 (2016): 104–10. http://dx.doi.org/10.22495/cbv12i2c1art5.

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This paper aims to investigate the relationship between audit quality and IPO underpricing for IPO firms that went public on the Alternative Investment Market (AIM) of the London Stock Exchange in the UK. Prior research has examined this relationship; however, there has been no work investigates this relation for IPO firms that went public on the AIM market. Based on a sample of 413 IPOs, the findings of the current study reassure prior literature that high quality auditors are associated with a lower level of IPO underpricing. The findings show that high quality audit firms help to reduce the
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Gumanti, Tatang Ary, Ayu Retsi Lestari, and Manan Siti Sofia Abdul. "Underpricing and number of risk factors of initial public offerings in Indonesia." Business: Theory and Practice 18, no. (1) (2017): 178–85. https://doi.org/10.3846/btp.2017.019.

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This study examines the effect of number of risk factors, use of proceeds for investment, size of issue and the level of ownership retained on initial returns of firm making Initial Public Offerings (IPOs) in Indonesian capital market. A sample of 290 Indonesia IPOs that went public between 1989 and 2005 were examined. The number of risk factors is found to be positively related to the level of average positive initial returns (underpricing). The level of ownership retention has negative but insignificant relationship with the level of underpricing. Firms that use the proceeds from the offerin
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Indrawati, Catherine Angeline, and Cliff Kohardinata. "THE EFFECT OF OWNERSHIP CONCENTRATION AND WARRANTS PARTICIPATION TOWARDS THE LEVEL OF STOCK UNDERPRICING DURING THE INITIAL PUBLIC OFFERING ON IDX PERIOD 2019 & 2020." Primanomics : Jurnal Ekonomi & Bisnis 20, no. 3 (2022): 203–16. http://dx.doi.org/10.31253/pe.v20i3.1280.

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Due to the rapid rate of business development, companies require a large capital by issuing shares to the public, where in 2020 COVID-19 brings a serious impact on the world’s economic sector. This study meant to investigate the effect of ownership concentration and warrants inclusion on the level of share underpricing during the IPO (Initial Public Offering) on the Indonesia Stock Exchange in 2019 and 2020. The research population are entities registered on the Indonesia Stock Exchange and conducting IPO in 2019 and 2020, amounting to 107 companies. The method used during the selection of t
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Isnaini, Fitria Rima, and Rakhmawati Oktavianna. "Pengaruh Intellectual Capital Disclosure, Firm Size, dan Financial Leverage terhadap Tingkat Underpricing Saham." AKADEMIK: Jurnal Mahasiswa Humanis 4, no. 3 (2024): 903–12. http://dx.doi.org/10.37481/jmh.v4i3.1023.

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This study aims to analyze the effect of intellectual capital disclosure, firm size, and financial leverage on stock underpricing in cyclical consumer and non-cyclical consumer sector companies listed on the Indonesia Stock Exchange for the 2018-2023 period. The sample was collected using the purposive sampling method with several predetermined criteria, resulting in a research sample of 94 companies with a total of 122 data observations. This research obtained using the SPSS version 29 program shows that simultaneously the intellectual capital disclosure, firm size, and financial leverage var
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Andari, Peti Mei, Nedi Hendri, and Jawoto Nusantoro Nusantoro. "EFEK PERISTIWA POLITIK TERHADAP ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY PADASAHAM LQ-45." Jurnal Akuntansi AKTIVA 1, no. 1 (2020): 30–41. http://dx.doi.org/10.24127/akuntansi.v1i1.43.

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ABSTRACT This study aims to verify whether the percentage of stock offerings, company age, and market timing affect the underpricing of companies that make Initial Public Offering (IPO)during 2014-2017. This research is a type of quantitative research and the data analysismethod used is multiple linear regression analysis. The sampling technique used in this studywas a purposive sampling technique with certain criteria, so that 76 sample companies wereobtained. Based on the results of data analysis that has been done, it is found that the percentage variable share offering has a significant ef
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Rudianto, Dudi, Aryanti Ratnawati, Bambang Susanto, and Tri Pujadi Susilo. "Determinants of the Underpricing Rate of Stocks." Adpebi International Journal of Multidisciplinary Sciences 1, no. 1 (2022): 80–91. https://doi.org/10.54099/aijms.v1i2.227.

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This article analyzes the determinants that affect the level of underpricing in property and real estate sub-sector companies that conduct Initial Public Offerings (IPOs) on the Indonesia Stock Exchange for the 2015-2019 period. The variables used in this study include financial factors consisting of Current Ratio (CR) for liquidity ratios, Debt to Equity Ratio (DER) for leverage ratios, Return On Assets (ROA) for profitability ratios, and Earning Per Share (EPS) for ratios. market, as well as non-financial factors consisting of Underwriter Reputation (UR) and Share Offering Percentage (SOP).
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Setiawan, Doddy, Muhammad Agung Prabowo, Irwan Trinugroho, and Bany Ariffin Amin Noordin. "Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia." ETIKONOMI 20, no. 1 (2021): 185–200. http://dx.doi.org/10.15408/etk.v20i1.19156.

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This research examines how the board of commissioners' structure and ownership retention affect IPO underpricing in Indonesia. In this study, we have examined the following three aspects: the number of board of commissioners, percentage of independent commissioners, and percentage of female commissioners. In total, 186 Indonesian companies that have conducted IPO from 2001 to 2016 were included in this study. This study uses multiple regressions to test the hypothesis. Our findings show that ownership retention has a negative implication on underpricing. Furthermore, the number of board of com
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Kirana Astuti, Diah, and Said Djamaluddin. "Underpricing Determinants on the Public Offering of Primary Shares (IPO) in Indonesia Stock Exchange 2015-2019." Dinasti International Journal of Economics, Finance & Accounting 2, no. 1 (2021): 28–45. http://dx.doi.org/10.38035/dijefa.v2i1.732.

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This study aims to obtain empirical evidence about the influence of Underwriter's Reputation, Return On Assets, Company Age, Company Size, Debt to Equity Ratio on Underpricing. The independent variables used in this study are Underwriter's Reputation, Return On Assets, Company Age, Company Size, Debt to Equity Ratio. The dependent variable used in this study is underpricing which is measured by initial return. This research was conducted on companies that made initial public offerings (IPO) from 2015-2019 on the Indonesia Stock Exchange. Sampling was done using purposive sampling method result
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Gumanti, Tatang Ary, Ayu Retsi Lestari, and Siti Sofia Abdul Manan. "UNDERPRICING AND NUMBER OF RISK FACTORS OF INITIAL PUBLIC OFFERINGS IN INDONESIA." Business: Theory and Practice 18 (August 25, 2017): 178–85. http://dx.doi.org/10.3846/btp.2017.019.

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This study examines the effect of number of risk factors, use of proceeds for investment, size of issue and the level of ownership retained on initial returns of firm making Initial Public Offerings (IPOs) in Indonesian capital market. A sample of 290 Indonesia IPOs that went public between 1989 and 2005 were examined. The number of risk factors is found to be positively related to the level of average positive initial returns (underpricing). The level of ownership retention has negative but insignificant relationship with the level of underpricing. Firms that use the proceeds from the offerin
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Yandes, Jufri. "Tracing the Underpricing Trail: The Impact of Debt to Asset Ratio and Inflation in IPO." International Journal of Economics and Management Research 3, no. 1 (2024): 170–83. http://dx.doi.org/10.55606/ijemr.v3i1.172.

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This study investigates whether Debt to Asset Ratio and inflation have an impact on underpricing in Indonesia during 2021-2022. This study uses two statistical methods, namely the classical assumption test and multiple regression, to test the hypothesis. This study uses secondary data from the Indonesia Stock Exchange, with a total sample of 112 companies. Of these, 75 companies fulfilled the specified criteria and were selected as research samples. The results showed that the Debt to Asset Ratio partially affects underpricing in 2021-2022. However, the Inflation variable has no effect on unde
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Hidayah, Lia, and Sunarsih Sunarsih. "Comparative Analysis of Factors Affecting the Underpricing Level of Sharia and Non Sharia Stocks at the time of Initial Public Offering." Journal of Islamic Economic Scholar 2, no. 2 (2021): 125. http://dx.doi.org/10.14421/jies.2021.2.2.125-141.

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Underpricing is a condition where the stock price of a company when conducting an Initial Public Offering (IPO) is below the stock price when it is on secondary market. In Indonesia, stocks are divided into two types, namely Sharia stock and non Sharia stock. This study aims to determine the effect of underwriter reputation, investment risk, profitability, financial laverage, and company size on the level of underpricing of Sharia stock and non Sharia stock. The sampling technique used was purposive sampling. The analytical method used is linear multiple regression with the type of cross secti
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Zi, Wei. "Research on the impact of private equity investment on IPO underpricing." Journal of Education, Humanities and Social Sciences 43 (December 25, 2024): 303–10. https://doi.org/10.54097/ggfan669.

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With the development of the capital market, most companies will choose to go public to obtain financing and information resources, and private equity investment has a non-negligible impact on the IPO underpricing of enterprises while supporting the listing of enterprises. Based on previous researches, this paper explores the impact of private equity investment on IPO underpricing. Firstly, this paper expounds the diversified heterogeneity of private equity investment on IPO underpricing in different scenarios, including the different impacts of factors such as shareholding ratio and the number
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Gunanto, Adi. "The Influence of Financial Indicators and Underwriter Reputation on Depreciated Stock Prices." JAF- Journal of Accounting and Finance 7, no. 2 (2023): 84. http://dx.doi.org/10.25124/jaf.v7i2.6239.

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This research aims to analyze the influence of financial indicators and underwriter reputation on the level of stock underpricing during Initial Public Offerings (IPOs) on the Indonesia Stock Exchange (IDX). The phenomenon of underpricing has gained attention in securities market research in various countries. This study adopts a conceptual analysis approach based on a review of existing literature. The theory of asymmetric information also serves as the foundation for explaining the underpricing phenomenon in IPOs. Factors include Return on Equity (RoE), Financial Leverage, Current Ratio, Ear
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Saputri, Evieana Riesty. "Fenomena Underpricing Pada Penawaran Perdana (IPO)." Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi 25, no. 2 (2022): 161–77. http://dx.doi.org/10.35591/wahana.v25i2.747.

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This study aims to confirm whether ROA, PER, underwriter reputation, company size, percentage of shares offered to the public, and company age affect the level of underpricing. This study uses a quantitative approach to the type of data in this study, namely secondary data. The research population is companies that have conducted IPOs on the Indonesia Stock Exchange (IDX) during the 2020 to 2021 period. The sample used in this study was 93 companies. The results of this study indicate that of all the independent variables, it is proven that there is one that has a significant influence on the
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Taolin, Maximus Leonardo, and Julia Safitri. "THE ROLE OF DUALITY MANAGERIAL OWNERSHIP AND BOARDS ON IPO VALUE (AN EMPIRICAL EVIDENCE OF INDONESIAN FIRMS)." Jurnal Penelitan Ekonomi dan Bisnis 5, no. 2 (2020): 162–79. http://dx.doi.org/10.33633/jpeb.v5i2.3631.

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The research aims to find the impact of ownership retention, managerial ownership, and boards on value IPO premium and underpricing. We investigate by using hand collect data 202 IPO prospectuses during 2008-2017 and using Warp PLS 5.0 to compute the data. Our finding suggests that may use to guide the investor in making informed decisions to see the level of the proportion of sharehold by old ownership and management. When the high level of ownership retention and managerial ownership, make the value IPO premium and underpricing will be high. On the other hand duality of the managerial role i
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Karnila Ali, Sri Retnaning Rahayu, and Ganis Delvia. "Analisis Faktor-Faktor Yang Mempengaruhi Tingkat Underpricing Saham Pada Perusahaan Sektor Healthcare Yang Melakukan Initial Public Offering (IPO) Di Bursa Efek Indonesia Tahun 2018." Jurnal Manajemen DIVERSIFIKASI 4, no. 2 (2024): 510–18. http://dx.doi.org/10.24127/diversifikasi.v4i2.3501.

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This study aims to study the factors that affect underpricing in IPO shares, this is intended so that companies that will go public can anticipate the risk of loss. This study tries to identify these factors in healthcare sector companies that IPO in 2018. Some factors that can affect underpricing are underwriter reputation, stock offering percentage and profitability.This study uses a quantitative type of research. The sampling technique in this study uses purposive sampling with the aim of obtaining samples that are in accordance with the purpose of the study. This study took the population
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Zulhawati, Zulhawati. "Pengungkapan Intellectual Capital, Reputasi Underwriter dan IPO Underpricing." Jurnal Manajemen dan Bisnis Indonesia 1, no. 2 (2014): 313–27. http://dx.doi.org/10.31843/jmbi.v1i2.25.

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This study examines the effect of Intellectual Capital Disclosure and Underwriter Reputation to IPO Underpricing the company public on Indonesia Stock Exchange 2007-2012. The Results of research on the observation period there was 80% of companies experiencing IPO underpricing. Underpricing phenomenon is deliberately done to get the attention of the company's stock price increases in the first day listing or may occur due to information asymmetries between issuers and underwriters among and investors who have information about the issuer's prospects. Information asymmetry can be reduced by pre
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Małachowski, Paweł, and Dominika Gadowska-dos Santos. "What Determines the Success of an IPO? Analysis of IPO Underpricing on the Warsaw Stock Exchange." Central European Economic Journal 8, no. 55 (2021): 1–14. http://dx.doi.org/10.2478/ceej-2021-0001.

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Abstract This article aimed to analyse the factors that influence the level of underpricing of an initial public offering (IPO) on the Warsaw Stock Exchange (WSE), based on the example of 101 companies debuting on the main market between 2010 and 2019. We discuss the theories that explain IPO underpricing and the research conducted so far on the Polish market. In the main part of the article, we present the results of our study aimed at identifying and characterising the hitherto-unrecognised factors determining IPO underpricing, which is a contribution to the current research on WSE trends. O
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Sembiring, Jossmelkr, and Sukmawati Sukamulja. "The Ramification of Prestigious Underwriters, IPO Pricing Method, and Institutional Allocation on Indonesia IPO Underpricing during 2010-2021." Jurnal Minds: Manajemen Ide dan Inspirasi 10, no. 1 (2023): 187–204. http://dx.doi.org/10.24252/minds.v10i1.35256.

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This research analyses how prestigious underwriters, IPO pricing, and share allocations shape IPO underpricing in Indonesia. 359 out of 406 Indonesian companies in the period 2010-2021 were underpriced on the first day of trading, noting the importance of investigating the rationale behind the underpricing phenomenon, which proliferates in the finance literature. This study examines the degree of IPO underpricing after the period post-Global Financial Crisis and the outbreak of COVID-19. This research found that the mean of underpricing amounted to 36,77% in 2010-2021. Prestigious underwriters
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Setiobudi, Monika, Dezie L. Warganegara, and Doni S. Warganegara. "EMPIRICAL INVESTIGATION OF THE UNDERPRICING PHENOMENON ON IPOs IN PRIVATIZATION OF SOEs: EVIDENCE FROM INDONESIA." Journal of Applied Finance & Accounting 3, no. 2 (2011): 109–35. http://dx.doi.org/10.21512/jafa.v3i2.166.

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The Objective this empirical research is conducted with the main purpose to assess whether the short-run underpricing level of IPOs on privatization is lower or not compared to the privately owned enterprises in Indonesia. The aim is intended to identify whether the presence of excessive underpricing is occurred among the Privatization IPOs in Indonesia. Method are used to fullfil the objective, the samples are derived from both SOEs and Non-SOEs that conducted the Initial Public Offerings (IPO) during period 2000-2009. The total final samples used are 147 samples. Moreover, this research focu
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Dewi, Atika Nisrina, and Marwan Asri. "FLIPPING ACTIVITY AND UNDERPRICING PHENOMENON IN INDONESIA STOCK EXCHANGE." Jurnal Reviu Akuntansi dan Keuangan 9, no. 2 (2019): 137. http://dx.doi.org/10.22219/jrak.v9i2.8336.

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Underwriters, as well as issuers, show ambiguity toward the flipping activity or selling initially public offered stocks (IPO stocks) in the first trading day. On one side, they are naturally against the flipping activity because it is considered to decrease IPO performances, especially in the case of weak offerings. However, flipping activity is also needed to show liquidity of the IPO stock in the secondary market. Several studies indicate that there is a relationship between flipping activity and underpricing phenomenon. Previous research also shows that by studying flipping activity, we ca
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Evitasari, Rista, and Nurhadi Nurhadi. "PENGARUH FINANCIAL LEVERAGE, PROFITABILITAS, DAN FIRM SIZE TERHADAP TINGKAT UNDERPRICING SAHAM IPO DI BURSA EFEK INDONESIA (BEI)." CURRENT: Jurnal Kajian Akuntansi dan Bisnis Terkini 4, no. 2 (2023): 229–41. http://dx.doi.org/10.31258/current.4.2.229-241.

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This study aims to determine and analyze the effect of Financial Leverage, Profitability, and Firm Size on the level of underpricing of shares in companies conducting Initial Public Offerings (IPO) on the Indonesia Stock Exchange (IDX). This study is a quantitative research with a sampling method using a purposive sampling technique. Among the 159 total population, there were only 90 companies that became the research sample because some of the population did not meet the predetermined criteria in determining the sample. This study used multiple linear regression analysis techniques, by testin
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