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Journal articles on the topic 'Underpricing'

Author: Grafiati

Published: 4 June 2021

Last updated: 25 July 2025

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1

Rachmawati, Lia, and Muhammad Rijalus Sholihin. "Analysis of Underpricing Levels in Initial Public Offering Companies on the Indonesia Stock Exchange." PROCEEDING INTERNATIONAL CONFERENCE ON ECONOMICS, BUSINESS AND INFORMATION TECHNOLOGY (ICEBIT) 4 (July 15, 2023): 767–73. http://dx.doi.org/10.31967/prmandala.v4i0.820.

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If a company wants to go public, it will conduct an Initial Public Offering (IPO) first. The share price at the time of the IPO is predetermined by agreement from issuers and underwriters while when in the secondary market the share price is determined by a market mechanism for the demand and supply that occurs in the market. During an IPO the phenomenon of Underpricing can occur. Because Underpricing is a condition when the stock price in the primary market is lower than in the secondary market. This study aims to determine the effect of Financial Leverage, Market Conditions, Share Offering P

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Setyowati, Trikosiwi Koco, and Siti Aisiyah Suciningtyas. "ANALISIS TINGKAT UNDERPRICING SAHAM PADA PERUSAHAAN YANG MELAKUKAN PENAWARAN SAHAM PERDANA (IPO) DI BEI PERIODE 2012-2016 Studi Kasus Pada Perusahaan Yang Melakukan IPO di Bursa Efek Indonesia Tahun 2012-2016." Jurnal Ekonomi dan Bisnis 19, no. 1 (2018): 89. http://dx.doi.org/10.30659/ekobis.19.1.89-98.

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The aims of this study is to find out the effect of Profitability, Leverage, against Underpricingto firms at Intial Public Offering (IPO) on Indonesia Stock Exchange 2012-2016 which ismediated by Stock Liqudity. The population in this study are 105 companies at Intial PublicOffering (IPO) that listed on Indonesia Stock Exchange 2012-2016. After selection by using thepurposive sampling method in the population, obtained the results of the census of 71 firmswere through underpricing used as samples. The secondary data collection method that usedis documentation method and indirect observation. D

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3

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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Revaldy, Fazar, and Sudarmadji Herry Sutrisno. "ANALISIS FAKTOR INTERNAL DAN EKSTERNAL YANG MEMPENGARUHI TINGKAT UNDERPRICING PADA SAAT INITIAL PUBLIC OFFERING (IPO) DI BURSA EFEK INDONESIA PERIODE 2019-2022." Jurnal Ekonomi Trisakti 3, no. 1 (2023): 1519–30. http://dx.doi.org/10.25105/jet.v3i1.16086.

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Penelitian ini dilaksanakana dalam rangka meneliti apakah DER, Reputasi Underwriter, Reputasi Auditor , Inflasi dan Konsentrasi Kepemilikan berpengaruh pada Underpricing pada perusahaan yang melakukan IPO. Variabel independent yang penulis teliti adalah Debt Equity Ratio, Reputasi Underwriter, Reputasi Auditor, Tingkat Inflasi, dan Konsentrasi Kepemilikan sedangkan Variabel Dependennya adalah Underpricng. Dalam penelitian ini, data sekunder yang menjadi landasan adalah ifnormasi yang diberikan perusahaan sebelum melakukan IPO pada laman www.idx.co.id dan financials.com. Purposive Sampling menj

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Zuhafni, Zuhafni. "ANALISIS FAKTOR-FAKTOR YANG BERPENGARUH TERHADAP UNDERPRICING DALAM INITIAL PUBLIC OFFERING (IPO) PADA KELOMPOK PERUSAHAAN KEUANGAN DAN NON KEUANGAN DI BURSA EFEK JAKARTA (BEJ)." Jurnal Apresiasi Ekonomi 2, no. 1 (2018): 33–45. http://dx.doi.org/10.31846/jae.v2i1.55.

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Tujuan riset ini adalah untuk membuktikan; apakah Reputasi Penjamin Emisi mempengaruhi underpricing pada penawaran saham perdana (IPO), apakah Offer Size (gross proceeds) mempengaruhi underpricing pada penawaran saham perdana (IPO), apakah Stock Volatility mempengaruhi underpricing pada penawaran saham perdana (IPO) dan untuk menguji apakah underpricing pada kelompok perusahaan keuangan lebih kecil dibanding dengan kelompok perusahaan non keuanga. Hasil riset ini menunjukkan; reputasi penjamin emisi tidak berpengaruh terhadap underpricing, offer size menunjukan tidak berpengaruh terhadap under

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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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Sembiring, Era Franatalia, Gina Rahmawati, and Ferby Wijaya Kusumawati. "Analisis Faktor Yang Mempengaruhi Underpricing Pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2016." Jurnal Inspirasi Bisnis dan Manajemen 2, no. 2 (2018): 167. http://dx.doi.org/10.33603/jibm.v2i2.1721.

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Abstract. The aim of this research is to analyze the influencing factors stock underpricing in the year of 2010-2016. This research analyzes the influence Debt to Asset Ratio (DAR), Return on Equity (ROE), and the firm size to stock underpricing. This research uses purposive sampling method so, from 155 companies of the population, there are 96 companies were selected as research samples. The test consists of a classic assumption test and statistical hypothesis test namely partial test and simultan test uses multiple regressions. The results of the research show partially, variable return on e

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Andriani, Raden Neneng Rina, Iwan Hermansyah, and Nisa Noor Wahid. "PENGARUH CURRENT RATIO, RETURN ON ASSET DAN NILAI TUKAR TERHADAP UNDERPRICING." JURNAL AKUNTANSI 17, no. 1 (2023): 70–80. http://dx.doi.org/10.37058/jak.v17i1.6740.

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ABSTRACTThis study aims to determine the Current Ratio, Return On Assets, Exchange Rates and Underpricing in manufacturing companies that do IPO in 2015-2020, the effect of Current Ratio, Return On Assets and Exchange Rates partially or simultaneously on Underpricing in manufacturing companies that do IPO in 2015-2020. The sampling technique in this study uses purposive sampling. The data analysis technique used in this study is panel data regression. The results of data analysis show that Current Ratio, Return On Assets, Exchange Rates and Underpricing have fluctuating values in manufacturing

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Podedworna-Tarnowska, Dorota. "A New Approach to Underpricing Phenomenon in Poland." Finanse i Prawo Finansowe, no. 2 (December 31, 2023): 123–44. http://dx.doi.org/10.18778/2391-6478.s2.2023.06.

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The purpose of the article/hypothesis. The purpose of the article is to identify and assess the underpricing of initial public offerings in Poland on the regulated and alternative markets, considering the division of total underpricing into primary underpricing and secondary underpricing. The study also takes into account different types of IPOs (cold, neutral and hot). Such an approach to measuring underpricing based on the data coming from both the regulated market of the Warsaw Stock Exchange and the alternative market – NewConnect, is pioneering on the Polish market. Methodology. The

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Jayanarendra, Anak Agung Gede, and Ni Luh Putu Wiagustini. "PENGARUH REPUTASI UNDERWRITER, UKURAN PERUSAHAAN, DAN RETURN ON EQUITY TERHADAP UNDERPRICING SAAT IPO DI BEI." E-Jurnal Manajemen Universitas Udayana 8, no. 8 (2019): 4731. http://dx.doi.org/10.24843/ejmunud.2019.v08.i08.p01.

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This study aims to analyze the influence of the factors that influence underpricing on the Initial Public Offering (IPO). The sample of this study amounted to 102 companies that experienced underpricing in 2013-2017 which were listed on the Indonesia Stock Exchange, the sample was conducted based on purposive sampling technique, with the criteria of companies conducting IPOs on the IDX in the period 2013-2017 and experiencing the phenomenon of underpricing. The method of data analysis uses multiple linear regression using the SPSS 20 program. The findings of the study are that company size and

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Wang, Jiaqi. "Research on IPO Underpricing Decomposition: Evidence from China's Science and Technology Innovation Board." Advances in Economics, Management and Political Sciences 43, no. 1 (2023): 25–31. http://dx.doi.org/10.54254/2754-1169/43/20232119.

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The study focuses on the phenomenon of initial public offering (IPO) underpricing in China's Science and Technology Innovation Board (STAR market). The study employs the stochastic frontier model to analyze IPO underpricing and decomposes it into two components: primary market underpricing and secondary market premium. Additionally, the research investigates the impact of research and development (R&D) investment on IPO underpricing. The empirical analysis is based on a sample of 480 companies listed on the STAR market between July 2019 and January 2023. The results reveal that IPO underpr

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Muhamad khoirul iqbal, Iqbal, and Aina Zahra Parinduri. "FAKTOR FAKTOR YANG MEMPENGARUHI UNDERPRICING PADA SAAT IPO STUDY KASUS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI 2019 -2021." Jurnal Ekonomi Trisakti 2, no. 2 (2020): 1049–62. http://dx.doi.org/10.25105/jet.v2i2.14758.

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Penelitian ini bertujuan untuk mengetahui seberapa besar faktor – faktor yang mempengaruhi underpricing pada saat Ipo study kasus perusahaan manufacture yang terdaftar di BEI 2019-2021. Analisis yang digunakan dalam penelitian ini adalah metode purposive sampling dengan menggunakan program SPSS Versi 24.00 dengan signifikan sebesar 5% dan menggunakan model statistik regresi linear berganda, korelasi linear berganda, dan uji koefisien determinasi linear berganda dengan Ukuran perusahaan, Leverage, Return On Equity, Dan Likuiditas sebagai variabel bebas dan Underpricing sebagai variabel terikat.

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Prima Putra, Ardian, Purwanto Purwanto, and Gustita Arnawati Putri. "PENGARUH CEO SPECIALIST, DEWAN KOMISARIS WANITA, DAN OWNERSHIP CONCENTRATION TERHADAP IPO UNDERPRICING (Studi Kasus Pada Perusahaan Yang Melakukan IPO Di Bursa Efek Indonesia Tahun 2018-2021)." Jurnal Manajemen 13, no. 1 (2023): 127. http://dx.doi.org/10.26460/jm.v13i1.3799.

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Fenomena underpricing di Pasar Modal disebabkan oleh informasi yang asimetri. Adanya asimetri informasi merupakan permasalahan yang sering muncul pada kegiatan IPO berupa distribusi informasi yang tidak merata antara emiten, underwriter dan investor.Penelitian ini menguji pengaruh CEO specialist, dewan komisaris wanita dan ownership concentration terhadap underpricing dengan variabel moderasi reputasi underwriter. Penelitian ini menggunakan sampel di perusahaan yang mengalami underpricing pada saat IPO pada periode 2018-2021, menggunakan variabel CEO specialist, dewan komisaris wanita dan owne

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Susilo, Dwi Ermayanti, and Ina Nikmatul Chasanah. "Analisis Faktor Internal dan Eksternal yang Mempengaruhi Tingkat Underpricing pada Saat Initial Public Offering (IPO)." ISOQUANT : Jurnal Ekonomi, Manajemen dan Akuntansi 7, no. 2 (2023): 204–14. http://dx.doi.org/10.24269/iso.v7i2.2315.

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Penelitian ini dilakukan untuk menganalisis faktor internal dan eksternal yang mempengaruhi tingkat underpricing pada saat Initial Public Offering (IPO). Faktor internal yang mempengaruhi tingkat underpricing antara lain: (1) Debt to Equity Ratio (DER), (2) Reputasi Underwriter, (3) Konsentrasi Kepemilikan. Sedangkan faktor eksternal yang mempengaruhi tingkat underpricing yaitu (1) Reputasi Auditor, (2) Tingkat Inflasi. Desain penelitian menggunakan metode kuantitatif dengan menggunakan jenis data time series. Teknik analisis data yang digunakan yaitu analisi regresi linear berganda. Sumber da

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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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Jain, Neeta, and C. Padmavathi. "Underpricing of Initial Public Offerings in Indian Capital Market." Vikalpa: The Journal for Decision Makers 37, no. 1 (2012): 83–96. http://dx.doi.org/10.1177/0256090920120107.

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This paper is an attempt to empirically explore the determinants of underpricing of Initial Public Offerings (IPOs) in the Indian Capital Market. IPOs are one of the largest sources of capital for the firms to invest in the growth opportunities. It encourages investment activities in the economy by mobilizing funds from low growth opportunities to high growth opportunities. It has been observed that IPOs are underpriced in most of the countries (Loughran, Ritter and Rydqvist 1994). Underpricing is the pricing of the issue at lesser price than the true value of the issue. The degree of underpri

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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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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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Tan, Qile, William Dimovski, and Victor Fang. "The Underpricing of Infrastructure IPOs: Evidence from China." Review of Pacific Basin Financial Markets and Policies 18, no. 04 (2015): 1550025. http://dx.doi.org/10.1142/s0219091515500253.

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This study investigates the underpricing of 135 infrastructure IPOs in China from 1996 to 2012. It follows infrastructure IPO studies in Australia and India which report average underpricing returns to subscribers of 3.5% and 25.4%, respectively. The average underpricing return for Chinese infrastructure IPOs is substantially higher at 86.3%, but interestingly substantially lower than the underpricing of Chinese IPOs generally. The issue size, government ownership and the pre-IPO earnings per share are helpful in explaining the underpricing of Chinese infrastructure IPOs while the underwriter

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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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Joyo, Wijoyo, Haryanto Sugeng, Harmono, and Librian Priyo Susilo Tesar. "Effect of Institutional Ownership and Audit Committee to Underpricing in Indonesian Stock Exchange." Journal of Economics, Finance And Management Studies 07, no. 09 (2024): 5983–91. https://doi.org/10.5281/zenodo.13836839.

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Underpricing is a phenomenon that remains unresolved. Between 2015 and 2022, 83 percent of companies listed on the Indonesia Stock Exchange (IDX) experienced underpricing. Information asymmetry is often cited as the primary reason for underpricing during the Initial Public Offering (IPO) process. The audit committee and institutional ownership are crucial indicators in reducing information asymmetry between issuers, underwriters, and investors. This study aims to examine the consistency of the application of the audit committee and institutional ownership in influencing underpricing, using a s

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Irfandi, Moch, Sri Muljaningsih, and Kiki Asmara. "Analisis Pengaruh Faktor-Faktor Terhadap Underpricing pada Penawaran Umum Saham Perdana Di Bursa Efek Indonesia." Syntax Idea 3, no. 9 (2021): 2127. http://dx.doi.org/10.36418/syntax-idea.v3i9.1491.

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Underpricing is an IPO phenomenon in the capital markets and have been proven by researchers in many countries. This study aims to determine the effect of debt to equity ratio, earnings per share, company age, return on assets on underpricing listed on the Indonesia Stock Exchange in the 2015-2019 period. This study uses multiple linear regression analysis where debt to equity ratio, earnings per share, company age, return on assets as independent variables, and underpricing as dependent variable. This study uses a quantitative approach and the data used in this study are secondary data taken

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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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Irfandi, Moch, Sri Muljaningsih, and Kiki Asmara. "Analisis Pengaruh Faktor-Faktor Terhadap Underpricing pada Penawaran Umum Saham Perdana Di Bursa Efek Indonesia." Syntax Idea 3, no. 9 (2021): 2127–43. http://dx.doi.org/10.46799/syntax-idea.v3i9.1491.

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Underpricing is an IPO phenomenon in the capital markets and have been proven by researchers in many countries. This study aims to determine the effect of debt to equity ratio, earnings per share, company age, return on assets on underpricing listed on the Indonesia Stock Exchange in the 2015-2019 period. This study uses multiple linear regression analysis where debt to equity ratio, earnings per share, company age, return on assets as independent variables, and underpricing as dependent variable. This study uses a quantitative approach and the data used in this study are secondary data taken

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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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Abudani, Bindaru. "Pengaruh Debt To Equity Ratio dan Return On Aset terhadap Underpricing dengan Ukuran Perusahaan sebagai Variabel Moderasi." Jurnal Literasi Akuntansi 4, no. 1 (2024): 48–60. https://doi.org/10.55587/jla.v4i1.115.

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Purpose: This research aims to prove the influence of debt to equity ratio and return on asset on underpricing with firm size as a moderation variable. Method: This research uses quantitative methods by collecting data from the Indonesia Stock Exchange (idx.co.id) and financial reports of companies experiencing underpricing in 2016-2022. The sample was selected using purposive sampling, with the criteria of companies experiencing underpricing, publishing complete financial reports, using the rupiah currency, and making a profit during the 2016-2023 period. Data analysis includes descriptive an

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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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Sun, Jialu. "The Impact of Chairman's Education on IPO Price Underpricing -- Regulation of corporate P/E ratio." BCP Business & Management 47 (July 10, 2023): 223–39. http://dx.doi.org/10.54691/bcpbm.v47i.5194.

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Based on behavioral finance theory, we empirically test the effect of the chairman's education on IPO price underpricing and analyze the moderating role played by the firm's P/E ratio. The results show that the chairman's education is significantly and positively related to IPO price underpricing, while the increase in the P/E ratio significantly mitigates the positive effect of the chairman's education on IPO price underpricing. Further study shows that the positive effect of the chairman's education on IPO price underpricing is more significant in stocks with low turnover rate, while the inc

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Khaira, Nadya, and Josephine Sudiman. "Hubungan Likuiditas, Profitabilitas, Leverage Dan Earning Per Share Terhadap Underpricing pada Perusahaan Yang Melakukan Initial Public Offering (IPO) Tahun 2009-2018." Jurnal Pasar Modal dan Bisnis 1, no. 2 (2019): 187–204. http://dx.doi.org/10.37194/jpmb.v1i2.30.

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Penelitian ini bertujuan untuk mengetahui hubungan likuiditas, profitabilitas, leverage dan earning per share terhadap underpricing pada perusahaan yang melakukan Initial Public Offering (IPO) tahun 2009-2018, menggunakan metode purposive sampling dengan total sampel 156 perusahaan. Jenis data yang digunakan yaitu data sekunder yang diperoleh dari prospektus dan laporan keuangan perusahaan. Pengujian hipotesis menggunakan korelasi spearman rank-order correlation. Hasil penelitian ini menunjukkan bahwa : (1) Likuiditas tidak mempunyai hubungan terhadap underpricing, (2) Profitabilitas mempunyai

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Dimovski, Bill, Christopher Ratcliffe, and Monica Keneley. "Another piece of the puzzle: REIT IPO underpricing after the financial crisis." Journal of Property Investment & Finance 35, no. 3 (2017): 264–76. http://dx.doi.org/10.1108/jpif-07-2016-0060.

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Purpose The purpose of this paper is to investigate the underpricing of real estate investment trust (REIT) initial public offerings (IPOs) from January 2010 to June 2015, as the sector recovered from the global financial crisis. Design/methodology/approach This study analyses the first day returns of US REIT IPOs in the post financial crisis period. The study then employs regression analysis to examine the factors that influence IPO underpricing. Findings The study observes that underpricing, on average, is not significantly different to zero. Furthermore, the REIT IPOs examined display under

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Dimovski, Bill. "Differences in underpricing of A-REIT IPOs and Australian property company IPOs." Journal of Property Investment & Finance 34, no. 2 (2016): 107–15. http://dx.doi.org/10.1108/jpif-06-2015-0041.

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Purpose – A variety of papers have analyzed the underpricing of REIT IPOs or property company IPOs. The purpose of this paper is to compare the two sectors and examines differences in the underpricing of the two types of IPOs. Design/methodology/approach – An OLS regression is used to identify factors influencing the underpricing of A-REIT and property company IPOs from 1994 until 2014. Findings – This study finds that A-REIT IPOs have a significantly lower underpricing on average than Australian property company IPOs. The time taken to list appears to influence the underpricing of both A-REIT

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Farida, Nasyiatul. "Kondisi Pasar yang Mengalami Underpricing Saham pada Bursa Efek Indonesia." Jihbiz : jurnal ekonomi, keuangan dan perbankan syariah 2, no. 2 (2018): 171–85. http://dx.doi.org/10.33379/jihbiz.v2i2.774.

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Tujuan penelitian ini adalah untuk memberikan pembuktian empiris mengenai faktor-faktor kondisi pasar, reputasi penjamin emisi, reputasi auditor, dan umur perusahaan terhadap underpricing saham perusahaan pada saat penawaran umum perdana dilakukan, serta untuk mengetahui faktor-faktor dominan yang mempengaruhi underpricing saham. Sampel penelitian ini adalah 16 perusahaan yang mengalami underpricing saham pada saat penawaran umum perdana saham di Bursa Efek Indonesia tahun 2014-2017. Metode sampel yang digunakan adalah metode purposive sampling. Analisis data yang digunakan dalam penelitian in

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Nurmazatillah, Ramzijah,. "PENGARUH FAKTOR FINANCIAL LEVERAGE DAN RETURN ON EQUITY (ROE) TERHADAP UNDERPRICING SAHAM PADA PERUSAHAAN YANG MELAKUKAN IPO DI BURSA EFEK INDONESIA PERIODE 2014-2017." Jurnal Ekobismen 1, no. 1 (2021): 49–64. http://dx.doi.org/10.47647/jeko.v1i1.324.

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Underpricing telah menjadi fenomena tersendiri pada saat perusahaan melakukan IPO. Underpricing adalah suatu fenomena dimana harga penawaran di pasar perdana lebih rendah dibandingkan harga penutupan di pasar sekunder. Penelitian ini bertujuan untuk melihat pengaruh faktor financial leverage dan ROE yang mempengaruhi tingkat underpricing harga saham perusahaan IPO di Bursa Efek Indonesia (BEI) pada periode 2014-2017. Penelitian ini menggunakan variabel bebas yaitu financial leverage, dan Return on Equity (ROE). Analisis data dilakukan menggunakan metode regresi berganda dan penarikan sampel di

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Lusiawati, Lusiawati, Andri Novius, Elisanovi Elisanovi, and Dony Martias. "Analisis Faktor-Faktor Yang Mempengaruhi Tingkat Underpricing Saham." Indonesian Journal of Business Economics and Management 2, no. 1 (2022): 9–15. https://doi.org/10.57152/ijbem.v2i1.589.

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Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi tingkat undrepricing saham. Underpricing saham merupakan sebuah fenomena yang sering terjadi pada saat perusahaan melakukan Initial Public Offering (IPO) atau penawaran umum perdana saham peruhaaannya di Bursa Efek. Fenomena underpricing ditunjukkan dengan adanya kecendrungan harga penawaran saham di pasar perdana selalu lebih rendah dibandingkan dengan harga penutupan pada hari pertama saham tersebut diperdagangakan di pasar sekunder. Kondisi underpricing dapat merugikan perusahaan sebagai emiten karena dana yang dipero

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Setiawan, Doddy. "Determinan Underpricing Pada Saat Penawaran Saham Perdana." Assets: Jurnal Akuntansi dan Pendidikan 7, no. 2 (2018): 111. http://dx.doi.org/10.25273/jap.v7i2.2474.

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Penelitian ini bertujuan untuk menguji determinan <em>underpricing</em> pada saat penawaran saham perdana di Indonesia. Teknik Analisis menggunakan regresi berganda. Hasil penelitian menunjukkan bahwa ukuran perusahaan dan kualitas auditor berpengaruh negatif terhadap <em>underpricing</em>. Perusahaan kecil memiliki <em>underpricing</em> yang lebih tinggi dibandingkan perusahaan besar, sedangkan perusahaan yang diaudit oleh KAP Big-4 mempunyai <em>underpricing</em> yang lebih kecil. Variabel lainnya yaitu umur perusahaan, <em>leverage</e

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Arini, Siti, Siti Hardianti, Julia Yani, and Joni Hendra K. "Studi Underpricing Saham di Penawaran Umum Primer di Bursa Efek Indonesia Sebelum Penyebaran Pandemi Covid Global." MANTAP: Journal of Management Accounting, Tax and Production 2, no. 2 (2024): 389–97. http://dx.doi.org/10.57235/mantap.v2i2.2793.

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Penelitian ini bertujuan menganalisis underpricing saham di penawaran pasar primer (IPO) di Bursa Efek Indonesia sebelum pandemi Covid-19. Topik ini penting karena underpricing dapat mempengaruhi keputusan investasi dan kinerja mitra. Metode penelitian yang pakai ialah kuantitatif dengan mengumpulkan data sekunder dari prospektus mitra yang melakukan IPO di BEI sebelum pandemi. Data yang dianalisis meliputi harga penawaran, harga penutupan hari pertama, reputasi underwriter, umur mitra, dan kondisi pasar. Hasil penelitian menunjukkan terjadinya underpricing pada sebagian besar mitra IPO, denga

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Wołoszyn, Adrian, and Dariusz Zarzecki. "The impact of the january effect on the IPO underpricing in Poland." Folia Oeconomica Stetinensia 13, no. 1 (2013): 121–35. http://dx.doi.org/10.2478/foli-2013-0010.

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Abstract We examine the initial public offering (IPO) underpricing phenomenon in Poland using data from the Warsaw Stock Exchange (the main market). In the article we survey historical average IPO underpricing in Europe and outside Europe. We discuss the determinants of the IPO underpricing which is based on asymmetry of information, ownership and control, institutional explanations and behavioural explanations. We discuss the calendar effect and we examine the influence of the January effect on the IPO underpricing. On the Warsaw Stock Exchange in 2005-2011, the IPO underpricing was bigger fo

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Terentia, Rachel Finna, and Riswan. "Mengungkap Pengaruh Leverage, Likuiditas, dan Reputasi Underwriter terhadap Underpricing di Sektor Energy: Peran Ukuran Perusahaan sebagai Variabel Kontrol (2021-2023)." JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) 11, no. 1 (2025): 571–81. https://doi.org/10.35870/jemsi.v11i1.3697.

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This study aims to determine the effect of leverage, liquidity, and underwriter reputation on underpricing and the role of company size in controlling leverage, liquidity and underwriter reputation on underpricing. This study applies quantitative analysis using a sample of companies from the energy sector listed on the Indonesia Stock Exchange in the period 2021-2023, with a purposive sampling method for sample selection. The results of this study are that leverage and liquidity have a positive and significant effect on underpricing, underwriters have a negative and significant effect on under

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Tian, Lihui, and Wei Zhang. "Extreme IPO underpricing." Nankai Business Review International 5, no. 2 (2014): 225–55. http://dx.doi.org/10.1108/nbri-02-2014-0012.

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Purpose – The purpose of this paper is to model the Chinese unique regulation changes with the supply-and-demand analytical framework and structure the relationship between initial public offerings (IPO) underpricing and institutional changes with the comparative static method. A well-functioning stock market is crucial to the transition into a market economy, but the Chinese stock market is somehow twisted with frequent government interventions, particularly the IPO market. Can the underpricing issue be mitigated in the changing institutional settings? Can the market-orientated incremental re

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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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Sisharini, Nanik, and Yestina Beatrix Kutu. "Analysis of Factors Affecting Underpricing Company Stock Prices at the Initial Public Offering (IPO) on the Indonesia Stock Exchange." Bismar: Business Management Research 1, no. 1 (2022): 35–47. http://dx.doi.org/10.26905/bismar.v1i1.7338.

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This research purposes to determine an effect of ROA, ROE, DER, DAR, and CR to underpricing the company's stock price at Initial Public Offering on the IDX. The analysis uses multiple regression with the dependent variable underpricing stock prices at the time of the IPO, while the independent variables are ROA, ROE, DER, DAR and CR. The population in this study were companies that haved underpricing during the 2015-2019 period, while the sample used was 30 companies with the largest underpricing difference. The results showed that the variables ROA, ROE and CR had a significant effect on unde

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Yandes, Jufri, Rini Dwiyani Hadiwidjaja, Ami Pujiwati, and Syarif Fadillah. "THE DYNAMICS OF THE EXCHANGE RATE: IMPACT OF STOCK PRICE MOVEMENTS OF UNDERPRICING ISSUERS." Kajian Akuntansi 25, no. 2 (2024): 213–23. https://doi.org/10.29313/kajian_akuntansi.v25i2.4710.

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This study analyzes the impact of exchange rates on the fluctuation of issuer share prices during underpricing in initial public offerings from 2022 to 2023. The primary focus is on situations where the initial public offering share price is traded lower than the closing price on the first trading day, known as underpricing. The study aims to provide new insights into how exchange rate dynamics influence underpricing levels and contribute to both practice and science. Based on data from 83 companies that went public during this period, the research methodology includes statistical description,

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Sarkia Adelia Lukman and Tri Kunawangsih P. "Pengaruh Likuiditas, Profitabilitas, Leverage, Reputasi Underwriter Dan Jenis Industri Terhadap Underpricing Saham Pada Perusahaan Yang Melakukan Ipo Di Bei Pada Tahun 2020-2021." Wawasan : Jurnal Ilmu Manajemen, Ekonomi dan Kewirausahaan 1, no. 2 (2023): 40–54. http://dx.doi.org/10.58192/wawasan.v1i2.536.

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Underpricing merupakan sebuah fenomena initial public offering yang sering terjadi di pasar modal dan telah dibuktikan oleh para peneliti. Penelitian ini bertujuan untuk menganalisa pengaruh current ratio, return on asset, debt to equity ratio, reputasi undewriter dan jenis industri terhadap underpricing. Metode sampling yang digunakan adalah purposive sampling pada sampel perusahaan yang melakukan initial public offering (IPO) yang terdaftar di Bursa Efek Indonesia selama periode 2020-2021. Metode penelitian yang digunakan adalah Analisis Regresi Linear Berganda, dengan bantuan Microsoft Exce

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Oktananda, M. Reza, and Evi Gantyowati. "The Effect of Financial and Non-Financial Information on Underpricing in Initial Public Offerings." Journal of Asian Multicultural Research for Economy and Management Study 4, no. 3 (2023): 46–55. http://dx.doi.org/10.47616/jamrems.v4i3.444.

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This study aims to examine the financial and non-financial information factors that affect underpricing in companies conducting IPOs in 2020 - 2022. The data analysis technique in this study consists of classical assumption tests and hypothesis testing using multiple linear regression analysis methods. The test results show that the debt-equity ratio does not affect underpricing. In contrast, earnings per share has a positive effect on underpricing, and underwriter reputation and auditor reputation have a negative effect on underpricing.

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Gunawan, Jazzlin Marvella, and Kazia Laturette. "Pengaruh Good Corporate Governance, Reputasi Underwriter Dan Roa Terhadap Underpricing Tahun 2016-2019." Equilibrium: Jurnal Ekonomi-Manajemen-Akuntansi 17, no. 1 (2021): 27. http://dx.doi.org/10.30742/equilibrium.v17i1.1138.

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One of the phenomena that occur in Indonesia capital market is underpricing. The underpricing phenomenon occurs when IPO shares are priced lower in the primary market than the closing price on the secondary market. The high level of underpricing can be detrimental to the company because the additional capital obtained through the IPO is not optimal, while the beneficiaries are investors because they get the initial return. This study purpose was to examine the influence of the components of Good Corporate Governance which include the board of commissioners, the independent board of commissione

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Yuniarti, Diana, and Akhmad Syarifudin. "Pengaruh Leverage, Profitabilitas dan Ukuran Perusahaan Terhadap Underpricing pada Saat Initial Public Offering." Jurnal Ilmiah Mahasiswa Manajemen, Bisnis dan Akuntansi (JIMMBA) 2, no. 2 (2020): 214–27. http://dx.doi.org/10.32639/jimmba.v2i2.464.

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Tujuan dari penelitian ini adalah untuk mengetahui pengaruh leverage, profitabilitas dan ukuran perusahaan terhadap tingkat underpricing saat Initial Public Offering (IPO) pada perusahan go public pada tahun 2015-2018. Pada penelitian ini underpricing diukur dengan menggunakan initial return (IR) perusahaan yaitu harga tutup dikurangi harga IPO dibagi dengan harga IPO. Sampel pada penelitian ini terdiri dari perusahaan yang melakukan go public periode 2016-2018 yang berjumlah 88 perusahaan. Penelitian ini menggunakan metode nonprobability sampling, yaitu teknik purposive sampling. Teknik anali

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Gumilar, Magdalena Rantisani, and Heni Nurani Hartikayanti. "PENGARUH RETURN ON ASSET (ROA) DAN LEVERAGE KEUANGAN TERHADAP PENGHARGAAN SAHAM YANG TERLALU RENDAH." Journal of Economic, Bussines and Accounting (COSTING) 8, no. 3 (2025): 3447–59. https://doi.org/10.31539/costing.v8i3.14326.

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Penelitian dilaksanakan dalam rangka melakukan indentifikasi pengaruh Return on Asset (ROA) dan Financial Leverage terhadap Underpricing Saham pada Perusahaan yang melaksanakan Initial Public Offering (IPO) pada sektor barang konsumen non primer di Bursa Efek Indonesia (BEI) tahun 2019–2023. Purposive sampling dimanfaatkan sebagai teknik penarikan sampel dan ditentukan bahwa 32 perusahaan dijadikan sampel pada pelaksanaan penelitian. Terdapat dua variabel bebas yang dimanfaatkan, yakni Return on Asset dan Financial Leverage, kemudian variabel terikat adalah Underpricing Saham. Teknik analisis

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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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Gunawan, Jhoni, and Tri Gunarsih. "Analisis Pengaruh Variabel Keuangan dan Non Keuangan terhadap Underpricing pada Penawaran Saham Perdana di Bursa Efek Indonesia Periode 2016-2018." Telaah Bisnis 20, no. 2 (2021): 37. http://dx.doi.org/10.35917/tb.v20i2.179.

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Initial Public Offering (IPO) merupakan kegiatan penawaran saham perdananya kepada masyarakat luas. Fenomena yang terjadi ketika akan melakukan IPO pada umumnya adalah underpricing. Underpricing adalah kondisi yang menunjukkan bahwa harga saham di pasar primer lebih rendah dibandingkan hari pertama di pasar sekunder. Tujuan dari penelitian ini untuk mengetahui pengaruh antara variabel keuangan dan non keuangan terhadap underpricing saham. Faktor-faktor yang diteliti adalah debt to equity ratio, return on equity, reputasi underwriter, tingkat inflasi dan kurs rupiah. Populasi dalam penelitian i

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Mehmood, Waqas, Rasidah Mohd Rashid, and Ahmad Hakimi Tajuddin. "A Review of IPO Underpricing: Evidences from Developed, Developing and Emerging Markets." Journal of Contemporary Issues and Thought 11 (July 1, 2021): 1–19. http://dx.doi.org/10.37134/jcit.vol11.1.2021.

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The empirical evidence of high initial return from Initial Public Offerings (IPO) phenomena known as underpricing. From last three decades, it is an ongoing issue of every financial market throughout the world. We review underpricing research in developed, developing and emerging markets. In this regard, a thorough review of existing literature has been done. In result, higher underpricing of IPOs is found in emerging markets than developing and developed market because in emerging market issuer of IPOs takes underpricing as a signal of their quality IPOs, where information asymmetry is a sign

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