Abstract
The purpose of this research is to examine the effect of underwriter's reputation, auditor reputation, and firm size on underpricing. This research is classified as causative research with a quantitative approach. The population are IPO companies listed on the Indonesia Stock Exchange period of 2014 to 2018. By using the purposive sampling method, there were 83 companies as the research’s sample. The type of data used is secondary data obtained from the official site of the Indonesia Stock Exchange and the company's official website. The Hypothesis were tests using multiple linear regression analysis. The results indicate that the underwriter's reputation has a significant negative effect on underpricing level, and the auditor's reputation and firm size has not effect on underpricing.
Highlights
How to cite Syofian, A., & Nurzi, S. (2020)
The results indicate that the underwriter's reputation has a significant negative effect on underpricing level, and the auditor's reputation and firm size has not effect on underpricing
Rosyati dan Arifin Sebeni, Analisis Faktor-Faktor yang Mempengaruhi Underpricing Saham pada Perusahaan Go Public di Bursa Efek Jakarta (Tahun 1997 - 2000), Simposium Nasional Akuntansi V, Semarang, 2002, Hal. 286-297
Summary
Asimetri informasi menjadi teori perbedaan informasi yang dimiliki stakeholder sebagai agent dan principal dalam pembentukan harga saham perdana (IPO). Underwriter akan mencoba memberikan transparansi informasi mengenai kondisi internal atau prospek emiten agar investor dapat tertarik untuk mendapatkan saham dan tidak tersesat dengan informasi yang beredar. Underwriter dengan tingkat kapabilitas rendah cenderung untuk tidak mengambil risiko apabila pada saat listing di pasar sekunder saham yang ditawarkan tidak diminati dan tidak terjual (Yasa, 2008). Akhir dari proses pemeriksaan yang dilakukan oleh auditor adalah dalam bentuk pemberian opini kepada publik apakah perusahaan telah menyajikan laporan keuangan secara wajar atau belum. Penelitian Terdahulu Penelitian terdahulu yang meneliti tentang underpricing dipengaruhi oleh reputasi underwriter, reputasi auditor dan ukuran perusahaan adalah penelitian yang dilakukan oleh Indra Arifin Djashan (2017), Natalia Titik Wijaya (2016), Rizky Riyadi (2015), Reza Widhar Pahlevi (2014), Eka Retnowati (2013) dengan ringkasan hasil penelitian sebagai berikut: a. Ukuran perusahaan memiliki hubungan negatif dengan underpricing (Natalia Titik Wijaya, 2016; Eka Retnowati, 2013)
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