<![CDATA[Abstract. Companies seeking to expand their business operations may conduct an Initial Public Offering (IPO) as a source of financing. A common phenomenon that occurs during an IPO is underpricing. This study aims to analyze the effect of Earnings Yield, Return on Assets (ROA), and Debt to Equity Ratio (DER) on long-term corporate performance, with underpricing as a mediating variable. Long-term performance is measured using Cumulative Abnormal Return (CAR) over a three-year period following the IPO. The research employs a quantitative method using multiple linear regression analysis. The final sample consistsed of 126 companies that met following criteria; conducted IPOs on the Indonesia Stock Exchange during the 2020–2022 period, experienced underpricing, and reported profits. The data were obtained from company prospectuses and stock price data. The results indicate that simultaneously, of Earnings Yield, ROA, and DER have a significant effect on long-term corporate performance as proxied by CAR for IPO companies during 2020–2022, However, partially, only of Earnings Yield has a significant effect on long-term firm performance. Furthermore, underpricing is not able to mediate the relationship between of Earnings Yield, ROA, and DER and long-term firm performance. This study concludes that the fundamental conditions of a company at the time of its IPO do not entirely determine its long-term performance three years after the IPO. Abstrak. Perusahaan yang ingin mengembangkan usahanya dapat melakukan IPO untuk pendanaannya, fenomena yang terjadi ketika IPO adalah Underpricing. Tujuan dari penelitian ini untuk menganalisis pengaruh Earning Yield, ROA, dan DER terhadap Kinerja Jangka Panjang Perusahaan dengan Underpricing sebagai mediasi. Kinerja Jangka Panjang diukur menggunakan Cumulative Abnormal Return (CAR) selama tiga tahun setelah IPO. Penelitian ini menggunakan pendekatan kuantitatif sebagai metode dengan analisis linear berganda. Sampel penelitian ada 126 dengan kriteria perusahaan yang melakukan IPO tahun 2020-2022, mengalami Underpricing, dan profit. Data diperoleh dari prospektus dan harga saham perusahaan. Hasil penelitian menunjukkan bahwa secara simultan Earning Yield, ROA, dan DER memiliki pengaruh terhadap Kinerja Jangka Panjang Perusahaan yang di proksikan oleh CAR pada perusahaan IPO tahun 2020-2022, sedangkan secara parsial hanya Earning Yield yang memiliki pengaruh. Dan Underpricing tidak mampu menjadi variabel mediasi. Penelitian ini menyimpulkan bahwa kondisi fundamental perusahaan ketika IPO tidak seluruhnya memiliki pengaruh terhadap Kinerja Jangka Panjang perusahaan tiga tahun setelahnya.]]>
