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All Journal ETIKONOMI The Indonesian Journal of Accounting Research
Muhammad Agung Prabowo
Universitas Sebelas Maret
Economics, Econometrics & Finance

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Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia Doddy Setiawan; Muhammad Agung Prabowo; Irwan Trinugroho; Bany Ariffin Amin Noordin
ETIKONOMI Vol 20, No 1 (2021)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v20i1.19156

Abstract

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 commissioners and independent commissioners has also been determined to reduce the level of underpricing. However, female commissioners were found to have no significant effect on IPO underpricing; furthermore, it demonstrated no significant effect in reducing the level of underpricing. These results show that higher ownership retention, a smaller number of board members, and a higher percentage of independent commissioners can reduce IPO underpricing.JEL Classification: G30, G32How to Cite:Setiawan, D., Prabowo, M. A., Trinugroho, I., & Noordin, B. A. A. (2021). Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia. Etikonomi, 20(1), 185 – 200. https://doi.org/10.15408/etk.v20i1.19156.
Governance Mechanisms and Earnings Management: Evidence from Indonesia MUHAMMAD AGUNG PRABOWO; IRWAN TRINUGROHO; TAUFIK ARIFIN; SUTARYO SUTARYO
The Indonesian Journal of Accounting Research Vol 14, No 2 (2011): IJAR May 2011
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.236

Abstract

We investigate the association between ownership, board structure, audit committee size, external auditor, and accounting accruals using a dataset of Indonesian listed firms. The theoretical framework borrows from agency theory predicting that governance mechanism might discourage management from engaging in earnings manipulation. The empirical evidence supports the conditional impact of ownership, board properties, and audit committee on the level of discretionary accruals. Ownership by the ten largest shareholders is significantly related to the level of income decreasing discretionary accruals negatively. The representation of independent directors and the size of audit committee are found to have significant and negative impact on income increasing discretionary accruals. The size of the board is insignificantly related to both income increasing and decreasing accruals. The findings suggest that governance mechanisms are more likely to help mitigating agency problems in specific circumstance. However, the results of the study might suffer from measurement issues.
Co-Authors Bany Ariffin Amin Noordin Doddy Setiawan Irwan Trinugroho Irwan Trinugroho Sutaryo Sutaryo TAUFIK ARIFIN