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All Journal Conference In Business, Accounting And Management (Cbam) 2012 JURNAL ECONOMIA Jurnal Dinamika Akuntansi Trikonomika: Jurnal Ekonomi IJIBE (International Journal of Islamic Business Ethics) AKSIOLOGIYA : Jurnal Pengabdian Kepada Masyarakat Jurnal ASET (Akuntansi Riset) Jurnal Riset Akuntansi dan Keuangan DIJB (Diponegoro International Journal of Business) JURNAL PENDIDIKAN TAMBUSAI JIA (Jurnal Ilmiah Akuntansi) Account : Jurnal Akuntansi, Keuangan dan Perbankan Indonesian Journal of Community Services Jurnal Riset Akuntansi Kontemporer Jurnal Pengabdian Masyarakat Asia Jurnal Ilmiah Raflesia Akuntansi eCo-Fin JRABA Jurnal Ilmiah Sultan Agung Majapahit Journal of Islamic Finance and Management Majapahit Journal of Islamic Finance dan Management Riset Akuntansi dan Keuangan Indonesia IJSPPS: Indonesian Journal of Social Politic and Policy Studies
Maya Indriastuti
Universitas Islam Sultan Agung Semarang
Religion Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Electrical & Electronics Engineering Law, Crime, Criminology & Criminal Justice Nursing Public Health Social Sciences Other

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Journal : Majapahit Journal of Islamic Finance dan Management

 1 
Determinants of the Level of Stock Underpricing When a Company Makes an Initial Public Offering on the Indonesian Stock Exchange in the 2021-2024 Period Yuliana, Indah; Kartika, Indri; Indriastuti, Maya; Najihah, Naila
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.427

Abstract

Underpricing, which refers to the difference between the Initial Public Offering (IPO) price and the closing price on the first trading day, can lead to financial disadvantages for issuers by offering shares below their actual value. This research explores the factors influencing underpricing, including the reputations of underwriters and auditors, financial indicators such as the Debt-to-Equity Ratio (DER) and Earnings Per Share (EPS), firm-specific characteristics like company size and age, as well as profitability as indicated by Return on Equity (ROE). The study analyzed data from 161 companies that launched IPOs on the Indonesia Stock Exchange during the 2021–2024 period, selected through purposive sampling. To assess the impact of these variables on underpricing, a multiple linear regression approach was utilized. The findings indicate that larger firm size, older firm age, higher EPS and ROE, along with reputable auditors, significantly lower the level of underpricing. In contrast, a higher DER contributes to greater underpricing. Meanwhile, underwriter reputation, though positively related, does not exhibit a statistically significant impact. The study acknowledges limitations in the exclusion of industry sector differentiation and reliance on historical data, which may limit the findings’ generalizability. Future research should consider more advanced econometric methods and incorporate additional variables. These findings suggest that investors should prioritize fundamental financial and governance factors over potential short-term gains from underpricing when evaluating IPOs.
Co-Authors Anis Chariri Aulia Ningrum, Nadin Azmi, Lukman Nur Devi Permatasari Dianing Ratna Wijayani, Dianing Ratna Dista Amalia Arifah Fuad Fuad Indah Yuliana Indarti, Maria Goretti Kentris Indri Kartika Indri Kartika, Indri Laily, Inarotul Luluk Muhimatul Ifada Mar'ati, Fudji Sri Muhammad Qomaruddin Mutamimah Mutamimah Mutoharoh, Mutoharoh Najah, Rofikatun Najihah, Naila Nayla Aulia, Bilqhis Pramadila, Icca Rembulan F, Riska Riansyah, Andi Ririh Dian Pratiwi Rustam Hanafi Sandarsari, Wahyu Tantri Saputri, Pungky Lela Sutapa Sutapa Vina Rismawati