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Journal : Majapahit Journal of Islamic Finance and Management

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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 Abadi, Ahyar abdillah, luthfi Achmad Sani Supriyanto Agus Indiyanto Aguscik, Aguscik Ahjah, Nur Fadhilah Ahmad Zaki Ainiyah, Faidatul Al-basyar, Mutawalli Mursyid Ananingsih, Esti Sri Anggraini, Juli Anita Rahmiwati AUNUR ROFIQ Aurik Gustomo Ayub Wijayati Sapta Pradana Ayun, Ayatussholikhah Qurrota Chikmah, Ayu Lailatul Da'i, Lilik Wahyudin 'Amil Desri Maulina Sari DEWI RAHMAWATI Dewi, Annisa Sinta Dian Safriantini, Dian Dwi Inda Sari, Dwi Inda Eko Suprayitno Elvi Sunarsih Etrawati, Feny Fahmi, Much. Maftuhul Faruq, Muhammad Al Fatmalina Febry Fatoni, Hamdan Arif Fatria Harwanto Febri, Fatmalina Feranita Utama Fikriyah, Nabillah Fauziatul Fitriani Flora, Rostika Guntur Kusuma Wardana Herpandi . Ilfi Nur Diana Imtihan, Imtihan Indah Purnama Sari Indah Purnamasari Indri Kartika, Indri Intan Dewi Ira Dewi Ramadhani Karuniati, Annisa Fadhila Kasih, Riski Sintia Kholilah khusnul khotimah Kiki Sulaningsi Kustiningsih, Nanik Larasati, Elta Linando, Jaya Addin M, Abd Jalil Mahara, Tasni Maretha Ika Prajawati Masyani, Masyani Maulana, Fawzi Achmad Maya Indriastuti Meylinda, Jovita Octa Miko, Helmi Tuah Miranda, Aldi Muhammad Yusuf Nabilah, Defa Nuzul Najib Putri, Rosidatul Halim Najihah, Naila Nanik Wahyuni ‎ Nauli, Marliana Theresa Ningsih, Windi Indah Fajar Nirwana, Siti Nur Alam Fajar Nur Asnawi Octaviana, Sinta Prajawati, Maretha Prautami, Erike Septa Purwansyah, Fetiah Dwi Ramadhan, Masri Ramdika, Sari Bema Razak, Rahmatiilah Risnawati Tanjung Rochimah, Ainun Sabri Sabri Saci, Muhammad Amin Arigo Saddiah, Khalimatu Safitri, Melania Galih Salinawati, Salinawati Salsabila, Salsabila Saputri, Eka Ariani Saris, Relani Simahbengi Sri Martini Sri Mulyani Sudarmanto, Eko Syabaniah, Rani Syahidin Syahidin, Syahidin Ubaidillah, M. Alfan Ummah, Dewi Roichatul Vivin Maharani Ekowati Wakit, Saipul Wandi, Fitra Wibowo, Muchammad Arie Wijayanti, Erin Yayuk Sri Rahayu Yeubun, Shimah Fauziah Yuliarti Yuliarti Yuliarti Yuniara, Ridha Yuniarti Hidayah Suyoso Putra Yustyarani, Windie Yusuf, Mirna Yusuf, Sitti Rabiah Zulkarnain, Mohammad