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All Journal Journal Research of Social Science, Economics, and Management
Inaya, Laylatul
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Environmental Science

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Underpricing and Long-Term Performance: A Study on Family Firm and Non-Family Firm IPOs in Indonesia Inaya, Laylatul; Hakim, Muhammad Saiful
Journal Research of Social Science, Economics, and Management Vol. 5 No. 1 (2025): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i1.971

Abstract

Abstract. This study aims to determine the effect of CEO characteristics, auditor reputation, and the moderation of underwriter reputation on the level of underpricing and long-term performance of family and non-family firms in IPOs in Indonesia. The study uses data from IPO companies between 2010-2021, with 350 companies as research samples, consisting of 140 family firms and 210 non-family firms. Data was collected from secondary sources such as the OSIRIS website, IDX, Bloomberg, and Yahoo Finance. The study found that Auditor Reputation has a significant negative effect on underpricing in family and non-family firms. The level of underpricing has a significant negative effect on long-term performance in family firms. Auditor Reputation has a significant positive effect on long-term performance in family firms, but Auditor Reputation does not affect long-term performance in non-family firms. The moderation of underwriter reputation weakens the relationship between family firms and underpricing but does not affect the relationship between family firms and long-term performance. It was also found that CEO characteristics do not affect underpricing and long-term performance in family and non-family firms.
Co-Authors Hakim, Muhammad Saiful