<![CDATA[This study aims to analyze the effect of the Effective Tax Rate (ETR) and Good Corporate Governance (GCG) on the level of Initial Public Offering (IPO) underpricing, with underwriter reputation as a moderating variable, among companies conducting IPOs on the Indonesia Stock Exchange during the 2022–2025 period. This study employs a quantitative approach using secondary data obtained from company prospectuses and financial statements. The sampling technique used was purposive sampling, resulting in a final sample of 70 companies. The analytical methods employed were multiple linear regression and Moderated Regression Analysis (MRA) using SPSS software.The results indicate that the Effective Tax Rate has a positive and significant effect on IPO underpricing, with a coefficient of 0.105 and a significance value of 0.013. Meanwhile, Good Corporate Governance has no significant effect on underpricing, with a significance value of 0.238. Simultaneously, the Effective Tax Rate, Good Corporate Governance, and underwriter reputation have a significant effect on IPO underpricing, with an F-statistic of 14,964 and a significance value of less than 0.001. However, underwriter reputation is unable to moderate the effect of ETR on underpricing, with a significance value of 0.091, or the effect of GCG on underpricing, with a significance value of 0.477. The Adjusted R Square value of the moderation model is 0.390, indicating that the independent variables and interaction terms are able to explain 39% of the variation in underpricing. These findings indicate that tax information, corporate governance, and underwriter reputation are collectively associated with the level of underpricing. However, underwriter reputation is not proven to strengthen or weaken the effects of ETR and GCG on IPO underpricing.]]>
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