<![CDATA[This study aims to analyze the effects of underwriter reputation and firm size on IPO underpricing and to examine the moderating role of firm age in companies conducting Initial Public Offerings (IPOs) on the Indonesia Stock Exchange during the 2021–2024 period. This study employs a quantitative approach using secondary data obtained from company prospectuses. The sample was selected using a purposive sampling technique, and the data were analyzed using Moderated Regression Analysis (MRA). The results indicate that underwriter reputation has no significant effect on IPO underpricing, whereas firm size has a positive and significant effect on underpricing. Furthermore, firm age significantly moderates the relationship between underwriter reputation and IPO underpricing but does not moderate the relationship between firm size and underpricing. These findings suggest that firm size is a more influential determinant of underpricing than underwriter reputation, while firm age only strengthens the relationship between underwriter reputation and underpricing.]]>
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