The Moderating Role of Underwriter Reputation in the Relationship Between Financial Performance and Underpricing Levels
Abstract
The situation in which the price of the stock in the initial offering is lower than the price of the stock in the secondary market is known as underpricing. This phenomenon results in the funds or capital obtained by the company being suboptimal. However, in order to secure an initial return on their investment, investors in the primary market prefer to see underpricing occur. This research aims to examine whether the impact of profitability, financial leverage, and liquidity on the degree of underpricing can be mitigated by the reputation of the underwriter. The study focused on non-financial firms that went public between 2018 and 2023. A purposive sampling technique was used to select the sample, resulting in 294 companies. The data for this study were analyzed using moderated regression analysis techniques. The study shows that underpricing is negatively affected by profitability and liquidity, and that underwriter reputation acts as a pure moderator of the effect of financial leverage on underpricing.
Downloads
Download data is not yet available.
References
Abbas, D. S., Rauf, A., Hidayat, I., & Sasmita, D. (2022). Determinan on Underpricing at The Initial Public Offering: Evidence Indonesia Stock Exchange. Quantitative Economics and Management Studies, 3(2), 175–185. https://doi.org/10.35877/454ri.qems852
Agustina, M., & Yousida, I. (2021). Pengaruh Umur Perusahaan, Profitabilitas, dan Financial Leverage Terhadap Underpricing Saham Pada Penawaran Umum Perdana di Bursa Efek Indonesia. Jurnal Ilmiah Ekonomi Bisnis, 7(November), 417–429. http://ejournal.stiepancasetia.ac.id/index.php/jieb
Astuti, D. K., & Djamaluddin, S. (2021). Underpricing Determinants on the Public Offering of Primary Shares (IPO) in Indonesia Stock Exchange 2015-2019. Dinasti International Journal of Economics, Finance & Accounting, 2(1), 28–45. https://doi.org/10.38035/DIJEFA.V2I1.732
Astuti, T. (2020). Faktor-Faktor yang Mempengaruhi Underpricing Ssaham Saat IPO (Initial Public Offering).
Ayu, G., Wittianjani, K., & Yasa, G. W. (2020). The Effect of Financial Information at Underpricing Level with Auditor’s Reputation as Moderating Variables. American Journal of Humanities and Social Sciences Research, 7, 22–30. www.ajhssr.com
Azam, A. (2020). Kualitas Underwriter Memoderasi Pengaruh Informasi Keuangan pada Tingkat Underpricing Saham saat Initial Public Offering.
Bunduwula, I. A., Hajar, I., & Putera, A. (2023). Analisis Faktor-Faktor Yang Mempengaruhi Underpricing Pada Saat Initial Public Offering (IPO) (Studi Kasus Perusahaan Yang Melakukan Initial Public Offering diBursa Efek Indonesia pada tahun 2018-2022). Jurnal Ekonomi, Manajemen Dan Akuntansi, 1(2), 366–380. https://doi.org/10.572349/neraca.v1i2.163%0Ahttps://jurnal.kolibi.org/index.php/neraca/article/view/163
Chen, K., Li, X., Wan, Q., Ye, J., & Yang, M. (2024). Do anti-takeover provisions restrain IPO underpricing? An analysis from the perspective of information asymmetry. China Accounting and Finance Review, 26(1), 55–75. https://doi.org/10.1108/cafr-10-2022-0111
Chen, Y., Wang, S. S., Li, W., Sun, Q., & Tong, W. H. S. (2015). Institutional environment, firm ownership, and IPO first-day returns: Evidence from China. Journal of Corporate Finance, 32, 150–168. https://doi.org/10.1016/J.JCORPFIN.2015.03.002
Dias, D. S. M., Wijesinghe, M. R. P., & Madhushani, P. W. G. (2023). Factors Affecting the Initial Return of Initial Public Offerings (IPOs) and IPO Underpricing in the Colombo Stock Exchange. Kelaniya Journal of Management, 12(1), 63–75. https://doi.org/10.4038/kjm.v12i1.7741
Dwika Pramesti, D., Rikumahu, B., & Fahlevi, A. R. (2023). SEIKO : Journal of Management & Business Faktor-Faktor yang Mempengaruhi Underpricing Harga Saham pada Perusahaan yang Melakukan Penawaran Umum Perdana (IPO) Pada Tahun 2017-2021. SEIKO : Journal of Management & Business, 6(1), 209–215. https://doi.org/10.37531/sejaman.v6i1.3605
Firdaus, H. (2020). Pengaruh Profitabilitas, Umur Perusahaan, Financial Leverage, dan Reputasi Underwriter terhadap Tingkat Underpricing dengan Reputasi Auditor sebagai Variabel Moderasi. Kocenin, 6.
Hadi, S. (2019). Faktor-faktor yang mempengaruhi Underpricing Saham Perdana pada Perusahaan yang melakukan Initial Public Offering. Jurnal Akuntansi & Perpajakan Jayakarta, 1(1), 64–75.
Haska. (2017). Pengaruh Risiko Investasi, Return On Equity (ROE) dan Proceeds terhadap Underpricing dengan Reputasi Underwriter sebagai Variabel Moderasi pada Perusahaan Non Keuangan yang IPO di BEI Periode 2010-2014. Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau (JOM FE UNRI).
Isynuwardhana, D., Isynuwardhana, D., & Febryan, F. V. (2022). Factors Affecting Underpricing Level during IPO in Indonesia Stock Exchange 2018 - 2019. The Indonesian Accounting Review, 12(1), 87–98. https://doi.org/10.14414/tiar.v12i1.2660
Kartika, G. A. S., & Putra, I. M. P. D. (2017). Faktor-Faktor Underpricing Initial Public Offering Di Bursa Efek Indonesia. E-Jurnal Akuntansi, 19(3), 2205–2233.
Khaira, N. (2019). Lokasi: Hubungan Likuiditas, Profitabilitas, Leverage Dan Earning Per Share Terhadap Underpricing pada Perusahaan Yang Melakukan Initial Public Offering (IPO) Tahun 2009-2018. The Indonesia Capital Market Institute. https://onesearch.id/Record/IOS14245.article-30?widget=1&repository_id=14245
Kuncoro, H. B., & Suryaputri, R. V. (2019). Analisis Faktor-Faktor yang Mempengaruhi Underpricing Saham pada Penawaran Umum Perdana di BEI Periode 2015-2017. Jurnal Akuntansi Trisakti, 6(2), 263–284. https://doi.org/10.25105/JAT.V6I2.5573
Lambey, R. (2021). The Effect of Profitability, Firm Size, Equity Ownership and Firm Age on Firm Value (Leverage Basis): Evidence from the Indonesian Manufacturer Companies. Archives of Business Research, 9(1), 128–139. https://doi.org/10.14738/ABR.91.9649
Lukman, S. A., & Kunawangsih, T. (2023). Pengaruh Likuiditas, Profitabilitas, Leverage, Reputasi Underwriter Dan Jenis Industri Terhadap Underpricing Saham Pada Perusahaan Yang Melakukan IPO Di BEI Pada Tahun 2020-2021. Wawasan: Jurnal Ilmu Manajemen, Ekonomi, Dan Kewirausahaan , 1(2), 40–54.
Oktananda, M. R., & Gantyowati, E. (2023). The Effect of Financial and Non-Financial Information on Underpricing in Initial Public Offerings. Journal of Asian Multicultural Research for Economy and Management Study, 4(3), 46–55. https://doi.org/10.47616/jamrems.v4i3.444
Pangestuti, D. C. (2022). Initial Returns Determinants with the Underwriter’s Reputation as a Moderating Factor. Jurnal ASET (Akuntansi Riset), 14(2), 267–284. https://doi.org/10.17509/jaset.v14i2.49743
Pradnyadevi, M. A., & Suardikha, I. M. S. (2020). Pengaruh Informasi Akuntansi dan Permintaan Investor terhadap Underpricing. E-Jurnal Akuntansi, 30(3), 746. https://doi.org/10.24843/eja.2020.v30.i03.p16
Pranyoto, E., Susanti, S., & Sari, I. K. (2019). Overpricing pada Perusahaan Nonkeuangan di Bursa Efek Indonesia. Optimal: Jurnal Ekonomi Dan Kewirausahaan, 13(2), 126–141. https://doi.org/10.33558/OPTIMAL.V13I2.1853
R. Neneng Rina A, Iwan Hermansyah, N. N. W. (2022). Pengaruh Current Ratio Terhadap Return On Asset. Ekonomi, 4(2), 30–41.
Reschiwati, R., Hamilah, H. H., & Maksimilianus Kolot Ama, M. (2022). Factors Affecting Underpricing And Its Implications Stock Return on Companies Listed on the Indonesia Stock Exchange. Asian Journal of Social Science and Management Technology, 4(2), 177–192.
Riska, K. (2022). Pengaruh Profitabilitas, Likuiditas, Solvabilitas, dan Ukuran Perusahaan Terhadap Underpricing Saham (Survei pada Perusahaan Manufaktur yang melakukan IPO di Bursa Efek Indonesia Tahun 2017-2020).
Rudianto, Dudi and Ratnawati, R. Aryanti and Susanto, Bambang and Susilo, T. P. (2022). Determinants of the Underpricing Rate of Stocks (Study on Companies Conducting IPO on the IDX). 1(1). https://doi.org/10.33140/tapi1
Rukmiati. (2017). Pengaruh Return on Asset (ROA) dan Debt to Equity Ratio (DER) Terhadap Tingkat Underpricing pada Perusahaan yang melakukan Initial Public Offering yang Terdaftar di Indeks Saham Syariah Indonesia. 4, 9–15.
Sari, M. N. (2018). Faktor-Faktor yang Mempengaruhi Underpricing Saham pada Saat Initial Public Offering di Bursa Efek Indonesia. https://repositori.usu.ac.id/handle/123456789/11857
Setiawan, A. (2022). Faktor-Faktor Pengaruh Tingkat Underpricing Saham Pada Perusahaan Yang Melaksanakan Initial Public Offering Periode 2017 – 2021.
Sisharini, N., & Kutu, Y. B. (2022). Analysis of Factors Affecting Underpricing Company Stock Prices at the Initial Public Offering (IPO) on the Indonesia Stock Exchange. In Bismar: Business Management Research (Vol. 1, Issue 1, pp. 35–47). https://doi.org/10.26905/bismar.v1i1.7338
Suharti, & Purwanto, D. (2022). The Effect Of Financial Ratio And Underwriter’s Reputation On Underpricing: Evidence From Indonesian IPO (2017-2021). http://localhost:8080/jspui/handle/123456789/17626
Sulistyawati, P. I., & Wirajaya, I. G. A. (2017). Pengaruh Variabel Keuangan, Non Keuangan dan Ekonomi Makro Terhadap Underpricing pada IPO di BEI. E-Jurnal Akuntansi Universitas Udayana, 20(3), 1848–1874.
Thoriq, K. N., Hartoyo, S., & Sasongko, H. (2018). Faktor Internal dan Eksternal yang Memengaruhi Underpricing pada Saat IPO di Bursa Efek Indonesia. Jurnal Aplikasi Bisnis Dan Manajemen (JABM), 4(1), 19–19. https://doi.org/10.17358/JABM.4.1.19
Tian, Y. (2015). An Eximination Factors Influencing Underpricing of IPOS on The London Stock Exchange. עלון הנוטע, 66(3), 37–39.
Utomo, Ario; Kurniasih, A. (2020). The Determinant of Underpricing Towards IPO Company at Indonesia Stock Exchange in 2019. JEFMS Journal. http://ijefm.co.in/v3i8/2.php
Yuliani, Y., Wahyuni, D., & Bakar, S. W. (2019). The Influence Of Financial And Non-Financial Information To Underpricing Of Stock Prices In Companies That Conduct Initial Public Offering. Ekspektra : Jurnal Bisnis Dan Manajemen, 3, 39–51. https://doi.org/10.25139/ekt.v3i1.1442
Yuniarti, D. (2021). Pengaruh Leverage, Profitabilitas dan Ukuran Perusahaan Terhadap Underpricing pada Saat Initial Public Offering (Studi Kasus Pada Perusahaan Go Public Tahun 2015-2018).
Agustina, M., & Yousida, I. (2021). Pengaruh Umur Perusahaan, Profitabilitas, dan Financial Leverage Terhadap Underpricing Saham Pada Penawaran Umum Perdana di Bursa Efek Indonesia. Jurnal Ilmiah Ekonomi Bisnis, 7(November), 417–429. http://ejournal.stiepancasetia.ac.id/index.php/jieb
Astuti, D. K., & Djamaluddin, S. (2021). Underpricing Determinants on the Public Offering of Primary Shares (IPO) in Indonesia Stock Exchange 2015-2019. Dinasti International Journal of Economics, Finance & Accounting, 2(1), 28–45. https://doi.org/10.38035/DIJEFA.V2I1.732
Astuti, T. (2020). Faktor-Faktor yang Mempengaruhi Underpricing Ssaham Saat IPO (Initial Public Offering).
Ayu, G., Wittianjani, K., & Yasa, G. W. (2020). The Effect of Financial Information at Underpricing Level with Auditor’s Reputation as Moderating Variables. American Journal of Humanities and Social Sciences Research, 7, 22–30. www.ajhssr.com
Azam, A. (2020). Kualitas Underwriter Memoderasi Pengaruh Informasi Keuangan pada Tingkat Underpricing Saham saat Initial Public Offering.
Bunduwula, I. A., Hajar, I., & Putera, A. (2023). Analisis Faktor-Faktor Yang Mempengaruhi Underpricing Pada Saat Initial Public Offering (IPO) (Studi Kasus Perusahaan Yang Melakukan Initial Public Offering diBursa Efek Indonesia pada tahun 2018-2022). Jurnal Ekonomi, Manajemen Dan Akuntansi, 1(2), 366–380. https://doi.org/10.572349/neraca.v1i2.163%0Ahttps://jurnal.kolibi.org/index.php/neraca/article/view/163
Chen, K., Li, X., Wan, Q., Ye, J., & Yang, M. (2024). Do anti-takeover provisions restrain IPO underpricing? An analysis from the perspective of information asymmetry. China Accounting and Finance Review, 26(1), 55–75. https://doi.org/10.1108/cafr-10-2022-0111
Chen, Y., Wang, S. S., Li, W., Sun, Q., & Tong, W. H. S. (2015). Institutional environment, firm ownership, and IPO first-day returns: Evidence from China. Journal of Corporate Finance, 32, 150–168. https://doi.org/10.1016/J.JCORPFIN.2015.03.002
Dias, D. S. M., Wijesinghe, M. R. P., & Madhushani, P. W. G. (2023). Factors Affecting the Initial Return of Initial Public Offerings (IPOs) and IPO Underpricing in the Colombo Stock Exchange. Kelaniya Journal of Management, 12(1), 63–75. https://doi.org/10.4038/kjm.v12i1.7741
Dwika Pramesti, D., Rikumahu, B., & Fahlevi, A. R. (2023). SEIKO : Journal of Management & Business Faktor-Faktor yang Mempengaruhi Underpricing Harga Saham pada Perusahaan yang Melakukan Penawaran Umum Perdana (IPO) Pada Tahun 2017-2021. SEIKO : Journal of Management & Business, 6(1), 209–215. https://doi.org/10.37531/sejaman.v6i1.3605
Firdaus, H. (2020). Pengaruh Profitabilitas, Umur Perusahaan, Financial Leverage, dan Reputasi Underwriter terhadap Tingkat Underpricing dengan Reputasi Auditor sebagai Variabel Moderasi. Kocenin, 6.
Hadi, S. (2019). Faktor-faktor yang mempengaruhi Underpricing Saham Perdana pada Perusahaan yang melakukan Initial Public Offering. Jurnal Akuntansi & Perpajakan Jayakarta, 1(1), 64–75.
Haska. (2017). Pengaruh Risiko Investasi, Return On Equity (ROE) dan Proceeds terhadap Underpricing dengan Reputasi Underwriter sebagai Variabel Moderasi pada Perusahaan Non Keuangan yang IPO di BEI Periode 2010-2014. Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau (JOM FE UNRI).
Isynuwardhana, D., Isynuwardhana, D., & Febryan, F. V. (2022). Factors Affecting Underpricing Level during IPO in Indonesia Stock Exchange 2018 - 2019. The Indonesian Accounting Review, 12(1), 87–98. https://doi.org/10.14414/tiar.v12i1.2660
Kartika, G. A. S., & Putra, I. M. P. D. (2017). Faktor-Faktor Underpricing Initial Public Offering Di Bursa Efek Indonesia. E-Jurnal Akuntansi, 19(3), 2205–2233.
Khaira, N. (2019). Lokasi: Hubungan Likuiditas, Profitabilitas, Leverage Dan Earning Per Share Terhadap Underpricing pada Perusahaan Yang Melakukan Initial Public Offering (IPO) Tahun 2009-2018. The Indonesia Capital Market Institute. https://onesearch.id/Record/IOS14245.article-30?widget=1&repository_id=14245
Kuncoro, H. B., & Suryaputri, R. V. (2019). Analisis Faktor-Faktor yang Mempengaruhi Underpricing Saham pada Penawaran Umum Perdana di BEI Periode 2015-2017. Jurnal Akuntansi Trisakti, 6(2), 263–284. https://doi.org/10.25105/JAT.V6I2.5573
Lambey, R. (2021). The Effect of Profitability, Firm Size, Equity Ownership and Firm Age on Firm Value (Leverage Basis): Evidence from the Indonesian Manufacturer Companies. Archives of Business Research, 9(1), 128–139. https://doi.org/10.14738/ABR.91.9649
Lukman, S. A., & Kunawangsih, T. (2023). Pengaruh Likuiditas, Profitabilitas, Leverage, Reputasi Underwriter Dan Jenis Industri Terhadap Underpricing Saham Pada Perusahaan Yang Melakukan IPO Di BEI Pada Tahun 2020-2021. Wawasan: Jurnal Ilmu Manajemen, Ekonomi, Dan Kewirausahaan , 1(2), 40–54.
Oktananda, M. R., & Gantyowati, E. (2023). The Effect of Financial and Non-Financial Information on Underpricing in Initial Public Offerings. Journal of Asian Multicultural Research for Economy and Management Study, 4(3), 46–55. https://doi.org/10.47616/jamrems.v4i3.444
Pangestuti, D. C. (2022). Initial Returns Determinants with the Underwriter’s Reputation as a Moderating Factor. Jurnal ASET (Akuntansi Riset), 14(2), 267–284. https://doi.org/10.17509/jaset.v14i2.49743
Pradnyadevi, M. A., & Suardikha, I. M. S. (2020). Pengaruh Informasi Akuntansi dan Permintaan Investor terhadap Underpricing. E-Jurnal Akuntansi, 30(3), 746. https://doi.org/10.24843/eja.2020.v30.i03.p16
Pranyoto, E., Susanti, S., & Sari, I. K. (2019). Overpricing pada Perusahaan Nonkeuangan di Bursa Efek Indonesia. Optimal: Jurnal Ekonomi Dan Kewirausahaan, 13(2), 126–141. https://doi.org/10.33558/OPTIMAL.V13I2.1853
R. Neneng Rina A, Iwan Hermansyah, N. N. W. (2022). Pengaruh Current Ratio Terhadap Return On Asset. Ekonomi, 4(2), 30–41.
Reschiwati, R., Hamilah, H. H., & Maksimilianus Kolot Ama, M. (2022). Factors Affecting Underpricing And Its Implications Stock Return on Companies Listed on the Indonesia Stock Exchange. Asian Journal of Social Science and Management Technology, 4(2), 177–192.
Riska, K. (2022). Pengaruh Profitabilitas, Likuiditas, Solvabilitas, dan Ukuran Perusahaan Terhadap Underpricing Saham (Survei pada Perusahaan Manufaktur yang melakukan IPO di Bursa Efek Indonesia Tahun 2017-2020).
Rudianto, Dudi and Ratnawati, R. Aryanti and Susanto, Bambang and Susilo, T. P. (2022). Determinants of the Underpricing Rate of Stocks (Study on Companies Conducting IPO on the IDX). 1(1). https://doi.org/10.33140/tapi1
Rukmiati. (2017). Pengaruh Return on Asset (ROA) dan Debt to Equity Ratio (DER) Terhadap Tingkat Underpricing pada Perusahaan yang melakukan Initial Public Offering yang Terdaftar di Indeks Saham Syariah Indonesia. 4, 9–15.
Sari, M. N. (2018). Faktor-Faktor yang Mempengaruhi Underpricing Saham pada Saat Initial Public Offering di Bursa Efek Indonesia. https://repositori.usu.ac.id/handle/123456789/11857
Setiawan, A. (2022). Faktor-Faktor Pengaruh Tingkat Underpricing Saham Pada Perusahaan Yang Melaksanakan Initial Public Offering Periode 2017 – 2021.
Sisharini, N., & Kutu, Y. B. (2022). Analysis of Factors Affecting Underpricing Company Stock Prices at the Initial Public Offering (IPO) on the Indonesia Stock Exchange. In Bismar: Business Management Research (Vol. 1, Issue 1, pp. 35–47). https://doi.org/10.26905/bismar.v1i1.7338
Suharti, & Purwanto, D. (2022). The Effect Of Financial Ratio And Underwriter’s Reputation On Underpricing: Evidence From Indonesian IPO (2017-2021). http://localhost:8080/jspui/handle/123456789/17626
Sulistyawati, P. I., & Wirajaya, I. G. A. (2017). Pengaruh Variabel Keuangan, Non Keuangan dan Ekonomi Makro Terhadap Underpricing pada IPO di BEI. E-Jurnal Akuntansi Universitas Udayana, 20(3), 1848–1874.
Thoriq, K. N., Hartoyo, S., & Sasongko, H. (2018). Faktor Internal dan Eksternal yang Memengaruhi Underpricing pada Saat IPO di Bursa Efek Indonesia. Jurnal Aplikasi Bisnis Dan Manajemen (JABM), 4(1), 19–19. https://doi.org/10.17358/JABM.4.1.19
Tian, Y. (2015). An Eximination Factors Influencing Underpricing of IPOS on The London Stock Exchange. עלון הנוטע, 66(3), 37–39.
Utomo, Ario; Kurniasih, A. (2020). The Determinant of Underpricing Towards IPO Company at Indonesia Stock Exchange in 2019. JEFMS Journal. http://ijefm.co.in/v3i8/2.php
Yuliani, Y., Wahyuni, D., & Bakar, S. W. (2019). The Influence Of Financial And Non-Financial Information To Underpricing Of Stock Prices In Companies That Conduct Initial Public Offering. Ekspektra : Jurnal Bisnis Dan Manajemen, 3, 39–51. https://doi.org/10.25139/ekt.v3i1.1442
Yuniarti, D. (2021). Pengaruh Leverage, Profitabilitas dan Ukuran Perusahaan Terhadap Underpricing pada Saat Initial Public Offering (Studi Kasus Pada Perusahaan Go Public Tahun 2015-2018).
Published
2024-09-12
How to Cite
DEWI, Made Rani Kusuma; GAYATRI, Gayatri; WIRAMA, Dewa Gede.
The Moderating Role of Underwriter Reputation in the Relationship Between Financial Performance and Underpricing Levels.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 9, sep. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/114160>. Date accessed: 21 nov. 2024.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
