Pengaruh Reputasi Underwriter, Return On Equity, dan Umur Perusahaan Syariah Terhadap Underpricing (Studi Pada Perusahaan Yang Teregistrasi di BEI Tahun 2018-2021)

Authors

  • Widya Andhi Chrisnanda Faculty of Economics and Business, Universitas Diponegoro, Indonesia, Indonesia
  • Surya Raharja Faculty of Economics and Business, Universitas Diponegoro, Indonesia, Indonesia

DOI:

https://doi.org/10.29040/jiei.v9i3.11451

Abstract

This research aims to determine the influence of Underwriter reputation, Return On Equity, and Company Age on Underpricing (Study of Companies Registered on the BEI in 2018-2021)The samples used in this research are companies that were newly registered on the IDX in 2018-2021. Things that influence the level of Underpricing are proxied as ROE, Company Age, and Underwriter Reputation. Companies that registered on the stock exchange before and during Covid-19 were involved in moderating the underpricing. Company age has a significant negative effect on underpricing, the longer the company's age reduces underpricing. Return On Equity has no significant effect on underpricing. The higher ROE does not reduce the level of underpricing. Underwriter reputation does not have a significant effect on underpricing. The influence of Covid-19 does not moderate the relationship between company age, ROE and underwriter reputation with underpricing

References

Anh, D. L. T., & Gan, C. (2020). The impact of the COVID-19 lockdown on stock market performance: evidence from Vietnam. Journal of Economic Studies, 48(4), 836–851. https://doi.org/10.1108/JES-06-2020-0312

Baig, A. S., Butt, H. A., Haroon, O., & Rizvi, S. A. R. (2020). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance Research Letters, April, 101701. https://doi.org/10.1016/j.frl.2020.101701

Baig, A. S., & Chen, M. (2021). Did the COVID-19 pandemic (really) positively impact the IPO Market? An Analysis of information uncertainty. Finance Research Letters, July. https://doi.org/10.1016/j.frl.2021.102372

Bandi, Widarjo, W., & Trinugroho, I. (2020). The lead underwriter reputation and underpricing: Study of company’s IPO in Indonesia. International Journal of Economic Policy in Emerging Economies, 13(3), 244–255. https://doi.org/10.1504/ijepee.2020.109051

Beatty, R. P., & Ritter, J. (1986). Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics, 15(1–2), 213–232. https://econpapers.repec.org/RePEc:eee:jfinec:v:15:y:1986:i:1-2:p:213-232

Budi Kuncoro, H., & 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

Chen, F., Yao, Y., & Zhao, M. (2022). Do investors turn a blind eye to risk-factor disclosures by state-supported firms? Journal of Accounting and Public Policy, 41(1). https://doi.org/10.1016/j.jaccpubpol.2022.106939

Christine, Y. N., Susilawati, C. E., & Martono, C. (2022). Perbedaan Underpricing dan Volatilitas Harga Saham Perusahaan yang IPO Sebelum dan Selama Pandemi Covid-19 di Bursa Efek Indonesia. Jurnal Ekonomi Dan Bisnis Dharma Andalas, 24.

Engelen, P. J., Heugens, P., van Essen, M., Turturea, R., & Bailey, N. (2020). The impact of stakeholders’ temporal orientaton on short- and long-term IPO outcomes: A meta-analysis. Long Range Planning, 53(2). https://doi.org/10.1016/j.lrp.2018.10.003

Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS for Windows. In Semarang: BP Undip. Undip : SEMARANG., 2018.

Gunawan, J., & Gunarsih, T. (2021). Analisis Pengaruh Variabel Keuangan dan Non Keuangan terhadap Underpricing pada Penawaran Saham Perdana di Bursa Efek Indonesia Periode 2016-2018. Telaah Bisnis, 20(2), 37. https://doi.org/10.35917/tb.v20i2.179

Guo, H., Wang, Y., Wang, B., & Ge, Y. (2022). Does prospectus AE affect IPO underpricing? A content analysis of the Chinese stock market. International Review of Economics and Finance, 82(June), 1–12. https://doi.org/10.1016/j.iref.2022.06.001

Katti, S., Lawrence, E. R., & Raithatha, M. (2022). Risk disclosure in IPO advertisement and the quality of the firm. Journal of Financial Markets, October, 100789. https://doi.org/10.1016/j.finmar.2022.100789

Konpanas Dumrongwong. (2020). Do institutional investors stabilize stock returns? Evidence from emerging IPO markets. Pacific Accounting Review, 32(4), 585–600. https://doi.org/10.1108/PAR-11-2019-0145

Kuswanto, R. (2021). IPO Stock Performance amidst the COVID-19 Pandemic: Has It been Undervalued? Jurnal Dinamika Akuntansi Dan Bisnis, 8(1), 105–116. https://doi.org/10.24815/jdab.v8i1.19830

Mazumder, S., & Saha, P. (2020). Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID- 19 . The COVID-19 resource centre is hosted on Elsevier Connect , the company ’ s public news and information . January.

Mazumder, S., & Saha, P. (2021a). COVID-19: Fear of pandemic and short-term IPO performance. Finance Research Letters, 43(September 2020), 101977. https://doi.org/10.1016/j.frl.2021.101977

Mazumder, S., & Saha, P. (2021b). COVID-19: Fear of pandemic and short-term IPO performance. Finance Research Letters, 43(February), 101977. https://doi.org/10.1016/j.frl.2021.101977

Mumtaz, M. Z., Smith, Z. A., & Ahmed, A. M. (2016). An examination of short-run performance of IPOs using Extreme Bounds Analysis. Estudios de Economía, 43(1), 71–95. https://doi.org/10.4067/s0718-52862016000100004

Rock, K. (1986). Why new issues are underpriced. Journal of Financial Economics, 15(1), 187–212. https://doi.org/https://doi.org/10.1016/0304-405X(86)90054-1

Susilawati, C. E., Christine, Y. N., & Martono, C. (2022). Perbedaan Underpricing dan Volatilitas Harga Saham Perusahaan yang IPO Sebelum dan Selama Pandemi Covid-19 di Bursa Efek Indonesia. Jurnal Ekonomi Dan Bisnis Dharma Andalas, 24(1), 41–50. https://doi.org/10.47233/jebd.v24i1.339

Wang, F., Chai, W., Yan, B., Shan, J., & Fan, W. (2022a). Effect of geographical distance between underwriters and listed companies on IPO underpricing: Evidence from China’s A-share market. International Review of Economics and Finance, 79(1), 340–352. https://doi.org/10.1016/j.iref.2022.02.060

Wang, F., Chai, W., Yan, B., Shan, J., & Fan, W. (2022b). Effect of geographical distance between underwriters and listed companies on IPO underpricing: Evidence from China’s A-share market. International Review of Economics and Finance, 79(1), 340–352. https://doi.org/10.1016/j.iref.2022.02.060

Yan, C., & Wang, J. (2021). The pricing and performance of IPOs in China’s poor counties. China Journal of Accounting Research, 14(4). https://doi.org/10.1016/j.cjar.2021.100205

Yang, B., Zhou, Y., & Zhou, Z. G. (2022). Strategic behavior of insiders in initial underpricing and long-run underperformance. Emerging Markets Review, June. https://doi.org/10.1016/j.ememar.2022.100940

Yolana, C., & Martani, D. (2005). Variabel - Variabel yang Mempengaruhi Fenomena Underpricing pada Penawaran Saham Perdana di BEJ Tahun 1994 - 2001. Sna, 8(September), 538–553.

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

Downloads

Published

24-11-2023

How to Cite

Chrisnanda, W. A., & Raharja, S. (2023). Pengaruh Reputasi Underwriter, Return On Equity, dan Umur Perusahaan Syariah Terhadap Underpricing (Studi Pada Perusahaan Yang Teregistrasi di BEI Tahun 2018-2021). Jurnal Ilmiah Ekonomi Islam, 9(3), 4329–4339. https://doi.org/10.29040/jiei.v9i3.11451

Issue

Vol. 9 No. 3 (2023): JIEI : Vol.9, No.3, 2023

Section

Articles

Citation Check

License

The copyright of the article fully belongs to the Jurnal Ilmiah Ekonomi Islam and publishing rights belong entirely to LPPM STIE AAS Surakarta

 Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.