Pengaruh Reputasi Underwriter dan Profitabilitas terhadap Underpricing Saat IPO di BEI Periode 2021-2025
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Abstract
The phenomenon of underpricing still frequently occurs among companies conducting IPOs on the Indonesia Stock Exchange. During the 2021–2025 period, 183 out of 233 companies that conducted IPOs were underpriced. This study aims to analyze the underpricing phenomenon occurring on the Indonesia Stock Exchange during the 2021–2025 period by examining the effects of underwriter reputation and profitability. The study employs a quantitative method using secondary data obtained from companies’ financial statements via the e-IPO website and the Indonesia Stock Exchange. The study population consists of 233 companies that conducted IPOs, with a sample of 158 companies selected using purposive sampling. After outlier detection, the data meeting the analysis criteria comprised 33 companies. Data analysis was conducted using multiple linear regression with the aid of SPSS 27. The results indicate that, when analyzed individually, underwriter reputation has a positive but insignificant effect on underpricing, while profitability—proxied by Return on Equity (ROE), has a negative but insignificant effect on underpricing. Simultaneously, underwriter reputation and profitability do not have a significant effect on underpricing. Nevertheless, profitability contributes slightly more than underwriter reputation to explaining the variation in underpricing.
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References
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