Pengaruh Reputasi Underwriter dan Financial Leverage terhadap Underpricing Saham IPO di Indonesia Periode 2021–2025

Atika Busyra; Elvi Rahmi

doi:10.30656/jak.v13i2.12247

Authors

Atika Busyra Universitas Negeri Padang
Elvi Rahmi Universitas Negeri Padang

DOI:

https://doi.org/10.30656/jak.v13i2.12247

Abstract

This study aims to analyze and examine the effect of underwriter reputation and financial leverage on stock underpricing in companies conducting Initial Public Offerings (IPOs) on the Indonesia Stock Exchange during the 2021–2025 period. The population of this study consisted of 259 companies that conducted IPOs, with a sample of 208 companies selected using the purposive sampling method. The study utilized secondary data obtained from company prospectuses, annual financial statements, and annual reports. Data analysis was conducted using multiple linear regression supported by SPSS version 25 software. The analytical techniques employed included descriptive statistical analysis, classical assumption tests, and hypothesis testing through the coefficient of determination (R²), simultaneous tests (F-test), and partial tests (t-test). The results indicate that underwriter reputation has a negative but insignificant effect on stock underpricing, while financial leverage has a positive but insignificant effect on stock underpricing. These findings suggest that underwriter reputation and financial leverage are not the primary factors influencing the level of stock underpricing among companies conducting IPOs on the Indonesia Stock Exchange during the study period. Therefore, a more comprehensive understanding of stock underpricing is required by considering various internal and external company factors. The findings are expected to serve as a reference for researchers, companies, and investors in understanding, managing, and making more informed decisions related to IPO activities.

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