PENGARUH KARAKTERISTIK PERUSAHAAN, REPUTASI UNDERWRITER DAN REPUTASI AUDITOR TERHADAP TINGKAT UNDERPRICING

Abstract

Abstract:This study aimedtoexamine the effect of firm characteristics (proxied by profitability, firm size, firm age, the allocation ofIPOfundsforinvestmentandindustry types),underwriterreputationandauditor reputationon the level ofunderpricing. The samplesin this study were81 companiesthatconductan IPO in2009-2013. Sampling waspurposive sampling method. Tstatistical testresultsshowedthatthe auditor reputation negatively affectthe level ofunderpricing. Variables representingfirm characteristics(profitability, size, age, allocation ofIPO proceedsforinvestment, industrytype) andunderwriterreputationdoes notaffect the level ofunderpricing.          

Keywords:underpricing, firmcharacteristics, underwriterreputation,and auditor reputation.