Efek Pemoderasi Reputasi Underwriter dalam Hubungan antara IPO Underpricing dan IPO Oversubscription di Bursa Efek Indonesia
DOI:
https://doi.org/10.37385/msej.v6i6.9180Keywords:
Underpricing, Oversubscription, Reputasi Underwriter, IPOAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh underpricing terhadap oversubscription IPO di Bursa Efek Indonesia periode 2023–2024, dengan reputasi underwriter sebagai variabel moderasi. Data diperoleh dari laporan IPO perusahaan yang tercatat di BEI dan dianalisis menggunakan regresi moderasi. Hasil penelitian menunjukkan bahwa underpricing berpengaruh positif signifikan terhadap oversubscription. Di samping itu, reputasi underwriter juga memperkuat hubungan tersebut secara positif dan signifikan. Penelitian ini menegaskan pentingnya kredibilitas penjamin emisi dalam menarik minat investor melalui penetapan harga yang tepat.
References
Akerlof, G. A. (1970). The market for "lemons": Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500. https://doi.org/10.2307/1879431
Allen, F., & Faulhaber, G. R. (1989). Signalling by underpricing in the IPO market. Journal of Financial Economics, 23(2), 303–323. https://doi.org/10.1016/0304-405X(89)90060-3
Arora, N., & Singh, B. (2020). Determinants of oversubscription of SME IPOs in India: Evidence from quantile regression. Asia-Pacific Journal of Business Administration, 12(3/4), 349–370. https://doi.org/10.1108/APJBA-05-2020-0160
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
Benveniste, L. M., & Spindt, P. A. (1989). How investment bankers determine the offer price and allocation of new issues. Journal of Financial Economics, 24(2), 343–361. https://doi.org/10.1016/0304-405X(89)90051-2
Chowdhry, B., & Sherman, A. (1996). International differences in oversubscription and underpricing of IPOs. Pacific-Basin Finance Journal, 4(1), 15–30. https://doi.org/10.1016/0929-1199(96)00002-8
Lamato, A. S., & Prastiwi, A. (2024). Determinan fenomena oversubscription IPO perusahaan di Indonesia (Studi pada perusahaan yang melakukan Initial Public Offering tahun 2020-2022). Reviu Akuntansi, Keuangan, Dan Sistem Informasi, 3(2). https://doi.org/10.21776/reaksi.2024.3.2.300
Megginson, W.L. and Weiss, K.A. (1991), “Venture capitalist certification in initial public offerings”, The Journal of Finance, Vol. 46 No. 3, pp. 879-903. https://doi.org/10.1111/j.1540-6261.1991.tb03770.x
Mehmood, W., Mohd-Rashid, R., & Ahmad, A. H. (2020). Impact of pricing mechanism on IPO oversubscription: Evidence from Pakistan stock exchange. Pacific Accounting Review, 32(2), 239–254. https://doi.org/10.1108/PAR-04-2019-0051
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0
Nuryasman, M. N., & Brigitta, B. (2022). Factors affecting oversubscription share. Jurnal Manajemen, 26(03), 449–468. https://doi.org/10.24912/jm.v26i3.1061
Perkasa, A. D., & Maiyaliza, M. (2024). IPO underpricing analysis: Underwriter reputation as a moderating variable. Journal of Business Management Review, 5(5), 96–102. https://doi.org/10.47153/jbmr55.9602024
Pradnyadevi, M. A., & Suardikha, I. M. S. (2020). Pengaruh informasi akuntansi dan permintaan investor terhadap underpricing. E-Jurnal Akuntansi, 30(3), 746–759. https://doi.org/10.24843/EJA.2020.v30.i03.p16
Rumokoy, L. J., Neupane, S., Chung, R. Y., & Vithanage, K. (2017). Underwriter network structure and political connections in the Chinese IPO market. Pacific-Basin Finance Journal. Advance online publication. https://doi.org/10.1016/j.pacfin.2017.10.005
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Template
