Wijoyo, Joyo (2023) Pengaruh Corporate Governance terhadap Fenomena Underpricing di Bursa Efek Indonesia Tahun 2010-2022. Masters thesis, Program Pascasarjana Universitas Merdeka Malang.

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Abstract

Underpricing is still became an unsolved phenomenon. In 2010-2022 on the Indonesia Stock Exchange (IDX), companies that experienced underpricing were in the range of 87 percent. Information asymmetry is the most often reason that used to cause underpricing during the Initial Public Offering (IPO) process. Corporate governance is an important indicator in reducing information asymmetry between issuers, underwriters and investors. This study aims to examine and investigate the consistency of corporate governance in influencing underpricing. Using a sample
of companies that experienced underpricing for the 2010-2022 period, researcher found that of various corporate governance proxies, such as independent commissioners, managerial ownership, institutional ownership, audit committees, and female boards of directors, only institutional ownership and audit committees were important and consistent indicators in influencing underpricing. In addition, the control variable, profitability, also has a significant impact on underpricing. Overall, the control variables, such as profitability, debt structure, and sales growth partially or simultaneously do not affect the consistent effect of corporate governance on underpricing.

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