What type of study is this?

This is a Moderated Regression Analysis study.

September 10, 2025Open Access

Decoding IPO underpricing: How auditor reputation moderates key influencing factors

Key Points

Underpricing is significantly influenced by the debt-to-equity ratio, highlighting its importance in IPO pricing dynamics.
Key variables like return on assets, earnings per share, and firm size showed no significant impact on underpricing outcomes.
Moderated regression analysis was employed to examine the interplay between auditor reputation and other influencing factors.
The findings may suggest that auditor reputation plays a limited role in moderating underpricing, calling for further investigation.

Abstract

The purpose of this study is to examine the factors influencing stock under-pricing in companies conducting Initial Public Offerings (IPOs) on the Indonesia Stock Exchange (IDX) during the period 2020–2024, with auditor reputation as a moderating variable. The population consists of companies that went public on the IDX between 2020 and 2024. The sample was selected using purposive sampling, resulting in 177 companies. The collected data were analysed using SPSS software with the Moderated Regression Analysis (MRA) method. The empirical findings indicate that the Debt-to-Equity Ratio (DER) has a significant effect on under-pricing. In contrast, Return on Assets (ROA), Earnings per Share (EPS), and firm size do not significantly influence under-pricing. Furthermore, statistical testing shows that auditor reputation does not moderate the effects of ROA, DER, EPS, and firm size on under-pricing.

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Cite This Study

Dewi et al. (Wed,) studied this question.

synapsesocial.com/papers/68c1a5eb54b1d3bfb60df3d0 https://doi.org/https://doi.org/10.21744/ijbem.v8n3.2425

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