This thesis studied the determinants of IPO underpricing in Indonesia by examining 277 IPOs in Indonesia from 2016-2022. This study found that firm age has a significant negative relationship with the level of underpricing while Covid-19 pandemic has significant positive relationship. We argue that information asymmetry and uncertainty explains the underlying reason behind our findings.
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Dzaky Adzhary Dharmawan (2024) studied this question.
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