Inaya, Laylatul (2025) Pengaruh Karakteristik CEO Dan Reputasi Auditor Terhadap Underpricing Dan Kinerja Jangka Panjang Dengan Dimoderasi Oleh Reputasi Underwriter Pada IPO Perusahaan Keluarga Dan Non Keluarga Di Indonesia. Masters thesis, Institut Teknologi Sepuluh Nopember.
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Abstract
Fenomena underpricing dalam penawaran umum perdana (IPO) merupakan suatu kondisi dimana harga saham yang dijual pada saat IPO lebih rendah daripada harga di pasar sekunder. Penelitian ini bertujuan untuk mengetahui pengaruh karakteristik CEO, reputasi auditor, dan moderasi reputasi underwriter terhadap tingkat underpricing dan kinerja jangka panjang IPO perusahaan keluarga dan non-keluarga di Indonesia. Dalam penelitian ini menggunakan perusahaan IPO di tahun 2010 hinggal 2021 terdapat 350 perusahaan sebagai sampel penelitian, dengan total 140 perusahaan keluarga dan 210 perusahaan non keluarga. Data diambil dari data sekunder yang terdapat pada website OSIRIS, IDX, bloomberg, dan Yahoo Finance. Pengujian regresi dalam penelitian menggunakan Ordinary Least Square (OLS) dengan menggunakan software R Studio. Pada penelitian ini ditemukan Reputasi Auditor berpengaruh negatif signifikan terhadap underpricing pada perusahaan keluarga dan non keluarga, Tingkat underpricing berpengaruh negatif signifikan terhadap kinerja jangka panjang pada perusahaan keluarga,Reputasi Auditor berpengaruh positif signifikan terhadap kinerja jangka panjang pada perusahaan keluarga namun reputasi auditor tidak berpengaruh pada kinerja jangka panjang pada Perusahaan non keluarga, Moderasi reputasi underwriter memperlemah hubungan family firm dengan underpricing, akan tetapi tidak berpengaruh terhadap hubungan family firm dengan kinerja jangka panjang. Serta ditemukan Karakteristik CEO tidak berpengaruh terhadap underpricing dan kinerja jangka panjang pada Perusahaan keluarga dan non keluarga.
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The phenomenon of underpricing in Initial Public Offerings (IPOs) refers to a situation where the stock price offered during the IPO is lower than the price in the secondary market. This study aims to determine the effect of CEO characteristics, auditor reputation, and the moderation of underwriter reputation on the level of underpricing and long-term performance of family and non-family firms in IPOs in Indonesia. The study uses data from IPO companies between 2010 and 2021, with 350 companies as research samples, consisting of 140 family firms and 210 non-family firms. Data was collected from secondary sources such as the OSIRIS website, IDX, Bloomberg, and Yahoo Finance. The regression analysis in this study was conducted using Ordinary Least Squares (OLS) with R Studio software. The study found that Auditor Reputation has a significant negative effect on underpricing in family and non-family firms. The level of underpricing has a significant negative effect on long-term performance in family firms. Auditor Reputation has a significant positive effect on long-term performance in family firms, but Auditor Reputation does not affect long-term performance in non-family firms. The moderation of underwriter reputation weakens the relationship between family firms and underpricing but does not affect the relationship between family firms and long-term performance. It was also found that CEO characteristics do not affect underpricing and long-term performance in family and non-family firms.
| Item Type: | Thesis (Masters) |
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| Uncontrolled Keywords: | Underpricing, Kinerja Jangka Panjang, Family Firm, Karakteristik CEO, Reputasi Auditor, Moderasi Reputasi Underwriter. Underpricing, Long-Term Performance, Family Firm, CEO Characteristics, Auditor Reputation, Moderation of Underwriter Reputation. |
| Subjects: | H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4915 Stocks--Prices |
| Divisions: | Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > (S2) Master Thesis |
| Depositing User: | Laylatul Inaya |
| Date Deposited: | 30 Jul 2025 07:09 |
| Last Modified: | 08 Aug 2025 08:41 |
| URI: | http://repository.its.ac.id/id/eprint/124165 |
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