Pengaruh Reputasi Underwriter Dan IPO Proceed Terhadap Tingkat Underpricing IPO: Studi Kasus Indonesia Dan Malaysia

Makarim, Anis Aufar (2025) Pengaruh Reputasi Underwriter Dan IPO Proceed Terhadap Tingkat Underpricing IPO: Studi Kasus Indonesia Dan Malaysia. Diploma thesis, Institut Teknologi Sepuluh Nopember.

Text 5031221055-Undergraduate_Thesis.pdf Restricted to Repository staff only Download (3MB) | Request a copy

Abstract

Fenomena underpricing masih menjadi isu penting dalam pasar modal di Asia Tenggara, termasuk Indonesia dan Malaysia, yang mencerminkan adanya asimetri informasi antara emiten, underwriter, dan investor. Penelitian ini bertujuan untuk menganalisis pengaruh reputasi underwriter dan ukuran dana hasil IPO terhadap tingkat underpricing, serta menguji perbedaan tingkat underpricing antara pasar modal Indonesia dan Malaysia. Penelitian ini menggunakan pendekatan kuantitatif dengan desain kausal-komparatif. Data sekunder diperoleh dari prospektus perusahaan dan publikasi resmi Bursa Efek Indonesia (IDX) dan Bursa Malaysia (MYX) terhadap 337 perusahaan yang melakukan IPO selama periode 2019–2024. Analisis dilakukan menggunakan regresi linier berganda menggunakan metode Ordinary Least Squares (OLS). Hasil penelitian menunjukkan bahwa reputasi underwriter tidak berpengaruh signifikan terhadap tingkat underpricing, sementara ukuran dana hasil IPO berpengaruh negatif dan signifikan secara statistik. Selain itu, variabel negara menunjukkan pengaruh yang signifikan terhadap tingkat underpricing, yang mengindikasikan adanya perbedaan tingkat underpricing antara Indonesia dan Malaysia, di mana perusahaan IPO di Malaysia cenderung mengalami tingkat underpricing yang lebih rendah. Temuan ini mengindikasikan bahwa faktor lintas negara yang merefleksikan perbedaan karakteristik pasar modal berkontribusi lebih besar dalam menjelaskan variasi tingkat underpricing dibandingkan reputasi underwriter pada periode pengamatan. Penelitian ini memberikan kontribusi empiris terhadap literatur IPO di pasar berkembang serta implikasi praktis bagi emiten, investor, dan regulator dalam meningkatkan efisiensi pasar perdana di kawasan Asia Tenggara.
==================================================================================================================================
Underpricing remains a prominent issue in Southeast Asian capital markets, including Indonesia and Malaysia, reflecting persistent information asymmetry among issuers, underwriters, and investors. This study aims to examine the effect of underwriter reputation and IPO proceeds on the level of IPO underpricing, as well as to investigate differences in underpricing between the Indonesian and Malaysian stock markets. The study employs a quantitative approach with a causal-comparative research design. Secondary data were collected from company prospectuses and official publications of the Indonesia Stock Exchange (IDX) and Bursa Malaysia (MYX), covering 337 firms that conducted initial public offerings during the period 2019–2024. The analysis is conducted using multiple linear regression with robust standard errors. he results indicate that underwriter reputation does not have a statistically significant effect on IPO underpricing, while IPO proceeds exhibit a negative and statistically significant relationship with underpricing. Furthermore, The country variable shows a significant influence on the level of underpricing, which indicates a difference in the level of underpricing between Indonesia and Malaysia, with IPO firms listed in Malaysia experiencing lower underpricing on average. These results suggest that cross-country factors reflecting differences in capital market characteristics contribute more strongly to explaining variations in IPO underpricing than underwriter reputation during the observation period. This study provides empirical contributions to the IPO literature in emerging markets and offers practical implications for issuers, investors, and regulators in enhancing the efficiency of primary markets in Southeast Asia.

Item Type:	Thesis (Diploma)
Uncontrolled Keywords:	Bursa Efek Indonesia, Bursa Malaysia, IPO Proceeds, Reputasi Underwriter, IPO Underpricing, Bursa Malaysia, Indonesia Stock Exchange, IPO Proceeds, IPO Underpricing, Underwriter Reputation
Subjects:	H Social Sciences > HG Finance > HG4915 Stocks--Prices
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis
Depositing User:	Anis Aufar Makarim
Date Deposited:	22 Jul 2026 07:46
Last Modified:	22 Jul 2026 07:46
URI:	http://repository.its.ac.id/id/eprint/135453

Actions (login required)

View Item