REPUTASI UNDERWRITER, REPUTASI KAP, DAN HARGA IPO SAHAM

Abstract

The dependent variable of the research is IPO price, while the independent variables are
underwriter reputation and audit firm reputation. The objectives of this research are to find
whether underwriter reputation and audit firm reputation influence initial public offering
price. The population of this research is the companies listed on Indonesia Stock Exchange
(BEI) during 2006-2012. Samples are taken purposively, 112 samples are obtained based on
the criteria. Data are analyzed using multiple regression method to examine the degree of
correlation between IPO price with the underwriter reputation and audit firm reputation.
Based on the tests run on the data, the independent variables are able to explain 18.1% of the
dependent variable. The analyses provide enough evidence to reject the null hypothesis.
Hence, the underwriter and audit firm reputation significantly influence the IPO price. The
accepted last hypothesis indicates the underwriter reputation and the audit firm reputation
simultaneously influence the IPO price.