REPUTASI UNDERWRITER, REPUTASI KAP, DAN HARGA IPO SAHAM

Abstract

The dependent variable of the research is IPO price, while the independent variables areunderwriter reputation and audit firm reputation. The objectives of this research are to findwhether underwriter reputation and audit firm reputation influence initial public offeringprice. 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 onthe criteria. Data are analyzed using multiple regression method to examine the degree ofcorrelation 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 thedependent variable. The analyses provide enough evidence to reject the null hypothesis.Hence, the underwriter and audit firm reputation significantly influence the IPO price. Theaccepted last hypothesis indicates the underwriter reputation and the audit firm reputationsimultaneously influence the IPO price.