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UNDERWRITER REPUTATION , AUDITOR REPUTATION, PERCENTAGE OF SHARES OFFERED, AND LEVERAGE ON STOCK UNDERPRICING IN NON-FINANCIAL COMPANIES CONDUCTING INITIAL PUBLIC OFFERINGS (IPOS) ON THE INDONESIA STOCK EXCHANGE IN THE 2020-2024 PERIOD

Abstract

This study investigates how underwriter reputation, auditor reputation, the proportion of shares offered, and leverage influence stock underpricing among non-financial firms that conducted IPOs on the Indonesia Stock Exchange (IDX) during 2020–2024. It adopts a descriptive quantitative design and uses secondary data drawn from IPO prospectuses. Using purposive sampling, 208 companies were selected from a population of 284. The data were analyzed through classical assumption tests, multiple linear regression, and hypothesis testing. The findings indicate that the percentage of shares offered and leverage positively affect underpricing, whereas underwriter and auditor reputation do not have a significant effect.