PENGARUH CORPORATE GOVERNANCE TERHADAP UNDERPRICING KETIKA INITIAL PUBLIC OFFERING (IPO) PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2004-2014

Abstract

There is an increasing number of company offering their stock to the public and the important of this phase for the company performance as next IPO firms performance and it become the topic  in finance, economic and strategy. However, the research is still a limited on why this underpricing during IPO happened. In addition, the research’s objective is to  investigate the factors effecting underpricing using long period of data, that is from 2004-2014 in Indonesia. This study used asymetric information theory and signalling theory to understand the about underpricing. 212 companies listing during  a period 2004-2014 became a population of this study. The final sample of this study is 155 companies selected by using purposive sampling method. Corporate governance are measured by four proxies: female directors, board size, board independence, audit committee size. Multiple regression analysis is applied. It reveal that there is no significant variabel affecting underpricing. In addition,it is only one  control variabel that has significant effect on underpricing.

Key Words: Female Directors, Board Size, Board Independence, Audit Committee Size, IPO, and Underpricing.