PENGARUH MEKANISME CORPORATE GOVERNANCE DAN LAPORAN ESG TERHADAP UNDERPRICING YANG DIMODERASI OLEH REPUTASI UNDERWRITER
DOI:
https://doi.org/10.23969/jp.v11i04.70507Keywords:
ESG reporting, corporate governance, underwriter reputation, underpricing, IPOAbstract
This study examines whether ESG reporting and corporate governance mechanisms are associated with IPO underpricing in Indonesia, and whether underwriter reputation moderates these relationships. The sample comprises 275 non-bank companies with positive initial returns after IPOs on the Indonesia Stock Exchange during 2019–2024. Staged regression and moderated regression analysis were estimated using Huber–White robust standard errors. All models were jointly significant. ESG reporting was negatively associated with underpricing in Model 2 (coefficient = −15.8998; p = 0.016). The interaction between ESG reporting and underwriter reputation was also negative and significant in Model 3 (coefficient = −37.7402; p = 0.002). Other governance variables and their interactions were not significant. The findings suggest that ESG transparency may be a more credible signal when supported by a reputable underwriter, although the model’s explanatory power is limited.
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