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Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia

ETIKONOMI · Vol. 20 No. 1 (2021) · hlm. 185–200

DOI
10.15408/etk.v20i1.19156
ISSN
2461-0771, 1412-8969
Terbit
2021-02-22
Penerbit
Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta
Bahasa
eng

Abstrak

This research examines how the board of commissioners' structure and ownership retention affect IPO underpricing in Indonesia. In this study, we have examined the following three aspects: the number of board of commissioners, percentage of independent commissioners, and percentage of female commissioners. In total, 186 Indonesian companies that have conducted IPO from 2001 to 2016 were included in this study. This study uses multiple regressions to test the hypothesis. Our findings show that ownership retention has a negative implication on underpricing. Furthermore, the number of board of commissioners and independent commissioners has also been determined to reduce the level of underpricing. However, female commissioners were found to have no significant effect on IPO underpricing; furthermore, it demonstrated no significant effect in reducing the level of underpricing. These results show that higher ownership retention, a smaller number of board members, and a higher percentage of independent commissioners can reduce IPO underpricing.JEL Classification: G30, G32How to Cite:Setiawan, D., Prabowo, M. A., Trinugroho, I., & Noordin, B. A. A. (2021). Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia. Etikonomi, 20(1), 185 – 200. https://doi.org/10.15408/etk.v20i1.19156.

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  • Sebelas Maret University
  • University of Brawijaya
  • Universiti Putra Malaysia
  • Universitas Teuku Umar
  • Universitas Wijayakusuma Purwokerto
  • Universitas Muhammadiyah Jakarta
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Rekan penulisOrganisasiArtikel bersama
Taufiq ArifinSebelas Maret University4
Y. Anni AryaniSebelas Maret University2
Tulus HaryonoSebelas Maret University2
Dian Safitri Pantja KoesoemasariUniversitas Wijayakusuma Purwokerto2
Wa Ode Nurmila SariSebelas Maret University1
BudiantoUniversitas Teuku Umar1
Wahyu WidarjoSebelas Maret University1
Reysvana Rukmana CaktiSebelas Maret University1
Richa Angelia SelbiSebelas Maret University1
Aina MardiyaSebelas Maret University1
Rini SetyaningsihSebelas Maret University1
Aldy Fariz AchsantaSebelas Maret University1
Nugroho SaputroSebelas Maret University1
Nur ImamahUniversity of Brawijaya1
Layyin NafisaUniversity of Brawijaya1
Luki Okta FahriUniversity of Brawijaya1
Desi ZulvinaSebelas Maret University1
Tastaftiyan RisfandySebelas Maret University1
Bambang SutrisnoUniversitas Muhammadiyah Jakarta1

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Sumber metadata: OAI-PMH (metadata jurnal) http://journal.uinjkt.ac.id/index.php/etikonomi/oai, pertama di-harvest 8 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing:  Evidence from Indonesia</dc:title>
	<dc:creator xml:lang="en">Setiawan, Doddy</dc:creator>
	<dc:creator xml:lang="en">Prabowo, Muhammad Agung</dc:creator>
	<dc:creator xml:lang="en">Trinugroho, Irwan</dc:creator>
	<dc:creator xml:lang="en">Noordin, Bany Ariffin Amin</dc:creator>
	<dc:subject xml:lang="en">board of commissioners</dc:subject>
	<dc:subject xml:lang="en">ownership retention</dc:subject>
	<dc:subject xml:lang="en">underpricing</dc:subject>
	<dc:subject xml:lang="en">female commissioners</dc:subject>
	<dc:subject xml:lang="en">IPO</dc:subject>
	<dc:description xml:lang="en">This research examines how the board of commissioners' structure and ownership retention affect IPO underpricing in Indonesia. In this study, we have examined the following three aspects: the number of board of commissioners, percentage of independent commissioners, and percentage of female commissioners. In total, 186 Indonesian companies that have conducted IPO from 2001 to 2016 were included in this study. This study uses multiple regressions to test the hypothesis. Our findings show that ownership retention has a negative implication on underpricing. Furthermore, the number of board of commissioners and independent commissioners has also been determined to reduce the level of underpricing. However, female commissioners were found to have no significant effect on IPO underpricing; furthermore, it demonstrated no significant effect in reducing the level of underpricing. These results show that higher ownership retention, a smaller number of board members, and a higher percentage of independent commissioners can reduce IPO underpricing.JEL Classification: G30, G32How to Cite:Setiawan, D., Prabowo, M. A., Trinugroho, I., &amp;amp; Noordin, B. A. A. (2021). Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia. Etikonomi, 20(1), 185 – 200. https://doi.org/10.15408/etk.v20i1.19156.</dc:description>
	<dc:publisher xml:lang="en">Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta</dc:publisher>
	<dc:date>2021-02-22</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/19156</dc:identifier>
	<dc:identifier>10.15408/etk.v20i1.19156</dc:identifier>
	<dc:source xml:lang="en">ETIKONOMI; Vol. 20 No. 1 (2021); 185-200</dc:source>
	<dc:source>2461-0771</dc:source>
	<dc:source>1412-8969</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/19156/pdf</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2021 ETIKONOMI</dc:rights>
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