DAPATKAH INVESTOR MENDETEKSI MANAJEMEN LABA BERBASIS AKRUAL? PERAN ASIMETRI INFORMASI SEBAGAI FAKTOR MODERASI DALAM UNDERPRICING IPO DI INDONESIA

Budi Kiswanto; Yudhi Herliansyah

doi:10.31539/pvsvtn78

Authors

Budi Kiswanto Universitas Mercu Buana
Yudhi Herliansyah Universitas Mercu Buana

DOI:

https://doi.org/10.31539/pvsvtn78

Keywords:

Manajemen Laba Berbasis Akrual; Leverage Keuangan; Sentimen Investor; Asimetri Informasi; IPO Underpricing

Abstract

This study examines the effects of accrual-based earnings management, financial leverage, and investor sentiment on IPO underpricing, with information asymmetry serving as a moderating variable. Motivated by concerns regarding transparency and corporate governance in Indonesia’s capital market, this study investigates whether pre-IPO accounting signals and investor sentiment are reflected in IPO pricing. Its novelty lies in integrating discretionary accruals, leverage, investor sentiment, and information asymmetry within a unified moderation framework for firms conducting IPOs on the Indonesia Stock Exchange during 2022–2025. Using purposive sampling, the study analyzes 151 listed companies. IPO underpricing is measured using five-day cumulative abnormal returns, discretionary accruals are estimated using the Modified Jones Model, financial leverage is proxied by the debt-to-assets ratio, investor sentiment is measured by the oversubscription ratio, and information asymmetry is represented by an interaction-based proxy combining underwriter reputation and firm size. Data are analyzed using Ordinary Least Squares (OLS) and moderated regression analysis. The results indicate that investor sentiment has a positive and significant effect on IPO underpricing, whereas discretionary accruals and financial leverage have no significant effects. Information asymmetry significantly moderates the relationship between discretionary accruals and IPO underpricing but does not moderate the effects of leverage or investor sentiment. These findings highlight the importance of transparent financial reporting and credible governance mechanisms in improving IPO pricing quality in emerging markets.

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