The purpose of this study was to analyze the factors that influence the occurrence variable underpricing. These factors are underwriter’s reputation, return on asset, debt-equity to ratio, and firm size. The population of this research is all manufacturing companies listed in the Indonesia stock exchange 2015 – 2018. Sampling using purposive sampling is the selection of the sample with certain criteria so that the sample obtained in this study was 57 companies. Multiple regression analysis was employed to analyze data. The result showed that underwriter’s reputation, return on asset, and debt-equity to ratio, while firm size does not affect underpricing. The result obtained simultaneously underwriter’s reputation, return on asset, debt-equity to ratio, and firm size significantly affect underpricing
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