ANALISIS HUBUNGAN KARAKTERISTIK SUMBER DAYA MANUSIA KOMITE AUDIT DENGAN NILAI UNDERPRICING (Studi Empiris Perusahaan yang Melakukan IPO di BEI Periode 2005-2007)

Abstract

Human resource characteristics ofaudit committee can be interpreted as a signal of quality issuer that can be used to reduce underpricing value often associated with IPOs. This study examined association between audit committee characteristics consist of accounting and legal education, another position as board ofdirector, gender and ethnic diversity with underpricing value. This study was expected that accounting and legal education, gender and ethnic diversity negatively associated with underpricing value. On the other hand, another position as board ofdirector positively associated with underpricing value. Also, this study included control variables consist of board of commissioner independency, auditor and underwriter reputation, firm age, and EPSpre IPO. Based on purposive sampling method, 36 IPO firms listing on the Indonesia Stock Exchange (IDX) during January 1, 2005 to December 31, 2007 were used as the sample in this study. Data analyzed with the classic assumption test and the hypotheses were examined using the model oflinear regression. Based on the sample, the results of this study indicated that only gender diversity significantly associated with underpricing value as expected. Finally, the data used in this period did not provide sufficient evidence relating to the association between underpricing value and accounting and legal education; another position as board ofdirector and ethnic diversity. It meant that this result supportedflexibility to determine the characteristics ofaudit committee. Keywords : audit committee, human resource characteristics, underpricing, IPO