Pengaruh Profitabilitas, Solvabilitas, serta Reputasi Underwriter terhadap Saham Initial Public Offering

Abstract

The COVID-19 pandemic caused a significant economic downturn at both regional and global levels, leading to heightened uncertainty in financial markets and declining investor confidence. Under such conditions, investors tend to behave more cautiously, which may reduce the effectiveness of conventional investment signals. In the context of Initial Public Offerings (IPOs), financial statement signals presented in prospectus reports—such as profitability and solvency ratios—as well as the performance of underwriters, are commonly used to mitigate information asymmetry and predict stock price performance. However, during periods of economic distress like the COVID-19 pandemic, these signals may not function reliably due to unstable macroeconomic conditions and increased risk perception. Therefore, this study aims to examine the reliability of financial statement signals and underwriter performance in explaining IPO stock price performance during the pandemic period. By incorporating the COVID-19 condition as an external economic shock, this research seeks to assess whether these signals remain relevant for investors under uncertain economic circumstances. The results are expected to enrich signaling theory literature and provide insights for IPO investment decision-making.