Phenomenon of leaving money on the Indonesian's IPO table

This research aims to study 'leaving money on the table' phenomenon in emerging IPO market. This phenomenon exists in the emerging market, including the Indonesian stock market. During 2010-2018, more than 80% of Indonesian IPOs are underpriced. Therefore, this study is essential to examine the relationship between fundamental information/underwriters and the amount of money left on the Indonesian IPO table. We test our non-financial institutional IPO using the cross-sectional regression model. We find that firms with experienced underwriters and good governance are more likely to leave lower money on the Indonesia IPO table.