Initial Returns Determinants with the Underwriter’s Reputation as a Moderating Factor

Main purpose- The main purpose of this study is to find out the factors that affect initial return. Accounting information and non-accounting are components determine return needs be considered.Method - population used all companies conducted public offerings (IPOs) on Indonesia Stock Exchange (IDX) in 2016-2020 period. In study, sampling technique was non-probability with a saturated sample 135 companies. This multiple linear regression analysis test its hypothesis.Main Findings-The results hypothesis testing concluded assets has positive significant effect underwriter's reputation able moderate relationship between returns. debt-to-equity ratio negative current positively not significantly investment. company's size affects company Earnings per share have cannot moderated earnings versus price-earnings but return.Theory Practical Implications findings implications for primary market, as well parties who will conduct further research returns, such issuers go public. These investors make decisions about investing high underpricing rates. expected contribute or issuer, also invest can influence ROA, DER, SIZE, EPS return.Novelty- novelty use underwriter variable moderation strengthen CR, Ln Size, EPS, PER variables return, whereas previous studies did it variable.