PERSPECTIVE ON THE EFFECT OF VENTURE CAPITAL MODERATION ON BOARD CHARACTERISTICS AND IPO UNDERPRICING

Abstract

Corporate governance is closely related to the Board's ability to control IPO Underpricing. The presence of venture capitalists can also affect the Board's ability to control IPO Underpricing. This research aims to examine the influence of Board Independence and Board Size on IPO Underpricing which is moderated by Venture Capital. The sample of this research is companies that have conducted an IPO in 2020-2022 and provides information regarding the total number of boards and the number of independent boards. The number of samples in this research was 157 companies. The data analysis technique for this research uses Moderating Regression Analysis (MRA). The results of this research prove that the presence of venture capital investors can strengthen the influence of Board Independence and Board Size on IPO Underpricing. The presence of venture capital investors can help the Board in reducing information asymmetry and IPO underpricing.