Penelitian ini bertujuan untuk menguji pengaruh corporate governance terhadap tingkat underpricing pada saat perusahaan melakukan Initial Public Offering (IPO). Faktor-faktor corporate governance yang diuji meliputi jumlah anggota dewan komisaris, tingkat independensi dari dewan komisaris, keberadaan komite audit, kualitas auditor eksternal, dan kualitas monitoring bank. Pengujian hipotesis dilakukan menggunakan model regresi berganda dengan sampel 91 observasi dari perusahaan yang melakukan IPO yang tercatat di Bursa Efek Indonesia selama periode 2002-2010. Hasil penelitian ini memberikan bukti empiris bahwa jumlah anggota dewan komisaris dan kualitas auditor berpengaruh negatif dan signifikan terhadap tingkat underpricing. Namun tingkat independensi dari dewan komisaris, keberadaan komite audit, dan kualitas monitoring bank tidak berpengaruh terhadap tingkat underpricing.

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The objective of this research is to examine the effect of corporate governance on underpricing level at Initial Public Offering. The corporate governance factors tested include board size, board independence, the existence of audit committee, external auditor quality, and bank monitoring quality. Testing hypotheses are conducted using multiple regression models with observations from 91 sample IPO companies listed in Indonesian Stock Exchange during the period of 2002-2010. The empirical results show that board size and external auditor quality have negative significant effect on underpricing level. However board independence, the existence of audit committee, and bank monitoring quality have no significant effect on underpricing level.