[Penelitian bertujuan untuk memberikan bukti empiris mengenai pengaruh kepemilikan terkonsentrasi dan analyst following terhadap likuiditas saham, khususnya mengenai adanya risiko ekspropriasi terhadap pemegang sahamminoritas. Selain itu penelitian ini juga meneliti peran moderasi ukuran perusahaan terhadap hubungan struktur kepemilikan terkonsentrasi dan analyst following terhadap likuiditas saham. Kepemilikan saham diukur menggunakanselisih antara control right dan cash-flow right dari pemegang saham terbesar. Likuiditas diukur dengan adjusted Amihud Illiquidity. Sampel penelitian adalah perusahaan yang terdaftar di Bursa Efek Indonesia selama periode penelitian tahun 2010-2014. Hasil penelitian menemukan bahwa analyst following berhubungan positif dengan likuiditas. Semakin besar ukuran perusahaan,pengaruh positif tersebut semakin menurun.

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The study aims to provide empirical evidence about the effect of concentrated ownership and analyst following on the liquidity of the stock, particularly regarding the risk of expropriation of the minority shareholders. In

addition, this study also examines the role of size as moderating variable on the association concentrated ownership structure and analyst following on the liquidity of the stock. Share ownership is measured using the difference between control right and cash-flow rights of the largest shareholders. Liquidity is measured by adjusted Amihud Illiquidity. The samples were companies listed on the Indonesia Stock Exchange during the study period 2010-2014. The study found that analyst following positively related to liquidity. The larger the size of

the company, the positive effect decreases.;The study aims to provide empirical evidence about the effect of

concentrated ownership and analyst following on the liquidity of the stock,

particularly regarding the risk of expropriation of the minority shareholders. In

addition, this study also examines the role of size as moderating variable on the

association concentrated ownership structure and analyst following on the

liquidity of the stock. Share ownership is measured using the difference between

control right and cash-flow rights of the largest shareholders. Liquidity is

measured by adjusted Amihud Illiquidity. The samples were companies listed on

the Indonesia Stock Exchange during the study period 2010-2014. The study

found that analyst following positively related to liquidity. The larger the size of

the company, the positive effect decreases., The study aims to provide empirical evidence about the effect of

concentrated ownership and analyst following on the liquidity of the stock,

particularly regarding the risk of expropriation of the minority shareholders. In

addition, this study also examines the role of size as moderating variable on the

association concentrated ownership structure and analyst following on the

liquidity of the stock. Share ownership is measured using the difference between

control right and cash-flow rights of the largest shareholders. Liquidity is

measured by adjusted Amihud Illiquidity. The samples were companies listed on

the Indonesia Stock Exchange during the study period 2010-2014. The study

found that analyst following positively related to liquidity. The larger the size of

the company, the positive effect decreases.]