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"Skripsi ini menganalisis tentang perlunya pengaturan mengenai jumlah minimum saham publik (public float) bagi Emiten di Pasar Modal Indonesia. Selama ini pengaturan terkait belumlah ideal untuk memberikan perlindungan hukum dalam berinvestasi di Pasar Modal bagi investor ritel, meningkatkan likuiditas saham dan mencegah pelanggaran-pelanggaran yang ditimbulkan dari saham publik yang minim dan tidak likuid. Sehingga banyak Emiten di Pasar Modal Indonesia yang memiliki saham publik di bawah 5% (lima persen) yang kemudian menjadi saham tidur yang dianggap menghambat likuiditas Pasar Modal Indonesia. Studi kasus yang dianalisis adalah dampak penerapan pengaturan public float terhadap PT Adira Dinamika Multifinance Tbk. yang hanya memiliki saham publik sebesar 4,8%, sehingga apabila nantinya aturan ini diberlakukan, dapat diterapkan dengan efektif bagi Emiten di Pasar Modal Indonesia.

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This thesis analyzing the need to regulate about the minimum portion of public shares (public float) for any listed companies in Indonesia Capital Market. The related regulations are still inappropriate for giving legal protection of investing in Indonesia Capital Market for retail investors, increasing shares liquidity and reducing any potential crime arise from illiquid shares. Several listed companies have their public float under 5% which causing “sleeping stocks” and obstruct Indonesia Capital Market’s liquidity. Case study that analyzed was the impact of future regulations of public float for PT Adira Dinamika Multifinance Tbk. whom only has 4,8% on public shares, so for the effectiveness of public float regulations we have to be aware of such conditions of listed companies in Indonesian Capital Market."

"OJK mengatur regulasi pasar modal untuk menjaga stabilitas pasar modal Indonesia terutama pada saat kondisi berfluktuasi, salah satunya melalui kebijakan share repurchase. Penelitian ini bertujuan untuk menganalisis hubungan share repurchase dan likuiditas terhadap volatilitas saham. Sampel penelitian dipilih dengan teknik purposive sampling dan terdapat 137 sampel yang memenuhi kriteria. Analisis data menggunakan regresi linear berganda. Hasil penelitian ini menunjukkan bahwa share repurchase berpengaruh negatif secara signifikan terhadap volatilitas saham dan likuiditas berpengaruh positif secara signifikan terhadap volatilitas saham. Temuan ini mengindikasikan bahwa share repurchase dapat dijadikan pertimbangan bagi perusahaan untuk upaya meredam volatilitas saham, serta perlu memperhatikan kondisi likuiditas saham sebagai faktor yang mempengaruhi fluktuasi harga saham.

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FSA oversee capital market regulations to maintain the stability of Indonesian capital market especially during unstable condition, which is through share repurchase policy. This study aims to analyze the relationship between share repurchase and liquidity on stock volatility. The research sample was selected using purposive sampling technique and there were 137 samples that met the criteria. Data analysis was performed using multiple linear regression. The results of this study indicate that share repurchase has a significant negative effect on stock volatility and liquidity has a significant positive effect on stock volatility. These findings indicate that share repurchase can be considered for companies to reduce stock volatility, and need to pay attention to stock liquidity condition as a factor that affecting stock price fluctuations."

"Herding behavior dapat didefinisikan sebagai perilaku individu yang memutuskan untuk mengikuti orang lain dan meniru perilaku kelompok daripada mengambil keputusan secara mandiri berdasarkan informasi yang mereka punya. Analisis kali ini bertujuan untuk menganalisis keberadaan herd behavior yang dipengaruhi oleh investor attention. Dalam penelitian kali ini, Google Search digunakan sebagai proxy dari investor attention dengan dugaan bahwa ketika investor attention meningkat, maka jumlah investor yang menggunakan Google Search untuk mencari informasi akan meningkat sehingga nantinya investor akan memiliki informasi yang serupa dan kemudian membuat keputusan perdagangan serupa sehingga terbentuk herd behavior. Penelitian kali ini juga menganalisis pengaruh investor attention dalam pembentukan herd behavior pada periode market return negatif dan pada periode Pandemi COVID-19. Adapun metode yang digunakan dalam penelitian kali ini adalah metode cross-sectional absolute deviation (CSAD). Sampel penelitian yang digunakan adalah data berupa return harian dari IHSG pada periode Juli 2012-Juni 2022 yang diambil dari Refinitiv eikon dan data berupa frekuensi pencarian kata kunci terkait Pasar Modal Indonesia pada periode Juli 2012-Juni 2022 yang diambil dari Google Trends. Hasil dari penelitian kali ini adalah ditemukan keberadaan herd behavior yang dipengaruhi oleh investor attention, tetapi tidak ditemukan keberadaan herd behavior dalam periode market return negatif dan dalam periode Pandemi COVID-19.

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Herding behavior can be defined as the behavior of individuals who decide to follow others and imitate group behavior rather than making decisions independently based on the information they have. This research aims to analyze the existence of herd behavior that is influenced by investor attention. In this study, Google Search is used as a proxy for investor attention with the assumption that when investor attention increases, the number of investors using Google Search to search for information will increase so that later investors will have similar information and then make similar trading decisions so that herd behavior are formed. This research also analyzes the influence of investor attention in forming herd behavior during the negative market return period and during the COVID-19 Pandemic. The method used in this study is the cross-sectional absolute deviation (CSAD) method. The research sample used is data of daily market return from the Indonesia Composite Index (ICI) for the period July 2012-June 2022 taken from Refinitiv eikon and search frequency data for keywords related to the Indonesian Capital Market in the period July 2012-June 2022 taken from Google Trends. The results of the present study found the existence of herd behavior influenced by investor attention, but no herd behavior was found during the negative market return period and during the COVID-19 Pandemic period."

"Penelitian ini bertujuan untuk menganalisis pengaruh tingkat investor attention, dengan menggunakan proksi Google search volume (GSV), terhadap aktivitas, tingkat likuiditas, dan volatilitas pasar modal Indonesia khususnya perusahaan LQ- 45 pada periode 2010 hingga 2016. Hasil yang diperoleh yaitu pada kebanyakan kasus ditemukan bahwa tingkat investor attention yang tinggi berpengaruh ada tingkat likuiditas dan volatilitas yang tinggi. Kemudian, tren yang terjadi pada perusahaan Indonesia tidak memiliki pola yang khusus pada sektor tertentu. Sementara itu, model penelitian yang mengacu pada penelitian di Perancis ditemukan bahwa model untuk perusahaan di Indonesia perlu ditambahkan untuk menjelaskan likuiditas, karena kebanyakan variabel tidak signifikan mempengaruhi.

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This study aims to analyze the influence of investor attention, using Google search volume (GSV) as the proxy, against the activity, liquidity, and volatility of capital markets in Indonesia, especially those included in LQ-45 from 2010 to 2016. The results obtained are in most cases found that the high level of investor attention affect high level of liquidity and volatility. Then, a trend that occurred in the Indonesian company does not have a particular pattern in a particular sector. Meanwhile, the research model which refers to a French study found that the model for companies in Indonesia need to be added to explain liquidity, since most variables are not significantly affecting."

"Mulai tanggal 6 Januari 2014, Bursa Efek Indonesia telah memberlakukan kebijakan baru yang merubah satuan perdagangan dari 500 lembar per lot menjadi 100 lembar per lot; dan mengurangi kelompok fraksi harga dari 5 kelompok menjadi 3 kelompok harga berdasarkan Surat Keputusan Nomor: Kep-00071/BEI/11-2013. Tujuan kebijakan perubahan satuan perdagangan dan fraksi harga adalah untuk meningkatkan likuiditas dan kapitalisasi pasar serta untuk meningkatkan daya saing bursa. Penelitian ini dilakukan untuk melihat likuiditas pasar modal Indonesia setelah kebijakan diberlakukan dengan membandingkan likuiditas pada 3 bulan sebelum dan sesudah kebijakan diberlakukan. Setelah menggunakan data harian, parametric paired samples t-test, dan regresi panel, ditemukan bahwa kebijakan tersebut mampu menurunkan rentang tawar-menawar pasar dan meningkatkan aktivitas perdagangan, namun kedalaman pasar tidak signifikan menurun. Hasil ini memberikan informasi bahwa likuiditas pasar meningkat berdasarkan dimensi width dan immediacy; aktivitas perdagangan meningkat melalui volume, nilai, dan frekuensi perdagangan yang meningkat. Akan tetapi, kedalaman pasar yang tidak signifikan menurun menunjukkan bahwa kebijakan yang baru tidak mengurangi likuiditas keseluruhan pasar.

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On January 6, 2014, the Indonesia Stock Exchange has introduced a new policy that changes the trading unit (lot size) of 500 shares per lot into 100 shares per lot; and reduces the tick size of 5 price groups into 3 price groups based on the Decree No. Kep-00071/BEI/11-2013. The purpose of the lot size and tick size change policy is to increase the liquidity and market capitalization as well as to improve the competitiveness of the exchange. This study was conducted to see the Indonesian capital market liquidity after the policy enforced by comparing liquidity in the 3 months before and after the policy is enforced. By using daily data, a parametric test of paired samples t-test, and panel regression, then the policy is able to reduce the market spread and increase trading activity, but market depth is not significantly decreased. These results provide information that increases market liquidity based on the dimensions of width and immediacy; increased trading activity by volume, value, and increased trading frequency. However, market depth is not decline significantly shows that the new policy does not reduce the overall liquidity of the market."

"Skripsi ini membahas mengenai proses penjatuhan sanksi berupa penghentian sementara perdagangan saham suspensi saham kepada PT. Sekawan Intipratama Tbk. Bursa Efek Indonesia telah melakukan suspensi saham sejak November 2015, namun berdasarkan hasil wawancara dengan divisi pengawasan transaksi Bursa Efek Indonesia, diketahui bahwa alasan yang melatarbelakangi dilakukannya suspensi tidak sesuai dengan peraturan di bidang pasar modal. Hal ini menunjukan masih kurang jelasnya proses penjatuhan suspensi saham yang tidak memberikan perlindungan kepada emiten dan investor Padahal tujuan didirikannya Bursa Efek Indonesia adalah untuk menyelenggarakan perdagangan Efek yang teratur, wajar, dan efisien. Oleh karena itu, sangatlah diperlukan pengaturan yang lebih jelas dan rinci perihal suspensi perdagangan saham yang diharapkan dapat memberikan perlindungan terhadap investor.

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The main issue of this thesis is about how Indonesia Stock Exchange, also known as IDX, suspend PT. Sekawan Intipratama Tbk from dealing its securities. IDX already suspended PT. Sekawan Intipratama Tbk since November 2015, but according to the interview with transaction supervision division of IDX's, it is clearly shows that the reason behind the suspension is still unclear and not regulated by the law yet. Whereas according to the law, IDX shall be founded for the purpose of organizing an orderly, fair and efficient trading market for securities. That's why it is necessary to regulate concerning stock trades suspension which as expected can protect the shareholders and listed companies in the future. "

"Pada awal tahun 2020, dunia dilanda dengan wabah virus baru yakni COVID-19 yang melanda di seluruh negara, termasuk Indonesia. Kemunculan wabah virus COVID-19 ini menimbulkan dampak negatif terhadap pertumbuhan perekonomian dalam negeri. Namun, uniknya, pasar modal mencatatkan rekor terbaiknya dalam segi penambahan jumlah investor pasar modal dan saham yang mengalami kenaikan tertinggi sepanjang sejarah di tengah disrupsi sosial-ekonomi akibat pandemi COVID-19. Di tengah tren positif tersebut, muncul sebuah fenomena di kalangan investor dan masyarakat dimana sejumlah figur publik ternama di Indonesia beramai-ramai mempromosikan portofolio saham mereka yang mengalami keuntungan dengan menyebutkan saham emiten tertentu. Kemunculan fenomena ini disinyalir menjadi salah satu faktor yang mendorong peningkatan jumlah investor saham. Sejumlah pakar dan ahli memiliki kekhawatiran bahwa fenomena ini dapat berpotensi menimbulkan permasalahan hukum berupa pelanggaran terhadap peraturan perundang-undangan pasar modal di Indonesia. Tulisan ini akan menganalisis landasan  hukum, akibat hukum, serta penegakan hukum berkaitan dengan fenomena ini dengan menggunakan bahan hukum peraturan perundang-undangan, jurnal, buku, dan internet. Hasil penelitian menunjukkan bahwa adanya potensi atau kemungkinan terjadinya pelanggaran terhadap peraturan perundang-undangan pasar modal berupa manipulasi pasar dengan skema pump and dump sehubungan dengan fenomena promosi saham emiten tertentu yang dilakukan oleh figur publik kepada investor dan masyarakat di Indonesia.

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At the beginning of 2020, the world was hit by a new virus outbreak, namely COVID-19, which hit all countries, including Indonesia. The emergence of the COVID-19 virus outbreak had a negative impact on domestic economic growth. However, uniquely, the capital market recorded its best record in increasing the number of capital market investors and stocks which experienced the highest increase in the history due to socio-economic disruption by COVID-19 pandemic. During this positive trend, a phenomenon emerged among investors and the public where several public figures in Indonesia announced their profitable stock portfolios by mentioning the shares of certain issuers. The emergence of this phenomenon is allegedly one factor that encourages the increase in the number of stock investors. Some experts have symptoms that this phenomenon can cause legal problems in the laws and regulations of the capital market in Indonesia. This paper will discuss the legal basis, legal consequences, and law enforcement related to this phenomenon using laws and regulations, journals, books, and the internet. The study results indicate a potential or possibility of violating capital market laws and regulations in the form of a market manipulation with a pump and dump scheme in connection with the promotion of shares of certain issuers by public figures to investors and the public in Indonesia."

"Penelitian ini menganalisis risiko kredit, risiko likuiditas dan profitabilitas Bank Asing di Indonesia pada periode 2009-2018 di mana sejak 2014, Bank Asing diwajibkan untuk memenuhi persyaratan permodalan baru dalam rangka penerapanBasel 3, yakni regulasi Capital Equivalency Maintained Assets (CEMA). CEMA mengharuskan modal Bank Asing untuk ditempatkan pada aset keuangan tertentu, sehingga dana tersebut tidak dapat dipergunakan untuk penyaluran kredit. Hasil penelitian menunjukkan Bank Asing memiliki risiko kredit yang lebih baik (terlihat dari penurunan NPL dan peningkatan CAR), namun mengalami penurunan profitabilitas (terlihat dari penurunan ROA). Selain itu, risiko likuiditas yang diharapkan dapat turut dimitigasi, ternyata mengalami peningkatan (terlihat dari penyaluran kredit yang meningkat dan LDR yang tetap tinggi). Pada Bank Asing BUKU 2, penerapan CEMA tidak memberikan perubahan signifikan bagi penurunan NPL dan perubahan LDR. Pasca penerapan CEMA, risiko kredit pada Bank Asing BUKU 3 lebih membaik sedangkan risiko likuiditasnya lebih meningkat dibandingkan pada Bank Asing BUKU 2. Walaupun demikian, profitabilitas Bank Asing BUKU 2 lebih menurun dibandingkan Bank Asing BUKU 3. Penelitian ini menggunakan metode uji beda mean two sample dengan t- Test.

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The study is analysing credit risk, liquidity risk and profitability of foreign banks in Indonesia for the period 2009-2018, of which since 2014, foreign banks are required to meet new capital requirements following implementation of Basel 3, which is the regulation of Capital Equivalency Maintained Assets (CEMA). CEMA requires foreign banks to channel their capital into specific financial assets, which resulting the funds cannot be used for credit disbursement. Result of the study shows that foreign banks have better credit risk (shown by lower NPL and increase in CAR), however they experiences lower profitability (shown by lower ROA). In addition to that, liquidity risk which was intended to be mitigated, is actually showing elevated level (shown by continuously increase of credit disbursement while LDR ratio is still showing high). BUKU 2 type foreign banks after CEMA implementation does not significantly have lower NPL nor have change of LDR ratio. After CEMA implementation, credit risk of BUKU 3 trpe foreign banks is better while their liquidity risk is elevated compare to BUKU 2 type foreign banks. On the contrary, profitability of BUKU 2 type foreign banks are lower compare to BUKU 3 type foreign banks. This study is using method of mean two sample difference with t-Test."

"[ABSTRAKPenelitian ini bertujuan untuk mengetahui kondisi industri telekomunikasi saat ini, pengelolaan modal kerja, posisi dari likuiditas, profitabilitas dan solvabilitas pada perusahaan dengan jangka waktu penelitian selama sepuluh tahun. Dari hasil penelitian ini dapat dilihat bahwa kondisi industri telekomunikasi saat ini bergeser dari penggunaan sms dan telpon menjadi penggunaan internet. Hasil dari cash conversion cycle (CCC) pada perusahaan dengan pengelolaan modal kerja positif lebih cepat dibanding perusahaan dengan modal kerja negatif. Posisi likuiditas dari perusahaan modal kerja negatif lebih menghawatirkan dibanding dengan perusahaan modal kerja positif. Profitabilitas terhadap likuiditas lebih berpengaruh kuat dan signifikan pada perusahaan dengan modal kerja negatif. Sedangkan profitabilitas terhadap risiko modal kerja lebih berpengaruh pada perusahaan dengan modal kerja positif. Penilaian solvabilitas perusahaan dengan modal kerja negatif berada di zona abu-abu dan perusahaan dengan modal kerja positif selalu berada pada zona aman.;

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ABSTRACTThis study aims to determine the current condition of the telecommunications industry, working capital management, the position of liquidity, profitability and solvency of the company for a period of over ten years of research. From these results it can be seen that the condition of the telecommunications industry is currently shifting from the use of sms and calls into internet usage. The results of the cash conversion cycle (CCC) at the company with positive working capital management faster than companies with negative working capital. The liquidity position of the company is more worrying negative working capital compared with positive working capital companies. Profitability of the liquidity more robust and significant influence on the company with negative working capital. While the profitability of the risks of working capital have more influence on companies with positive working capital. Rate solvency of companies with negative working capital is in the gray zone and the company with positive working capital always be on the safe zoneLiquidity;This study aims to determine the current condition of the telecommunications industry, working capital management, the position of liquidity, profitability and solvency of the company for a period of over ten years of research. From these results it can be seen that the condition of the telecommunications industry is currently shifting from the use of sms and calls into internet usage. The results of the cash conversion cycle (CCC) at the company with positive working capital management faster than companies with negative working capital. The liquidity position of the company is more worrying negative working capital compared with positive working capital companies. Profitability of the liquidity more robust and significant influence on the company with negative working capital. While the profitability of the risks of working capital have more influence on companies with positive working capital. Rate solvency of companies with negative working capital is in the gray zone and the company with positive working capital always be on the safe zoneLiquidity, This study aims to determine the current condition of the telecommunications industry, working capital management, the position of liquidity, profitability and solvency of the company for a period of over ten years of research. From these results it can be seen that the condition of the telecommunications industry is currently shifting from the use of sms and calls into internet usage. The results of the cash conversion cycle (CCC) at the company with positive working capital management faster than companies with negative working capital. The liquidity position of the company is more worrying negative working capital compared with positive working capital companies. Profitability of the liquidity more robust and significant influence on the company with negative working capital. While the profitability of the risks of working capital have more influence on companies with positive working capital. Rate solvency of companies with negative working capital is in the gray zone and the company with positive working capital always be on the safe zoneLiquidity]"

"Tesis ini membahas permasalahan hukum yang timbul dari Initial Public Offering (IPO) startup company di pasar modal Indonesia, dengan membandingkan praktik dan regulasi di Amerika Serikat dan China. Tujuan penelitian ini adalah untuk mengidentifikasi tantangan dan peluang yang dihadapi oleh startup company Indonesia dalam melakukan IPO, serta memberikan rekomendasi hukum untuk meningkatkan daya saing dan perlindungan bagi pemodal dan investor. Metode penelitian yang digunakan adalah hukum doktrinal dengan menggunakan data sekunder berupa peraturan perundang- undangan, dokumen resmi, literatur, dan studi kasus. Hasil penelitian menunjukkan bahwa terdapat beberapa permasalahan hukum yang berkaitan dengan IPO startup company di Indonesia, antara lain: ketidaksesuaian kriteria emiten, ketidaksiapan infrastruktur pasar modal, ketidakjelasan status hukum dan kepemilikan saham, serta potensi konflik kepentingan dan manipulasi pasar. Penelitian ini juga menemukan bahwa Amerika Serikat dan China memiliki praktik dan regulasi yang berbeda dalam mengatur IPO startup company, yang dapat memberikan inspirasi bagi Indonesia untuk melakukan reformasi hukum pasar modal. Penelitian ini merekomendasikan beberapa langkah hukum yang dapat dilakukan oleh pemerintah, otoritas pasar modal, bursa efek, dan startup company Indonesia untuk memfasilitasi IPO startup company di Indonesia, seperti: merevisi kriteria emiten, memperkuat infrastruktur pasar modal, memberikan kepastian hukum dan perlindungan bagi pemodal dan investor, serta meningkatkan pengawasan dan penegakan hukum pasar modal.

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This thesis discusses the legal issues arising from the Initial Public Offering (IPO) of start-up companies in the Indonesian capital market, by comparing the practices and regulations in the United States and China. The purpose of this research is to identify the challenges and opportunities faced by Indonesian start-up companies in conducting IPOs, as well as to provide legal recommendations to improve the competitiveness and protection of capital providers and investors. The research method used is doctrinal law using secondary data such as legislation, official documents, literature, and case studies. The research results show that there are several legal issues related to the IPO of start- up companies in Indonesia, such as: inconsistency of issuer criteria, unpreparedness of capital market infrastructure, ambiguity of legal status and share ownership, and potential conflicts of interest and market manipulation. This research also finds that the United States and China have different practices and regulations in regulating the IPO of start-up companies, which can provide inspiration for Indonesia to carry out capital market law reform. This research recommends some legal steps that can be taken by the government, capital market authorities, stock exchanges, and Indonesian start-up companies to facilitate the IPO of start-up companies in Indonesia, such as: revising issuer criteria, strengthening capital market infrastructure, providing legal certainty and protection for capital providers and investors, as well as improving supervision and enforcement of capital market law."