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"The number of takeover transactions is relatively less compared to other corporate actions bypublicly-listed companies, (e.g. IPOs, rights issues, or material transactions). There is no researchthat explains or contextualizes this fact, but one may speculate that this may be due to (a) the existenceof block-holders in Indonesia’s corporate structure profile (structural barrier) or (b) because itis costly to carry out a takeover in light of the existing Mandatory Tender Offer (MTO) requirements(legal barrier). This article focuses on the latter problem, aiming to address the practical and legalissues pertaining to takeover transactions in Indonesia with respect to the existence of the MTO.Pursuant to the prevailing rule, in a takeover of publicly-listed companies that results in a change ofcontrol, a MTO/mandatory bid requirement must be followed with the potential acquirer making anoffer to purchase all of the remaining shares of the target company according to a certain minimumprice formula. Specifically the article discusses practical and creative strategies that prospectivecontrollers employ to avoid the mandatory bid/MTO requirement, and how these strategies impactthe principle of minority shareholders’ protection.."

"Penelitian ini bertujuan untuk menganalisis perilaku herding dan sentimen pasar sebelum dan sesudah penutupan kode domisili per 27 Juni 2022 oleh Bursa Efek Indonesia dengan tujuan untuk mengurangi perilaku herding. Teknik analisis yang digunakan adalah Cross Sectional Standard Deviation (CSSD) dan Cross Sectional Absolute Deviation (CSAD). Hasil analisis menunjukkan perilaku herding tidak terlihat pada periode sebelum dan sesudah penutupan kode domisili. Analisis dengan melihat kemunculan perilaku herding berdasarkan sentimen pasar juga tidak menunjukkan perilaku herding. Kondisi pasar secara keseluruhan setelah penutupan kode domisili menunjukkan adanya penurunan tingkat imbal hasil dan volatilitas yang cenderung stabil.

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This study aims to analyze herding behavior and market sentiment before and after the closing of the domicile code on 27 June 2022 by the Indonesia Stock Exchange to reduce herding behavior. The analysis technique used Cross-Sectional Standard Deviation (CSSD) and Cross-Sectional Absolute Deviation (CSAD). The analysis results show that herding behavior is not seen before and after the domicile code closure. Analysis of the emergence of herding behavior based on market sentiment also does not show herding behavior. Overall market conditions after the closing of the domicile code indicate a decline in returns with stable volatility."

"Penelitian ini bertujuan untuk menguji pengaruh sentimen investor spesifik perusahaan (FSIS) terhadap sinkronisitas harga saham serta pengaruh sinkronisitas harga saham terhadap risiko kejatuhan harga saham (crash risk) di pasar modal Indonesia. Penelitian ini menggunakan metode regresi panel dengan efek tetap (fixed effects) untuk data perusahaan non-finansial yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2019 hingga 2023. Hasil penelitian menunjukkan bahwa FSIS berpengaruh negatif terhadap sinkronisitas harga saham, yang mengindikasikan bahwa semakin tinggi sentimen investor terhadap perusahaan, semakin rendah harga saham bergerak bersama dengan pasar secara keseluruhan, dan lebih mencerminkan informasi spesifik perusahaan. Selanjutnya, penelitian ini menemukan bahwa sinkronisitas harga saham yang lebih rendah meningkatkan potensi risiko kejatuhan harga saham, yang menunjukkan bahwa rendahnya pergerakan harga saham yang didorong oleh sentimen investor lebih banyak dipengaruhi oleh perilaku investor ritel daripada informasi fundamental. Penelitian ini juga menyoroti bahwa pengaruh sentimen investor spesifik perusahaan terhadap risiko kejatuhan harga saham memerlukan perhatian khusus, karena sentimen yang tinggi dapat memperburuk volatilitas pasar dan berpotensi meningkatkan potensi crash risk harga saham. Temuan ini memberikan implikasi bagi regulator pasar modal, yang perlu mempertimbangkan pengaruh sentimen investor dalam merumuskan kebijakan yang meningkatkan transparansi pasar dan mengurangi sentimen berlebihan yang dapat mempengaruhi stabilitas pasar. Selain itu, hasil penelitian ini juga dapat menjadi referensi bagi investor dalam strategi investasi mereka, serta bagi peneliti akademis untuk memperdalam studi tentang pengaruh sentimen investor terhadap perilaku pasar modal.

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This  study aims to examine the effect of firm-specific investor sentiment (FSIS) on stock price synchronicity and the effect of stock price synchronicity on crash risk in the Indonesian capital market. This study uses panel regression method with fixed effects for data of non-financial companies listed on the Indonesia Stock Exchange (IDX) during the period 2019 to 2023. The results show that FSIS has a negative effect on stock price synchronicity, which indicates that the higher the investor sentiment towards the company, the lower the stock price moves along with the overall market, and reflects more company-specific information. Furthermore, the study found that lower stock price synchronicity increases the potential risk of stock price crashes, indicating that low stock price movements driven by investor sentiment are influenced more by retail investor behavior than fundamental information. This research also highlights that the influence of firm-specific investor sentiment on stock price crash risk requires special attention, as high sentiment can exacerbate market volatility and potentially increase potential stock price crash risk. These findings provide implications for capital market regulators, who need to consider the influence of investor sentiment in formulating policies that enhance market transparency and reduce excessive sentiment that may affect market stability. In addition, the results of this study can also be a reference for investors in their investment strategies, as well as for academic researchers to deepen the study of the influence of investor sentiment on capital market behavior. "