•  
  •  
 

DOI

10.21143/jhp.vol54.no1.1606

Abstract

This research discusses Initial Public Offerings: Legal Protection of Minority Shareholders and Its Influence on Company Performance. This research aims to provide knowledge to the public regarding legal protection for minority shareholders and its influence on company performance from a national legal perspective. This type of research is normative research with the research approach used is a legal and conceptual approach. The research results show that: (1) The process of attracting investors to invest their capital cannot be separated from good regulations and legal certainty. Basically there are 2 (two) types of capital investment, namely direct investment and capital investment. indirect (portfolio investment) as regulated in Article 2 of the Capital Markets Law, (2) It can be seen that the financial performance trend shows an increase in terms of profitability, liquidity and growth ratios but there is a decrease in terms of liquidity and activity ratios. The implications of this research can be used as a source of knowledge for the public, especially regarding Initial Public Offerings regarding legal protection for minority shareholders and also its impact on company performance.

Bahasa Abstract

Penelitian ini membahas tentang Initial Public Offering: Perlindungan Hukum Pemegang Saham Minoritas dan Pengaruh Terhadap Kinerja Perusahaan. Penelitian ini bertujuan untuk memberikan pengetahuan terhadap masyarakat mengenai bagaimana perlindungan hukum bagi pemegang saham minoritas dan pengaruhnya terhadap kinerja perusahaan dalam perpektif hukum nasional. Jenis penelitian ini ialah penelitian normatif dengan pendekatan penelitian yang digunakan ialah pendekatan undang-undang dan konseptual. Dari hasil penelitian ini menunjukkan bahwa: (1) Proses untuk menarik investor untuk menanamkan modal tidak terlepas dari regulasi yang baik dan kepastian hukum, Pada dasarnya, terdapat 2 (dua) jenis penanaman modal, yakni penanaman modal langsung (direct investment) dan penanaman modal tidak langsung (portfolio investment) sebagaimana diatur dalam Pasal 2 UU Pasar Modal, (2) Dapat diketahui bahwa secara trend kinerja keuangan menunjukan adanya peningkatan pada segi rasio profitabilitas, likuiditas dan pertumbuhan tetapi adanya penurunan di segi rasio likuiditas dan aktivitas. Implikasi dari penelitian ini dapat dijadikan sebagai sumber pengetahuan bagi masyarakat khususnya terkait Initical Public Offering terhadap perlindungan hukum pemegang saham minoritas dan juga pengaruhnya terhadap kinerja perusahaan.

References

Ashurst. “Carbon Trading in Indonesia: OJK Regulation on Carbon Exchange.”, 2023, tersedia pada https://www.ashurst.com, diakses pada 27 Mei 2024.

Brau, J. C., & Fawcett, S. E. “Initial Public Offerings: An Analysis of Theory and Ractice.” Journal of Finance, Vol. 61, No. 1, (2006), hlm. 399-436.

Bursa Efek Indonesia. (2015, Desember). Panduan IPO (Go Public). Bursa Efek Indonesia, Desember 2015, tersedia pada https://www.idx.co.id/Portals/0/StaticData/Information/ForCompany/Panduan-Go-Public%20_Dec-2015.pdf, diakses pada 22 Mei 2024

Bursa Efek Indonesia. “Pencatatan Perdana Saham PT Remala Abadi Tbk (DATA) di Bursa Efek Indonesia.” Bursa Efek Indonesia, Mei 2024, tersedia pada https://www.idx.co.id/media/whshzcm2/nli-240507_data_d.pdf, diakses pada 26 Mei 2024.

Binekasri, R. “Perdana Melantai di BEI, Saham DATA Meroket 34,04%”, CNBC Indonesia, 7 Mei 2024, tersedia pada https://www.cnbcindonesia.com/market/20240507090658-17-536269/perdana-melantai-di-bei-saham-data-meroket-3404, diakses pada 26 Mei 2024.

Diaryzki, R. (2023). “Peran Pengaturan, Pengawasan, dan Perlindungan Otoritas Jasa Keuangan dalam IPO Perusahaan Startup Unicorn di Bursa Efek Indonesia.” Neraca, Vol. 1, No. 5, (2023), hlm. 379-399.

Fakhruddin. Istilah Pasar Modal A-Z. Jakarta: Elex Media Komputindo, 2008.

Garner, B.A. Black's Law Dictionary. Minnesota: West Publishing, 2009.

Gusni, Subing, H. J. T., & Lestari, W. “Corporate Governance Mechanism, Underwriter Reputation and IPOs Underpricing: Evidence from Indonesia Capital market.” International Journal of Innovation, Creativity and Change, Volume 6, No. 5 (2019), hlm. 45-58.

Hadi, Nor. Pasar Modal: Acuan Teoretis Dan Praktis Investasi di Instrument Keuangan Pasar Modal. Yogyakarta: Graha Ilmu. 2013.

Hapsari, A. I., & Sari, R. N. “Regulatory role of OJK in the development of financial technology in Indonesia.” Jurnal Penelitian Hukum De Jure, Volume 21, No. 2, (2021), hlm. 245-258.

Hapsari, S. D. “Aspek Hukum Penilaian atas Saham Perusahaan Startup Sebelum IPO dan Manfaatnya Bagi Investor serta Penerimaan Pajak Negara”. Madani: Jurnal Ilmiah Multidisiplin, Vol. 1, No. 4, (2023), hlm. 392-407.

Harahap, A. S. (2011). Proses Initial Public Offering (IPO) di Pasar Modal Indonesia. Forum Ilmiah, 134.

Harjono, D. K. Hukum Penanaman Modal: Tinjauan terhadap Pemberlakuan Undang-Undang No. 25 Tahun 2007 tentang Penanaman Modal. Jakarta: PT Raja Grafindo Persada, 2007.

Irhamni, F. “IPO Underpricing and Corporate Governance: Evidence From Indonesian Equity Market.” Proceedings of the 2nd International Conference on Business and Management of Technology (ICONBMT 2020), 2021, hlm. 143-149.

Jain, B. A., & Kini, O. “The Long-Run Performance of Initial Public Offerings: The UK Experience 1980–1988.” Journal of Business Finance & Accounting, Vol. 21, No. 3, (1994), hlm. 315-343.

Maksimovic, V., & Pichler, P. “Technological Innovation and Initial Public Offerings”. The Journal of Finance, Vol. 56, No. 1, (2001), hlm. 45-77.

Pagano, M., Panetta, F., & Zingales, L. “Why Do Companies Go Public? An Empirical Analysis”. The Journal of Finance, Vol. 53, No. 1, (1998), hlm. 27-64.

Pastusiak, R., Bolek, M., Malaczewski, J., & Kacprzyk, A. “The Impact of Firm Characteristics on IPO Long-Term Performance: New Evidence from Warsaw Stock Exchange” Equilibrium Quarterly Journal of Economics and Economic Policy, Vol. 11, No. 2, (2016), hlm. 245-265.

PwC Indonesia. “Indonesia IPO Market Watch Q3 2023”, PwC Indonesia, n.d., tersedia pada https://www.pwc.com/id/en/publications/capital-markets/indonesia-ipo-markets-watch-2023-q3.pdf, diakses pada 27 Mei 2024.

Rahmadani, W. “Perbedaan Equity Crowdfunding Dan Initial Public Offering (IPO) Dalam Hukum Pasar Modal Indonesia”. Jurnal Ilmu Sosial dan Pendidikan, Vol. 5, No. 2, (2021), hlm. 11-18.

Sugiharto, T., & Setiawan, D. “The Effect of Corporate Governance on Firm Value With Financial Performance as an Intervening Variable In Indonesian Capital Market.” Journal of Finance and Banking, Volume 22, No. 1, (2018), hlm. 72-85.

Tandelilin, Eduardus. 2010. Portofolio dan Investasi Teori dan Aplikasi (Edisi Pertama). Yogyakarta: Kanisius, 2010

Download

Share

COinS