Capital Market Sector Research Articles

LEGAL PROTECTION TOWARDS PUBLIC COMPANIES FROM BANKRUPTCY

<p>Law Number 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations (UU KPKPU) only requires the provision that a Bankruptcy/PKPU application to be submitted by one creditor, and that it can be proven that the public company has at least two creditors, one of which is past due. Financial Services Authority (OJK) has the authority to regulate and supervise activities in the capital market field or sector carried out by public companies. OJK should be responsible for providing legal protection for public companies that submit applications for bankruptcy. The research method used is a normative legal research method. The results of this research confirm that Article 55 paragraph (1) of the OJK Law and Article 8 paragraph 4 of Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law) are the legal basis or legal protection that gives the authority to the Financial Services Authority to carry out regulation and supervision of financial services activities in the capital markets sector, where financial services activities in the capital markets sector are also carried out by public companies. There must be rules that are made firmly and explicitly so that the OJK is given responsibility, function and authority in protecting public companies from bankruptcy by carrying out insolvency tests. This means that before a public company is submitted for bankruptcy, the OJK must first carry out an insolvency test to determine whether the public company is in a state of insolvency or is actually in a state of solvency. If the results state that the public company is indeed insolvent, then the OJK must provide a product stating either in the form of a cover letter or a certificate that the public company is suitable for the debtor to submit a bankruptcy petition.</p>

Financial Development, Monetary Policy, and the Monetary Transmission Mechanism—An Asymmetric ARDL Analysis

This paper’s objective is to examine the asymmetric cointegration and asymmetric effects of financial development and monetary policy on monetary transmission mechanisms in the Nigerian context using annual data spanning the period from 1986 to 2023. This study pushes the frontiers of knowledge by providing information on the nonlinear impacts of monetary policy and financial sector innovations on monetary transmission mechanisms in Nigeria to help policymakers tailor their strategies to local conditions, enhancing the effectiveness of monetary interventions in the economy. To achieve this, this paper adopted nonlinear ARDL models to understand how changes in the direction of monetary policy and developments in the financial system induce changes in the transmission of monetary policy. The findings document the existence of asymmetries in both the short and long run, revealing that the impacts of financial development and monetary policy on the different monetary policy channels are not uniform. These asymmetries indicate that the responses of various economic variables to monetary policy actions differ depending on the level of financial development. These findings underscore the complexity of the monetary transmission mechanism and the necessity for a nuanced understanding of how financial development and monetary policy interact in different contexts. Consequently, this finding is symptomatic of some characteristics of those financial markets on their way toward advanced developments. As the financial system matures, monetary policy may have a greater impact on the cost of short-term funding for banks without having any discernible effect on the rates at which businesses and households access funding. Therefore, this paper recommends focusing on the policies that will foster the financial system across the banking sector, capital market, bond market, and overall financial sector to improve the efficiency of the monetary transmission process.

Evaluasi Peran Otoritas Jasa Keuangan dalam Pengawasan Implementasi Standar Audit 701 (2021)

The objectives of this study are to provide an overview of the benefits of communicating key audit matters (KAM) for OJK's oversight function, to identify findings related to KAM in United Kingdom and Malaysia, and how those regulators have responded to those findings, and to evaluate OJK's response related to KAM. This research is carried out by in-depth interviews with supervisors and analysts from the Directorate of Regulation and Development of the OJK Capital Market Sector. KAM communication provided benefits in OJK's supervisory function, among others, in determining the items to be reviewed in the Issuer's financial statements and in reviewing the audit responses stated in the auditor's report have been supported by the auditor's working papers. In carrying out their oversight function, the United Kingdom and Malaysia found, among others, that the average number of KAM and words in communicating KAM in the auditor's report continued to decline, the content of KAM of companies audited by Big 4 audit firms had more words for the same number of KAM, and the benefits of communicating KAM decreased because KAM disclosures were boilerplate. OJK's response in relation to the implementation of SA 701 (2021) is to draft OJK regulations related to KAM and to prepare a study related to the first-year implementation of SA 701 (2021). Based on these responses, it is reflected that OJK has an important role in the implementation support stage to ensure that the policy implementation runs well in the long term.

Peran Kemajuan Teknologi Informasi dalam Memoderasi Pengaruh Motivasi Investasi, Pengetahuan Investasi,,Pelatihan Pasar Modal, , Modal Investasi Minimal dan Persepsi Resiko terhadap Minat Investasi Generasi Milenial di Pasar Modal

Technology is an instrument that has an impact on the business sector, especially the capital market. Cost efficiency will be achieved through the use of technology. Apart from that, the speed and accuracy obtained from the use of technology are what is needed for trading on the stock exchange floor so that investors, brokers and related institutions can quickly analyze and make investment decisions. Furthermore, the capital market sector, in which thousands of companies are registered, actively buying and selling their shares, is very dependent on speed and accuracy in carrying out transactions on the stock exchange floor. The solution for this is that the existence of technology is really needed so that investors, brokers, traders and related institutions can make accurate decisions.The convenience of the existence of this technology is one of the factors that triggers the interest of the millennial generation, especially students, to invest, especially the convenience for novice investors who have just started investing and who do not yet have their own income.Furthermore, other factors that are thought to influence investment interest are Investment Motivation, investment knowledge, capital market training, Minimum Investment Capital and Risk Perception, all of which are Independent variables and Information Technology is presented as a moderating variable in order to strengthen the relationship between the aforementioned Independent variables and Investment Interest. .The data collection method used questionnaire and documentation techniques and the sampling technique used was purposive sampling for students from the Faculty of Economics and Business at three universities in the city of Padang. The data analysis method uses multiple linear regression tests and Moderated Linear Regression (MRA).The research results conclude that the findings from the answer to the problem formulation are that the Moderating Variable of Technological Progress on Investment Motivation has a significance value of 0.032. This means that the significance value is 0.032<0.05. So, it can be seen that the variable Moderation of Technological Progress on Investment Motivation has a significant effect on investment interest.

Legal Protection for Investors Buying and Selling Shares Online and in the Capital Market

This study aims to know and analyze legal protection for investors in terms of buying and selling shares online and to find out and analyze the factors inhibiting the implementation of factors that hinder legal protection for investors in terms of buying and selling shares online. The research method carried out in this study is normative legal research, in this case, using material collection techniques in the form of document and literature studies. The results of this study show the form of legal protection for investors as consumers in Law Number 8 of 1999 concerning Consumer Protection, namely the establishment of BPKN and BPSK. Law Number 8 of 1995 concerning the Capital Market has been regulated regarding the disclosure of information that must be provided to investors, and the regulation of Bapepam-LK as a supervisory body for every activity related to the capital market, which has been transferred to the OJK. Law Number 21 of 2011 concerning the Financial Services Authority aspects of legal protection provided by this law are prevention or preventive efforts and enforcement or repression carried out by the Financial Services Authority. The inhibiting factors faced in carrying out investor protection are still the large number of unlicensed/illegal online stock investments and the lack of knowledge of the investor community related to illegal investments. Research Recommendations It is expected that the government will be able to update Law Number 8 of 1999 concerning Consumer Protection to protect consumers optimally in this era of highly developed technological development. It is expected that in the future, the government will need to regulate online stock investment through a special law. It is expected that in the future, there will be coordination and cooperation between OJK and BPKN / BPSK in ensuring investor (consumer) protection. Investors are expected to be more careful in seeking information and choosing a clear securities company that has obtained permission for its activities. To find out the forms of violations/crimes in capital market transactions and to know the legal protection of investors in capital market transactions. The journal writing method uses normative research with an approach, namely the statutory approach, namely Law Number 8 of 1995 concerning the capital market, the fact approach to alluding to capital practices in Indonesia, and the concept analysis approach to legal analysis. Based on the results of the study, namely: Legal Protection to the Capital Market Supervisory Body Article 4 of Law No. 8 of 1995 concerning the capital market stated that "coaching, regulating, supervising by Bapepam to create orderly, fair, and efficient capital market activities and crimes and violations in the capital market sector will be involved in legal cases, in capital market violations, usually regarding BAPEPAM licensing and registration cases.

Law and Regulation as Safeguards for Investors Against Crime in Capital Market Sector

As a country with potency in economic growth, Indonesia is supported by several essential sectors, and one of them is through the Capital Market. The capital market enables the growth acceleration for a company or country by providing the needed fund. At least, through this medium, there are reciprocal benefits obtained by both parties involved in the Capital Market: issuers with capital injections, and investors with dividends and price increases. Unfortunately, there are big risks that investors have to deal with in capital markets, and some of them are related to fraud, market manipulation and insider trading. The results of this research found that government has enacted regulations that protect investors' rights through the Capital Market Law and the Financial Services Authority Law. However, there are still weaknesses in this regulation, especially for types of crimes that are still not regulated in this regulation. Moreover, it is necessary to have sufficient prowess from the authorized institution, especially the Financial Services Authority (OJK), to resolve cases in accordance with the applicable law aiming to protect investors' rights.

Premature Lawsuit in Capital Market Dispute against Losses in Shares of The Sejahtera Bersama Savings and Loans Cooperative (Study Decision No. 160/PDT/2021/PT DKI)

The capital market is a gathering place for companies and investors to carry out securities transactions such as shares, bonds and other securities. The capital market sector is very important for a country because it is the driver of a country's economy. Indonesia has a capital market sector which is regulated in Law Number 8 of 1995 concerning Capital Markets, this law explains the capital market regulations that must be obeyed by capital market players, namely investors and companies. The Indonesian government is aware of the potential for fraud, which is defined as violations or unlawful acts that are detrimental to the state and society. Regulations regarding capital markets seek to provide legal clarity and law enforcement in the capital markets sector, so that they remain important components for the development of the capital markets industry. Violations that occur in the capital market are often caused by an act carried out by an individual, in a group, directly, or by orders or influence from another party which causes losses to certain parties. These losses can be in the form of material losses and immaterial losses. As is the case with the capital market dispute in Decision no. 160/PDT/2021/PT DKI which strengthens Decision no. 745/Pdt.G/2019/PN JKT SEL. In Decision No.745/Pdt.G/2019/PN JKT SEL, the Panel of Judges stated that the lawsuit submitted by the Plaintiff could not be accepted based on several Judges' considerations, including because there was a premature lawsuit, namely a capital market dispute without first going through an examination by the Financial Services Authority. The plaintiff resubmitted the capital market dispute lawsuit by filing an appeal against Decision No. 160/PDT/2021/PT DKI and the Panel of Judges stated that they accepted the appeal by affirming the previous decision.

Penyelesaian Sengketa di dalam Hukum Pasar Modal

The capital market is an organized financial system that brings together shareholders and investors who had a certain period, directly or through intermediaries. The capital market sector is one of the financial services sectors that has a significant role in national development. Nowadays, lots of criticisms of capital market dispute resolution caused by many factors related to law enforcement, so efforts to create an orderly and efficient capital market have not been optimally achieve. In writing this researches the method used refers to normative juridical, which contains many juridical reviews from several sources and references to the object under study. In writing this article, a juridical approach used to get conclusions and keywords that are very precise from the object of studies in this article.

PENGARUH RASIO BIAYA OPERASIONAL PENDAPATAN OPERASIONAL (BOPO) DAN NON PERFORMING FINANCING (NPF) TERHADAP NET OPERATING MARGIN (NOM) PADA BANK UMUM SYARIAH YANG TERDAFTAR DI OTORITAS JASA KEUANGAN (OJK)

The Financial Services Authority is a state administration tasked with administering a system of regulation and supervision of all activities in the financial sector, such as the banking sector, capital market and non-bank financial services sector, such as insurance, pension funds, financing institutions and others. The phenomenon of a decrease in the net operating margin of Islamic banks attracted the author's interest to investigate further. This purpose of this study is to determine the effect of operating expense on operating revenue ratio (BOPO) and non performing financing (NPF) on the net operating margin (NOM) of Islamic Commercial Banks (BUS) registered on the OJK, either partially or simultaneously. This study uses quantitative methods with secondary data in the form of financial statements. The population are 12 BUS, but the sample used are only 6 BUS for 5 years with purposive sampling method. The analytical technique used is data normality test, product moment correlation test, multiple correlation test, multiple regression test, coefficient of determination test, t test and F test. The results of t test indicate that BOPO has a significant effect partially on NOM, while NPF has no significant effect partially on NOM. The results of the F test show that the BOPO and NPF have a significant effect simultaneously on NOM with a percentage coefficient of determination is 69.8%.

Digital finance and corporate breakthrough innovation: Evidence from China.

This paper empirically investigates the impact of digital finance on the breakthrough innovation of enterprises with a sample of A-share listed companies in Shanghai and Shenzhen from 2011 to 2022. It is found that digital finance can promote corporate breakthrough innovation, and presents certain structural heterogeneity characteristics. The mechanism test shows that digital finance has the dual attributes of a financing platform and a social platform, which can promote breakthrough innovation by alleviating corporate financing constraints and expanding corporate social networks. Heterogeneity analysis reveals that the role of digital finance in promoting breakthrough innovation is characterized by regional heterogeneity, with digital finance playing a greater role in promoting breakthrough innovation in provinces with a low level of development of the banking sector, provinces with a high level of development of the capital market sector, and the central region. In addition, the degree of firms' external financing dependence and the degree of product market competition can strengthen the positive effect of digital finance on firms' breakthrough innovation. This paper enriches the related research on the impact of digital finance on enterprise innovation, and provides theoretical basis and policy insights on how digital finance can better assist the innovation-driven development strategy.

Analisis Efek Domino Covid-19 Terhadap Pertumbuhan Investor Pasar Modal di Sumatera Utara

The purpose of this study was conducted to determine the impact of the COVID-19 pandemic on the growth of capital market investors in North Sumatra and the factors that influence investor growth during the pandemic, thereby increasing the value of transactions in North Sumatra. By using qualitative research methods and using data obtained from the field, and data collected with various sources that are already available. This study is descriptive in nature with the aim of providing descriptive, methodical, actual and accurate explanations of the facts, characteristics, and relationships between the phenomena discussed. The result can be obtained that the domino effect of covid-19 in the health sector on the capital market sector is a decrease in the health level of investors aged more than 40 years, a decrease in public income, difficulties in education about the capital market directly, increasing public awareness of the importance of investing.

Performance of Indonesia's Sharia Capital Market for the 2022 Period

Islamic capital markets instruments such as stocks, mutual funds, and sukuk are tools to drive economic growth through the capital market sector. The financial sector's performance in the first semester remained stable in 2022. The indicator that is getting stronger in the JCI index is 5.02% or a year-to-date level of 69 11.58 as of June 2022. This article aims to find out the performance of the Indonesian Islamic capital market for the 2022 period. This research uses a qualitative method with a literature review approach regarding the development and growth of sharia capital market performance after Covid-19 pandemic. The result of the discussion for the population has an Islamic majority population, so the capital market industry is expected. To accommodate and collect contributions from Muslim citizens to be active in the stock market, especially the Islamic stock market, and a local investor in the Indonesian Sharia capital market. Realize naturally that investment products are developed following Islamic principles and teachings. The financial sector's performance in the first semester remained stable in 2022. The indicator getting more assertive in the JCI index is 5.02% or a year-to-date level of 69 11.58 at the end of June 2022.

The Future of Sharia-Based Employment Insurance for Indonesia’s Employment Insurance Agency (BPJS Ketenagakerjaan): Learning from Malaysia

The growing Islamic economy worldwide has inspired the launch of “Indonesia’s Islamic Economic Masterplan 2019-2024” in May 2019. The blueprint aims to establish a sustainable domestic Islamic market and make Indonesia the key player in the global Islamic economy and finance hub by developing several sectors such as Islamic banking, Islamic capital market, social security, and Islamic social sectors. Data from Indonesia’s Financial Authority shows a huge gap between conventional and Islamic insurance regarding their contribution to Indonesia’s GDP in the third quarter of 2018. The former contributed 31,7%, while the latter only had 1,13%. It seems that Indonesia, home to the world’s largest Muslim population, is left behind among other Muslim majority countries to create an Islamic economic market. In contrast, Malaysia with fewer Muslim inhabitants has succeeded in building a feasible sharia economic market and Islamic insurance in its social security institution called the Employees’ Provident Fund (EPF). This study uses a comparative study to observe phenomena and analyze differences and similarities to be interpreted or evaluated, and comparisons will be made between Indonesia and Malaysia as units of analysis. Our findings indicate that the probability of developing Islamic insurance in social security institutions not only depends on the precise scheme that BPJS Ketenagakerjaan will introduce as the provider but also on the willingness of the national government to build a new regulatory framework.

The Influence of The Asean Regional Capital Market on Asean-5 Countries' Foreign Exchange Reserves

The capital market sector is one area of economic activity that is expected to grow significantly following the adoption of the ASEAN Economic Community (AEC). As a result, integrating capital market activity in the ASEAN area must be a top priority in AEC implementation. The essential criterion for creating a seamless flow of cash and investment is the integration of ASEAN countries' capital markets. The total worth of all outstanding shares based on their normal closing price is reflected in the stock market capitalisation. A rise in the value of market capitalization indicates that the capital market is expanding. Capital flows into and out of the capital market are thought to have altered the value of foreign exchange reserves. Foreign capital market investment contributes to a balanced balance of payments. Foreign capital not only serves to cover the deficit in domestic capital that domestic savings cannot fill, but it also helps to fill the emptiness in the foreign exchange gap through asset sales.

Gen Z Melek Investasi Melalui Kegiatan Edukasi Pasar Modal

The purpose of carrying out community service activities with capital market educational friends is to provide an understanding of the types of financial instruments traded on the capital market and how to transact them so that the level of financial literacy, especially in the capital market sector, will also increase. Education about the capital market is aimed at high school/equivalent students who are part of Gen Z because Gen Z is a potential investor candidate who will later become part of the middle-class society which is a group of people who are more consumptive in fulfilling their lifestyle, including in choosing an investment. The implementation of community service activities is carried out using the lecture method. In its implementation, the participants looked enthusiastic about the material presented. The students also asked several questions related to investment in the discussion on how to invest in the capital market.

The Role of Capital Market Notary in Corporate Backdoor Listing Actions in Indonesia

<p><em>The Rapid of economic development certainly affects the business world seen from the efforts of a company to expand its business, where business expansion certainly requires large funding. One of the ways to obtain funding is through activities in the capital market. A Limited Liability Company will trade securities but previously the company must have been listed on the Stock Exchange. The mechanism of going public by way of an Initial Public Offering (IPO) has conditions that are difficult to fulfill for some companies, so some companies take an alternative by doing Backdoor Listings, in order to be listed and get benefits like a public company. The author uses a normative juridical approach by examining literature or secondary data related to tertiary legal principles and norms and materials, which will be analyzed descriptively. The author sees that, there is no specific regulation related to backdoor listing corporate actions in the implementation of capital market activities in Indonesia and likewise with the absence of regulations that can be used as guidelines by notaries in the capital market sector in supporting backdoor listing corporate actions.</em></p><p><strong>`</strong></p><p><strong><em>Keywords: Backdoor Listing, Notary, IPO, Go Public, the </em></strong><strong><em>Financial Services Authority</em></strong><strong><em></em></strong></p>

The Potential of The Islamic Capital Market (ICM) as an Investment Model for the Baitul Mal

The mandate for investment in the Sharia Capital Market sector is clearly stated in the Aceh Governor Regulation No.8 of 2022 concerning the Management of Zakat and Infaq. the investment of infaq funds is carried out by the BMA Secretariat in the form and sector of shares, Sukuk, waqf empowerment, economic businesses, health, sharia deposits, education, and other investments. With the total BMA infaq funds from 2017 - 2022 around 153 billion, it provides an opportunity to invest in the Islamic financial market sector and provide benefits for the development of infaq funds aimed at the benefit of the economy. In this study, a qualitative method with a descriptive phenomenological approach was carried out. The sample was selected purposively, the informants of the research were investment practitioners, BMA commissioners, sharia supervisory boards, Islamic economics and Islamic banking academics, the government, the national committee for Islamic economics and finance (KNEK), and mustahik. The results of this study concluded that the sharia-based capital market provides a variety of sharia investment products that Baitul Mal Aceh can choose as a medium for investing infaq funds, namely sharia stocks, sukuk, and sharia mutual funds. Investment business models in Islamic financial markets can be done by considering risks carefully, and prudently choosing Islamic investment products that are low-risk and consistent returns.

Penyelesaian Sengketa di Dalam Hukum Pasar Modal

The capital market is an organized financial system that brings together shareholders and investors who have a certain period of time, either directly or through intermediaries. The capital market sector is one of the financial services sectors that play an important role in national development. At present, there are many criticisms of capital market dispute resolution caused by many factors related to law enforcement, so that efforts to create an orderly and efficient capital market have not been optimally achieved. In writing this research the method used refers to normative juridical, which contains many juridical reviews from several sources and references to the object under study. In writing this article, a juridical approach is used to get conclusions and keywords that are very precise from the object of study in this article.
 Keywords : Capital Market, Dispute Resolution.

PENYELESAIAN SENGKETA MELALUI LEMBAGA ALTERNATIF PENYELESAIAN SENGKETA (LAPS) PADA SECURITIES CROWDFUNDING DI INDONESIA

This article discusses dispute resolution of the risks faced by parties in securities crowdfunding in Indonesia through Alternative Dispute Resolution Institutions (LAPS). Securities crowdfunding itself is a refinement of equity crowdfunding, which has been running first. This is because equity crowdfunding cannot be utilized by small and medium enterprises (SMEs) or start-up companies because both are not limited liability company (PT) legal entities and only issue stock securities. This research uses normative juridical research methods and a legal research approach. The results of research on securities crowdfunding dispute resolution in Indonesia through LAPS were conducted by BAPMI because securities crowdfunding is included in the capital market sector. Dispute resolution in securities crowdfunding can be through internal dispute resolution forums (settlements are carried out by internal organizers) or external dispute resolution (settlements can be through LAPS and litigation).
 Keywords: Dispute, LAPS, Securities Crowdfunding.

The Effect of Investment in The Banyuwangi Economy

Banyuwangi is the largest area in East Java. With natural wealth and tourism potential and the agricultural sector is getting better. So many investors have started to invest in Banyuwangi Regency. Likewise, people are starting to be interested in the world of investment, both in the capital market sector and the traditional investment sector. These reasons motivated researchers to continue their research related to the effect of investment in Banyuwangi Regency. This is in line with the high interest in investment, so there are also cases of civil and criminal crimes related to investment. All of these cases can occur because of the minimal level of public knowledge about investment and all its derivatives. Therefore, in addition to studying the influence of investment on the economy, this article also adds insight to the readers so that the level of crime and fraud under underinvestment can be suppressed.