Share Sales Research Articles

Pengaruh Volume Penjualan Saham, Profitabilitas, Solvabilitas, Earning Volatility dan Tranding Volume terhadap Volatilitas Harga Saham dengan Kebijakan Deviden sebagai Variabel Mediasi

This research aims to determine the effect of share sales volume, profitability, solvency, earnings volatility and trading volume on share price volatility with dividend policy as a mediating variable in food and beverage companies listed on the Indonesia Stock Exchange for the 2017-2021 period. The sample for this research consisted of 55 companies, using a purposive sampling method with the criteria stating dividend payments for 5 consecutive years. The research results show that debt ratio, return on assets, trading volume have an influence on stock price volatility. However, earnings volatility and share sales volume have no effect on share price volatility. Dividend policy is able to mediate share sales volume on stock price volatility, dividend policy is able to mediate profitability on stock price volatility, dividend policy is able to mediate solvency on stock price volatility, dividend policy is able to mediate earnings volatility on stock price volatility and dividend policy is able to mediate volume trending on stock price volatility in food and beverage companies listed on the Indonesia Stock Exchange for the 2017-2021 period.

Share Sales under the German Controlled Foreign Company Taxation Regime – Areas of Concern and Legislative Solutions

In this note, the authors examine the implications of the German Anti-Tax Avoidance Directive Implementation Act and the new German Foreign Tax Act Application Decree for the treatment of strategic share sales under the German controlled foreign company taxation regime. The authors show that the approach taken by German lawmakers is far from perfect, and further amendments to the German controlled foreign company rules may be needed. To this end, possible legislative solutions are presented.

A Merged Two-Dimensional Approach to Evaluating the Efficient Performance of Non-Financial Companies Listed on the Regional Securities Exchange SA (BRVM)

The objective of this research is to study the internal and external factors that explain the efficient performance of companies listed on the BRVM using a merged two-dimensional approach. Efficient performance refers to the combination of high "financial performance and stock market performance". The results of the binomial logistic regression on a panel of companies over the periods 2011 to 2020 show that only internal factors, namely the company's flexibility in terms of financial communication, its ability to increase its intrinsic performance, its debt policy and its size, have a significant effect on the efficient performance of these companies. These results could not only serve as a frame of reference for investors to make optimal decisions (maximising both return on equity and capital gains on share sales), but also influence the management style of companies seeking to improve their attractiveness and reputation on the financial markets.

Input VAT Recovery On Share Sales And Other Fundraising Costs: Is The Direct And Immediate Link Test Modified?

It is trite law that Value Added Tax (VAT) paid on purchased goods or services is only recoverable as input tax if there is a direct and immediate link to a taxable activity. VAT paid on advisory services relating to a VAT-exempt share sale would therefore prima facie not be deductible. The United Kingdom (UK) courts and tribunals however now claim to have found an exception to that principle in the case-law of the Court of Justice of the European Union (CJEU) insofar as fundraising is concerned: Rather than the nature of the exempt fundraising transaction itself, it is allegedly the purpose to which the raised funds are applied which determines input tax deduction – exceptionally, even direct use for an exempt transaction has then no chain breaking effect, i.e., the effect that an exempt transaction breaks the chain between a supply and the taxable person’s taxable economic activities (See UKUT Commissioners for His Majesty’s Revenue and Customs v. Hotel La Tour Ltd [2023] UKUT 178 (TCC), para. 64.). The present contribution seeks to investigate the merits of this view, and whether it is one that the CJEU should also endorse. VAT, Input Tax, Deduction, Deal Costs, Fundraising, Direct and Immediate Link, SKF

Equity Crowdfunding: The Secondary Market’s Implementation and Legal Protection for Investors Using Technology-Based Crowdfunding

The secondary market in equity crowdfunding aims to facilitate Investors in trading their Micro, Small, and Medium Enterprises (MSMEs) shares to other Investors as an exit and entrance strategy for interested Investors. Therefore, the traded shares must be liquid, ensuring that the secondary market of equity crowdfunding operates fairly, orderly, and efficiently. However, implementing the secondary market in equity crowdfunding in Indonesia, introduced in 2018 by the Financial Services Authority (OJK), still leaves room for evaluation and improvement. This thesis first examines the organization of the secondary market in Indonesia, which lacks legal certainty for both the Organizer and Users. Secondly, it explores the regulations on the secondary market in equity-based Crowdfunding in the United States, which can be used as a reference to develop legal regulations in Indonesia, including the prohibition of share sales in the first year and the classification of equity-based Crowdfunding for startup companies and medium-sized enterprises. Thirdly, applying American laws in the Indonesian legal framework can provide greater financial stability for issuing companies and reduce the risk of bankruptcy for Investors in equity-based Crowdfunding. The research findings indicate that the management and philosophy of the secondary market in equity crowdfunding cannot be equated with a Stock Exchange. Preventive legal protection for Investors can be provided through guidelines issued by the OJK, such as auto-reject limits, standardized buying and selling mechanisms, trading hours, transaction fees collected by the Organizer, transparency of daily transaction summary data, and mechanisms for determining the fair share price in initial trading on the secondary market. There are criminal and administrative sanctions for repressive legal protection.

Notary Efforts in the Prevention of Money Laundering

In addition to having rights and obligations as stipulated in the Notary Office Law, notaries are also given additional obligations in the context of preventing and eradicating money laundering, namely as reporting party and must report deeds that tend to be a process of money laundering. However, there is a legal issue of conflicting norms because as we know that a Notary is obliged to maintain the confidentiality of the deeds of service users. So that the purpose of this legal scientific research article is to find out whether all deeds must be reported by a Notary in the prevention of Money Laundering Crimes and how the position of a Notary as a reporter is seen from the point of view of the principle of confidentiality in his position. The results of this legal scientific research article state that first, Deeds that must be reported by a Notary to the authorized official are the Financial Transaction Reports and Analysis Center, namely Sale and Purchase Agreements, Deeds of Sale and Purchase of Shares, Deed of Sale and Purchase of Assets, Deed of Establishment of a Limited Liability Company, Deed of Binding of Sale and Purchase, Deed of Establishment of Foundations, Deed of Establishment of Cooperatives, also Authorization of Selling and Authorization of Directors, which are in essence closely related to the crime of money laundering. Second, the principle or principle of secrecy as stipulated in Article 16 paragraph (1) letter f does not have absolute force, because there is a norm which explains that "unless the law determines otherwise". Notaries are expected to be able to identify authentic deeds that have a high risk or tendency of money laundering and for deeds that have allegations of money laundering. Notaries are expected not to hesitate to report to Indonesian Financial Transaction Reports and Analysis Center or INTRAC to prevent money laundering.

Pactum De Compromittendo In Shares Purchase Agreement

The parties, namely the Seller and the Buyer have agreed to determine the arbitration clause in the form of a pactum de compromittendo made in writing and incorporated into the deed of the principal agreement for the sale and purchase of shares of PT. Indonesian Rice Granary. This means that since the beginning before the occurrence of a dispute, the choice of settlement has been determined through the Indonesian National Arbitration Board. In 2021, the Seller files a lawsuit against the Buyer as the Defendant through the general court to request that the said share sale and purchase agreement be declared null and void and has no binding force. In their decision, the Panel of Judges stated that in essence the Central Jakarta District Court had no authority to try this case. Regarding the legal considerations, the assembly based the rules in Article 118 HIR and Article 3 of Law no. 30 of 1999 concerning Arbitration and Alternative Dispute Resolution. This study uses a normative juridical approach with the results of the research showing that the enforceability of an arbitration clause in the form of a pactum de compromittendo is binding on the parties according to the pacta sunt servanda principle contained in Article 1338 Paragraph (1) of the Civil Code and the judge's decision as in its considerations is correct and has been according to law.

Exercise and Protection of the Right to a Fair Price for the Compulsory Sale of Shares in Case of a Dominant Controlling Stake Purchase in the Conditions of Corporate Legislation Amendment.

The paper deals with peculiarities of exercise and protection of the minority shareholders right to a fair price for the compulsory sale of shares by them in case of purchase of a dominant controlling stake by another shareholder (shareholders) in the conditions of corporate legislation amendment.
 In the process of exercising the right to compulsory redemption of shares by the owner of a dominant controlling stake (more than 95 percent of common shares), issues arose related to the violation of the right of the remaining minority shareholders to receive a fair price for the compulsory sale of shares. The problem in exercising the right of shareholders to have their shares purchased at a fair price by the owner of a dominant controlling stake is caused by the wrong wording of Art. 95 of the Law of Ukraine "On Stock Companies" regarding the need to involve a subject of professional appraisal activity, which violates the general rule established by the law on the highest price. Thus, considering paragraph 2, part 3 of Art. 95 of the Law of Ukraine "On Stock Companies", the market value of compulsory redemption shares must always be determined by the subject of professional appraisal activity, regardless of whether the shares circulate on organized capital markets or not.
 In order to overcome the obstacles to exercise of the right to a fair price for the compulsory sale of shares established by the shareholder law, it is necessary to exclude from it the provision on the mandatory involvement of an appraisal activity subject in case of an independent appraisal of the value of the partnership's shares at the request of minority shareholders who own 5 percent or more shares (in the case provided for by Article 95 of the law, more than 1 percent of the partnership's shares).
 The method of protecting the right to a fair share price in case of purchase of a dominant controlling stake, developed in judicial practice, was enshrined in Art. 95 of the newly adopted Law of Ukraine "On Stock Companies". Thus, according to part 21 of this article, shareholders who believe that the mandatory sale price does not meet the requirements established by parts five to seven of this article have the right to apply to court with a demand for recovery from the claimant for compensation of the proper value of the shares, purchased from them in accordance with such claim.

Post-IPO cash flow operating efficiency analysis of Borsa Istanbul firms

Purpose- Companies can offer their shares to the public through the capital increase method, the sale of existing shareholders’ shares method or a mixed method where both are combined. The aim of the study is to examine the post-IPO performance of 78 selected companies that were offered to the public in Borsa Istanbul during the period of 2005-2018, according to the public offering method. In the study, the efficiency ratios of cash flows obtained from the operations related to sales, assets, equity and total liabilities were used as the operating performance measure. Methodology- The cash flow efficiency of the companies whose shares are publicly offered by using the capital increase method, the sale of existing shareholders’ shares method or the mixed method before the public offering and after the public offering was compared by using non-parametric tests. Findings Compared to the IPO year and the year before the IPO, companies that applied rights issue and mixed methods have shown significant improvements in post-IPO cash flow efficiency. It is observed that post-IPO cash flow efficiency ratios deteriorated significantly in the sale of existing shareholders’ shares method. Conclusion- Improvement in cash flow ratios of the companies that applied capital increase and mixed IPO methods, can be evaluated that after IPO these companies effectively manage their IPO money and contribute to their operating performance. On the other hand, the decreases in the cash flow efficiency ratios of the companies that applied existing share sale method, where any cash inflow does not occur, can be associated with the earnings management activities of these companies during IPO process. Keywords: IPOs, operating performance, financial efficiency, nonparametric tests JEL Codes: C14, G10, G11, G32

Pembatalan Akta Jual Beli Saham Yang Dibuat Secara Notariil Melalui Penetapan Pengadilan Negeri

The company as a legal entity that has stock instruments as a form of capital from a limited liability company. These shares can be traded by making a notarial deed. In the decision of the Surabaya District Court Number 1397/Pdt.P/2020/PN.Sby the judge determined the cancellation of the deed of sale and purchase of shares made between the applicants. This raises questions which are formulated into the formulation of the problem, namely first, What are the risks for a notary to a deed drawn up before him which has been annulled by a district court? Second, what is the basis for the judge's legal considerations in deciding the request for cancellation of the share sale and purchase deed in decision No. 1397/Pdt.P/2020/Pn.Sby.? This is a normative legal research which is supported by sources that were analysed using a statutory and a case approach. The results of this study conclude that first, the risk for a Notary whose deed product is requested for annulment by the parties themselves is to immediately comply with the decision and the deed becomes degraded whether it is an underhand deed or null and void which has no permanent legal force. As long as the Notary does not carry out unprocedural activities, the Notary cannot be held liable. Second, the basis for legal considerations used is not only Article 36 paragraph (1), 40, 41 of the Limited Liability Company Law. In connection with the basic considerations of Article 36 paragraph (1) of the Limited Liability Company Law, it is necessary to pay attention to Article 158 of the Limited Liability Company Law which regulates transitional provisions.

Insider Trading at Zagreb Stock Exchange

Abstract This paper is the first paper that systematically observes and describes all publicly available data on insider trading on the Zagreb Stock Exchange during the period of June 2010 - June 2021. To accomplish this objective both parametric and non-parametric event-study tests are conducted using the data collected from 827 notifications published on the Zagreb Stock Exchange website. After filtering the notifications for overlapping events, there were 48 insiders’ purchase events and 50 insiders’ sales events. The results indicate that insiders can earn abnormal returns on share purchases based on their insider knowledge and that the information on insider purchases can bring additional information to outside investors. However, in the case of notifications of share sales by insiders, Cumulative Average Abnormal Returns (CAARs) after the event are not statistically significant and are just slightly positive, thus bringing no abnormal returns for insiders and not conveying information to the public. This suggests that the market may perceive sales having a lower informational content, as motivation for sales may be other needs, such as liquidity.

The Protection of Investor Rights in Margin Transactions By Securities Companies when Force Selling is Performed

The purpose of this study is to analyze investor rights protection arrangements in the analysis of margin transaction financing and the implementation of investor rights protection arrangements in the analysis of margin transaction financing by Stock Exchange Companies when a share sale is forced. The research method applied is sociological juridical.The results of this study show The regulation on the protection of investor rights in the analysis of margin transaction financing by a Stock Exchange Company when a share sale is made by force has actually been regulated in a letter of agreement, which is stated in Bapepam-LK Rule Number VD6. The existence of these regulations has fulfilled the legal protection aspects for investors as regulated in the Civil Code, but has not fulfilled the investor legal protection aspects as regulated in the Capital Market Law and the Consumer Protection Law. The implementation of the protection of investors' rights in the analysis of margin transaction financing by the Stock Exchange Company when a forced sale of shares is carried out has been carried out through a contract accompanied by the implementation of an internal control system and the implementation of haircuts by the IDX.Keywords: protection, margin transactions, forced sell.

Kepastian Hukum Pengambilalihan Saham (Akuisisi) Perseroan Terbatas Tertutup Dengan Akta Jual Beli Saham

The practice in the world of notary that uses the Deed of Sale and Purchase of Shares in the event of a stock acquisition is a legal issue that underlies the occurrence of this research. The sale and purchase of shares and the acquisition of shares in notarial practice which are often equated cause problems in practice, in line with the duties of the notary office in making deeds, this will lead to multiple interpretations in making the Notary deed. There is no specific regulation that underlies this, so there needs to be a discussion about what the position of the legal issue is. The research method uses a normative juridical research type, with a statutory approach, a case approach, a historical approach, and a conceptual approach. The results of this research are: regarding the use of the Deed of Sale and Purchase of Shares, it can be done as long as there is no change in control, but if in practice the sale and purchase of shares results in a transfer of control, it should be carried out through procedures, terms and procedures for takeover of shares (acquisition). The legal position is closely related to the role of the notary in making deeds, which must always minimize the existence of the deed from any problems in the future. Legal certainty of share takeover (acquisition) of a Limited Liability Company with a Share Sale and Purchase Deed, where the sale and purchase of shares does not result in a change in controlling of shares, the use of the sale and purchase deed provides certainty for the parties therein, but if the sale and purchase of shares results in the occurrence of changes in share controllers, then the sale and purchase deed does not provide legal certainty for the parties in it, it should be done in accordance with the procedures and mechanisms governing share acquisition.

Penyelesaian Sengketa Jual Beli Saham Perusahaan Dalam Perspektif Hukum Perdata

The purpose of this research is to Know the Arrangements About Buying and Selling Shares, How Legitimate Selling and Selling of Shares. As well as to find out the Step in Settlement of Sales and Purchase Dispute of Company Shares This type of research in this journal is Normative Juridical. Arrangements for buying and selling of shares are regulated in law number 40 of 2007 concerning limited liability companies and the Civil Code and other laws. The validity of the Sale and Purchase of Shares is in accordance with the applicable regulations stipulated in Article 1457 of the Civil Code regarding the sale and purchase of shares while the shares are regulated in articles 40.41.42, and 43 KUHD. Settlement of disputes over the sale and purchase of company shares is resolved through 2 (two) channels, namely through deliberation and settlement through judicial channels.

Perhitungan Sebagai Seorang Investor Saham Atas Besaran Pajak Yang Harus Dibayarkan Kepada Negara


 
 
 Investing is an activity that cannot be underestimated. Smart investing requires controlled analysis and management and investing is not a game. This study aims to provide a more in- depth description of the form of paper asset investment, namely stocks. Contains material from the most basic, namely what is shares to the calculation of taxes that must be paid by an investor or stock trader to the state for each transaction based on applicable provisions, namely Government Regulation Number 14 of 1997 concerning Amendments to Government Regulation Number 41 of 1994 concerning Income on Income From the Transaction of the Sale of Shares on the Stock Exchange
 
 

Tinjauan Hukum Hak Beli Kembali dalam Perjanjian Jual Beli Saham di Pasar Modal

A repurchase right agreement is a form of agreement that occurs and is found in people lives, such as residents who can take back their goods that have been sold under certain provisions as set out in article 1519 of the Civil Code. The aim of this research was to determine the legal review of the right to buy back in the share sale and purchase agreement in the capital market. The type of research used is normative with statutory approach. The source of legal material in this research is primary such as positive normative legal theory which stands on the doctrine that law is identical to pure norms in an objective sense free from ideological, ethical, and sociological values. The technique of legal materials used is by reading and quoting by analyzing willing invitations and using small notes taken from books, literature, and other sources related to the issues discussed. The data that has been obtained are then analyzed and analyzed qualitatively. The result shows that the rights and obligations of the parties who sell shares in the capital market must be equal and fair, before the rights and obligations are equal, fair, and implemented, they must first make an agreement. Legal remedies that can be taken if a contract error occurs can be made through external courts (non-litigation) and courts (litigation).

주식양수도의 상법상 통제방안에 대한 소고

주식양수도의 상법상 통제방안에 대한 소고

When Is the Client King? Evidence from Affiliated-Analyst Recommendations in China’s Split-Share Reform

China’s split-share reform of 2005 (the Reform) converts the previously restricted shares held by founding shareholders to shares tradable on the open market. Against this backdrop, we study how underwriter-affiliated analysts and firms’ large shareholders interact in the event of the latter’s sales of restricted shares. We document that recommendations made by affiliated analysts are significantly more optimistic when firms’ large shareholders plan to sell their restricted shares. This optimism, however, is associated with negative post-sale stock returns, suggesting that large shareholders profit from share sales but at the cost of public investors. Furthermore, large shareholders sell more restricted shares through the affiliated brokerages with analysts issuing more optimistic recommendations and firms under their control are more likely to appoint such brokerages as lead underwriters when they refinance in the future. For the affiliated analysts, they conduct more site visits to the firms after the share sales, thereby improving their earnings forecast accuracy. Our analysis shows how conflicts of interest by financial intermediaries arise following the Reform and leads to large shareholders’ extraction of rents from public investors. These findings have regulatory implications.

When Is the Client King? Evidence from Affiliated‐Analyst Recommendations in China's Split‐Share Reform

ABSTRACTChina's split‐share reform of 2005 (the Reform) converts the previously restricted shares held by founding shareholders to shares tradable on the open market. Against this backdrop, we study how underwriter‐affiliated analysts and firms' large shareholders interact in the event of the latter's sales of restricted shares. We document that recommendations made by affiliated analysts are significantly more optimistic when firms' large shareholders plan to sell their restricted shares. This optimism, however, is associated with negative post‐sale stock returns, suggesting large shareholders profit from share sales. Furthermore, large shareholders sell more restricted shares through the affiliated brokerages for which analysts have issued more optimistic recommendations and firms under their control are more likely to appoint such brokerages as lead underwriters when they refinance in the future. The affiliated analysts also conduct more site visits to the firms after the share sales, thereby improving their earnings‐forecast accuracy. Our analysis shows how conflicts of interest by financial intermediaries arise following the Reform and lead to large shareholders' extraction of rents from public investors.

Intellectual Property-Related Risk Allocation Provisions in Share Sale and Purchase Agreements

Intellectual Property-Related Risk Allocation Provisions in Share Sale and Purchase Agreements