scholarly journals Implementation of Good Corporate Governance at the Backdoor Listing Prosedur as Means of Business Development in Indonesia Stock Market

2017 ◽  
Vol 96 ◽  
Author(s):  
Yudho Taruno Muryanto, . . ◽  
Anisa Dwi Wulandari . .
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Capital Market ◽  
Private Company ◽  
Good Corporate Governance ◽  
New Public ◽  
Public Company ◽  
Corporate Actions ◽  
Rights Issue ◽  
Backdoor Listing

Developments in the field of capital markets encourage the emergence of various corporate actions to obtain benefits such as a public company. One of the emerging corporate actions which have been done is Backdoor Listing. Regulations in the capital market is generally allowed backdoor listing. Backdoor Listing procedure are often executed in Indonesia are as follows: (1) The acquisition of control of a public company by private company through the rights issue (2) the acquisition of private company by an public company that has an affiliate relationship with the private company into standby purchaser/ new controllers. Study fulfillment of the Good Corporate Governance principles in the backdoor listing procedure is known that this procedure is still not met the Principles of Transparency, Accountability, as well as fairness and equity. It is needed to establish the rules of providing transparency obligation to assess the feasibility of a new public company controller.<br /><br />Keywords: Good Corporate Governance, Stock Market, Backdoor Listing

scholarly journals IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE AT THE BACKDOOR LISTING PROSEDUR AS MEANS OF BUSINESS DEVELOPMENT IN INDONESIA STOCK MARKET

2017 ◽  
Vol 5 (3) ◽  
Author(s):  
Yudho Taruno Muryanto ◽  
Anisa Dwi Wulandari
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Capital Market ◽  
Business Development ◽  
Good Corporate Governance ◽  
New Public ◽  
Public Company ◽  
Corporate Actions ◽  
Rights Issue ◽  
Backdoor Listing

<p align="center"><strong><em>Abstract</em></strong><em></em></p><p align="center"><em>Developments in the field of capital markets encourage the emergence of </em><em>various</em><em> corporate actions to obtain benefits such as a public company. One of the emerging corporate actions </em><em>which have been done is</em><em> Backdoor Listing. Regulations in the capital market is generally allow</em><em>ed</em><em> backdoor listing. </em><em>B</em><em>ackdoor</em><em> L</em><em>isting</em><em> p</em><em>rocedure are often executed in Indonesia are as follows: (1) The acquisition of control of a public</em><em> </em><em>company by </em><em>private </em><em>company through the rights issue</em><em> (2) </em><em>the acquisition of </em><em>private</em><em> company </em><em>by </em><em>an </em><em>public</em><em> company that has an affiliate relationship with the </em><em>private</em><em> company into standby purchaser/ new controllers</em><em>. Study fulfillment of the Good Corporate Governance</em><em> </em><em>principles in the backdoor listing procedure is known that this procedure is still not met the Principles of Transparency, Accountability</em><em>, </em><em>as well as fairness and equity. It is need</em><em>ed</em><em> to establish </em><em>the </em><em>rules of providing transparency obligation to assess the feasibility of a new public company controller.</em><em></em></p><p>Keywords: <em>Good Corporate Governance, Stock Market, Backdoor Listing</em></p>

Does corporate governance matter for stock returns volatility in the Brazilian context?

2019 ◽  
Vol 19 (6) ◽  
pp. 1236-1252
Author(s):  
Guilherme Cardoso ◽  
Dannie Delanoy Carr ◽  
Pablo Rogers
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Stock Returns ◽  
Term Structure ◽  
Good Governance ◽  
Corporate Boards ◽  
Content Type ◽  
Error Measures ◽  
Good Corporate Governance ◽  
Governance Practices

Purpose This paper aims to examine the Brazilian stock market behavior and volatility term structure of two portfolios that, theoretically, the companies that comprise them have different degrees of idiosyncratic risk: one portfolio consists of firms with good corporate governance and the other comprises firms with poor corporate governance. Design/methodology/approach The sample comprises corporate firms listed in the Brazilian stock market during the period from January 2008 to December 2017. Generalized autoregressive conditional heteroskedasticity models were applied. Findings The results show that the portfolio of firms with good corporate governance practices presents fluctuations that are more often temporary and reactive, with trends’ persistence of shorter durations, when considering the punctual volatility of the parameters estimated. This opposed expectation that the portfolio comprised of companies with good governance practices are better protected from short-term movements. However, over time and with standard error measures in consideration, both portfolios’ volatilities behave in similar ways. These findings may be related to Brazilian market characteristics, such as ownership concentration, ineffective corporate boards and the ever-developing nature of the stock market in Brazil. Any one of these characteristics present challenges to effective enforcement of the corporate governance practices in the Brazilian context. Originality/value The findings are potentially to the interest of researchers and practitioners for several reasons. First, this paper contributes to the growing literature on the relationship between corporate governance and market volatility. Second, it informs that volatility in the Brazilian context is likely only partially, if at all, influenced by corporate governance practices. Third, longitudinally, both indices follow the same pattern and converge to the same place.

scholarly journals THE TRANSPARENCY PRINCIPLE IN REGIONAL DEVELOPMENT BANKS TO IMPLEMENT GOOD CORPORATE GOVERNANCE: A CASE STUDY ON PT BANK PEMBANGUNAN DAERAH JAWA TIMUR TBK

2021 ◽  
Vol 50 (4) ◽  
pp. 926
Author(s):  
Citranella Ramadhani Yuwana ◽  
Yetty Komalasari Dewi
Keyword(s):  
Corporate Governance ◽  
Regional Development ◽  
Annual Report ◽  
General Meeting ◽  
Good Corporate Governance ◽  
Public Company ◽  
Material Information ◽  
Regional Development Banks ◽  
Regional Development Bank

This research discusses the obligation of Regional Development Bank (RDB) as a Regionally-Owned Enterprises (ROE) to implement Good Corporate Governance (GCG). In particular, this research analyzes the forms of transparency principle on RDB, specifically on PT Bank Pembangunan Daerah Jawa Timur Tbk (Bank Jatim) according to existing regulations. By using legal normative method, this thesis concludes that in principle, the forms of transparency principle on BPD is divided into three parts, namely preparing reports, publishing them, and ensuring that they are publicly accessible. There are at least 8 (eight) forms of transparency principle, they are monthly report, quarterly report, annual report, prime lending rate report, report on material information or facts information regarding bank’s product and use of customer’s data, and GCG report. For RDB in the forms of Public Company, it is also obligated to make summary of general meeting of shareholders’ minutes of meeting and information on communication with shareholder and investor

scholarly journals Model Peningkatan Return Saham Dan Kinerja Keuangan Melalui Corporate Social Responsibility Dan Good Corporate Governance Di Bursa Efek Indonesia

2011 ◽  
Vol 4 (1) ◽  
Author(s):  
Mutamimah Mutamimah ◽  
Sri Hartono ◽  
Eviatiwi Kusumaningtyas Sugiyanto
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Financial Performance ◽  
Capital Market ◽  
Stock Return ◽  
Significant Positive Effect ◽  
Small Companies ◽  
Good Corporate Governance ◽  
Corporate Social ◽  
Positive Effect

The purpose of this research was to find an empiric proof and analysis that stock return and financial performance of the companies could be improved through Corporate Social Responsibility (CSR) and Good Corporate Governance (GCG) at The Indonesian Capital Market. Populations of this research are companies that go public at Indonesia Capital Market. Technic Sampling used purposive sampling, and finds 62 companies. These companies then were divided into two categories according to its total assets. From its, 31 samples categorized as big companies, while others as small companies. And the hypotheses were tested using Structural Equation Modeling (SEM) with Partial Least Square (PLS) program. The result showed that (1) CSR had a significant positive effect towards stock return in big companies categorized, while small companies categorized had a significant negative effect of it, (2) GCG had no significant effect towards stock return in both categories, (3) Financial performance had no significant effect towards stock return in big companies categorized, but it had a positive significant effect towards it in those small, (4) CSR had a significant positive effect towards financial performance in big companies categorized, whereas in small companies it could not be found, (5) GCG had no significant effect towards financial performance in both categories, (6) as well as the GCG had no significant effect towards CSR in both categories.

scholarly journals PENGATURAN KOMPETENSI KOMISARIS INDEPENDEN DALAM MEWUJUDKAN GOOD CORPORATE GOVERNANCE

2017 ◽  
Vol 6 (4) ◽  
pp. 417
Author(s):  
Ni Komang Putri Rahayu
Keyword(s):  
Corporate Governance ◽  
Capital Market ◽  
Research Method ◽  
Code Of Conduct ◽  
Limited Liability ◽  
Core Competency ◽  
Company Law ◽  
Limited Liability Company ◽  
Conceptual Approach ◽  
Good Corporate Governance

The objective of the research is to reveal the Competence of Independent Commissioners in realizing Good Corporate Governance. The research method used is normative juridical research method with conceptual approach, legislation and case approach. The result of the research shows that the Independent Competence of Independent Commissioners in achieving Good Corporate Governance means that the regulation of the competence and integrity requirements of independent commissioners in Good Corporate Governance, especially the competency requirements are regulated in Limited Liability Company Law and Capital Market Law which regulates core business competence and core competency behavior. Meanwhile, the integrity of an independent commissioner is regulated in a code of conduct that an independent commissioner must adhere to. Tujuan penelitian untuk mengetahui pengaturan Kompetensi Komisaris Independen dalam mewujudkan Good Corporate Governance. Metode penelitian yang digunakan adalah metode penelitian yuridis normatif dengan pendekatan-pendekatan konseptual, perundang-undangan dan pendekatan kasus. Hasil penelitian menunjukkan pengaturan Kompetensi Komisaris Independen dalam mewujudkan Good Corporate Governance dimaksudkan bahwa pengaturan syarat kompetensi dan integritas komisaris independen dalam Good Corporate Governance khususnya syarat kompetensi diatur dalam Undang-Undang Perseroan Terbatas dan Undang-Undang Pasar Modal yang mengatur mengenai kompetensi inti bisnis dan kompetensi inti perilaku. Sementara itu, untuk integritas komisaris independen diatur dalam code of conduct (pedoman perilaku) yang harus dipatuhi oleh komisaris independen.

scholarly journals The Company’s Internal Characteristics and Mandatory Disclosure Size of Web-Based Financial Reporting

2017 ◽  
Vol 19 (3) ◽  
Author(s):  
Weli Weli
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Capital Market ◽  
Financial Information ◽  
Web Based ◽  
Full Disclosure ◽  
Main Motivation ◽  
Good Corporate Governance ◽  
Size Type

The new regulation on the Indonesian Capital Market (XK6-Bapepam-LK No. KEP-431/BL/ 2012), related to the disclosure of financial information on the company's website is the main motivation of this study, which is to analyze the extent to which issuers responded to the new regulation. The study was conducted on 50 companies included in the list of 50 companies with the highest score of corporate governance version IICD in 2013 - 2014 and 57 companies in the same industry as a control companies, with the total number of samples is 107 companies. The study was conducted by analyzing the factors (size, listing period, industry, the quality of corporate governance) that affect the level of disclosure by the company on their website. The results showed that not all sample companies do a full disclosure and the average disclosure is only 77%. Further, the factor of disclosure size was also influenced by the company's internal characteristics such as company size, type of industry and good corporate governance.

scholarly journals STUDI KOMPARASI PRAKTEK TRANSPARANSI DALAM PENGELOLAAN PERUSAHAAN DAERAH PASAR SURYA SURABAYA

2017 ◽  
Vol 12 (3) ◽  
pp. 417
Author(s):  
Yuliastuti Rahayu
Keyword(s):  
Corporate Governance ◽  
Law Enforcement ◽  
Local Government ◽  
Characteristic Difference ◽  
Quality Of Information ◽  
The Public ◽  
Good Corporate Governance ◽  
Public Company

Requirement of transparency in all sector is unavoidable, not only in governance but also at public company or regional company especially in carrying out the principles and appropriate policy in accordance with Good Corporate Governance standard. The good corporate governance principles determined by The Minister of ‘BUMN’ consist of: The transparency, Independence, Accountability, Responsibility and Fairness. In the case of transparency, ‘Bapepam’ give an example of the transparency practice for the public company. Some regulation of the transparency practice consist of: (1) Open information, (2) The quality of information, (3) The involvement of competence, (4) The supporter profession, (5) The limit of transaction material and the transaction of conflict interest, (6) Independent Commissary, and (7) Law Enforcement. The regional company of  ‘Pasar Surya’ is the public company owned by the local Government in Surabaya. The writer is interested in uncovering whether ‘Pasar Surya’ has done the transparency what society desires. As the comparison, the writer uses the base regulations of the transparency practice for the public company. The writer pays attention to the characteristic difference at each company. The transparency practice which ‘Pasar Surya’ has done is in accordance with The Regional Regulation and The Mayor’s Decision.Basically ‘Pasar Surya’ has done the transparency activity but it is necessary to re-examine to get the target of good corporate governance.

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