VOlUME 05 ISSUE 06 JUNE 2022
1Zaky Baswendra Wibhawa, 2Darminto Hartono Paulus
1,2Master of Law, Universitas Diponegoro
Google Scholar Download Pdf
ABSTRACT:
This study aims to discuss issues regarding share buybacks by issuers in fluctuating conditions due to the Covid-19 pandemic in Indonesia. The problems caused by the spread of Covid-19 are very complex, including issues regarding share buybacks by issuers. This study uses a normative juridical research method, using secondary data. Based on the results of the study, it is known that the comparison of the implementation of buybacks in normal economic conditions and in critical economic conditions can be clearly shown by the author through the table in the discussion. However, basically there is a waiver of the implementation of the GMS and the need to determine certain conditions by the government and/or through the authorized regulator in the capital market sector. The position of OJK Circular Letter No. 3/SEOJK.04/2020 of 2020 regarding the implementation of stock buback is as a stipulation of other conditions as mandated in POJK No. 2/POJK.04/2013. Stock trading conditions on the Indonesia Stock Exchange since the beginning of 2020 until the issuance of this Financial Services Authority Circular Letter have experienced significant pressure as indicated by the decline in the Composite Stock Price Index (JCI) by 18.46% so that it needs attention from the government and regulators.
KEYWORDS:Buyback; Share; Issuer; Fluctuations; Covid-19 pandemic.
REFERENCES
Journals and Books
1) Dzakky Husein, Tinjauan Yuridis Pembelian Kembali (Buyback) Saham yang dikeluarkan oleh Emiten dalam Kondisi Pasar yang Berfluktuasi secara Signifikan- Studi Kasus PT. MNC Investama Tbk. Diponegoro Law Review, Volume 5, Nomor 2, Tahun 2016
2) Fajar Sugiarto, Economic Analiysis of Law (Seri Analisis Ke-Ekonomian Tentang Hukum), 1st edn (Jakarta: Kencana Prenada Media Group, 2013)
3) Hartono, J. 2014. Teori Porto Folio dan Analisis Investasi, Edisi Kedelapan. Yogyakarta : BPFE. Hal 29
4) Mewoh, Fransisca Claudya, Harry J Sumampouw, and Lucky F Tamengkel, ‘Analisis Kredit Macet’, Jurnal Administrasi Bisnis, 2016
5) Sally Putri, Tinjauan Yuridis Mengenai Pembelian Kembali (buyback) Saham Perusahaan Publik Setelah Terbentuknya Otoritas Jasa Keuangan, (Jakarta: 2014).
6) Thomas Herzfeld, Christoph Weiss, ‘Corruption and Legal (in)Effectiveness: An Empirical Investigation’, European Journal of Political Economy, 19.1 (2003), 621 – 632
7) Weston, Mitchel, dan Mulherin, Takeovers, Restructuring, and Corporate Governance, 4th Edition, 2004, hal. 484.
Legislation
1) Pedoman Interim WHO, Pencegahan dan pengendalian infeksi saluran pernapasan akut (ISPA) yang cenderung menjadi epidemi dan pandemi di fasilitas pelayanan kesehatan, 2007, hal. 7
2) Undang-undang Nomor 6 Tahun 2018 tentang Karantina Kesehatan
3) Undang-Undang Nomor 8 tahun 1995 tentang Pasar Modal
Internet Source
1) Artikel ini telah tayang di Katadata.co.id dengan judul "CSIS: Lockdown Buruk Bagi Ekonomi dan Tak Efektif Cegah Sebaran Corona" https://katadata.co.id/berita/2020/03/19/csis-lockdown-buruk-bagi-ekonomi-dan-tak-efektif-cegah-sebaran-corona Penulis: Dimas Jarot Bayu
Editor: Agung Jatmiko