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"Mulai tanggal 6 Januari 2014, Bursa Efek Indonesia telah memberlakukan kebijakan baru yang merubah satuan perdagangan dari 500 lembar per lot menjadi 100 lembar per lot; dan mengurangi kelompok fraksi harga dari 5 kelompok menjadi 3 kelompok harga berdasarkan Surat Keputusan Nomor: Kep-00071/BEI/11-2013. Tujuan kebijakan perubahan satuan perdagangan dan fraksi harga adalah untuk meningkatkan likuiditas dan kapitalisasi pasar serta untuk meningkatkan daya saing bursa. Penelitian ini dilakukan untuk melihat likuiditas pasar modal Indonesia setelah kebijakan diberlakukan dengan membandingkan likuiditas pada 3 bulan sebelum dan sesudah kebijakan diberlakukan. Setelah menggunakan data harian, parametric paired samples t-test, dan regresi panel, ditemukan bahwa kebijakan tersebut mampu menurunkan rentang tawar-menawar pasar dan meningkatkan aktivitas perdagangan, namun kedalaman pasar tidak signifikan menurun. Hasil ini memberikan informasi bahwa likuiditas pasar meningkat berdasarkan dimensi width dan immediacy; aktivitas perdagangan meningkat melalui volume, nilai, dan frekuensi perdagangan yang meningkat. Akan tetapi, kedalaman pasar yang tidak signifikan menurun menunjukkan bahwa kebijakan yang baru tidak mengurangi likuiditas keseluruhan pasar.

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On January 6, 2014, the Indonesia Stock Exchange has introduced a new policy that changes the trading unit (lot size) of 500 shares per lot into 100 shares per lot; and reduces the tick size of 5 price groups into 3 price groups based on the Decree No. Kep-00071/BEI/11-2013. The purpose of the lot size and tick size change policy is to increase the liquidity and market capitalization as well as to improve the competitiveness of the exchange. This study was conducted to see the Indonesian capital market liquidity after the policy enforced by comparing liquidity in the 3 months before and after the policy is enforced. By using daily data, a parametric test of paired samples t-test, and panel regression, then the policy is able to reduce the market spread and increase trading activity, but market depth is not significantly decreased. These results provide information that increases market liquidity based on the dimensions of width and immediacy; increased trading activity by volume, value, and increased trading frequency. However, market depth is not decline significantly shows that the new policy does not reduce the overall liquidity of the market."

"OJK mengatur regulasi pasar modal untuk menjaga stabilitas pasar modal Indonesia terutama pada saat kondisi berfluktuasi, salah satunya melalui kebijakan share repurchase. Penelitian ini bertujuan untuk menganalisis hubungan share repurchase dan likuiditas terhadap volatilitas saham. Sampel penelitian dipilih dengan teknik purposive sampling dan terdapat 137 sampel yang memenuhi kriteria. Analisis data menggunakan regresi linear berganda. Hasil penelitian ini menunjukkan bahwa share repurchase berpengaruh negatif secara signifikan terhadap volatilitas saham dan likuiditas berpengaruh positif secara signifikan terhadap volatilitas saham. Temuan ini mengindikasikan bahwa share repurchase dapat dijadikan pertimbangan bagi perusahaan untuk upaya meredam volatilitas saham, serta perlu memperhatikan kondisi likuiditas saham sebagai faktor yang mempengaruhi fluktuasi harga saham.

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FSA oversee capital market regulations to maintain the stability of Indonesian capital market especially during unstable condition, which is through share repurchase policy. This study aims to analyze the relationship between share repurchase and liquidity on stock volatility. The research sample was selected using purposive sampling technique and there were 137 samples that met the criteria. Data analysis was performed using multiple linear regression. The results of this study indicate that share repurchase has a significant negative effect on stock volatility and liquidity has a significant positive effect on stock volatility. These findings indicate that share repurchase can be considered for companies to reduce stock volatility, and need to pay attention to stock liquidity condition as a factor that affecting stock price fluctuations."

"Penelitian ini bertujuan untuk menguji pengaruh penurunan satuan perdagangan dan fraksi harga yang dilakukan oleh pihak otoritas bursa Indonesia terhadap likuiditas dan volatilitas pasar modal Indonesia. Metode yang digunakan dalam penelitian adalah metode statistik parametrik dimana likuiditas yang diukur berdasarkan bid-ask spread relative dan depth to relative spread (DRS) sementara untuk volatilitas akan mengunakan parkinson volatility. Hasil penelitian ini membuktikan bahwa setelah penerapan kebijakan tersebut, untuk kategori emiten yang memiliki harga saham lebih besar dari Rp200 mengalami peningkatan likuiditas yang ditandai dengan menurunnya market spread dan penurunan likuiditas dengan menurunnya market depth serta terjadi penurunan volatilitas. Sementara untuk kategori emiten yang memiliki harga saham lebih kecil dari Rp200 mengalami peningkatan likuiditas yang ditandai dengan penurunan market spread dan peningkatan market depth serta volatilitas mengalami penurunan.

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The Objective of this research to analyse the effect of reduction in lot size and tick size, conducted by the Jakarta Stock Exchange (JSX) authorities, on liquidity and volatility of the Indonesia capital market. This research use parametric statistic which liquidity will be measured based on bid-ask spread relative and depth to relative spread while volatility will be measured with Parkinson volatility.

The results of this research show that after the implementation of the new policy, we find significantly increase liquidity marked by declining market spreads, decrease liquidity by declining market depth and decrease volatility for the companies with share price greater than Rp200. While for the companies with share price smaller than Rp200, we find significantly increase liquidity marked by declining market spreads and increase market depth and decrease volatility."

"Skripsi ini menganalisis tentang perlunya pengaturan mengenai jumlah minimum saham publik (public float) bagi Emiten di Pasar Modal Indonesia. Selama ini pengaturan terkait belumlah ideal untuk memberikan perlindungan hukum dalam berinvestasi di Pasar Modal bagi investor ritel, meningkatkan likuiditas saham dan mencegah pelanggaran-pelanggaran yang ditimbulkan dari saham publik yang minim dan tidak likuid. Sehingga banyak Emiten di Pasar Modal Indonesia yang memiliki saham publik di bawah 5% (lima persen) yang kemudian menjadi saham tidur yang dianggap menghambat likuiditas Pasar Modal Indonesia. Studi kasus yang dianalisis adalah dampak penerapan pengaturan public float terhadap PT Adira Dinamika Multifinance Tbk. yang hanya memiliki saham publik sebesar 4,8%, sehingga apabila nantinya aturan ini diberlakukan, dapat diterapkan dengan efektif bagi Emiten di Pasar Modal Indonesia.

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This thesis analyzing the need to regulate about the minimum portion of public shares (public float) for any listed companies in Indonesia Capital Market. The related regulations are still inappropriate for giving legal protection of investing in Indonesia Capital Market for retail investors, increasing shares liquidity and reducing any potential crime arise from illiquid shares. Several listed companies have their public float under 5% which causing “sleeping stocks” and obstruct Indonesia Capital Market’s liquidity. Case study that analyzed was the impact of future regulations of public float for PT Adira Dinamika Multifinance Tbk. whom only has 4,8% on public shares, so for the effectiveness of public float regulations we have to be aware of such conditions of listed companies in Indonesian Capital Market."

"ABSTRAKPenelitian ini menguji pengaruh harga saham, volatilitas return, volume perdagangan, frekuensi perdagangan, market capitalization, dan dummy LQ-45 terhadap bid-ask spreads. Sampel penelitian ini adalah 126 perusahaan yang terdaftar di Bursa Efek Indonesia pada tahun 2015. Temuan penelitian ini menunjukkan harga saham dan volume perdagangan berpengaruh negatif terhadap bid-ask spreads, volatilitas return dan market capitalization berpengaruh positif terhadap bid-ask spreads, sedangkan frekuensi perdagangan sebagai variabel penambah dari penulis dan dummy LQ-45 tidak berpengaruh signifikan terhadap bid-ask spreads.

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ABSTRACTThis study examines the influence of stocks price, volatility return, trading volume, trading frequency, market capitalization, and dummy LQ 45 to bid ask spreads. This study uses 126 of firm stocks as samples which are list in Indonesia Stock Exchange in 2015. I find in this study are stocks prices and trading volume have negative impact on bid ask spreads, volatility return and market capitalization have positive impact on bid ask spreads, however trading frequency as an additional variable that I add and dummy LQ 45 have no influence on bid ask spreads."

"Penelitian ini bertujuan untuk menganalisis pengaruh tingkat investor attention, dengan menggunakan proksi Google search volume (GSV), terhadap aktivitas, tingkat likuiditas, dan volatilitas pasar modal Indonesia khususnya perusahaan LQ- 45 pada periode 2010 hingga 2016. Hasil yang diperoleh yaitu pada kebanyakan kasus ditemukan bahwa tingkat investor attention yang tinggi berpengaruh ada tingkat likuiditas dan volatilitas yang tinggi. Kemudian, tren yang terjadi pada perusahaan Indonesia tidak memiliki pola yang khusus pada sektor tertentu. Sementara itu, model penelitian yang mengacu pada penelitian di Perancis ditemukan bahwa model untuk perusahaan di Indonesia perlu ditambahkan untuk menjelaskan likuiditas, karena kebanyakan variabel tidak signifikan mempengaruhi.

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This study aims to analyze the influence of investor attention, using Google search volume (GSV) as the proxy, against the activity, liquidity, and volatility of capital markets in Indonesia, especially those included in LQ-45 from 2010 to 2016. The results obtained are in most cases found that the high level of investor attention affect high level of liquidity and volatility. Then, a trend that occurred in the Indonesian company does not have a particular pattern in a particular sector. Meanwhile, the research model which refers to a French study found that the model for companies in Indonesia need to be added to explain liquidity, since most variables are not significantly affecting."

"Penelitian ini menganalisis risiko kredit, risiko likuiditas dan profitabilitas Bank Asing di Indonesia pada periode 2009-2018 di mana sejak 2014, Bank Asing diwajibkan untuk memenuhi persyaratan permodalan baru dalam rangka penerapanBasel 3, yakni regulasi Capital Equivalency Maintained Assets (CEMA). CEMA mengharuskan modal Bank Asing untuk ditempatkan pada aset keuangan tertentu, sehingga dana tersebut tidak dapat dipergunakan untuk penyaluran kredit. Hasil penelitian menunjukkan Bank Asing memiliki risiko kredit yang lebih baik (terlihat dari penurunan NPL dan peningkatan CAR), namun mengalami penurunan profitabilitas (terlihat dari penurunan ROA). Selain itu, risiko likuiditas yang diharapkan dapat turut dimitigasi, ternyata mengalami peningkatan (terlihat dari penyaluran kredit yang meningkat dan LDR yang tetap tinggi). Pada Bank Asing BUKU 2, penerapan CEMA tidak memberikan perubahan signifikan bagi penurunan NPL dan perubahan LDR. Pasca penerapan CEMA, risiko kredit pada Bank Asing BUKU 3 lebih membaik sedangkan risiko likuiditasnya lebih meningkat dibandingkan pada Bank Asing BUKU 2. Walaupun demikian, profitabilitas Bank Asing BUKU 2 lebih menurun dibandingkan Bank Asing BUKU 3. Penelitian ini menggunakan metode uji beda mean two sample dengan t- Test.

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The study is analysing credit risk, liquidity risk and profitability of foreign banks in Indonesia for the period 2009-2018, of which since 2014, foreign banks are required to meet new capital requirements following implementation of Basel 3, which is the regulation of Capital Equivalency Maintained Assets (CEMA). CEMA requires foreign banks to channel their capital into specific financial assets, which resulting the funds cannot be used for credit disbursement. Result of the study shows that foreign banks have better credit risk (shown by lower NPL and increase in CAR), however they experiences lower profitability (shown by lower ROA). In addition to that, liquidity risk which was intended to be mitigated, is actually showing elevated level (shown by continuously increase of credit disbursement while LDR ratio is still showing high). BUKU 2 type foreign banks after CEMA implementation does not significantly have lower NPL nor have change of LDR ratio. After CEMA implementation, credit risk of BUKU 3 trpe foreign banks is better while their liquidity risk is elevated compare to BUKU 2 type foreign banks. On the contrary, profitability of BUKU 2 type foreign banks are lower compare to BUKU 3 type foreign banks. This study is using method of mean two sample difference with t-Test."

"ABSTRAKKeberhasilan kebijakan moneter bergantung terhadap penciptaan likuiditas bank. Namun, penelitian yang ada tidak menemukan bukti yang jelas bahwa kebijakan moneter memengaruhi penciptaan likuiditas bank agregat. Penelitian ini menunjukan bukti bahwa ilikuiditas pasar obligasi yang memicu terjadinya pengaturan portofolio memberikan pengaruh terhadap penciptaan likuiditas bank. Ditemukan bahwa: 1 kebijakan moneter kontraktif memberikan dampak negatif terhadap ilikuiditas pasar obligasi melalui jalur perubahan tingkat suku bunga 2 ilikuiditas pasar obligasi memberikan dampak positif terhadap penciptaan likuiditas bank akibat perubahan komposisi portofolio bank 3 Kebijakan moneter kontraktif memberikan dampak negatif terhadap penciptaan likuiditas akibat terserapnya dana yang tersedia pada bank ke pasar obligasi

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ABSTRACTThe success of monetary policy depends on bank liquidity creation. However, existing research found no clear evidence that monetary policy affects aggregate bank liquidity creation. This study shows evidence that bond market liquidity stimulates portfolio switching that affects aggregate bank liquidity creation.And find that 1 Tight monetary policy negatively impacts bond market illiquidity through interest rate change 2 Bond market illiquidity positively impacts bank liquidity creation through the bank portfolio switching 3 Tight monetary policy negatively impacts bank liquidity creation due to the absorption of loanable fund to the bond market."

"Penelitian ini bertujuan untuk melihat hubungan antara likuiditas dan harga sukuk di pasar sekunder serta faktor-faktor yang mempengaruhi keduanya. Data dalam penelitian ini adalah data sekunder yang diperoleh dari Bursa Efek Indonesia dan Bloomberg. Sampel dalam penelitian ini adalah 10 seri Surat Berharga Syariah Negaral dengan jumlah populasi data sebanyak 829. Periode penelitian sejak Januari 2009 sampai dengan Desember 2010. Penelitian ini menggunakan metode granger causality dan analisa regresi berganda untuk melihat bagaimana hubungan keduanya dan faktor-faktor yang mempengaruhi likuiditas dan harga.Hasil penelitian ini menyimpulkan tidak terdapat hubungan antara likuiditas dan harga sukuk baik searah maupun dua arah. Untuk faktor-faktor yang mempengaruhi likuiditas disimpulkan bahwa variabel frekuensi berpengaruh positif signifikan terhadap likuiditas dan bid ask spread memiliki pengaruh negatif signifikan terhadap likuiditas. Sedangkan untuk faktor-faktor yang mempengaruhi harga menunjukkan korelasi antara variabel likuiditas dan harga(return) relatif lemah, dengan bentuk hubungan negatif, artinya semakin tinggi return sukuk akan semakin rendah likuiditas sukuk. Variabel kupon dan jatuh tempo memiliki pengaruh positif signifikan terhadap return, artinya semakin tinggi kupon dan semakin jauh jatuh tempo sukuk maka semakin tinggi return yang diperoleh investor sukuk. Berdasarkan hasil penelitian disarankan untuk membeli sukuk dengan kupon yang tinggi, sehingga mendapatkan return yang tinggi pula.

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The aim of this study was look into the relationship between liquidity and sukuk prices at secondary markets and factors influencing them. The study used secondary data collected from the Indonesian Stock Exchange (IDX) and Bloomberg consisting of 829 examples. The study was conducted from January 2009 until December 2010. In order to see whether there was relationship between the two variables and factors influencing the liquidity and prices, granger casualty method and multiple regression analysis were used.

The results of the study revealed that there was no relationship between the liquidity and sukuk prices either in one-way- process or in a two-way-process. It could be concluded that frequency variable gave significant positive influence on the liquidity, and bid ask spread gave significant negative influence on the liquidity. Meanwhile, the factors influencing the prices showed that there was a correlation between liquidity variable and relative weak prices (return) in the form of negative relationship. This means that the higher the sukuk prices (return), the lower the sukuk liquidity will be. Coupon variable and due date gave significant positive influence on return, meaning that the higher the coupon is and the longer the due date of sukuk is, the higher the return obtained by sukuk investor will be. Based on the results of this study, it is suggested buying sukuk with higher coupon in order to get higher return."

"[ABSTRAKPenelitian ini bertujuan untuk mengetahui kondisi industri telekomunikasi saat ini, pengelolaan modal kerja, posisi dari likuiditas, profitabilitas dan solvabilitas pada perusahaan dengan jangka waktu penelitian selama sepuluh tahun. Dari hasil penelitian ini dapat dilihat bahwa kondisi industri telekomunikasi saat ini bergeser dari penggunaan sms dan telpon menjadi penggunaan internet. Hasil dari cash conversion cycle (CCC) pada perusahaan dengan pengelolaan modal kerja positif lebih cepat dibanding perusahaan dengan modal kerja negatif. Posisi likuiditas dari perusahaan modal kerja negatif lebih menghawatirkan dibanding dengan perusahaan modal kerja positif. Profitabilitas terhadap likuiditas lebih berpengaruh kuat dan signifikan pada perusahaan dengan modal kerja negatif. Sedangkan profitabilitas terhadap risiko modal kerja lebih berpengaruh pada perusahaan dengan modal kerja positif. Penilaian solvabilitas perusahaan dengan modal kerja negatif berada di zona abu-abu dan perusahaan dengan modal kerja positif selalu berada pada zona aman.;

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ABSTRACTThis study aims to determine the current condition of the telecommunications industry, working capital management, the position of liquidity, profitability and solvency of the company for a period of over ten years of research. From these results it can be seen that the condition of the telecommunications industry is currently shifting from the use of sms and calls into internet usage. The results of the cash conversion cycle (CCC) at the company with positive working capital management faster than companies with negative working capital. The liquidity position of the company is more worrying negative working capital compared with positive working capital companies. Profitability of the liquidity more robust and significant influence on the company with negative working capital. While the profitability of the risks of working capital have more influence on companies with positive working capital. Rate solvency of companies with negative working capital is in the gray zone and the company with positive working capital always be on the safe zoneLiquidity;This study aims to determine the current condition of the telecommunications industry, working capital management, the position of liquidity, profitability and solvency of the company for a period of over ten years of research. From these results it can be seen that the condition of the telecommunications industry is currently shifting from the use of sms and calls into internet usage. The results of the cash conversion cycle (CCC) at the company with positive working capital management faster than companies with negative working capital. The liquidity position of the company is more worrying negative working capital compared with positive working capital companies. Profitability of the liquidity more robust and significant influence on the company with negative working capital. While the profitability of the risks of working capital have more influence on companies with positive working capital. Rate solvency of companies with negative working capital is in the gray zone and the company with positive working capital always be on the safe zoneLiquidity, This study aims to determine the current condition of the telecommunications industry, working capital management, the position of liquidity, profitability and solvency of the company for a period of over ten years of research. From these results it can be seen that the condition of the telecommunications industry is currently shifting from the use of sms and calls into internet usage. The results of the cash conversion cycle (CCC) at the company with positive working capital management faster than companies with negative working capital. The liquidity position of the company is more worrying negative working capital compared with positive working capital companies. Profitability of the liquidity more robust and significant influence on the company with negative working capital. While the profitability of the risks of working capital have more influence on companies with positive working capital. Rate solvency of companies with negative working capital is in the gray zone and the company with positive working capital always be on the safe zoneLiquidity]"