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Abstrak :
The number of takeover transactions is relatively less compared to other corporate actions by publicly-listed companies, (e.g. IPOs, rights issues, or material transactions). There is no research that explains or contextualizes this fact, but one may speculate that this may be due to (a) the existence of block-holders in Indonesia’s corporate structure profile (structural barrier) or (b) because it is costly to carry out a takeover in light of the existing Mandatory Tender Offer (MTO) requirements (legal barrier). This article focuses on the latter problem, aiming to address the practical and legal issues pertaining to takeover transactions in Indonesia with respect to the existence of the MTO. Pursuant to the prevailing rule, in a takeover of publicly-listed companies that results in a change of control, a MTO/mandatory bid requirement must be followed with the potential acquirer making an offer to purchase all of the remaining shares of the target company according to a certain minimum price formula. Specifically the article discusses practical and creative strategies that prospective controllers employ to avoid the mandatory bid/MTO requirement, and how these strategies impact the principle of minority shareholders’ protection..

Abstrak :
Penelitian ini bertujuan untuk menganalisis perilaku herding dan sentimen pasar sebelum dan sesudah penutupan kode domisili per 27 Juni 2022 oleh Bursa Efek Indonesia dengan tujuan untuk mengurangi perilaku herding. Teknik analisis yang digunakan adalah Cross Sectional Standard Deviation (CSSD) dan Cross Sectional Absolute Deviation (CSAD). Hasil analisis menunjukkan perilaku herding tidak terlihat pada periode sebelum dan sesudah penutupan kode domisili. Analisis dengan melihat kemunculan perilaku herding berdasarkan sentimen pasar juga tidak menunjukkan perilaku herding. Kondisi pasar secara keseluruhan setelah penutupan kode domisili menunjukkan adanya penurunan tingkat imbal hasil dan volatilitas yang cenderung stabil. ...... This study aims to analyze herding behavior and market sentiment before and after the closing of the domicile code on 27 June 2022 by the Indonesia Stock Exchange to reduce herding behavior. The analysis technique used Cross-Sectional Standard Deviation (CSSD) and Cross-Sectional Absolute Deviation (CSAD). The analysis results show that herding behavior is not seen before and after the domicile code closure. Analysis of the emergence of herding behavior based on market sentiment also does not show herding behavior. Overall market conditions after the closing of the domicile code indicate a decline in returns with stable volatility.