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"This research examines the behavior of stock returns and trading volumes around the ex-dates of rights issue offerings by firms listed in Jakarta Stock Exchange (now is known as Indonesia Stock Exchange, after the merger with Surabaya Stock Exchange) in the period of 2002-2007. This research describes the effect of warrants issue which is combined with some rights issue. The methods of research used are event study, to examine the behavior of abnormal returns and trading volumes around the ex-dates of rights issue; and regression, to help discriminate among various hypotheses and identify factors that explain the abnormal stock returns associated with rights issue. The results are categorized in three sample groups: (1) a group of firms issuing rights with warrant, (2) a group of firms issuing rights without warrants, and (3) a group of firms issuing rights in between 2001-2006. Abnormal returns in this research are associated negatively with the amount of capital raise relative to existing capital, and positively with the stock returns variance and the offer price as a fraction of firm’s stock price"

"Abstract. This research examines the behavior of stock returns and trading volumes around the ex-dates of rightsissue offerings by firms listed in Jakarta Stock Exchange (now is known as Indonesia Stock Exchange, after themerger with Surabaya Stock Exchange) in the period of 2002-2007. This research describes the effect of warrantsissue which is combined with some rights issue. The methods of research used are event study, to examine thebehavior of abnormal returns and trading volumes around the ex-dates of rights issue; and regression, to helpdiscriminate among various hypotheses and identify factors that explain the abnormal stock returns associatedwith rights issue. The results are categorized in three sample groups: (1) a group of firms issuing rights withwarrant, (2) a group of firms issuing rights without warrants, and (3) a group of firms issuing rights in between2001-2006. Abnormal returns in this research are associated negatively with the amount of capital raise relativeto existing capital, and positively with the stock returns variance and the offer price as a fraction of firm?s stockprice."

"Pelaksanaan rights issue yang berjalan lancar perlu didukung dengan keteraturan proses dalam menggunakan dana hasil rights issue. PT Ancora Indonesia Resources Tbk melakukan rights issue pada tahun 2008 dan menghasilkan dana yang salah satu realisasi penggunaan dananya untuk mengakuisisi PT Multi Nitrotama Kimia dimana akuisisi tersebut mengandung transaksi material dan benturan kepentingan. Pada tanggal 18 September 2008, PT Ancora Indonesia Resources Tbk melakukan Rapat Umum Pemegang Saham Independen. Faktanya, terdapat 7 (tujuh) pihak yang tidak independen hadir dan memberikan suara dalam RUPS yang kepemilikan sahamnya hanya bersifat kepemilikan tercatat sementara pemilik manfaat atas saham adalah PT Ancora Resources yang merupakan pemegang saham pengendali PT Ancora Indonesia Resources Tbk. Hal tersebut dilakukan untuk memenuhi kuorum dalam RUPS. Pokok permasalahan dalam penulisan ini adalah bagaimana keabsahan pemegang saham Perseroan yang berhak untuk mendapatkan rights dalam Penawaran Umum Terbatas I PT Ancora Indonesia Resources Tbk, prosedur RUPS Independen dan peran Notaris sebagai profesi penunjang pasar modal dalam penyelenggaraan RUPS Independen. Metode penelitian yang digunakan dalam penelitian ini adalah penelitian yuridis normatif. Penelitian dalam penulisan hukum ini menggunakan alat pengumpulan data berupa studi dokumen. Penelitian ini menggunakan metode analisis data dengan pendekatan kualitatif karena penelitian ini meneliti fakta tertentu yang bertujuan untuk mengerti atau memahami gejala yang diteliti. Kesimpulan yang didapat adalah bahwa keabsahan pemegang saham PT Ancora Indonesia Resources Tbk yang berhak untuk mendapatkan rights telah sesuai dengan peraturan perundang-undangan yang berlaku, prosedur RUPS Independen yang dilakukan oleh PT Ancora Indonesia Resources Tbk dalam rangka akuisisi PT MNK yang mengandung transaksi material dan benturan kepentingan tidak sesuai dengan peraturan perundang-undangan karena terdapat manipulasi terhadap kuorum kehadiran pemegang saham indepeden dan peran notaris dalam penyelenggaraan RUPS Independen diwujudkan dalam pembuatan akta Berita Acara RUPS.

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A well implementation of rights issue should be supported by regularity in the process of using the result funds of rights issue. PT Ancora Indonesia Resources Tbk conducted its rights issue in 2008 and generated funds, in which one of the realizations of the utilization of such funds was to perform the acquisition of PT Multi Nitrotama Kimia whereby such acquisition contains material transactions and conflict of interest. On September 18, 2008, PT Ancora Indonesia Resources Tbk held its Independent General Meeting of Shareholders (?GMS?). The fact shows that there were 7 (seven) non-independent parties present and gave its votes in the GMS, whose shares ownership is only a registered ownership, while the beneficial owner of the shares is PT Ancora Resources, the controlling shareholder of PT Ancora Indonesia Resources Tbk. Such was done to meet the quorum in the GMS. The main problems in this paper are, how is the validity of the Company?s shareholders who are entitled to obtain rights in the Limited Public Offering I of PT Ancora Indonesia Resources, procedure of the Independent GMS and the role of Notary as capital market supporting professional in the administration of the Independent GMS. The research method used in this study is normative legal research. Research in this legal writing used data collection tool in form of document study. This study uses data analysis method with qualitative approach as this study examines certain facts that aim to know or understand the observed phenomena. It reaches the conclusion that the validity of the shareholders of PT Ancora Indonesia Resources Tbk who are entitled to obtain rights has been in accordance with applicable laws and regulations, the procedure of Independent GMS held by PT Ancora Indonesia Resources Tbk in relation to the acquisition of PT MNK which contains material transaction and conflict of interest are not in accordance with laws and regulations as it contains manipulation of the quorum of the presence of Independent shareholders and role of notary in holding the Independent GMS embodied in the deed of Minutes of Meeting of the GMS."

"Creeping acquisition(CA) yang terjadi di seluruh dunia dapat merugikan market. Penelitian ini membahas tentang aktivitas CA melalui transaksi rights issue (RI) di pasar modal Indonesia untuk perusahaan publik non lembaga keuangan selama tahun 2018-2021. Metode yang digunakan dalam penelitian ini adalah metode kuantitatif dengan desain cross sectional. Regresi yang digunakan adalah linier dan logistik, menggunakan 180 sampel entitas dengan purposive sampling. Hasil penelitian menunjukkan bahwa perusahaan penerbit RI mengalami perubahan kepemilikan saham investor yang lebih besar, begitu pula dengan perusahaan group penerbit RI. Perusahaan penerbit RI juga mengalami perubahan kepemilikan investor yang relatif besar yaitu >3% pada tahun sebelum penerbitan RI, sehingga meningkatkan niat perusahaan untuk menerbitkan RI. Namun jika dilihat dari aktivitas investor seperti menjual atau memperluas modal, investor yang mengalami kerugian >3%, tidak meningkatkan niat perusahaan untuk menerbitkan HMETD di tahun berikutnya. RI dengan tujuan non-spesifik tidak berdampak lebih kuat terhadap perubahan kepemilikan saham investor >5% di perusahaan.

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Creeping acquisition (CA) which happens all around the world could harm the market. This research discusses CA activities through rights issue (RI) transactions in the Indonesian capital market for publicly listed non-financial institution companies during 2018-2021. The method used in this study is a quantitative method with a cross sectional design to. The regressions used are linear and logistics, using 180 purposive samples of entities. The results of the study show that rights issuing companies experienced greater changes in investor share ownership, so do the business group rights issuing companies. Rights  issuing companies experienced relatively large changes in investor ownership, namely >3% in the year prior to the issuance of the rights issue, thus increasing the company's intention to issue rights. But when viewed from the investors activities such as selling or capital expanding who loss >3%, it does not increase the company's intention to issue rights in the following year. RI with non-specific objectives does not have a stronger impact on changes in investor's share ownership of >5% in the company."