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All Journal Journal of Economics and Management Jurnal Ekonomi, Manajemen, dan Bisnis
Dewa Ayu Indiana Ida Loemongga Sandopart
Faculty of Economics and Business, Universitas Terbuka, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Deviations in the Initial Public Offering (IPO) Process as the Root of Stock Price Manipulation: A Case Study of Issuers in Indonesia for the 2020–2025 Period Dewa Putu Yohanes Agata L. Sandopart; Lie Adek; Dewa Ayu Indiana Ida Loemongga Sandopart; Erma Wijayanti
Journal of Economics and Management Vol. 4 No. 1 (2026): Journal of Economics and Management, March 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i1.459

Abstract

This study analyzes deviations in the Initial Public Offering (IPO) process as the root of stock price manipulation among issuers in Indonesia for the 2020-2025 period. Using a qualitative approach with a multiple case study method, this research examines three issuers sanctioned by the Financial Services Authority (OJK): PT Berkah Beton Sadaya Tbk (BEBS), PT Repower Asia Indonesia Tbk (REAL), and PT Multi Makmur Lemindo Tbk (PIPA). Data were collected through in-depth interviews with 12 informants consisting of former OJK/Indonesia Stock Exchange (IDX) officials, capital market practitioners, academics, investigative journalists, and legal practitioners, as well as document analysis of prospectuses, financial statements, and OJK documents. The results identify four forms of IPO deviations: manipulation of material fact information, share allotment engineering, due diligence procedure violations, and discrepancies in the use of IPO funds. The BEBS case demonstrates how IPO deviations create structural conditions that facilitate pump-and-dump schemes through 57 nominee accounts, generating manipulative profits of IDR 14.5 trillion. This study identifies five factors causing weak detection and prevention: regulatory factors, law enforcement, corporate governance, market structure, and economic incentives. These findings confirm the OJK's statement that the root of stock price manipulation originates from deviations in the IPO process and emphasize the need for stronger supervision and enforcement.
Violations of the Prudential Principle and Fraudulent Practices in Indonesia’s Capital Market: A Case Analysis of OJK Sanctions Against Listed Firms Dewa Putu Yohanes Agata L. Sandopart; Lie Adek; Dewa Ayu Indiana Ida Loemongga Sandopart; Erma Wijayanti
Journal of Economics and Management Vol. 3 No. 3 (2025): Journal of Economics and Management, December 2025
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v3i3.461

Abstract

This research investigates how breaches of the prudential principle contribute to fraud within Indonesia’s capital market, focusing on listed entities penalized by the Financial Services Authority (OJK). Utilizing a qualitative multiple-case study approach, the analysis centers on four prominent cases: PT Repower Asia Indonesia Tbk (REAL), PT Multi Makmur Lemindo Tbk (PIPA), PT Bliss Properti Indonesia Tbk (POSA), and PT Mirae Asset Sekuritas Indonesia. Secondary data were gathered from OJK official statements, sanction rulings, national media reports, and legal documents spanning 2022–2025. Through pattern-matching and cross-case synthesis, three recurring violation patterns emerged: inadequate customer due diligence by underwriters, submission of inaccurate information during share subscription and allocation, and lapses in directors’ internal oversight. Fraudulent schemes primarily involved masking true beneficial ownership via nominee structures and offshore vehicles, alongside the fictitious recognition of assets financed by IPO proceeds. OJK’s enforcement strategy demonstrates a tiered, proportionate approach that extends to market intermediaries and, in select instances, crosses national borders. A notable systemic flaw identified is an enforcement delay of up to two years, which may weaken deterrence. The study validates the applicability of the fraud pentagon framework in emerging markets and offers actionable recommendations for enhancing risk-oriented supervision.
Navigating Betrayal and Loyalty: Narrative Construction of Minority Shareholders Regarding Devidend Decisions in Indonesian Family-Controlled Firms Dewa Ayu Indiana Ida Loemongga Sandopart; Dewa Putu Yohanes Agata L. Sandopart
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.493

Abstract

This study explores the narrative construction employed by minority shareholders as they navigate experiences of betrayal and loyalty concerning dividend policies within Indonesian family-owned enterprises. Utilizing a qualitative approach with an instrumental case study design focused on three family firms listed on the Indonesia Stock Exchange (IDX), the research involved in-depth interviews with 17 minority shareholders (both individual and institutional) whose ownership periods spanned 2 to 20 years. Thematic analysis, following the framework proposed by Braun & Clarke (2006), yielded four principal themes: (1) narratives of exclusion and powerlessness, (2) narratives of ambiguity oscillating between trust and suspicion, (3) narratives of resignation as a coping mechanism, and (4) narratives of conditional loyalty. The findings indicate that minority shareholders construct the meaning of betrayal as a violation of the psychological contract within the dimensions of both distributive and procedural justice. Conversely, loyalty is interpreted as a calculative commitment contingent upon the firm’s performance and the availability of alternative investment opportunities. This research contributes theoretically by enriching agency theory and signaling theory through the integration of a narrative perspective, while also identifying psychological coping mechanisms previously underexplored in the finance literature. Policy implications for capital market regulators and family-controlled companies are discussed.
Co-Authors Dewa Putu Yohanes Agata L. Sandopart Erma Wijayanti Lie Adek