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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.
Stock Price Growth Target as a Predictor of Earnings Manipulation: A Fraud Triangle Analysis of Technology Sector Issuers in Indonesia Lie Adek; Dewa Putu Yohanes Agata L. Sandopart; Erma Wijayanti; Dewa Ayu Indiana Ida Loemongga Sandopart
Journal of Economics and Management Vol. 4 No. 2 (2026): Journal of Economics and Management, June 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i2.496

Abstract

This study aims to explore the role of stock price growth targets as a predictor of earnings manipulation among Indonesian technology sector issuers through the lens of the Fraud Triangle framework. Employing an exploratory qualitative approach with a single holistic case study design, the research involved 18 participants from 12 technology issuers listed on the Indonesia Stock Exchange during the 2020–2025 period. Data were gathered through semi-structured in-depth interviews, annual report reviews, and news documentation, and subsequently analyzed using six-phase thematic analysis. The findings reveal seven primary themes: aggressive target pressure as the dominant predictor; technical opacity as an opportunity for manipulation; collective rationalization within the technology ecosystem; manifestations of earnings manipulation; governance weaknesses; consequences of manipulation; and detection mechanisms. The novelty of this research lies in introducing stock price growth targets as a more contextually relevant proxy for pressure in the technology sector, in contrast to conventional proxies such as financial stability or leverage. Policy implications include the need for technology-specific accounting guidance, red-flag-based supervision using indicators such as extreme PER ratios and low free float, and the strengthening of criminal sanctions against manipulators.
Adaptation Strategies of Gen Z Employees in Maintaining Quality of Work Life and Motivation Under High Work Pressure: An Interpretive Phenomenology Study Dewa Ayu Indiana Ida Loemongga Sandopart; Dewa Putu Yohanes Agata L. Sandopart
Journal of Economics and Management Vol. 4 No. 2 (2026): Journal of Economics and Management, June 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i2.505

Abstract

This study explores the adaptation strategies developed by Generation Z employees to maintain a high quality of work life and motivation to achieve optimal performance under high work pressure. Using a qualitative, interpretive phenomenological design, this study involved 12 Generation Z participants aged 22–26 years from various employment sectors in Indonesia. Data were collected through semi-structured in-depth interviews and analyzed using six-phase thematic analysis. The findings identified three domains of adaptation strategies, including cognitive strategies characterized by cognitive reframing, meaning-making, and future self-projection; behavioral strategies reflected in digital time management, help-seeking, flexible boundary management, and job crafting; and relational strategies involving the mobilization of digital and physical social support as well as negotiation with supervisors. The main contribution of this study is the development of a Hybrid-Technological Adaptation model that represents the distinctive characteristics of Generation Z, including comfort with digital technology as an extension of self, preference for flexible yet clear work boundaries, strong values of autonomy and transparency, and the capacity to reframe crises as opportunities for personal development. The novelty of this research lies in the finding that Generation Z does not strictly separate digital and non-digital adaptation strategies, but instead integrates both seamlessly into daily practices. These findings enrich Conservation of Resources theory and the Job Demands-Resources model by incorporating the perspective of the digital native generation. Practically, organizations need to design adaptation interventions that accommodate Generation Z's technological preferences without sacrificing humanistic and relational aspects.
Co-Authors Dewa Putu Yohanes Agata L. Sandopart Erma Wijayanti Lie Adek