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Asri Jaya
Universitas Muhammadiyah Makassar, Makassar, Indonesia
Economics, Econometrics & Finance

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THE IMPLEMENTATION OF FULL CALL AUCTION ON TRADING VALUE AND PRICE MANIPULATION INDICATOR IN WATCHLIST STOCKS ON THE INDONESIA STOCK EXHANGE Risna Aulia; Asri Jaya; Nasrullah Nasrullah
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9736

Abstract

This research analyzes the impact of the Full Call Auction (FCA) policy on transaction values and indications of price manipulation in stocks listed on the Special Monitoring Board (PPK) of the Indonesia Stock Exchange (BEI). This policy was implemented to improve market orderliness and protect investors from the risk of manipulation, which commonly occurs in low-liquidity and high-risk stocks. The research questions include whether FCA causes a significant change in trading value and whether FCA can reduce indications of price manipulation as measured by liquidity, information asymmetry, and volatility. The study uses a comparative quantitative approach with an event study design, analyzing 171 PPK companies during the period of November 3, 2023 - August 26, 2025, using saturated sampling. Secondary data was obtained from BEI, including transaction values, bid-ask data, and stock prices, observed for 10 trading days before and after the implementation of FCA. Descriptive analysis results show that the average trading value increased by 24.46% after FCA, but this change was not statistically significant. Based on the Wilcoxon signed-rank test, liquidity and information asymmetry underwent significant changes after FCA, indicating an improvement in market quality and a reduction in information asymmetry among investors. However, volatility did not show a significant difference, meaning FCA has not yet fully stabilized price fluctuations. Overall, FCA is considered quite effective in reducing indications of price manipulation, especially through increased liquidity and decreased information asymmetry, although its impact on trading value and volatility remains limited in the short-term observation period.
Dynamics of Corporate Financial Performance in IDX Carbon Initial Trading Participation: A DuPont Five-Step Approach Danil Maulana; A. Ifayani Haanurat; Asri Jaya
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9740

Abstract

Global warming and increasing greenhouse gas emissions are driving various countries to develop carbon trading mechanisms as an instrument for emission control, including in Indonesia through the launch of IDX Carbon on September 26, 2023. This research aims to examine the dynamics of companies' financial performance before, during, and after participation in the inaugural carbon trading transaction via IDX Carbon using the DuPont Five-Step Analysis approach. The research population includes 16 companies participating in the inaugural IDX Carbon transaction, with a sample of seven companies selected using purposive sampling based on the availability of financial statements and annual reports. The data used consists of quarterly financial statements for the 2022-2024 period. The research problem focuses on the differences in Return On Equity (ROE) before, during, and after participation, as well as changes in DuPont components and their correlation to ROE. The analysis methods include descriptive analysis, comparative analysis, and correlation testing of DuPont components consisting of tax burden, interest burden, operating profit margin, asset turnover, and financial leverage. The research results indicate that companies' participation in the inaugural IDX Carbon transaction was not followed by a significant change in ROE in the short term. However, there were adjustments in the ROE-forming structure, especially an increase in interest burden pressure and the important role of operational efficiency and asset utilization in maintaining profitability. This research concludes that the impact of carbon trading on companies' financial performance is transitional and is more reflected through the dynamics of DuPont components than through aggregate changes in ROE.
Analysis of Volatility and Liquidity Before and After Broker ID Anonymization Hasan Wahid; Asri Jaya; Sahabuddin Nanda
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9855

Abstract

This study aims to analyze the impact of Broker ID's anonymization policy on stock price volatility and market liquidity in LQ45 index companies on the Indonesia Stock Exchange. This study uses a comparative quantitative method with an event study approach during the three-month observation period before and after the policy (September 2021- February 2022). Based on the results of the Wilcoxon signed-rank test, significant differences were found in the two variables between the period before and after the implementation of the policy. The results show that the average volatility has decreased sharply by 171.72%, which indicates that the market has become more stable and price fluctuations are more controlled in the absence of signals from the broker's identity. In contrast, market liquidity decreased by 4.36%, reflecting reduced speculative activity and herding behavior due to the loss of information transparency. In conclusion, this policy is effective in reducing price volatility and creating stability, but it has an impact on liquidity contraction as investors become more cautious in transactions.
Co-Authors A. Ifayani Haanurat Danil Maulana Hasan Wahid Nasrullah Nasrullah Risna Aulia Sahabuddin Nanda