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All Journal Jurnal Ekonomi dan Bisnis Asia Pacific Fraud Journal Indonesian Capital Market Review
Shalahuddin Haikal
Faculty Of Economics And Business, Universitas Indonesia
Arts Humanities Economics, Econometrics & Finance Social Sciences

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 1 
Weak, Permissive and Error-Tolerant Supervision: Starting From Correction Habits to Acquit et de Charge Trap As an Entrance to Capital Market Scandal Shalahuddin Haikal
Asia Pacific Fraud Journal Vol 4, No 1: Volume 4, No. 1st Edition (January-June 2019)
Publisher : Association of Certified Fraud Examiners Indonesia Chapter

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (424.15 KB)

Abstract

Indonesian financial sector supervision, including the Capital Market is done by the Otoritas Jasa Keuangan/OJK (Financial Services Authority). Capital market is a market driven by the coming of new information. The punctuality and accuration of information are the key for an efficient capital market. The OJK structure and internal process makes us understand why OJK is weak, slow, permissive and error-tolerant to erroneousness. This condition is exploited by issuers/listed companies, including, banking sector companies, ignoring the carefulness rules in delivering the disclosure obligation. It explicitly comes up from most of the correction and revision toward disclosures they have made or even not doing the disclosure obligation. Worse, the audited anual financial which have accepted and legalized by General Meeting of Shareholders and therefore receive acquit et de charge, is rectified for restatement reason. It seems that the OJK failed to understand and stutter against forms of non-compliance and old crime in the new structure, in the form of omission, for investors this failure was a form of impartiality to them. OJK should act as an investor’s advocate, not an issuer carer. In addition to the silo structure, there is an incompatibility of the investigation function with the provisions regarding the investigation in accordance with the Criminal Procedure Code and other deficiency.
Theorizing Pada Teori Pengelolaan Modal Kerja: Relasi Aset Lancar Dan Kewajiban Lancar Shalahuddin Haikal
Jurnal Ekonomi dan Bisnis Vol 19 No 2 (2016)
Publisher : Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (378.969 KB) | DOI: 10.24914/jeb.v19i2.558

Abstract

Current assets and current liabilities relation is one of the traditional topics of financial management. Through algebra operations, both relations acquired current ratio and net working capital which became a postulate, called the rule of thumbs: current ratio must be greater than 1, and net working capital has to be positive. Based on the findings in two IDX’s listed companies, this paper questioning the validity of those rule of thumbs, based on Operation Management, Financial Market evolution and Corporate Governance. This is not an empirical research, this is a theorizing effort which forgotten by scholars in the field of business and management.
What Information Needed to Present in a Fundraising Campaign through Equity Crowdfunding Fajarini, Chika; Dalimunthe, Zuliani; Haikal, Shalahuddin
The Indonesian Capital Market Review Vol. 13, No. 2
Publisher : UI Scholars Hub

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Abstract

This study aims to determine success factors on equity-based crowdfunding project fundraising in several countries in Asia. We evaluated three categories of factors: campaign characteristics, human capital factors, and social capital factors. We evaluate models using 201 project samples on various platforms from Indonesia, Malaysia, United Arab Emirates, Israel, and South Korea from January 2018 until December 2019. We used Ordinary Least Square (OLS) as the method of hypothesis testing. We found that the most critical variable in the campaign characteristics is the financial information provided. Meanwhile, unless the number of team members, each human capital factor significantly positive to campaign success. Lastly, both social networks and business advisor's presence have a significant positive relationship to crowdfunding project fundraising success. However, we do not found a significantly different pattern between high-income and lower-income countries evaluated.
Testing the Public Officials’ Integrity in the Moonlighting of State-Owned Company Commissioner Shalahuddin Haikal
Asia Pacific Fraud Journal Vol. 8 No. 1: Volume 8, No. 1st Edition (January-June 2023)
Publisher : Association of Certified Fraud Examiners Indonesia Chapter

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21532/apfjournal.v8i1.259

Abstract

Conflict of  interest is related to fraud and corruption, whose sources include the following, (a) concurrent positions or moonlighting, (b) public sector non-cooling off work/business activities post-employment, (c) work and personal business interests of family, friends, and associates, (d) affiliate relationship of community groups, organizations, and political aspirations. Therefore, this study aimed (1) to develop a catalogue of laws and regulations implicitly and explicitly prohibiting state officials or government employees from implementing moonlighting. It indicated the explicit prohibition of moonlighting against interfering with the conditions causing conflicts of interest. It also aimed (2) to examine the moonlighting of SOE commissioners through state officials. In this analysis, SOE was selected as the sample due to being simultaneously regulated by various policies prohibiting conflicts of interest and moonlighting. The sample was also exchange-listed because of the obligation to disclose information in the Capital Market Law as an Annual Report, where the profiles of the Commissioner members were often showcased. The results showed that moonlighting was unacceptable by public officials as commissioner members, regarding the compiled catalogue.
Co-Authors Chika Fajarini Dalimunthe, Zuliani Fajarini, Chika