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Tan, David
Batam International University
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Journal : Lentera Hukum

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Dual-Class Share Structure in the Indonesian Equity Market Seroja, Triana Dewi; Tan, David; Fitri, Winda; Rusdiana, Shelvi
Lentera Hukum Vol 10 No 3 (2023)
Publisher : University of Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19184/ejlh.v10i3.43733

Abstract

A lot of major equity markets abroad have allowed the listing of the Dual-Class Share Structure (DCSS) corporations. DCSS is an agreement in which two types of shares are issued by the very same firm, with one type of share conferring greater power compared to the other. The Indonesian Stock Exchange only allows for limited access for DCSS technology-related corporations to list on its Mainboard. To remain attractive as Southeast Asia's top financial centre, Indonesia needs to alter its securities regulations while making its listing market adaptable to meet the needs of various enterprises. This research aims to analyse and elaborate on permitting DCSS corporations to go public and devise suitable governance safeguards to guarantee the highest possible standards of corporate governance are upheld. This research explores the legal certainty and applicability of DCSS in the Indonesian equity market and abroad, using a qualitative approach and thematic analysis of secondary data. The major finding of this research is the acceptance of DCSS adds to issues with abuse of power by the controlling shareholders, which was outweighed by their cash flow rights. While those in favour of DCSS argue that the existing shareholders' main reason for choosing a DCSS arrangement is to preserve company control. Most major exchanges in the world have taken action to accommodate DCSS going public, like those in the USA, Hong Kong, Singapore, and China. Considering the magnitude of the Asian market, Indonesia can emulate the accomplishments of other exchanges too. A series of recommendations are provided to guarantee the highest standards of corporate governance can be upheld, such as: permitting DCSS for new entrants and innovative businesses, regulating the ownership of enhanced voting shares, and setting out sunset provisions for DCSS arrangement.Keywords: Company Law, DCSS, Dual-Class Shares, Equity Market.
Co-Authors ., Jane Afriyadi Afriyadi Agus Susanto Agustianto Agustianto, Agustianto Agustin, Indri Ceria Agustini, Shenti Aini Feriska Sumandya Alhakim, Abdurrakhman Angel, Vanessa Billy Marbiyanov Bodhi, Surya Chutia, Upankar Debby Amellya Zahdjuki Della Aprianingrum Dian Sari, Eva Disemadi, Hari Sutra Dwinta Sugandi Edison Edison Elza Syarief, Elza Febriyani, Emiliya Ferdinand Jason Fiorentine, Jasisca Fitri, Winda Gia Phuc, Dao Girsang, Junimart Hieu, Le Ho Trung Hutauruk, Rufinus Hotmaulana Illya Firna Febriyanti Irvanaries Irvanaries Jason, Ferdinand Jaya, Febri Joseline, Joseline Kang, Cindy Kelvin Kelvin Lau, Jonathan Lu Sudirman Lu Sudirman Meliana Meliana Metta - Tjia Michelle Alice Stania Muhammad Naufal Fitrah Nadia Salsabilla Mareta Modjo Nanda Jala Sena Neisdy Lee Nellcy Desvia Nur Laily Nurviani, Nanny Octa Villa Oryza Sativa MY Pambayun, Cindy Fatika Dewi Prakasa, Satria Unggul Wicaksana Quentin, Pinsolle-Dubourg Rahmadani, Aini Ricky Sandi Permana Roy Mangitua Manurung Rusdiana, Shelvi Sari Wahyuni, Lily Sudhartio, Selviana, Devi Shane Edwin Shendy Devendra Armaya Silviani, Ninne Zahara Silvy Pricilia Fernanda Siti Aisyah Rukmana Situmeang, Ampuan Sovia Sovia Sovina Sovina Surya Bodhi Sylvia Putri Sylvia Putri Tan, Winsherly Tania, Stephanie Taniady, Vicko Tantimin Tantimin Tantimin Tantimin Tantimin, Tantimin Triana Dewi Seroja Viona Puspita Wibowo, Tony Windi Afdal, Windi Wulandari, Aura Yenny Permata Liegestu Yoma Arda Wiratama Zulhairi Zulhairi