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Fitri, Winda
Universitas Internasional Batam
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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 Abdurrahman Alhakim Ade Borami Ju Adiyanto Adiyanto Agustianto Agustianto, Agustianto Agustini, Shenti Alhakim, Abdurrakhman Alvian, Muhammad Adzel Amelia Putri Anisah Angel Tng Angelina Oei Angelyn, Angelyn Anggia Putri, Windi Regina Angterina Angterina Anisa Tia Mulyani Anly Suryadhana Anugerah, M Fajar Anwar, N.A.D. Pramesti Aprilia, Vinny Ar-Raudah Ar-Raudah Autia Kurnia Putri Hapsari Aviany Yanti Ayu Arthalaini Limbong Azarya, Melda Bryan Imanuel Nainggolan Chairunisa Aj Reqha CHRISTIANA CHRISTIANA, CHRISTIANA Christine Natalia Christofer Paskah De La Cruz Nongsina Cindy Amelia Darwin Darwin Defi Arika Delia, Della Della Delia Dinda Lucida Siswan Disemadi, Hari Sutra Divia, Felysha Putri Dwinta Sugandi Dylan Perdinando Eko Nurisman Ela Rahmawati Elisabeth Ronauli Ina Sedo Langodai Elviani, Elviani Elvianti Elvianti Elvianti, Elvianti Elvina Enjelica Elvina Enjelica Elvira Zikra Elza Syarief, Elza Erika Emilia Putri Fariz Rayhan Febriyani, Emiliya Felix Charles Dicaprio Felix Filbert Felix Filbert Felix Sastro Lino Felysha Putri Divia Fenecia, Evelyn Ferinna Lidya Fimos, Zaiqui Arviveronica Fiona Vivian Fionna Angeline Firdausa, Alif Firnando Firnando Firnando, Firnando Hana Renata Tan Peiru Hardy Winata Lie Hardy Winata Lie Hendryani Hendryani Hidayah, Luthfia Hieu, Le Ho Trung Hutauruk, Rufinus Hotmaulana Irawan, Dhenisa Octavia Irvanaries Irvanaries, Irvanaries Jacelyn Jacelyn Jack Taosen Jason Jason Jaya, Febri Jeniffer Angelia Ong Jeny Jeny Jeshlyn Jeshlyn jeshlyn, jeshlyn Jessca Jessca Jessica Jane Jesslyn Larissa Joseph Frederic Halim Junisa Putri Salsabila Karen Amaris Keltine Richelle Chan Kevin Chandra Wijaya Kevin John Paul Manurung Kyushu Davina Shebiartha Leny Pelita Besouw lesmana, Zannayya Putri Noer Liand Maulidina Lu Sudirman Luthfia Hidayah Marsya Asyikin Melisa Melisa Melvin Louisly Melvin Melvin Melvina Octaria Miftahul Jannah Muhammad Anshari, Muhammad Muhammad Firza Herianto Muhammad Naufal Anshari Mutiara, Ayu Yulia Nadia Carolina Weley Nadia Salsabilla Nadila Putri Nicholas Nicholas NINGSIH, SRI WAHYU Ningsih, Sri Wahyu Novi Wira Sartika Zebua Novita Putri Novri Winson Novy Suwanny Nur Laily Nur Laily Nurisman, Eko Nurlaily NURLAILY, NURLAILY Nursyahda, Faradhilla Octaria, Melvina Oda I.B. Hariyanto Oda Ignatuis Besar Hariyanto Pambayun, Cindy Fatika Dewi Permata Andini Sinaga Prastiyo, Laode Agung Princessa tan Widiana Princessa Tan Widiana Putri Deviana Insti Putri, Aulia Ginda Putri, Nadila Putri, Rahmadani Putri, Shelvia Agustini Rahayu, Dilla Siska Rahmadani, Nia Ramadani, Nur Anisa Ramadhan, Muhammad Tri Andika Rasikah, Amelia Rasyid, Dede Hilman Regina Uliana Sirait Renanda Sareng, Alexandra Renti Friska Pangaribuan Rindiyani, Monica Rini Rini Rismauli Br Gultom Rismauli Br Gultom Riyansyah, Muhd. Wildan Rusdiana, Shelvi Rynando Sadrakh Halim Ryvaldo Rajagukguk safitri, gita Sakilah Dwi Cahyani Sakti, Nuryoga Aji Salsabilla, Anindya Putri Keisha Santoso, Inggrid Rosemary Saputri, Eka Adelia Selli Selli Sheerleen Sheerleen Sheerleen, Sheerleen Shely Fitria Binti Adi Azhar Silviani, Ninne Zahara Simatupang, Revinka Siregar, Abigael Hosanna Sisilia Sisilia, Sisilia Sitorus, Yohannes DS Situmeang, Ampuan Sri Mulyeni Stephanie Tania Steven Marlin Sudisno Sudisno Suwanny, Novy Tampubolon, Theresia Tan, David Tan, Winsherly Tantimin Tantimin, Tantimin Titania, Rizada Triana Dewi Seroja Trillian Lim Trillian Lim Trinh, Hien Ulya, Muna Vanessa Angel Vendryan Vendryan Verensia Verensia Vichadiya Vichadiya Vivi Handayani Vivi Handayani Vivian, Fiona Williem Aditya Sion Purba Winco Librawenson Windi Afdal, Windi Winky Librawinson Yana Desca Ramadani Yana Desca Ramadani Yana Oetary Yanti, Aviany Yehezkiel Christian Angga Anjula Purba Yohannes DS Sitorus Zahratul Aini