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All Journal Syntax Literate: Jurnal Ilmiah Indonesia Eduvest - Journal of Universal Studies
Tamala, Putri
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Aerospace Engineering Humanities Computer Science & IT Education Environmental Science Health Professions Law, Crime, Criminology & Criminal Justice Neuroscience Social Sciences Other

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Concentrated Ownership of Indonesian Listed Companies as a Determinant of Stock Price Crash Risk Tamala, Putri; Lubis, Arief Wibisono
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51322

Abstract

This study examines the relationship between ownership concentration and stock price crash risk in Indonesian publicly listed companies. In emerging markets like Indonesia, ownership is often concentrated in the hands of a few major shareholders, raising questions about information asymmetry and governance vulnerabilities. Using panel data from non-financial firms listed on the Indonesia Stock Exchange between 2014 and 2023, this study applies a quantitative approach with crash risk proxied by negative coefficient skewness (NCSKEW) and down-to-up volatility (DUVOL). Ownership concentration is measured as the combined shareholding of the top three shareholders in each firm. The results show that ownership concentration has a consistently positive but statistically insignificant relationship with stock price crash risk. These findings suggest that concentrated ownership, while prevalent in Indonesia, does not necessarily lead to greater downside risk. Instead, firm-specific characteristics such as profitability, liquidity, maturity, and external factors like the COVID-19 crisis may play a more decisive role. This study contributes to the growing literature on corporate governance in emerging markets by challenging commonly held assumptions about the risk implications of blockholder control.
Corporate Governance and Corporate Performance: Tobin's Q Analysis on Financial Sector Companies on the Indonesia Stock Exchange Rahman, Fadli; Tamala, Putri; Hanggraeni, Dewi
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v10i5.58703

Abstract

This study examines the effect of the corporate governance mechanism (insider shareholding, board size, and institutional ownership) on firm performance measured by Tobin’s Q in financial sector companies listed on the Indonesia Stock Exchange (IDX) in 2023. Using a sample of 99 companies and secondary data from Bloomberg, the study employs multiple linear regression to analyze the relationship between governance variables and market performance. The results show that none of the three governance variables has a statistically significant effect on Tobin’s Q. These findings suggest that traditional internal governance mechanisms may not significantly influence firm market value in Indonesia’s financial sector context. The study contributes to the corporate governance literature by providing empirical evidence from a developing country and recommends exploring additional factors such as executive compensation and investor sentiment in future research.
Co-Authors Arief Wibisono Lubis Fadli Rahman, Fadli Hanggraeni, Dewi