PASAR MODAL DAN PEREKONOMIAN INDONESIA: BIAYA KETERBUKAAN, PENGUNAAN DANA HASIL PENAWARAN UMUM, DAN PERAN PEMODAL ASING

Authors

  • Roy M Manurung Kementerian Keuangan
  • Andriansyah Andriansyah Kementerian Keuangan
  • Bayu Husodo Kementerian Keuangan
  • Ngapon Ngapon Kementerian Keuangan

DOI:

https://doi.org/10.31685/kek.v16i1.26

Keywords:

Pasar Modal, Perekonomian, Biaya Keterbukaan, Penggunaan Dana Penawaran Umum, Pemodal Asing

Abstract

This paper summarizes the results of the last three years of research conducted by the Economic Research Division of the Indonesia Capital Market and Financial Institution Supervisory Agency (Bapepam-LK). The main topic of the research is related to the role of the capital market in the Indonesian economy, especially its role as the source of financing for business and as the alternative of investment for investors. The studies on the cost of disclosure, the use of IPO proceeds and the role of foreign investors will have special emphasizes.

References

Andriansyah, B. Pohan & B. Husodo. (2007). Tentang Penyesuain Atas Saham yang Tersedia di Pasar. Kertas Kerja No. 1, Bagian Riset Ekonomi, Biro Riset dan Teknologi Informasi, Bapepam-LK, Jakarta, http://papers.ssrn.com/sol3/papers.cfm/abstract id-1737979. Ang, J.B. (2008). A Survey of Recent Developments in the Literature of Finance and Growth. Journal of Economic Surveys, 22(3), 536-576. Al-Sharkas, A. (2004). The Dynamic relationship between macroeconomic factors and the Jordanian stock market. International Journal of Applied Econometrics and Quantitative Studies, 1(1), 97-114. Aretis, P„ and P. Demetriades. (1997). Financial development and economic growth: assessing the evidence. The Economic Journal, 107, 883-799. Atje, R., Jovanovic, B. (1993). Stock markets and development. European Economic Review, 37, 632-640. Bagian Riset Ekonomi. (2007). Pajak Tobin. Briefing Sheet No. 4, Bagian Riset Ekonomi, Biro Riset dan Teknologi Informasi, Bapepam-LK, Jakarta. Bagian Riset Ekonomi, (2008). Analisis Penurunan IHSG dan Nilai Kepemilikan Asing. Briefing Sheet No. 1 Bagian Riset Ekonomi, Biro Riset dan Teknologi Informasi, Bapepam-LK, Jakarta. Bahadur, S. & S Neupane. 2006. Stock market and economic development: a causality test. The Journal of Nepalese Business Studies, III (1), 36-44. Bapepam-LK. (2008). Identifikasi Pemodal Asing di Pasar Modal Indonesia. Biro Riset dan Teknologi Informasi, Bapepam-LK, Jakarta. Bapepam-LK. (2009a). Laporan Tahunan 2009. Biro Riset dan Teknologi Informasi, Bapepam-LK, Jakarta. Bapepam-LK. (2009b). Studi tentang Potensi Jumlah Perusahaan yang Dapat Melakukan Go Public di Pasar Modal Indonesia. Biro Riset dan Teknologi Informasi, Bapepam-LK, Jakarta. Bapepam-LK. (2009c). Studi tentang Penggunaan Dana Hasil Penawaran Umum. Biro Riset dan Teknologi Informasi, Bapepam-LK, Jakarta. Bapepam-LK. (2009d). Riil Investor di Pasar Modal Indonesia. Biro Riset dan Teknologi Informasi, Bapepam-LK, Jakarta. Bapepam-LK. (2010). Studi tentang Biaya Pemenuhan Keterbukaan Informasi di Pasar Modal Indonesia. Biro Riset dan Teknologi Informasi, Bapepam-LK, Jakarta. Bursa Efek Jakarta. (2006). Studi tentang Faktor-Faktor yang memperngaruhi Perusahaan untuk Memutuskan Listing di Bursa. Bursa Efek Jakarta, Jakarta. Caporale, G. M., P.T.G. A. Howells, and A. Soliman, (2004). Stock market development and economic growth: the causal linkage. Journal of Economic Development, 29, 33-50. Carlstrom, C.T., T.S. Fuerst & V.P. Ionnidou. (2002). Stock prices and output growth: an examination of the credit channel. Federal Reserve Bank of Cleveland. Cook, S. (2006). Are stock prices and economic activity cointegrated? Evidence from the United States, 1950-2005. Annals of Financial Economics, 2, 42-56 Danareksa Research Institute. (2007). Studi tentang Analisa Faktor Pencetus Voluntary Delisting di Pasar Modal Indonesia. Jakarta Demirguc-Kunt & Levine. (1995). Stock markets, corporate finance, and economic growth: an overview. The World Bank Economic Review, 10, 223-239. Fray, M. J. (1997). Financial liberalisation, stock markets and economic development. The Economic Journal, 107, 754-770 . Forster, K. (2005). Stock prices and real economic activity: empirical results for Germany. Deutsche Bank Research Working Paper Series No 20. Gan, C., M. Lee, H.H.A Yong & J. Zhang, (2006). Macroeconomic variables and stock market interactions: New Zealand evidence. Investment Management and Financial Innovations, 3(4), 89-101. Gill, D. and P. Tropper. (1988). Emerging Stock Markets in Developing Countries. Finance and Development, December, 28-31. Gursoy, C.T, & A. Muslumov. (1998). Stock markets and economic growth. Institute of Social Sciences, Istanbul Technical University working paper. Harris, R.D.F., (1997). Stock markets and development: a re-assessment. European Economic Review, 41,139-146. Harvey, C.R., G. Bekaert, and M.G.P. Garcia. (1995). The Role of Capital Markets in Economic Growth. Catalyst Monograph Series, 1995, Catalyst Institute. Institute of International Finance. (2009). IIF Research Note: Capital Flows to Emerging Market Economies. Kaiser, Johannes, Chmura, Thorsten and Pitz, Thomas. "The Tobin Tax - A Game- Theoretical and an Experimental Approach" (April 4, 2007). Available at SSRN: http://ssrn.com/abstract=936924. Kaplan, M. (2008). The Impact of stock market on real economy activity: evidence from Turkey. Journal of Applied Science, 8(2), 374-378 Kung, J.J., A.P. Carverhill, and R.H. McLeod. (2010). Indonesia's stock market: evolving role, growing efficiency. Bulletin of Indonesian Economic Stuides, 46(3), 329-346. Levine, R. (1996). Stock markets: a spur to economic growth. Finance & Development, March: 7-10. Levine, R. (1997a). Financial development and economic growth: views and agenda. Journal of Economic Literature, 35, 688-726. Levine, R. (1997b). Stock markets, economic development and capital control liberalization. Perspective, 3(5), Investment Company Institute. Levine, R, & S. Zervos. (1998). Stock Markets, Banks and Economic Growth. The American Economic Literature, June 1998, 537-558. Levine, R. (2005). Finance and growth: theory and evidence. The Handbook of Economic Growth, Aghion and Durhaf (Eds). Elsevier Science. Maysami, R.C., L.C. Howe & M. A. Hamzah. (2004). Relationship between macroeconomic variables and stock market indices: cointegration evidence from stock exchange of Singapore’s All-S sector indices. Jurnal Pengurusan, 24, 47-77 Naughton, T. (1999). The role of stock markets in the Asian-Pacific Region. Asian Pacific Economic Literature, 22-35. Prasentyantoko, A. (2008). Bencana Finansial: Stabilitas sebagai barang publik. Kompas Media Nusantara. Shahbaz, M., N. Ahmeed & L. Ali. (2008), Stock market development and economic growth: adrl causality in Pakistan. International Research Journal of Finance and Economics, 14,182-195. Singh, A. (1997). Financial liberalisation, stock markets and economic development. The Economic Journal, 107, 771-782. Singh, K. (1998). Memahami Globalisasi Keuangan: Panduan untuk memperkuat rakyat. Yakoma-PGI, Jakarta. Siliverstovs, B. & M.H. Duong. (2006). On the role of stock market for real economic activity: evidence for Europe. German Institute for Economic Research Discussion Paper No 5999.

Downloads

Published

2015-11-09

Issue

Section

Articles