Melola Discovery

← Melola Discovery

Jurnal

Legal Protection of Investors in Initial Public Offering Against Liquidity Exit Practices

Law Research Review Quarterly · Vol. 12 No. 1 (2026) · hlm. 467–500

DOI
10.15294/lrrq.v12i1.45636
ISSN
2716-3415
Terbit
2026-01-23
Penerbit
Universitas Negeri Semarang
Bahasa
eng

Abstrak

This study aims to analyze the legal protection for retail investors against the practice of liquidity exit carried out by controlling shareholders in the Initial Public Offering mechanism in Indonesia. The phenomenon of exit liquidity shows a shift in the function of IPO from business expansion to a means of transferring business risk from the old owner to the public, which often causes significant losses for retail investors due to information asymmetry and massive stock sales after the IPO. This study uses a normative juridical research method, although the current capital market regulations have provided procedural certainty, there is still a legal vacuum in limiting the volume of divestment of controlling shares after the IPO. This condition is exacerbated by the exchange's technical policies such as the closing of the broker's code on the JATS system in real time which hinders trading transparency. This study recommends the need for regulatory reform through the adoption of quantitative restrictions on the volume of stock sales as per the standard of SEC Rule 144 in the United States or UAE Federal Decree Law no. 32 of 2021 on Commercial Companies as well as the acceleration of the demutualization of the Indonesia Stock Exchange to ensure the integrity of the capital market.

Kata kunci

Jaringan kolaborasi para penulis

30 penulis · 65 tautan kepenulisan bersama

Arahkan kursor atau ketuk sebuah nama untuk menyorot rekan penulisnya. Klik dua kali untuk membuka halaman penulis.

  • State University of Semarang
  • Afiliasi tidak diketahui
  • Organisasi berbeda
  • Organisasi sama
  • Afiliasi tidak diketahui
  • Garis lebih tebal = lebih banyak artikel bersama · lingkaran lebih besar = lebih banyak artikel
Tampilkan sebagai tabel
Rekan penulisOrganisasiArtikel bersama
Rindia Fanny KusumaningtyasAfiliasi tidak diketahui2
Ivan Bhakti YudistiraAfiliasi tidak diketahui2
Dewi SulistianingsihState University of Semarang2
Rodiyah RodiyahAfiliasi tidak diketahui2
Waspiah WaspiahAfiliasi tidak diketahui2
Kartika Fajar CahyaniAfiliasi tidak diketahui2
Adinda Ratna PertiwiAfiliasi tidak diketahui2
Bayu BimantaraAfiliasi tidak diketahui2
Shalisha Danica PangaribuanAfiliasi tidak diketahui2
Giovanni Helennia ChastineAfiliasi tidak diketahui2
Safa NurfebriyantiAfiliasi tidak diketahui2
Shavia Hana NoviatantriAfiliasi tidak diketahui2
Pujiono PujionoAfiliasi tidak diketahui1
Rini FidiyaniAfiliasi tidak diketahui1
Ibadurrahman Hanan AbdullahAfiliasi tidak diketahui1
Afifah WidyastutiAfiliasi tidak diketahui1
Safira MaharaniAfiliasi tidak diketahui1
Yuli Prasetyo AdhiAfiliasi tidak diketahui1
Hafiz Rafi UddinAfiliasi tidak diketahui1
Renard Kananda DiptaAfiliasi tidak diketahui1
Muhamad Fajar IrfandiAfiliasi tidak diketahui1
Shelly Khalimatus ShafiraAfiliasi tidak diketahui1
Hanifah Is'aadAfiliasi tidak diketahui1
alif farhanAfiliasi tidak diketahui1
Yessi AinurohwatiAfiliasi tidak diketahui1
Vincentius Pieter Noehveltino Bonitu SuriAfiliasi tidak diketahui1
Sisca Mustika TiaraAfiliasi tidak diketahui1
Latifah Ayu LestariAfiliasi tidak diketahui1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/snh/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
<oai_dc:dc xmlns="http://www.openarchives.org/OAI/2.0/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:oai_dc="http://www.openarchives.org/OAI/2.0/oai_dc/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/  http://www.openarchives.org/OAI/2.0/oai_dc.xsd">
	<dc:title xml:lang="en">Legal Protection of Investors in Initial Public Offering Against Liquidity Exit Practices</dc:title>
	<dc:creator xml:lang="en">MUHTAR, MUHAMMAD INDRA </dc:creator>
	<dc:creator xml:lang="en">SETIAWAN, ANDRY</dc:creator>
	<dc:subject xml:lang="en">Initial Public Offering</dc:subject>
	<dc:subject xml:lang="en">Exit Liquidity</dc:subject>
	<dc:subject xml:lang="en">Investor Protection</dc:subject>
	<dc:description xml:lang="en">This study aims to analyze the legal protection for retail investors against the practice of liquidity exit carried out by controlling shareholders in the Initial Public Offering mechanism in Indonesia. The phenomenon of exit liquidity shows a shift in the function of IPO from business expansion to a means of transferring business risk from the old owner to the public, which often causes significant losses for retail investors due to information asymmetry and massive stock sales after the IPO. This study uses a normative juridical research method, although the current capital market regulations have provided procedural certainty, there is still a legal vacuum in limiting the volume of divestment of controlling shares after the IPO. This condition is exacerbated by the exchange's technical policies such as the closing of the broker's code on the JATS system in real time which hinders trading transparency. This study recommends the need for regulatory reform through the adoption of quantitative restrictions on the volume of stock sales as per the standard of SEC Rule 144 in the United States or UAE Federal Decree Law no. 32 of 2021 on Commercial Companies as well as the acceleration of the demutualization of the Indonesia Stock Exchange to ensure the integrity of the capital market.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2026-01-23</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/snh/article/view/45636</dc:identifier>
	<dc:identifier>10.15294/lrrq.v12i1.45636</dc:identifier>
	<dc:source xml:lang="en">Law Research Review Quarterly; Vol. 12 No. 1 (2026): Articles in press; 467-500 </dc:source>
	<dc:source>2716-3415</dc:source>
	<dc:source>10.15294/llrq.v12i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/snh/article/view/45636/8746</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Law Research Review Quarterly</dc:rights>
</oai_dc:dc>