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Disclosure of Beneficial Ownership and Control in Indonesia: Legislative and Regulatory Policy Options for Sustainable Capital Markets

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  • Fianna Jurdant

    (OECD)

Abstract

A good corporate governance framework should combine transparency, accountability and integrity and this requires knowledge of beneficial ownership. The protection of minority investors and other stakeholder protection will be challenging without access to reliable information about the ownership, including the identity of the controlling owners, and control structures of listed companies. This report assesses the costs, benefits and practicalities of different approaches, suggesting policy options to better identify ultimate beneficial ownership in Indonesia. This report was requested by the Capital Market and Financial Institution Supervisory Agency in Indonesia, Bapepam-LK, in the context of the OECD-Indonesia corporate governance policy dialogue launched in 2011. The objective is to support policy makers and regulators in their efforts to enhance disclosure and enforcement of beneficial ownership and control as part of overall efforts to improve corporate governance standards and practices in Indonesia.

Suggested Citation

  • Fianna Jurdant, 2013. "Disclosure of Beneficial Ownership and Control in Indonesia: Legislative and Regulatory Policy Options for Sustainable Capital Markets," OECD Corporate Governance Working Papers 9, OECD Publishing.
  • Handle: RePEc:oec:dafaae:9-en
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    File URL: http://dx.doi.org/10.1787/5k43m4pdrj36-en
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    References listed on IDEAS

    as
    1. Jackson, Howell E. & Roe, Mark J., 2009. "Public and private enforcement of securities laws: Resource-based evidence," Journal of Financial Economics, Elsevier, vol. 93(2), pages 207-238, August.
    2. Zuaini Ishak & Christopher Napier, 2006. "Expropriation of Minority Interests and Corporate Diversification in Malaysia," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, pages 85-113.
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    4. Rhee, S. Ghon & Wang, Jianxin, 2009. "Foreign institutional ownership and stock market liquidity: Evidence from Indonesia," Journal of Banking & Finance, Elsevier, vol. 33(7), pages 1312-1324, July.
    5. Watanabe, Mariko, 2010. "Separation of Control and Cash-Flow Rights of State Owned Listed Enterprises: Channels of Expropriation after the Discriminated Share Reform in China," IDE Discussion Papers 224, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    6. Joseph A. McCAHERY & Erik P.M. VERMEULEN & HISATAKE Masato & SAITO Jun, 2007. "Traditional and Innovative Approaches to Legal Reform: 'The New Company Law'," Discussion papers 07033, Research Institute of Economy, Trade and Industry (RIETI).
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    beneficial ownership; control-enhancing mechanisms; corporate governance; disclosure; inside blockholders; money laundering; outside blockholders; private enforcement; public enforcement; shareholders;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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