Kontroversi Kepemilikan Saham dan Volatilitas IHSG Pada Bursa Efek Indonesia (BEI)
Keywords:
ownership transparency, MSCI, IHSG, market volatilityAbstract
Penelitian ini mengkaji dampak keputusan MSCI pada Januari 2026 untuk membeku-kan penilaian terhadap saham Indonesia terhadap volatilitas Indeks Harga Saham Gabungan (IHSG) dan reaksi pasar. MSCI menyoroti rendahnya transparansi kepemi-likan saham, khususnya data saham beredar bebas yang tidak mencerminkan kondisi pasar sebenarnya. Pengumuman tersebut memicu penurunan tajam IHSG, meningkat-kan ketidakpastian investor global, dan mendorong aksi jual besar-besaran pada saham berkapitalisasi besar dan konglomerasi, termasuk Barito Pacific, Chandra Asri, dan Bakrie. Reaksi tersebut mencerminkan melemahnya kepercayaan investor akibat struktur kepemilikan yang terkonsentrasi. Tekanan pasar meningkat setelah MSCI menangguhkan potensi kenaikan bobot Indonesia dalam indeks, sehingga membatasi prospek arus modal asing dan mengancam status Indonesia sebagai pasar berkembang. Temuan penelitian menegaskan pentingnya peningkatan transparansi kepemilikan, pelaporan saham beredar bebas, dan tata kelola pasar. Reformasi tersebut diperlukan untuk memperkuat stabilitas pasar, memulihkan kepercayaan investor, menarik investasi internasional, serta meningkatkan daya saing dan kredibilitas pasar modal Indonesia di tingkat regional dan internasional secara berkelanjutan.
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