KEBIJAKAN MANAJEMEN STRATEJIK TERINTEGRASI BERBASIS GOOD CORPORATE GOVERNANCE BAGI EMITEN PASAR MODAL UNTUK MENANGGULANGI PRAKTIK MANIPULASI PASAR
DOI:
https://doi.org/10.15575/jim.v7i2.58308Keywords:
Budaya Integritas, Emiten, Good Corporate Governance, Manajemen Strategik Terintegrasi, Manipulasi Pasar, Pasar Modal.Abstract
Penelitian ini membahas secara menyeluruh penyebab belum efektifnya pencegahan manipulasi pasar pada emiten serta merumuskan kebijakan manajemen strategik terintegrasi berbasis Good Corporate Governance. Penelitian menggunakan desain mixed methods sequential exploratory. Tahap kualitatif melibatkan 12 informan yang mewakili organ tata kelola emiten, fungsi assurance, regulator, profesi penunjang, akademisi, dan praktisi pasar modal, serta triangulasi dokumen dan pemberitaan. Tahap kuantitatif dalam rancangan tesis memodelkan 180 respons dengan Partial Least Squares-Structural Equation Modeling untuk menguji hubungan antara Manajemen Strategik Terintegrasi Berbasis GCG, Budaya Integritas Perusahaan, dan Efektivitas Pencegahan Manipulasi Pasar. Temuan kualitatif menunjukkan enam persoalan utama: GCG formalistik dan terfragmentasi, tekanan target yang tidak diimbangi risk appetite dan batas etika, tata kelola informasi material yang belum terintegrasi, ketergantungan pada tone at the top, lemahnya konektivitas fungsi assurance, serta kebutuhan early warning system. Pengujian model menunjukkan pengaruh Manajemen Strategik Terintegrasi terhadap Budaya Integritas sebesar 0,746; pengaruh langsung terhadap pencegahan sebesar 0,302; pengaruh Budaya Integritas terhadap pencegahan sebesar 0,534; dan pengaruh tidak langsung sebesar 0,398, seluruhnya signifikan. Model menjelaskan 67,4 persen variasi efektivitas pencegahan dan menunjukkan mediasi parsial budaya integritas. Penelitian menghasilkan Integrated Strategic Governance Framework yang mengintegrasikan arah strategis dan governance, risk-control-assurance, budaya integritas, tata kelola informasi dan pelaporan, serta market conduct dan early warning dalam roadmap implementasi 0-36 bulan.
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