PENGARUH KEBIJAKAN PRICE LIMIT TERHADAP VOLATILITAS HARGA SAHAM DAN MINAT INVESTASI ASING DI BURSA EFEK INDONESIA
DOI:
https://doi.org/10.71277/dx8ybv06Kata Kunci:
Bursa Efek Indonesia, Investasi Asing, Kebijakan Pasar Modal, Price LimitAbstrak
Kebijakan price limit di Bursa Efek Indonesia (BEI) menimbulkan dilema antara tujuan stabilitas pasar dan daya tarik investasi global. Penelitian ini menganalisis pengaruh ganda kebijakan tersebut terhadap volatilitas harga saham dan minat investasi asing di BEI untuk periode 2015–2024. Dengan pendekatan kuantitatif menggunakan analisis regresi linier berganda atas data sekunder, temuan penelitian mengungkap suatu paradoks. Di satu sisi, kebijakan price limit terbukti signifikan dalam meredam volatilitas harga saham, sejalan dengan teori stabilitas pasar. Namun di sisi lain, kebijakan yang sama justru berdampak negatif terhadap arus investasi asing, diduga karena pembatasan ini mengurangi likuiditas dan fleksibilitas untuk strategi trading jangka pendek, sebagaimana dikhawatirkan dalam teori preferensi likuiditas investor global. Hasil ini menjelaskan adanya trade-off kebijakan yang krusial. Implikasinya, diperlukan evaluasi ulang yang lebih baik terhadap penerapan price limit, misalnya dengan mempertimbangkan diferensiasi kebijakan berdasarkan likuiditas saham, untuk mencapai keseimbangan yang optimal antara menstabilkan pasar dan mempertahankan daya tariknya bagi investor internasional.
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Hak Cipta (c) 2025 Supri Yanto, Putri Irmala Sari (Author)
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