Analysis of Capital Market Dual Listing in ASEAN Countries

The capital market is an alternative source of corporate finance, so this encourages companies to sell their shares on the stock exchange. However, with the expansion of the business to the world, sometimes, the companies need more than one stock exchange, including foreign ones. The company than carried out a dual listing, namely listing of shares in to different exchanges. Dual listing has also begun to be carried out by a number of ASEAN countries. This study discusses the application of dual listing in a number of ASEAN countries and the possibility of its application in Indonesia. This study uses a normative juridical approach. The research specification used is analytical descriptive by examining secondary data and data that is delivered via the internet. The data presented is based on inductive thinking methods. Based on the results of the study, several ASEAN countries have implemented a dual listing policy by applying certain classifications to foreign companies with the aim of protecting the interests of shareholders and ensuring corporate governance. Indonesia has tried to implement a dual listing policy, but only applied for the Indonesian Depositary Receipt (SPEI). The dual listing mechanism was not immediately implemented because the capital market regulations did not allow foreign corporate legal entities to carry out dual listings.