Economists Deem OJK Ineffective in Addressing Structural Issues in the Capital Market
JAKARTA, KOMPAS.com - Economists assess that the Financial Services Authority’s (OJK) efforts in addressing structural issues related to market liquidity, free float, and market accessibility are ineffective.
A survey by the Institute for Economic and Social Research at the Faculty of Economics and Business, University of Indonesia (LPEM FEB UI), reported that 35 respondents rated OJK’s actions as ineffective, while 10 rated them as highly ineffective.
“As many as 45 out of 85 respondents gave negative ratings to the effectiveness of the institution in tackling these challenges,” stated the results of the LPEM Economists’ Survey for the First Semester of 2026.
Meanwhile, 27 respondents reported neutral ratings, indicating mixed or uncertain views on the progress achieved in resolving these structural market issues.
“Positive ratings are relatively limited. 12 respondents consider OJK’s actions effective, and one respondent rates them as highly effective,” the same report stated.
Economists identified enhancing transparency and corporate governance of listed companies as the most urgent priority to strengthen the attractiveness of the Indonesian investment market.
This factor was selected by at least 69 respondents, making it the most frequently mentioned reform priority following the Morgan Stanley Capital International (MSCI) assessment. Meanwhile, regulatory improvements are also deemed critical.
Enhancing regulatory clarity and consistency was chosen by 57 respondents, while strengthening supervision and law enforcement was selected by 39 respondents.
“These responses indicate that experts view regulatory credibility and enforcement capacity as key elements for improving market accessibility and confidence,” the report stated.
Other factors were selected less frequently.
Factors such as increasing free float and public share ownership were mentioned by 28 respondents, while improving coordination among financial authorities (18 respondents) and enhancing market liquidity and depth (15 respondents) were mentioned less often.
Overall, these results emphasise the quality of governance and regulatory clarity as the main areas for reform to increase the attractiveness of Indonesia’s capital market for investment.
For information, this survey specifically collects experts’ perceptions on economic and social conditions, as well as policy developments, comparing them with previous periods and evaluating future expectations.
This independent survey by LPEM FEB UI aims to gather insights from economists on Indonesia’s economic landscape, while strengthening commitment to informed policy discussions and the country’s future development.
The survey was conducted from 24 February to 9 March 2026 via an online survey platform. The sample consisted of 85 economists from various backgrounds, including academics, research institutions, think tanks, the private sector, and multinational organisations or institutions.