SECTORAL MAPPING OF CREATIVE ECONOMY FIRMS ON THE INDONESIA STOCK EXCHANGE BASED ON KEMENPAREKRAF AND IDX
Main Article Content
Abstract
This study aims to map creative economy firms listed on the Indonesia Stock Exchange (IDX) based on the official subsector classification issued by the Ministry of Tourism and Creative Economy (Kemenparekraf) and the IDX Industrial Classification (IDX-IC). Using a descriptive qualitative approach, this study employs content analysis of annual reports, initial public offering (IPO) prospectuses, and other official corporate documents. The classification framework is developed based on indicators of creative activities, intellectual property intensity, and alignment with the 17 nationally defined creative economy subsectors. The findings indicate that only a limited number of IDX-listed firms can be classified as core creative economy companies, with a concentration in the media, film, broadcasting, and advertising subsectors. In contrast, art- and culture-based subsectors such as performing arts, fine arts, crafts, and architecture are largely underrepresented. These findings reveal a structural gap between the strategic role of the creative economy and its capital market representation, while providing a sectoral mapping that supports the development of a creative economy stock index in Indonesia.
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License
References
Bhojraj, S., Lee, C. M. C., & Oler, D. K. (2003). What’s My Line? A Comparison of Industry Classification Schemes for Capital Market Research. Journal of Accounting Research, 41(5), 745–774. https://doi.org/10.1046/J.1475-679X.2003.00122.X;REQUESTEDJOURNAL:JOURNAL:1475679X;ISSUE:ISSUE:DOI
Bowen, G. A. (2009). Document Analysis as a Qualitative Research Method. Qualitative Research Journal, 9(2), 27–40. https://doi.org/10.3316/QRJ0902027
BPS. (2025, November 17). Ekonomi Kreatif Serap Tenaga Kerja 27,4 Juta Tahun 2025. Siaran Pers, Badan Pusat Statistik. https://www.bps.go.id/id/news/2025/11/17/805/bps--ekonomi-kreatif-serap-tenaga-kerja-27-4-juta-tahun-2025.html?utm_source=chatgpt.com
Bushman, R., Chen, Q., Engel, E., & Smith, A. (2004). Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics, 37(2), 167–201. https://doi.org/10.1016/J.JACCECO.2003.09.005
Creswell, J. W., & David Creswell, J. (2018). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches (5th ed.). SAGE Publications, Inc.
Dewanto, A. R. T. (2023, October 14). Menparekraf: Tenaga Kerja Sektor Ekonomi Kreatif Terbukti Lebih Cepat Pulih dari Pandemi. https://wartaekonomi.co.id/read517107/menparekraf-tenaga-kerja-sektor-ekonomi-kreatif-terbukti-lebih-cepat-pulih-dari-pandemi
Dharmani, P., Das, S., & Prashar, S. (2021). A bibliometric analysis of creative industries: Current trends and future directions. Journal of Business Research, 135, 252–267. https://doi.org/10.1016/J.JBUSRES.2021.06.037
Ekraf. (2025). Daftar Subsektor Usaha di Ekraf Hub. Kementerian Ekonomi Kreatif/Badan Ekonomi Kreatif. https://hub.ekraf.go.id/#subsector
Fahmi, F. Z., Koster, S., & van Dijk, J. (2016). The location of creative industries in a developing country: The case of Indonesia. Cities, 59, 66–79. https://doi.org/10.1016/J.CITIES.2016.06.005
Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153–193. https://doi.org/10.1016/S0304-405X(96)00896-3
Howkins, J. (2001). The creative economy: How people make money from ideas (1st ed.). Penguin Group.
Hrazdil, K., Trottier, K., & Zhang, R. (2014). An intra- and inter-industry evaluation of three classification schemes common in capital market research. Applied Economics, 46(17), 2021–2033. https://doi.org/10.1080/00036846.2014.892200
Hsieh, H. F., & Shannon, S. E. (2005). Three approaches to qualitative content analysis. Qualitative Health Research, 15(9), 1277–1288. https://doi.org/10.1177/1049732305276687;WEBSITE:WEBSITE:SAGE;JOURNAL:JOURNAL:QHRA;REQUESTEDJOURNAL:JOURNAL:QHRA;WGROUP:STRING:PUBLICATION
IDX. (2021). IDX Industrial Classification Perusahaan Tercatat di Bursa Efek Indonesia. http://www.idx.co.id
Krippendorff, K. (2019). Content Analysis: An Introduction to Its Methodology. Content Analysis: An Introduction to Its Methodology. https://doi.org/10.4135/9781071878781
Li, S., Liu, Q., & Refalo, J. (2020). Industry classification, product market competition, and firm characteristics. Finance Research Letters, 36, 101319. https://doi.org/10.1016/J.FRL.2019.101319
Lombard, M., Snyder-Duch, J., & Bracken, C. C. (2002). Content Analysis in Mass Communication: Assessment and Reporting of Intercoder Reliability. Human Communication Research, 28(4), 587–604. https://doi.org/10.1111/J.1468-2958.2002.TB00826.X
OJK. (2023). CAPITAL MARKET FACT BOOK 2023. Otoritas Jasa Keuangan.
IDX. (2019, July 31). Opening Access for Small-Medium Enterprises, Capital Market Apply Acceleration Listing Board. https://www.idx.co.id/id/berita/siaran-pers/1119?utm_source=chatgpt.com
Rahmawati, Z., & Rosyadi, I. (2024). PROSPEK SAHAM SCMA DAN FILM DENGAN ANALISIS FUNDAMENTAL. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 8(3), 3112–3123. https://doi.org/10.31955/MEA.V8I3.4852
Uddin, M. R., Hasan, M. M., & Abadi, N. (2022). Do intangible assets provide corporate resilience? New evidence from infectious disease pandemics. Economic Modelling, 110, 105806. https://doi.org/10.1016/J.ECONMOD.2022.105806
UNCTAD. (2024). Creative Economy Outlook 2024. United Nations Publications. https://unctad.org/system/files/official-document/ditctsce2024d2_en.pdf
Undang-Undang No. 24 Tahun 2019 Tentang Ekonomi Kreatif, Pub. L. 24 (2019).
Wu, K., & Lai, S. (2020). Intangible intensity and stock price crash risk. Journal of Corporate Finance, 64, 101682. https://doi.org/10.1016/J.JCORPFIN.2020.101682.