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This study aimed to examine the correlation between the stock prices of twomajor Indonesian holding companies, MNC Group and Elang Mahkota Teknologi(Emtek) Group, and their respective subsidiaries as case studies. The data forthe analysis were collected from 2013 to 2022, and Spearman correlation wasused to determine the strength and direction of the relationship between thestock prices of the holding companies and their subsidiaries. The results ofthe analysis revealed that there were varying degrees of correlation betweenthe stock prices of the holding companies and their subsidiaries. The strongestpositive correlation was observed between BHIT and BMTR, while the weakestcorrelations were found between BHIT and IPTV, and BHIT and MSIN. Thecorrelations were also found to have changed over time, possibly due to marketconditions, company-specific events, or changes in industry sectors.In the caseof Emtek Group, the analysis suggested that EMTK's stock price movements had asignificant impact on the stock prices of its subsidiaries, with varyingstrengths of relationships. The negative correlation between EMTK and SCMA overthe entire period suggested an inverse relationship, while positivecorrelations with BUKA, AMOR, BBHI, and RSGK indicated a tendency to move inthe same direction as EMTK's stock price. The correlations were found to haveincreased over time, possibly due to market conditions and EMTK's ownershipstake in these companies. Overall, the findings of this study suggest thatthere is a complex interplay between the stock prices of parent companies andtheir subsidiaries, and that there are a variety of factors that can influencethese relationships over time. These findings may be useful for investors inmaking informed decisions about their investment portfolios, as changes in thecorrelations could impact their portfolio's performance.

The Stock Price Relationship between Holding Companies and Subsidiaries: A Case study of Indonesia Multiholding Companies