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All Journal Siyasah Dusturiyah: State Law Review Journal of State Public Policy (JSPP)
Regina Naya Cahyani
Faculty of Law, University of Indonesia, Indonesia
Law, Crime, Criminology & Criminal Justice

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SOE Dichotomy: Reconciling Public Obligations and Corporate Governance in Indonesia, Malaysia, Singapore Regina Naya Cahyani
Siyasah Dusturiyah: State Law Review Vol. 1 No. 6 (2026): Siyasah Dusturiyah: State Law Review
Publisher : Yayasan Cahaya Generasi Positif

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/06bt2q88

Abstract

The resurgence of state capitalism through state-owned enterprises and sovereign wealth funds has provoked profound doctrinal tension between public accountability and corporate governance. In Indonesia, the dogmatic classification of separated state wealth fundamentally undermines the business judgment rule, exposing corporate directors to criminal liability for commercial losses. Similarly, government-linked corporations in Malaysia suffer from entrenched political appointments that inflate agency costs. Utilizing a comparative doctrinal methodology, this article evaluates the institutional restructuring under Indonesian laws number one and sixteen of 2025 regarding the Danantara investment agency. It argues that without definitive legislative harmonization providing a safe harbor clause, the structural ambiguity will perpetuate managerial paralysis. To reconcile this public-private legal dichotomy, this article proposes transplanting the Temasek model from Singapore. By instituting strict competitive neutrality and dual constitutional control mechanisms, nations can effectively insulate commercial discretion from political intervention while preserving the fiduciary integrity of public asset management frameworks worldwide.
Redefining Investment Contracts: Multinational Joint Ventures, Arbitration Risks, and Global Geopolitical Fragmentation Regina Naya Cahyani
Journal of State Public Policy Vol. 1 No. 3 (2026): Journal of State Public Policy
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jspp.v1i3.403

Abstract

Global geopolitical fragmentation has fundamentally disrupted international investment law. Consequently, multinational enterprises increasingly utilize joint ventures as jurisdictional firewalls to mitigate stringent host state regulations. This article examines the mutation of joint ventures into defensive legal fictions designed to shield corporate liability while exploiting arbitration protections. Through doctrinal analysis of contemporary jurisprudence, particularly the Urbaser decision, this study demonstrates how host state counterclaims pierce the corporate veil, enforcing human rights accountability. Furthermore, this research critically evaluates the boundaries delineating legitimate nationality planning from prohibited abuse of process, highlighting systemic anomalies surrounding shareholder reflective loss claims. These findings reveal an urgent necessity for structural procedural reforms. Ultimately, this paper proposes the mandatory consolidation of entity liability as an absolute jurisdictional prerequisite within international tribunals. This proposed framework effectively establishes a just equilibrium between safeguarding foreign capital investments and preserving the sovereign regulatory space of developing host nations across the entire globe.
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