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All Journal Siyasah Dusturiyah: State Law Review
Siti Kamilatuz Zahra
Raden Intan State Islamic University Lampung, Indonesia
Law, Crime, Criminology & Criminal Justice

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Institutionalizing Competitive Neutrality Through Absolute Separation Doctrines: An ASEAN Comprehensive Comparative Study Siti Kamilatuz Zahra
Siyasah Dusturiyah: State Law Review Vol. 1 No. 4 (2026): Siyasah Dusturiyah: State Law Review
Publisher : Yayasan Cahaya Generasi Positif

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/0jm96p15

Abstract

This article evaluates the legal implications of the recent institutional transformation from the Ministry of State Owned Enterprises to the Regulatory Agency in Indonesia under Law Number 16 of 2025. Employing normative legal research alongside comparative analysis with Khazanah in Malaysia and Temasek in Singapore, this study dissects the persistent structural conflict between public regulatory functions and commercial ownership rights. Findings explicitly reveal that the new agency framework remains a superficial administrative illusion that completely fails to mitigate agency costs. By consolidating regulatory and shareholder powers within a single entity, the reform perpetuates corporate identity crises and severely undermines the Business Judgment Rule protections for state corporate directors. Consequently, to achieve genuine competitive neutrality and absolute managerial autonomy, this article proposes adopting a radical twin track model. This progressive framework necessitates delegating regulatory authority to technical ministries while permanently transferring commercial state ownership to a fully independent super holding company.
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