<![CDATA[This study examines the growing influence of business oligarchs on Indonesia's 2024 presidential election by analyzing the relationship between corporate financing, political coalitions, and state institutions. Although previous studies have extensively explored money politics, campaign financing, and oligarchic networks, limited attention has been paid to the institutional mechanisms through which corporate actors transform economic resources into long-term political influence. Using a qualitative approach, this study draws upon reports, academic publications, news articles, and other documentary sources, which are analyzed through thematic analysis. The findings reveal that presidential candidates rely heavily on financial support from business elites and large corporations throughout the electoral process. Corporate actors strategically distribute their support across competing political coalitions to preserve access to political power and influence policymaking processes, particularly in the extractive sector. These relationships contribute to the concentration of economic and political power, reinforce oligarchic networks, and create conditions that facilitate state capture. This study contributes to the literature on oligarchy, corporate political participation, and democratic governance by demonstrating how economic power is institutionalized through formally democratic processes. The Indonesian case also offers broader insights into contemporary debates concerning democratic accountability, institutional integrity, and the relationship between political and economic power.]]>
