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Journal : JURNAL USM LAW REVIEW

From Compliance to Cultural Outcomes: Rethinking Mandatory CSR in Bali Antara Yasa, I Wayan Suka; Lie, Gunardi
JURNAL USM LAW REVIEW Vol. 9 No. 1 (2026): -
Publisher : Universitas Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26623/julr.v9i1.13150

Abstract

This study aims to evaluate whether the legal framework governing Corporate Social and Environmental Responsibility (TJSL/CSR) in Bali has been effectively designed and implemented to maximize public and cultural welfare, or whether it remains confined to administrative compliance. Using a juridical-normative method informed by a utilitarian evaluation framework, this research examines the normative foundations of TJSL under the Company Law of 2007, Government Regulation No. 47 of 2012, and Law No. 15 of 2023 (ius constitutum), as well as their operationalization through Bali Provincial Regulation No. 8 of 2023 and Governor Regulation No. 46 of 2023 (ius operatum). The analysis demonstrates that, although the national legal framework provides sufficient authority for regional governments to coordinate and direct TJSL toward culture-based public welfare, its implementation in Bali remains predominantly input-oriented and administrative. The findings identify a significant utility gap, manifested in the absence of standardized cultural outcome indicators, outcome-based public reporting, independent verification mechanisms, and performance-based incentives or sanctions. As a result, TJSL policies have not been able to optimally translate corporate social resources into measurable benefits for key sectors of Balinese welfare, such as the strengthening of customary institutions, the preservation of ritual landscapes, and the transmission of traditional knowledge. The novelty of this study lies in its outcome-oriented evaluation of TJSL policy through a utilitarian lens, bridging normative legal analysis with public policy assessment. The study further proposes a direction for policy reconstruction that aligns TJSL implementation with cultural indicators mandated under Provincial Regulations No. 4 of 2020 and No. 5 of 2020, thereby repositioning TJSL as an effective instrument for cultural sustainability and public welfare rather than mere procedural compliance.
Economic Analysis of Law on Indonesia’s Capital Market Reform after P2SK Mardjono, Amerta; Lie, Gunardi
JURNAL USM LAW REVIEW Vol. 9 No. 1 (2026): -
Publisher : Universitas Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26623/julr.v9i1.13154

Abstract

Capital market legal reform through Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (the P2SK Law) represents a comprehensive effort to address structural weaknesses in Indonesia’s financial sector. However, existing scholarship remains limited in assessing the P2SK Law in an integrative manner, particularly in linking legal efficiency with the philosophical dimension of justice in capital market governance. This analytical gap raises questions as to whether the omnibus reform not only enhances market performance but also ensures fairness for all stakeholders. This study aims to analyze the implications of the P2SK Law for regulatory efficiency, transparency, and investor protection in Indonesia’s capital market. The research employs a qualitative normative legal method using the Economic Analysis of Law (EAL), Cost–Benefit Analysis (CBA), and classical legal philosophy approaches. Primary legal materials include the P2SK Law as well as regulations issued by the Financial Services Authority (OJK) and the Indonesia Stock Exchange, which are analyzed alongside legal and financial literature as secondary sources. The findings indicate that the strengthening of OJK’s authority and the enhancement of disclosure obligations under the P2SK Law contribute to lower transaction costs and improved information symmetry, which in turn causally promote greater investor confidence and deeper market liquidity. Furthermore, the simplification of the regulatory structure reduces overlapping authority and strengthens legal certainty, thereby improving capital market governance and systemic risk mitigation. From a justice perspective, the reform also expands retail investor access and accommodates digital financial innovation, aligning with the principles of corrective and distributive justice. The novelty of this study lies in its proposal of an integrative evaluation model that combines economic efficiency and moral justice in assessing capital market regulation. This contribution is not only theoretical but also practical, offering a comprehensive policy-analysis framework for evaluating the effectiveness of modern financial-sector reforms.
Co-Authors Adepio, Muhammad Fadel Ahmad Sudiro Ainun Jariyah, Sarifah Aisha, Salma Alam, Jenice Valencia Alfiani, Feriza Alya, Nasha Rawza Andrea, Richella Andrian Andrian Andriani, Kasmita Angela, Silvia Angelia Angelina, Made Aubrey Josephine Anggra, Philip Anindira, Lydia Antara Yasa, I Wayan Suka Anwar Rannu, Delycia Aprilia Fong, Fanesa Aprilia, Indah Siti Aprillianty, Kesia Apriza, Nathania ARI WAHYUDI Aritonang, Sanrio Art, Stanley Muljadi Augustin, Agatha Avianti, Grace Az-Zahra, Aiska Rahima Belle, Grace Anna Bianty, Thisia Bonang, Rio C, Gabriella Cahyono, Denzel Andersson Candra, Dimas Carnescia, Brenda Cendranita, Ivannia Chandra, Jessica Chen, Zefanya Angellin Christian, Benedict Philip Christine Octavia S Dameria, Fiorella Angella Diana Diana Egatri Gulo, Feby EVELYN EVELYN Fadhillah, Siti Aura Fauziah, Khanifa Febriany, Febriany Fernandha, Rizqy Dini Fernando, Wilson Furguson, Felix Goldwen, Filshella Gunawan, Syahrana Kezia Anjunien Halim, Leonardo Hamonangan, Marcellius Kirana Hapsari, Crescentia Viola Priscilla Audra Hartono, Evelyn Hartono, Margareta Kristiani Harum, Vanessa Mathilde Haykel, Muhammad Hermanto, Dennis Hitiyahubessy, Jeanifersu Hudzalfah Rahmadani, Khaluna Jemiel Heng, Richard Jolin, Jolin Jonatan, Frangky Juliano Raditya, Jason Juventia, Donabella Juwita, Dhiny Ellen Khasana, Andi Khuswatun Kinanti, Lamsiur Kiyoshi, Maximillian Ivander Koniardy, Delvina Kristiantan, Hagai Gabriel Kumala Dewi Kurniawan, Michael Laapen, Calinka Princess Belinda Lie , Cathleen Lim, Feili Lim, Grace Natalie Lo, Edmund Lumban Raja, Muhammad Dewo Maddalena Simamora, Indah Maria Manurung, Romandelas Marchvinn, Jessica Mardianto, Sebastian Edward Mardjono, Amerta Marina Marina Marva, Clairina Max, Alessandro Christian Mbaling, Constantius Mario Valentino Medianna, Olivia Metanoya Tapilatu, Finsri Mirza Djafar, Aureelia Nourani Mohammad, Prasidya Moody Rizqy Syailendra Putra Mousavian, Farel Sya'ban Mulyasetya Putra, Joddy Naelayara, Siti Amera Naru, Margareth Trisya Adefinola Natasha, Malika Baby Nathanael, Jeremy Nathanael, Moses Nathasya, Nathasya NEGARA, MOH IQRA Neljeane, Jeane Novela, Devina Novera HuIaifa, Shena Novianti, Siti Nugroho, Maria Cecilia Octavia S, Christine Octaviyanda, Shafarra Octavo, Vito Jonathan Oktavianni Putri Sianturi, Angel P, Moody Syailendra Pahlevi, Muhammad Vito Panglima, Rubby Aditya Patricia, Laura Sally Patricia, Rachel Anne Patty, Thalia Rizq Aurora Permatasari, Yofi Prasetyo, Stephanie Patricia Pratama, Akmal Risqi Yudhianto Putra, Arief Mandala Putra, Ismail Rangga Wahana Putra, Louis Sebastian Anot Putri, Gracia Putri, Maria Phoebe Tjahja Putri, Nadiva Azzahra Putri, Salsabila Putri, Sanny Nuyessy R.Syailendra, Moody Rahayu, Ni Kadek Putri Sita Rahmasari, Lisa Ramadhan, Nayla Az Zahra Ramadhano, Ibrahagi Ramania, Hasya Rigel, Rigel Riko Mono, Jonathan Riski, Naufal Riza Iskandar, Shafa Athaya Rondo, Fiona Louysa Rusli, Vennia Neshya Ryanto, Laurencia Safitri, Yuliya Sahrul, Farhan Ananda Salindeho, Leezza Salsa sally, Laura Sandi, Maydi Jack Santoso, Ellen Sanyoto, Alicia Andromeda Septiandri, Ivon Serena, Michelle Audrey Shafa Kamiliya, Cindra Shasmita, Sylvia Siarill, Jonathan Hervine Sihite, Jelita Sihite, Jelita Damai Sofia Lorenza Simanjuntak, Yosafat Ben Ghurion Sinaga, Efryando Stefen Andreas Siregar, Aristoteles Gerhard Fredrik Sitabuan, Tundjung Herning Sitompoel, Yervant T. S Sitorus, Lena Mariana Br Stella, Helen Subagijo, Kevin Putra Sugiarto, Angelina Jacqueline Sukur, Partermutios Susilo Putra Suryani, Cendana Suwinto Johan Syahputra, Denis Syailendra P, Moody R. Syailendra, Moody R. Syella Susilo, Sherryl Tairas, Hans Daniel Felix Tan, Louissa Nobel Tan, Richie Lay Tania, Elizabeth Tanujaya, Calista Putri Terania, Medi Thie, Naysa Andrea Thio, Herman Tirta, George Anderson Tjendra, Virginia Trisnadi, Ilhan Pasha Islamy Trixie, Ivana Umaternate, Arifin Vaustine, Griselda Vedora, Sheren Regina Veldrin Pua, Brendah Wardhana, Adi Pratomo Kusuma Wardhani, Ayu Azalia Wathan, Bilqis Alifia Wijaya, Miquel Enrick Wijaya, Niko William Chandra Winata, Gilbert Winson Salim, Patrick Wonohadidjojo, Christopher Howard Yonandi, Caecilia Patrice Yuan, Shafaa Alaadini Yulyana, Devy Yunita, Theresia Yuwono, Lila Graciella Zalukhu, Iyan Sentosa Zebua, August Delta Zimah, Amelia Abdullah