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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.
DEVIATIONS IN THE USE OF FIXED-TERM EMPLOYMENT AGREEMENT IN THE OUTSOURCING SYSTEM Novela, Devina; Lie, Gunardi
Awang Long Law Review Vol. 7 No. 2 (2025): Awang Long Law Review
Publisher : Sekolah Tinggi Ilmu Hukum Awang Long

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56301/awl.v7i2.1955

Abstract

Outsourcing has become a choice for companies in dealing with market competition to reduce production costs and increase company flexibility. In practice, outsourcing uses fixed-term employment agreement to form a bond between employers and workers. However, disputes often arise between the two parties regarding rights and obligations that are frequently violated, especially by companies that take advantage of the existence of fixed-term employment agreement to bind outsourced workers. The issues to be examined are the misuse of fixed-term employment agreement in the outsourcing system in The Industrial Relations Court Decision No. 400/Pdt.Sus-PHI/2022/PN.Jkt.Pst. and the application of the principles of protection and legal certainty for outsourced workers in cases of misuse of fixed-term employment agreement in the aforementioned case. The author applies a normative research method with primary legal materials, namely positive labor law and secondary legal materials such as books and legal journals through legal literature study techniques. With a regulatory approach, the data is then analyzed using qualitative methods to compile the data into information. Through the conflict between the law and its implementation, it can be concluded that the form of deviation that occurs is due to the repeated use of agreements and the existence of a pseudo-employment relationship that gives rise to legal consequences for which the company must be held accountable. The application of the principles of legal protection and legal certainty is a form of justice obtained by workers so that the agreement that has been made is binding on both parties. Through the conflict between the law and its implementation, it can be concluded that the form of deviation that occurs is due to the repeated use of agreements and the existence of pseudo-employment relationships that give rise to legal consequences for which the company is liable. The application of the principles of legal protection and legal certainty is a form of justice for workers, so that the agreements that have been made are not merely a formality but provide real protection.
Recognition of Hardship as a Corrective Mechanism in Indonesian Contract Law under Extraordinary Changes in Circumstances Chandra, William; Lie, Gunardi
Al-Risalah VOLUME 26 NO 1, MAY (2026)
Publisher : Universitas Islam Negeri Alauddin Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/al-risalah.vi.66411

Abstract

Contract law in Indonesia is still often viewed as rigid and unchanging, even though in practice particularly in long-term contracts changes in circumstances can occur unexpectedly; therefore, this study examines the urgency of recognizing hardship in Indonesian contract law in the context of extraordinary events that cause fundamental changes in circumstances, focusing on the regulatory gaps within the national legal system, its comparison with developments in modern contract law, as well as the legal implications of adopting such norms through normative legal research using legislative, conceptual, and comparative approaches, and a case study of Judgment No. 28/Pdt.G.S/2021/PN.DPS, The results indicate that the force majeure mechanism in the Civil Code is insufficient to address contractual imbalances resulting from unforeseen changes in circumstances, while comparative analysis and case studies confirm that the absence of a hardship doctrine limits judicial discretion to the conventional framework of breach of contract. Consequently, this study argues that the integration of hardship can be achieved through normative reconstruction grounded in the principles of good faith and contractual balance, thereby balancing legal certainty and substantive justice within Indonesian contract law.
Status Hukum dan Perlindungan Pekerja Platform Digital: Studi Komparatif Indonesia dan Singapura Vincent; Lie, Gunardi
Al-Zayn: Jurnal Ilmu Sosial, Hukum & Politik Vol 4 No 2 (2026): 2026
Publisher : Yayasan pendidikan dzurriyatul Quran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61104/alz.v4i2.5204

Abstract

Pesatnya pertumbuhan ekonomi digital telah melahirkan model kerja baru yang dikenal sebagai gig economy, di mana pekerja platform digital berada dalam zona abu-abu hukum antara kategori “pekerja” dan “kontraktor independen”. Penelitian ini bertujuan untuk menganalisis urgensi rekonstruksi status hukum pekerja platform serta membandingkan kerangka perlindungan hukum yang diterapkan di Indonesia dan Singapura. Metode penelitian yang digunakan adalah yuridis normatif dengan pendekatan perbandingan hukum. Hasil penelitian menunjukkan bahwa di Indonesia, status hukum pekerja platform masih didominasi oleh konsep “kemitraan” yang cenderung semu, di mana pekerja memiliki posisi tawar rendah dan perlindungan jaminan sosial yang belum memadai. Sebaliknya, Singapura telah melakukan langkah progresif melalui Platform Workers Act yang memberikan pengakuan hukum khusus bagi pekerja platform, mencakup perlindungan kecelakaan kerja dan kontribusi dana pensiun (CPF) tanpa harus menyematkan status karyawan penuh. Perbandingan ini menunjukkan bahwa Indonesia memerlukan rekonstruksi regulasi yang lebih spesifik guna menciptakan keadilan bagi pekerja platform. Kesimpulan dari studi ini merekomendasikan perlunya kategori hukum ketiga (sui generis) dalam hukum ketenagakerjaan Indonesia untuk mengakomodasi karakteristik unik pekerja platform yang memiliki subordinasi ekonomi namun memiliki fleksibilitas kerja, guna menjamin hak-hak dasar dan kesejahteraan mereka di masa depan demi tegaknya keadilan sosial.
Ketidakpatuhan Perusahaan dalam Pembayaran Upah Lembur : Studi Kasus PT SAI Apparel Industries Tansir, Charisse Evania; Lie, Gunardi
Al-Zayn: Jurnal Ilmu Sosial, Hukum & Politik Vol 4 No 2 (2026): 2026
Publisher : Yayasan pendidikan dzurriyatul Quran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61104/alz.v4i2.5332

Abstract

Penelitian ini mengeksplorasi praktik ketidakpatuhan dari perusahaan dalam memenuhi tanggung jawab mereka dalam pembayaran upah lembur melalui analisis kasus pada PT SAI Apparel Industries. Tujuan utama dari studi ini adalah untuk menyelidiki jenis-jenis pelanggaran dalam konteks hukum ketenagakerjaan serta pengaruhnya terhadap kesejahteraan para pekerja dan hubungan industrial yang terjadi. Metode yang digunakan adalah yuridis empiris dengan pendekatan analisis deskriptif. Data diperoleh melalui penelusuran literatur yang berkaitan dengan peraturan perundang-undangan, kajian akademis, dan sumber hukum lainnya, lalu dianalisis menggunakan metode kualitatif. Temuan dari penelitian mengindikasikan bahwa ketidakpatuhan dalam pembayaran upah lembur merupakan pelanggaran terhadap ketentuan hukum yang bersifat mengikat, yang berdampak signifikan pada pengurangan pendapatan, motivasi kerja, serta kepercayaan pekerja terhadap perusahaan. Selain itu, situasi ini dapat menjadi penyebab terjadinya sengketa dalam hubungan industrial. Studi ini juga menunjukkan bahwa pekerja memiliki beberapa opsi penyelesaian, mulai dari perundingan bipartit hingga mengajukan perkara ke Pengadilan Hubungan Industrial, meskipun pelaksanaannya sering terkendala oleh kurangnya akses dan posisi tawar yang lemah dari pekerja. Dengan demikian, sangat penting untuk meningkatkan kepatuhan perusahaan dan memperkuat pengawasan dari pemerintah untuk memastikan perlindungan hak-hak pekerja secara efektif.
Co-Authors Adepio, Muhammad Fadel Ahmad Sudiro Ainun Jariyah, Sarifah Aisha, Salma Alam, Jenice Valencia Alfiani, Feriza Alya, Nasha Rawza Andrian Andrian Andriani, Kasmita Angela, Silvia Angelia Angelina, Made Aubrey Josephine Anggra, Philip 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 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 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 Kumala Dewi Laapen, Calinka Princess Belinda Lie , Cathleen Lim, Feili Lim, Grace Natalie Lo, Edmund 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 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, 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 Patricia, Laura Sally Patricia, Rachel Anne 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 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 sally, Laura Sandi, Maydi Jack Santoso, Ellen Sanyoto, Alicia Andromeda Septiandri, Ivon 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 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. Tairas, Hans Daniel Felix Tan, Louissa Nobel Tan, Richie Lay Tansir, Charisse Evania Tanujaya, Calista Putri Terania, Medi Thie, Naysa Andrea Tirta, George Anderson Tjendra, Virginia Trisnadi, Ilhan Pasha Islamy Trixie, Ivana Vaustine, Griselda Vedora, Sheren Regina Vincent Wathan, Bilqis Alifia Wijaya, Miquel Enrick Wijaya, Niko William Chandra Winata, Gilbert Winson Salim, Patrick Yonandi, Caecilia Patrice Yuan, Shafaa Alaadini Yulyana, Devy Yunita, Theresia Yuwono, Lila Graciella Zalukhu, Iyan Sentosa Zebua, August Delta Zimah, Amelia Abdullah