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The Impact of Law No. 6 of 2023 on Job Creation on Foreign Investment Policy in Indonesia Iftina Cahyanda Putri Aimee; Sang Ayu Putu Rahayu; Duhita Driyah Suprapti
Anthroposia: Journal of Social and Human Development Vol. 1 No. 2 (2026): June: Anthroposia: Journal of Social and Human Development
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/d8rccx85

Abstract

This study examines the impact of Law No. 6 of 2023 concerning Job Creation on foreign investment policy in Indonesia through a normative juridical approach. The research employs statutory and conceptual analyses of primary legal materials, including the Constitution of the Republic of Indonesia of 1945, Law No. 25 of 2007 on Investment, and Law No. 6 of 2023, complemented by scholarly literature on investment governance and international investment law. The findings indicate that the Job Creation Law restructures Indonesia’s investment framework by strengthening regulatory coherence, enhancing legal certainty, expanding investment opportunities, and improving investment facilitation mechanisms. The reform contributes to greater regulatory predictability and supports foreign investor confidence through a more integrated investment regime. The analysis further demonstrates that investment liberalization remains subject to constitutional economic principles that preserve state regulatory authority in matters relating to public welfare, environmental sustainability, labor protection, and the development of micro, small, and medium enterprises. The study concludes that the long term effectiveness of Indonesia’s foreign investment policy depends on maintaining a balanced relationship between investment facilitation objectives and regulatory sovereignty within the framework of sustainable national development.
Regulatory Uncertainty as A Challenge to The Protection of Foreign Investors’ Legitimate Expectations from The Perspective of Indonesian Investment Law Arlansyah Harahap; Zulfikri Akramul Akbar; Duhita Driyah Suprapti; Sang Ayu Putu Rahayu
Journal of Human Interaction and Social Studies Vol. 1 No. 2 (2026): : May: Sapientia Diversalis: Journal of Human Interaction and Social Studies
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/2z49an03

Abstract

This study examines the relationship between regulatory uncertainty and the protection of foreign investors’ legitimate expectations within the framework of Indonesian investment law. Employing a non empirical normative legal research design, the study integrates statutory, conceptual, and comparative approaches to evaluate the extent to which Indonesian investment regulations provide legal certainty consistent with internationally recognized investment protection standards. The analysis focuses on Law Number 25 of 2007 concerning Investment, Law Number 6 of 2023 concerning Job Creation, and Government Regulation Number 5 of 2021 concerning Risk Based Business Licensing, complemented by international investment law doctrines and comparative jurisprudence. The findings indicate that Indonesian law implicitly accommodates the protection of legitimate expectations through principles of legal certainty and equal treatment, yet lacks explicit normative recognition. Regulatory inconsistency, overlapping governance structures, policy transitions, and implementation disparities create conditions that weaken investor reliance and regulatory predictability. The study further identifies a normative gap between domestic regulatory practice and international standards of Fair and Equitable Treatment. Strengthening investor protection requires regulatory harmonization, evidence based regulatory review, institutional coordination, and investment governance mechanisms capable of ensuring greater stability, transparency, and legal coherence.  
Derivative Actions As Legal Protection For Minority Investors In Public Companies In Indonesia Zulfikri Akramul Akbar; Arlansyah Harahap; Duhita Driyah Suprapti; Sang Ayu Putu Rahayu
Journal of Human Interaction and Social Studies Vol. 1 No. 2 (2026): : May: Sapientia Diversalis: Journal of Human Interaction and Social Studies
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/vchg3q50

Abstract

This study examines the effectiveness of derivative actions as a legal protection mechanism for minority investors in Indonesian public companies. The research is motivated by the growing participation of retail investors in the capital market and the persistent limitations affecting shareholder access to derivative litigation under Indonesian company law. Employing a non empirical normative legal research design, the study analyzes statutory provisions, legal doctrines, and theoretical perspectives through statute and conceptual approaches. Primary legal materials consist of Law Number 40 of 2007 concerning Limited Liability Companies, Law Number 8 of 1995 concerning Capital Market, and Law Number 4 of 2023 concerning Financial Sector Development and Strengthening, complemented by scholarly literature and comparative legal sources. The findings demonstrate that the ten percent ownership threshold creates a structural incompatibility when applied to public companies characterized by dispersed share ownership and significant coordination barriers. The threshold transforms derivative actions into a procedurally inaccessible remedy for minority investors and weakens substantive access to justice. The study proposes a reconstructed framework based on threshold differentiation, leave of court mechanisms, regulatory derivative actions, and strengthened institutional involvement of the Financial Services Authority to achieve a more inclusive and effective system of investor protection.
PERAN MASYARAKAT DALAM PENGAWASAN KEGIATAN USAHA SEBAGAI BENTUK PROTEKSI DARI RISIKO AKIBAT KEGIATAN USAHA Sang Ayu Putu Rahayu; Rahayu Fery Anitasari
ABDIMAS Vol 6 No 01 (2026): PENGABDIAN MASYARAKAT
Publisher : COMMUNITY OF RESEARCH LABORATORY SURABAYA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69957/abdimass.v6i01.2662

Abstract

Pelaku usaha yang akan melakukan kegiatan usaha di Indonesia harus terlebih dahulu memiliki izin usaha. Izin tersebut merupakan instrumen legal untuk menjamin suatu kegiatan usaha telah memenuhi standar yang ditetapkan, baik dalam aspek keamanan, kesehatan, maupun dampak lingkungan. Tanpa adanya pengawasan yang memadai terhadap izin usaha dapat memberikan dampak bagi masyarakat dari perspektif risiko akibat kegiatan usaha. Akibat tersebut seperti kerugian finansial akibat praktik usaha yang tidak berizin, dampak kesehatan dari produk yang mengandung bahan berbahaya, ataupun kerusakan lingkungan akibat kegiatan usaha yang tidak bertanggung jawab saat dan pasca kegiatan usahanya. Oleh karena itu, penting untuk meningkatkan kesadaran masyarakat, khususnya konsumen, mengenai pentingnya pengawasan izin usaha adalah langkah strategis untuk melindungi kepentingan publik sekaligus mendorong terciptanya lingkungan usaha yang sehat dan berkelanjutan. Permasalahan yang dihadapi masyarakat pada dasarnya adalah dari perspektif masih perlunya pemahaman lanjutan atas keterlibatan konsumen dalam pengawasan izin usaha yang dapat mengantisipasi risiko yang mungkin ditimbulkan akibat kegiatan usaha. Keberlanjutan tersebut dapat diatasi dengan memberikan edukasi mengenai hak-hak konsumen dan mekanisme pengawasan izin usaha yang efektif. Sehingga, untuk dapat memberikan konsumen pengetahuan lanjutan, maka solusi yang ditawarkan dari hasil pengabdian adalah pemberdayaan konsumen melalui kegiatan edukasi yang bertujuan meningkatkan kesadaran dan kapasitas mereka untuk melakukan pengawasan terhadap pelaku usaha. Kegiatan pengabdian yang dilakukan mencakup pembekalan mengenai regulasi izin usaha, hak-hak konsumen sesuai Undang-undang, serta prosedur pelaporan secara konvensional maupun menggunakan sistem jika ditemukan pelanggaran.
Investor Protection Against Invalidity of Administrative Acts: Perspective of Decision 650 K/TUN/2022 and Investment Law Mochammad Rizky Maulana; Sang Ayu Putu Rahayu; Mayzura Kamila Sukma
Law Research Review Quarterly Vol. 12 No. 5 (2026): Special Edition Part 1
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/lrrq.v12i5.48832

Abstract

The issuance of mining business licenses that conflict with environmental protection regulations often leads to cancellation by the court, which directly disrupts the legal certainty of investments. This article aims to examine the legal protection for investors resulting from the invalidity of administrative acts, focusing on the analysis of Supreme Court Decision Number 650 K/TUN/2022 concerning the cancellation of the Approval for the Upgrade to Operation Production Stage of PT Tambang Mas Sangihe (PT TMS). Employing a normative legal research method with statute and case approaches, this article unravels the problematic conflict between the principle of investment certainty and ecological preservation. The study reveals that PT TMS's license was annulled due to proven substantive defects, specifically violating the prohibition against massive mining on small islands as stipulated in Article 26A of the Law on the Management of Coastal Areas and Small Islands (PWP3K). While this decision represents a victory for environmental conservation, the negligence of the State Administrative Official in issuing a fundamentally flawed license has undermined the guarantee of investor protection and legal certainty under the Investment Law. From the perspective of legal doctrine, the issuance of such a juridically defective license constitutes an Unlawful Act by the Government (Onrechtmatige Overheidsdaad). Therefore, to protect the legitimate expectations of good-faith investors holding a Contract of Work, repressive legal protection through a mechanism of claiming compensation against the state becomes an essential instrument. This article recommends the necessity for strict cross-sectoral licensing synchronization to prevent similar administrative failures that could detrimentally affect the national investment climate.  
Local Government Efforts in Overcoming Obstacles to Obtaining Environmental Permits to Ensure Ease of Business Licensing for Foreign Investors in the Region Kardina Vera; Sang Ayu Putu Rahayu
Annual Review of Legal Studies Vol. 2 No. 2 (2025): May, 2025
Publisher : Faculty of Law, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/arls.vol2i2.26626

Abstract

This study aims to examine whether environmental permits are an inhibiting factor in the implementation of foreign investment in the regions, as well as efforts made by local governments to overcome obstacles to obtaining environmental permits to ensure the ease of business licensing for foreign investors. The method used is normative legal research with a legislative and normative juridical approach, which examines regulations, legal doctrines, and government policies related to environmental licensing and foreign investment at the regional level. The results show that the complicated environmental licensing process, complicated bureaucracy, unsynchronized regulations between the central and regional levels, and legal uncertainty are the main obstacles for foreign investors in realizing their investments. Local governments have made various strategic efforts, such as simplifying licensing procedures through a one-stop integrated service system (PTSP) and Online Single Submission (OSS), increasing human resource capacity, harmonizing regulations, and improving cross-agency coordination. However, implementation challenges remain related to digital infrastructure readiness and policy consistency. This study recommends strengthening synergies between central and local governments, increasing transparency, and developing effective monitoring mechanisms so that the environmental licensing process can run more efficiently and foreign investors feel more confident to apply for environmental licenses.
MITIGASI REGULATORY CAPTURE DEMUTUALISASI BEI MELALUI INDEPENDENT LISTING AUTHORITY BERBASIS KOMPARASI AUSTRALIAN SECURITIES EXCHANGE A’an Ilham Ardiyansah; Sang Ayu Putu Rahayu
Jurnal Ilmiah Multidisiplin Ilmu Vol. 3 No. 3 (2026): Juni : Jurnal Ilmiah Multidisiplin Ilmu (JIMI)
Publisher : CV. Denasya Smart Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69714/vm0yes23

Abstract

The demutualization of the Indonesia Stock Exchange (IDX) has triggered a paradigm shift, transforming the exchange from a non-profit organization into a profit-oriented corporate entity. However, this transformation carries a latent risk of regulatory capture, where the exchange's supervisory functions are vulnerable to being co-opted by commercial interests in pursuit of listing fees. This article analyzes the failure of the current Self-Regulatory Organization (SRO) structure in mitigating institutional conflicts of interest, as evidenced by the declining trend in issuers' fundamental quality amidst aggressive IPO growth. Utilizing normative legal research and a comparative approach with the Australian Securities Exchange (ASX), this study finds that separating supervisory functions through an independent authority is an absolute prerequisite for market integrity. This article reconstructs the urgency of establishing an Independent Listing Authority (ILA) in Indonesia as a juridical firewall. This solution aims to sever the regulator's financial dependence on issuers, ensuring that listing decisions are based entirely on legal compliance and investor protection rather than the exchange's financial performance targets.
The Urgency of Industrial Standard Classification Regulations for Green Hydrogen Investment in Indonesia Sang Ayu Putu Rahayu; Rahayu Fery Anitasari; Dina Silvia Puteri; Asrul Ibrahim Nur
Media Iuris Vol. 9 No. 2 (2026): MEDIA IURIS
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/mi.v9i2.80116

Abstract

This study examines the urgent need to establish a specific Indonesian Standard Industrial Classification (Klasifikasi Baku Lapangan Usaha Indonesia/KBLI) for green hydrogen investment as a normative legal necessity within Indonesia’s sustainable energy transition and its commitment to achieving Net Zero Emissions (NZE) by 2050. In fulfilling its obligations under the Sustainable Development Goals (SDGs) and its national low-carbon development agenda, Indonesia has adopted various policies promoting renewable energy and green hydrogen development. Nevertheless, the current KBLI framework has not yet provided a distinct classification for green hydrogen-related activities, resulting in their continued inclusion under general gas or manufacturing categories that are normatively and technically inadequate. This study employs a normative legal research method, drawing on statutory and comparative approaches, to evaluate the coherence of Indonesia’s regulatory framework with the principles of legal certainty, regulatory clarity, and good governance. In addition, it compares Indonesia’s KBLI system with regulatory practices in selected jurisdictions that have established specific industrial classifications for green hydrogen. The analysis indicates that the misclassification of green hydrogen-related activities under the KBLI regime may result in significant legal and administrative consequences, particularly in business licensing, environmental permitting, and investment approval processes, as each KBLI category entails distinct regulatory obligations. Therefore, the establishment of a specific KBLI for green hydrogen constitutes not only an administrative adjustment but a normative imperative to ensure legal certainty, promote sustainable investment, and support technological innovation. Such regulatory reform is essential to accelerate the development of Indonesia’s clean energy ecosystem and to align national industrial governance with constitutional mandates and international sustainability commitments.