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All Journal Ilmu dan Budaya Insignia: Journal of International Relations JAS (Journal of ASEAN Studies) Jurnal Hubungan Internasional Jurnal Hubungan Internasional Jurnal Ilmu Sosial dan Ilmu Politik Populis : Jurnal Sosial dan Humaniora Journal of Governance Journal of Islamic World and Politics Jurnal Asia Pacific Studies Mandala: Jurnal Ilmu Hubungan Internasional Andalas Journal of International Studies Sosio Dialektika Journal of Social Political Sciences (JSPS) TheJournalish: Social and Government Indonesian Journal of Multidisciplinary Science Indonesian Perspective Return : Study of Management, Economic and Bussines Jurnal Ekonomi, Teknologi dan Bisnis Advances In Social Humanities Research Jurnal HAM
Indra Kusumawardhana
Universitas Pertamina
Religion Arts Humanities Astronomy Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Mechanical Engineering Public Health Social Sciences Other

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Mengapa Rezim Internasional Gagal? Analisis Legalisasi “Lima Poin Konsensus ASEAN” tentang Myanmar Pasca Kudeta Militer 2021 Indra Kusumawardhana
Indonesian Perspective Vol 7, No 1: (Januari-Juni 2022), hlm. 1-137
Publisher : Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (351.381 KB) | DOI: 10.14710/ip.v7i1.48592

Abstract

Assessing the effectiveness of international regimes has become a central topic for scholars and policymakers. Realist argues that national interests determine whether or not states comply with international regimes. This article offers an alternative account by analyzing the anatomy of the agreement. Using the case study of the “ASEAN Five-Point Consensus” on Myanmar, this article employs the concept of legalization derived from institutionalist theory which is used to assess the degree of institutionalization of the international agreements characterized by three dimensions; obligation, precision, and delegation. The central thesis of this article is that the “ASEAN Five-Point Consensus” on Myanmar is a sort of soft law due to its strong weakness in three dimensions. It implies that the agreement will not be properly implemented by ASEAN member countries, especially by Myanmar’s military junta. This article concludes that the effectiveness of the “ASEAN Five-Point Consensus” on Myanmar depends not only on the states’ national interests but also on the degree of institutionalization of this agreement. The soft law character of this agreement is strongly influenced by the culture of ASEAN’s decision-making mechanism which puts a strong emphasis on the consensus in crafting non-obligatory agreements. 
Garuda in Southeast Asia’s Contested Waters: Indonesia dan Dinamika Keamanan Maritim Asia Tenggara Indra Kusumawardhana; Frieska Haridha; Innesia Ma’sumah
Indonesian Perspective Vol 5, No 1: (Januari-Juni 2020), hlm. 1-117
Publisher : Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (973.275 KB) | DOI: 10.14710/ip.v5i1.30192

Abstract

Indonesia’s strategic agenda to become the Global Maritime Fulcrum creates the discourse related to its existence in the context of maritime security in Southeast Asia. The emergence of Indonesia’s political realism to maintain the sovereignty of its waters has fueled various maritime insecurity problems that have occurred in Indonesian waters so far. Drawing from abovementioned context, this paper provides an analysis related to the various dynamics, challenges and issues of maritime security in Southeast Asia that surrounds Indonesia’s Global Maritime Fulcrum. Using traditional and non-traditional security study approaches in understanding maritime security, this paper examines various maritime insecurity issues faced by Indonesia, especially in the context of the Global Maritime Fulcrum agenda.
Music Matters: Diplomasi Budaya Indonesia terhadap Negara di Kawasan Pasifik Melalui ‘the Symphony of Friendship’ di Selandia Baru Sophia Bernadette; Rizka Septiana; Indra Kusumawardhana
Indonesian Perspective Vol 7, No 2: (Juli-Desember 2022): 134-255
Publisher : Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/ip.v7i2.50779

Abstract

This study aims to determine Indonesia's strategy in implementing cultural diplomacy and soft power diplomacy through the cultural event ‘The Symphony of Friendship’ by the Indonesian Embassy in New Zealand. Using a descriptive qualitative research method with data collection techniques through semi-structured in-depth interviews, which are then analyzed in depth supported by trust checking techniques through triangulation of data sources. The findings in this study are cultural diplomacy aimed at building Indonesia's image in the South Pacific region in dealing with separatist issues in Papua, which have been raised internationally by several countries, namely Fiji, Solomon Islands, Vanuatu and Papua New Guinea. The TSF was conducted to build a perception of Indonesia in the Pacific community as a colonialist against Papua, presenting a positive perception so that Indonesia is not seen as carrying out repression in Papua through a cultural approach and embracing the community to work together and encourage togetherness through a musical approach. 
Bending The Golden Giant: Indonesia's Bargaining Power for Nationalized Control Over PT. Freeport Indonesia Abdurofiq, Atep; Kusumawardhana, Indra
Journal of Governance Volume 9 Issue 3: (2024)
Publisher : Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31506/jog.v9i3.28868

Abstract

From 2009-2017, the renegotiation process between Indonesia and PT Freeport Indonesia (PTFI) has provided crucial insights into the International Political Economy's (IPE) understanding of the relationship between developing nations and Multi-National Corporations (MNCs). This paper delves deep into the evolving dynamics between Indonesia and Freeport McMoRan, spotlighting the concept of state capacity as a lens to decipher the nuances of bargaining power in the realm of natural resource extraction. Advocating an original perspective, our study charts a strategic path for developing nations to reassert control over their natural resources vis-à-vis MNCs. At its core, this research underscores the enduring sovereignty of states, albeit adapted to the demands of an increasingly globalized world. The outcomes bolster the argument that, even in a globalized context, states retain the capability to harness their sovereign standing, enabling them to negotiate effectively with MNCs.
Indonesia di Persimpangan: Urgensi "Undang-Undang Kesetaraan dan Keadilan Gender" di Indonesia Pasca Deklarasi Bersama Buenos Aires Pada Tahun 2017 Indra Kusumawardhana; Rusdi Jarwo Abbas
Jurnal HAM Vol 9 No 2 (2018): Edisi Desember
Publisher : Badan Strategi Kebijakan Hukum

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30641/ham.2018.9.153-174

Abstract

Pasca Deklarasi Bersama Buenos Aires tentang Perdagangan dan Pemberdayaan Ekonomi Perempuan pada Desember 2017 silam, keterlibatan Indonesia kembali menjadikannya berada dipersimpangan jalan. Jika merujuk pada kenyataan bahwahingga kini Indonesia belum memiliki Undang - Undang Kesetaraan dan Keadilan Gender (UU-KKG), polemik kesetaraan dan keadilan gender tetap menjadi sebuah tugas yang jauh dari kata usai untuk Indonesia terutama dalam konteks penjaminan Hak Asasi Manusia. Padahal, substansi Deklarasi Bersama Buenos Aires adalah penekanan terhadap kesetaraan dan keadilan gender pada aktifitas ekonomi, dalam konteks tersebut, kajian ini dirajut dalam rangka mengangkat kembali urgensi UU-KKG, terutama dalam kaitan pemberdayaan ekonomi perempuan pasca Deklarasi Buenos Aires. Pertanyaan utama yang diajukan adalah mengapa UU-KKG penting bagi Indonesia pasca keterlibatannya di dalam Deklarasi Buenos Aires? Menggunakan pendekatan globalisasi ekonomi, hak asasi manusia, dan perspektif gender; serta menggunakan metodologi kualitatif dalam menganalisis permasalahanurgensi Undang-UndangKesetaraan dan Keadilan Gender setelah Indonesia terlibat di dalam Deklarasi Bersama Buenos Aires tentang Perdagangan dan Pemberdayaan Ekonomi Perempuan.
Bersama untuk Kemanusiaan: Penanganan Lintas Sektor terhadap Masalah Pengungsi Rohingya di Aceh 2015 Zulkarnain Zulkarnain; Indra Kusumawardhana
Jurnal HAM Vol 11 No 1 (2020): Edisi April
Publisher : Badan Strategi Kebijakan Hukum

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30641/ham.2020.11.67-83

Abstract

Masalah pengungsi internasional Rohingya serta respon yang dilakukan oleh Indonesia dan masyarakat Aceh dalam mengatasi gelombang pengungsi Rohingya yang terdampar di Aceh menjadi diskursus yang menarik terkait hak asasi manusia. Pengungsi internasional dengan segala macam problematika yang dihadapinya telah menjadi fakta sosial yang tidak dapat dipungkiri dalam agenda politik dan kebijakan sebuah negara, termasuk di Indonesia. Penelitian ini akan menjelaskan tentang keterlibatan Pemerintah Indonesia, organisasi-organisasi internasional dan organisasi-organisasi non pemerintah serta partisipasi masyarakat lokal dalam menangani masalah pengungsi Rohingya Myanmar ini. Menggunakan konsep pengungsi internasional dan penanganan kolaboratif lintas sektor, tulisan ini menghadirkan penjelasan secara kualitatif dan mendalam terhadap penanganan masalah pengungsi Rohingya yang terdampar di Aceh dilakukan oleh Indonesia dan masyarakat Aceh sehingga dapat berkontribusi dalam mengatasi permasalahan kemanusiaan yang terjadi? Berdasarkan analisis yang dilakukan, tulisan ini berpendapat bahwa penanganan ini dilakukan melalui penerapan penanganan kolaboratif yang melibatkan Indonesia, masyarakat Aceh, dan organisasi internasional dalam menghadapi gelombang pengungsi internasional Rohingya yang terdampar di Aceh saat itu.
Geopolitical Risk, Climate Risk, and ESG Performance: Evidence from Energy Sector Companies Listed on the Indonesia Stock Exchange Yohan Tristianto; Dewi Hanggraeni; Indra Kusumawardhana
Advances In Social Humanities Research Vol. 4 No. 8 (2026): Advances In Social Humanities Research
Publisher : Sahabat Publikasi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/adv.v4i8.611

Abstract

Energy-sector companies increasingly face simultaneous geopolitical instability and climate-related pressures that may influence corporate sustainability strategies and Environmental, Social, and Governance (ESG) performance. This study aimed to examine the effects of geopolitical risk and climate risk on the ESG performance of energy-sector companies listed on the Indonesia Stock Exchange during 2020–2024. A quantitative explanatory design was employed using panel data from 60 companies, generating 300 firm-year observations selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4, supported by bootstrapping, robustness testing, and Multi-Group Analysis. The results showed that geopolitical risk had a significant positive effect on ESG performance (? = 0.082; p = 0.035), while climate risk also had a significant positive effect (? = 0.118; p = 0.001). The model explained 49.7% of the variance in ESG performance, with firm size emerging as the strongest control variable. Multi-Group Analysis indicated that both effects were significant only among non-coal companies, suggesting heterogeneous sectoral responses within the Indonesian energy sector. These findings supported stakeholder and legitimacy perspectives, indicating that increasing external risks may encourage stronger ESG commitments through systematic organizational responses. The study concluded that geopolitical and climate risks should be integrated into corporate sustainability and risk-management strategies.
Beyond ERM Adoption: Risk Maturity and Corporate Outcomes in Listed Energy Firms Suripno Suripno; Dewi Hanggraeni; Indra Kusumawardhana
Indonesian Journal of Multidisciplinary Science Vol. 5 No. 11 (2026): Indonesian Journal of Multidisciplinary Science (Issue in Progres)
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/ijoms.v5i11.1320

Abstract

Enterprise Risk Management (ERM) has become increasingly important for energy companies facing complex uncertainties, including commodity price volatility, regulatory changes, operational risks, and strategic challenges. However, the existence of ERM adoption does not necessarily reflect the effectiveness of risk management practices. This study aimed to examine the association between Risk Maturity Level (RML) and corporate outcomes, including operating efficiency, financial performance, and firm value, among listed energy firms. The study employed a quantitative explanatory design using longitudinal panel data from 42 energy companies listed on the Indonesia Stock Exchange during 2019–2024, resulting in 252 firm-year observations. Secondary data were collected from annual reports, sustainability reports, audited financial statements, and market data. Risk maturity was measured through disclosure-based content analysis, while corporate outcomes were assessed using the Operating Expense Ratio (OER), Return on Assets (ROA), and Tobin’s Q. Panel regression analysis was conducted to evaluate the relationships between risk maturity and corporate outcomes. The findings showed that higher risk maturity was negatively associated with OER, although the relationship was marginally significant, suggesting potential improvements in operational efficiency. Furthermore, risk maturity had a significant positive association with ROA and Tobin’s Q, indicating stronger asset profitability and higher market valuation among firms with more mature risk management capabilities. The study concluded that risk maturity represented an important organizational capability that extended beyond formal ERM adoption and contributed to corporate performance and value creation. Energy companies should strengthen risk integration into strategic decision-making, capital allocation, and organizational processes to enhance long-term resilience and competitiveness.
Impact of Digital Transformation on Profitability and Risk Taking: Evidence from Indonesian Commercial Banks for Period 2019 – 2025 RM Rahardjo Satrio Unggul; Dewi Hanggraeni; Indra Kusumawardhana
Jurnal Ekonomi, Teknologi dan Bisnis Vol. 5 No. 8 (2026): Jurnal Ekonomi, Teknologi dan Bisnis
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/bxbe9y21

Abstract

The rapid digital transformation of the banking sector has become a strategic priority globally; however, its financial implications remain inconclusive, particularly in emerging economies. This study examined the relationship between digital transformation and bank performance outcomes, including profitability, risk-taking, and stability, among 45 commercial banks in Indonesia during the 2019–2025 period. Digital transformation was measured using the 20-item Digital Maturity Index (DMI20), which was constructed from annual report disclosures and aligned with the Financial Services Authority (Otoritas Jasa Keuangan [OJK]) regulatory framework. Using a quantitative panel-data regression approach with bank-clustered robust standard errors, this research analyzed unbalanced panel data consisting of up to 315 bank-year observations. The findings showed that digital maturity was not significantly associated with Return on Assets (ROA), Net Interest Margin (NIM), Non-Performing Loans (NPL), or Loan-to-Deposit Ratio (LDR). However, digital maturity exhibited a negative association with Return on Equity (ROE) and a positive association with the Loan-Loss Provision (LLP) ratio at the 10% significance level. Most notably, digital maturity demonstrated a positive and statistically significant relationship with the bank Z-score at the 5% significance level, indicating greater resilience against insolvency risk. These results suggested that the primary financial benefit of digital transformation in the Indonesian banking context was reflected in enhanced stability and risk governance rather than immediate profitability improvements. The study contributed to the literature by providing empirical evidence from an emerging economy using a comprehensive digital maturity measure aligned with regulatory standards. The findings have practical implications for bank management in integrating digital transformation with risk management frameworks and for regulators in developing digital maturity assessment requirements that emphasize substantive disclosure and risk governance. Future research should employ longer observation periods, internal digital investment data, alternative measurement approaches, and mixed-method designs to further validate and extend these findings.
The Influence of Global Uncertainty and Corporate Risk Management on Financial Performance and Company Value: The Role of ESG Moderation in Open Energy Sector Companies in Indonesia 2019 – 2024 Suwega Drestantiarto; Dewi Hanggraeni; Indra Kusumawardhana
Return : Study of Management, Economic and Bussines Vol. 5 No. 8 (2026): Return: Study of Management, Economic and Business
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/return.v5i8.493

Abstract

This study examined the influence of global uncertainty and Enterprise Risk Management (ERM) on financial performance and company value, with ESG as a moderating variable, in energy sector companies in Indonesia. The motivation for this research was the increasing level of global uncertainty driven by economic crises, the COVID-19 pandemic, geopolitical conflicts, and the acceleration of the energy transition, which have challenged the long-term sustainability of energy sector businesses. This study employed a quantitative approach using a panel data design involving 36 energy companies listed on the Indonesia Stock Exchange during the 2019–2024 period, resulting in 216 firm-year observations. Data were collected from annual reports, financial statements, the World Uncertainty Index (WUI), and Refinitiv ESG scores. ERM was measured using a content analysis approach based on the AdvERM instrument, which consists of seven risk management disclosure components. Data analysis was conducted using a fixed-effects panel regression model with robust standard errors. The results showed that global uncertainty had a negative and significant effect on financial performance, as measured by Return on Assets (ROA), but did not significantly affect company value, as measured by Tobin’s Q. Furthermore, ERM demonstrated a positive effect on financial performance and company value, although the level of statistical significance was limited. Meanwhile, ESG was not proven to moderate the relationship between global uncertainty and ERM on company performance. These findings indicate that strengthening risk management capabilities and developing more substantive ESG practices are essential for Indonesian energy companies to manage macroeconomic risks and address challenges associated with the energy transition.
Co-Authors Abd Azis Annisa Antania Hanjani Arry Bainus Arubay Mahardhikawatie Atep Abdurofiq, Atep Ayu Sabrina Ayu Sabrina Bernadette, Sophia Bhardanshah Mohammad Clara Tirta Wijaya Dinda Rizkimawati Frieska Haridha Ghina Salsabila Hanggraeni, Dewi Herdiani Narita Ibrahim Hugo Innesia Ma’sumah Iqbal Ramadhan Mohamad Rosyidin Muhammad Badaruddin Muhammad Fadilah Aziz Muhammad Firjatullah Mutiarah Azizah Dyah Pramesti Novita Putri Rudiany Novita Putri Rudiany Octavia Adiel Permata Raissa Regina Reskyana Lukman RM Rahardjo Satrio Unggul Rusadi Kantaprawira Rusdi Jarwo Abbas Septiana, Rizka Silvia Dian Anggraini Suripno Suripno Suwega Drestantiarto Tia Maulida Yohan Tristianto Yunita Permatasari Zulkarnain