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Firman Floranta Adonara
Faculty Of Law, University Of Jember
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 1 
Shifting Meaning of State Losses in BUMN Based on the Business Judgment Rule Principle Fona Kartika Listiyapuji; Dyah Ochtorina Susanti; Firman Floranta Adonara
Rechtenstudent Vol. 6 No. 2 (2025): Rechtenstudent August 2025
Publisher : Sharia Faculty, Kiai Haji Achmad Siddiq State Islamic University of Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/rch.v6i2.361

Abstract

State-owned enterprise faces complex business dynamics, including the risk of state losses due to managerial decisions. The Business Judgment Rule (BJR) principle serves as the basis for legal protection for the direction to make business decisions with professional freedom, as long as the decisions are made in good faith, with caution, and without conflict of interest. However, the application of this principle in Indonesia is still inconsistent, as seen from cases such as Pertamina and Merpati Nusantara Airlines which show heterogeneity in the assessment of the legal responsibility of directors. The focus of this study is: first, to find the meaning of state losses in the context of State-owned enterprise based on the BJR principle; and to formulate a concept so that the BJR doctrine is not misused. The study uses a normative juridical method (research law) with a doctrinal approach to examine changes in the meaning of state losses in State-owned enterprise based on the Business Judgement Rule.
Shaping Green Investment Pathways to Accelerate Sustainable Development Goals (SDGs) Achievement in Indonesia Nurul Hasanah; Moh. Bahrul Ulum; Firman Floranta Adonara; Khoidin Khoidin
Rechtenstudent Vol. 7 No. 1 (2026): Rechtenstudent April 2026
Publisher : Sharia Faculty, Kiai Haji Achmad Siddiq State Islamic University of Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/rch.v7i1.412

Abstract

The transformation toward sustainable development requires the renewal of the investment law system so that it aligns with environmental, social, and economic principles as mandated in the Sustainable Development Goals (SDGs). This study analyzes the direction of green investment law formation in Indonesia through three main focuses: the existing regulatory framework, juridical barriers in its implementation, and the ideal normative model to strengthen the legal resilience of sustainable investment. The results show that green investment regulations remain sectoral and fragmented across various laws, such as the Investment Law, the Environmental Protection Law, and technical policies like the OJK Green Taxonomy. This fragmentation creates legal uncertainty, overlapping authorities, and gaps between technocratic policies and formal legal norms. These obstacles are exacerbated by weak institutional coordination, the absence of a legal definition of green investment, and the lack of binding incentive and supervision mechanisms. This study recommends the establishment of a lex specialis on green investment, strengthening the legal status of the Green Taxonomy, creating an integrated green licensing system, and reinforcing ecological protection obligations as a mechanism for intergenerational justice. Therefore, the formation of a comprehensive and integrated green investment legal framework is necessary to create legal certainty, enhance the attractiveness of sustainable investment, and strengthen Indonesia’s commitment to achieving the SDGs.
Shifting Meaning of State Losses in BUMN Based on the Business Judgment Rule Principle Fona Kartika Listiyapuji; Dyah Ochtorina Susanti; Firman Floranta Adonara
Rechtenstudent Vol. 6 No. 2 (2025): Rechtenstudent August 2025
Publisher : Sharia Faculty, Kiai Haji Achmad Siddiq State Islamic University of Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/rch.v6i2.361

Abstract

State-owned enterprise faces complex business dynamics, including the risk of state losses due to managerial decisions. The Business Judgment Rule (BJR) principle serves as the basis for legal protection for the direction to make business decisions with professional freedom, as long as the decisions are made in good faith, with caution, and without conflict of interest. However, the application of this principle in Indonesia is still inconsistent, as seen from cases such as Pertamina and Merpati Nusantara Airlines which show heterogeneity in the assessment of the legal responsibility of directors. The focus of this study is: first, to find the meaning of state losses in the context of State-owned enterprise based on the BJR principle; and to formulate a concept so that the BJR doctrine is not misused. The study uses a normative juridical method (research law) with a doctrinal approach to examine changes in the meaning of state losses in State-owned enterprise based on the Business Judgement Rule.
Shaping Green Investment Pathways to Accelerate Sustainable Development Goals (SDGs) Achievement in Indonesia Nurul Hasanah; Moh. Bahrul Ulum; Firman Floranta Adonara; Khoidin Khoidin
Rechtenstudent Vol. 7 No. 1 (2026): Rechtenstudent April 2026
Publisher : Sharia Faculty, Kiai Haji Achmad Siddiq State Islamic University of Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/rch.v7i1.412

Abstract

The transformation toward sustainable development requires the renewal of the investment law system so that it aligns with environmental, social, and economic principles as mandated in the Sustainable Development Goals (SDGs). This study analyzes the direction of green investment law formation in Indonesia through three main focuses: the existing regulatory framework, juridical barriers in its implementation, and the ideal normative model to strengthen the legal resilience of sustainable investment. The results show that green investment regulations remain sectoral and fragmented across various laws, such as the Investment Law, the Environmental Protection Law, and technical policies like the OJK Green Taxonomy. This fragmentation creates legal uncertainty, overlapping authorities, and gaps between technocratic policies and formal legal norms. These obstacles are exacerbated by weak institutional coordination, the absence of a legal definition of green investment, and the lack of binding incentive and supervision mechanisms. This study recommends the establishment of a lex specialis on green investment, strengthening the legal status of the Green Taxonomy, creating an integrated green licensing system, and reinforcing ecological protection obligations as a mechanism for intergenerational justice. Therefore, the formation of a comprehensive and integrated green investment legal framework is necessary to create legal certainty, enhance the attractiveness of sustainable investment, and strengthen Indonesia’s commitment to achieving the SDGs.
Co-Authors Adam Surya Putra Afifah Nur Azizah Angelin, Elmi Nada Anis Khafifah Anis Khafifah Mz Arie Mardika Nurma Agustin Ashfia Rosyalina Ariaza Ashfia Rosyalina Lailannaja Auliya Safira Putri Ayu Citra Santyaningtyas Azizah, Afifah Nur Bakhouya Driss, Bakhouya Chusnah, Syarifah Deny Akbar Santoso Doni Rian Ardiansyah Dyah Ochtorina Susanti Edi Wahjuni Effendi, A'an Emaniar, Melly Yunandita Erlita, Ita Ermanto Fahamsyah Etik Kurniawati Fahad Abd. Aziz Faran Tatika Fendi Setiawan Fendi Setyawan Fendi Setyawan Fendi Setyawan Fendy Setiawan Fendy Setyawan Firza Nada Salsabila Fona Kartika Listiyapuji Gautama Budi Arundhati, Gautama Budi Gayatri, Annisa Zerlina Cindy Habib Adjie Halif I Gede Widhiana Suarda I Wayan Yasa Ido Gustiawan Putra Ilham Maulana Ivan Christian Wijaya Iwan Rachmad Soetijono, Iwan Rachmad Soetijono, Jeaneta Cahyaningsih Karin Jihananda Deriyanti Khoidin Khoidin Khoidin, Khoidin Kiswah, Maftuha Kumalasari, Nuzulia M. Arief Amrullah M. Kaisario H. Falah M.Virjohn Siyasi M.Virjohn Siyasi Maulida, Fidia Mikhael Putra Kartodiprodjo Moh. Bahrul Ulum Muh Fanny Chamdani Muhammad Hafidz Ridho Muthiurrohman, Achmad Naufal Pasya Lingga Ariaza Niswatu Filmadina Nurholis Majid, Nurholis Nurul Hasanah Nuzulia Kumala Sari Nuzulia Kumala Sari Okta, Enggita Anggraeni Permatasari, Intan Permatasari Prakoso, Bhim Prakoso, Chrisdrianto Aji Prasetiyo, Rio Wibowo Agung Putra, Ido Gustiawan Putra, Ramadhani Hidayat Priyono Putri, Auliya Safira Rahmadi Indra Tektoka Rahmadi Indra Tektona Rita Bayu Astuti Rukaman Wibisono, Wina Febrianti Samuel Saut Martua Samosir Shilvya, LIke Olivia Soetijono, Iwan Rachmad Sonia Wijaya Putra Suhayati, Kurniyah Sunardi, Arwin Ardianto Tasya Monica Tektoka, Rahmadi Indra Trian Muttaqin Arfa Syafi’i Wahjuni, Edi Wahjuni, Edi Wibowo, Ihsan Ariyanto Wijaya, Ersalmaika Aprilian Yanwar Triya Nurjanah Yunita Pramesti Ardi Nurva Yusuf Adiwibowo, Yusuf