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All Journal Jurnal Kebijakan Publik Jurnal IUS (Kajian Hukum dan Keadilan) UIR LAW REVIEW Lex Renaissance Syarikat : Jurnal Rumpun Ekonomi Syariah Pena Justisia: Media Komunikasi dan Kajian Hukum Didaktik : Jurnal Ilmiah PGSD STKIP Subang Law Development Journal Journal Of Science Education And Management Business Equivalent: Jurnal Ilmiah Sosial Teknik Al-Zayn: Jurnal Ilmu Sosial & Hukum Kanun: Jurnal Ilmu Hukum Jurnal Kajian Ilmu Hukum
Zulfikri Zulfikri
Fakultas Hukum, Universitas Islam Riau, Pekanbaru, Indonesia
Religion Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences

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Hambatan Hukum dalam Penanaman Modal UMKM di Indonesia Habsyah Cintya Wulandari; Zulfikri Toguan; Nasir Pati; Zulkem Rio
Al-Zayn: Jurnal Ilmu Sosial, Hukum & Politik Vol 4 No 3 (2026): 2026
Publisher : Yayasan pendidikan dzurriyatul Quran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61104/alz.v4i3.6512

Abstract

Usaha Mikro, Kecil, dan Menengah (UMKM) memegang peran strategis dalam perekonomian nasional berkat kontribusinya terhadap pertumbuhan ekonomi, pengembangan pasar tenaga kerja, dan kesejahteraan masyarakat. Namun demikian, pengembangan investasi dan penanaman modal bagi UMKM di Indonesia masih menghadapi berbagai hambatan hukum yang memengaruhi efektivitas kebijakan investasi nasional. Penelitian ini bertujuan untuk menganalisis hambatan hukum dalam penanaman modal UMKM di Indonesia serta mengevaluasi efektivitas regulasi investasi dalam mendukung pengembangan UMKM. Penelitian menggunakan metode hukum normatif dengan pendekatan perundang-undangan dan pendekatan konseptual. Data yang digunakan berupa data sekunder yang terdiri atas bahan hukum primer, sekunder, dan tersier yang diperoleh melalui studi kepustakaan. Hasil penelitian menunjukkan bahwa hambatan hukum investasi UMKM meliputi kompleksitas regulasi dan birokrasi perizinan, lemahnya sinkronisasi kebijakan antara pemerintah pusat dan daerah, rendahnya kualitas pelayanan publik, serta keterbatasan akses pembiayaan formal bagi pelaku usaha kecil. Selain itu, rendahnya kesadaran hukum masyarakat menyebabkan banyak UMKM masih beroperasi secara informal tanpa legalitas usaha yang memadai. Kondisi tersebut mengakibatkan pelaku UMKM sulit memperoleh perlindungan hukum, akses investasi, dan peluang kerja sama usaha. Penelitian ini juga menemukan bahwa implementasi reformasi regulasi melalui sistem Online Single Submission (OSS) dan Undang-Undang Cipta Kerja belum sepenuhnya efektif karena masih terdapat kendala administratif, rendahnya literasi digital, dan ketidakpastian hukum investasi. Oleh karena itu, diperlukan reformasi hukum investasi yang lebih inklusif melalui penyederhanaan regulasi, penguatan perlindungan hukum, peningkatan kualitas pelayanan publik, serta perluasan akses pembiayaan dan edukasi hukum bagi pelaku UMKM agar tercipta iklim investasi yang adil, kondusif, dan berkelanjutan.
Analisis Hukum Transaksi Short Selling di Pasar Modal Indonesia Habsyah Cintya Wulandari; Zulfikri Toguan; Nasir Pati; Zulkem Rio
Al-Zayn: Jurnal Ilmu Sosial, Hukum & Politik Vol 4 No 3 (2026): 2026
Publisher : Yayasan pendidikan dzurriyatul Quran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61104/alz.v4i3.6523

Abstract

Penelitian ini bertujuan menganalisis pengaturan hukum transaksi short selling di pasar modal Indonesia serta menelaah implementasi pengawasan dan perlindungan hukum bagi investor dalam praktiknya. Fenomena yang dikaji adalah masih adanya ketegangan antara fungsi short selling sebagai instrumen efisiensi pasar dan risiko hukum yang dapat menimbulkan ketidakpastian, asimetri informasi, serta kerentanan bagi investor ritel. Penelitian ini menggunakan pendekatan kualitatif dengan jenis penelitian hukum normatif-yuridis berbasis studi kepustakaan, melalui analisis peraturan perundang-undangan, regulasi OJK dan BEI, jurnal ilmiah, buku, serta laporan kelembagaan yang relevan. Data dikumpulkan melalui dokumentasi, penelusuran literatur, dan penelaahan dokumen hukum. Hasil penelitian menunjukkan bahwa pengaturan short selling di Indonesia telah diakui secara administratif, namun belum sepenuhnya memberikan kepastian hukum dan perlindungan yang optimal akibat keterbatasan pengawasan, transparansi, dan literasi investor. Temuan utama menegaskan bahwa efektivitas regulasi sangat bergantung pada keseimbangan antara efisiensi pasar dan perlindungan investor. Oleh karena itu, diperlukan penguatan regulasi, peningkatan kapasitas pengawasan, serta edukasi investor agar praktik short selling dapat berjalan lebih adil, transparan, dan akuntabel. Penelitian ini berkontribusi dalam memperkaya kajian hukum pasar modal dengan menautkan perspektif kepastian hukum, perlindungan hukum, dan efisiensi pasar dalam konteks Indonesia.
Analisis Hukum Terhadap Fenomena Fear Of Missing Out (FOMO) Dalam Investasi Saham Zulfikri Toguan; Rafael Febriant Tua Hutauruk; Eki Sudarno
Journal of Science Education and Management Business Vol. 5 No. 2 (2026): JOSEMB (Journal Of Science Education And Management Business)
Publisher : Riset Sinergi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh fenomena Fear of Missing Out (FOMO) terhadap perilaku dan keputusan investasi saham di kalangan generasi muda serta mengkaji perlindungan hukum dan edukasi pasar modal dalam mencegah dampak negatifnya. Penelitian ini menggunakan metode yuridis normatif dengan pendekatan perundang-undangan dan konseptual melalui kajian terhadap Undang-Undang Pasar Modal, Undang-Undang Otoritas Jasa Keuangan, dan beberapa Peraturan Otoritas Jasa Keuangan terkait perlindungan investor. Hasil penelitian menunjukkan bahwa FOMO mendorong munculnya perilaku investasi impulsif, herding behavior, panic buying, dan panic selling akibat pengaruh media sosial serta promosi digital. Kondisi tersebut meningkatkan risiko kerugian investor dan penyebaran informasi menyesatkan di pasar modal. Perlindungan hukum dilakukan melalui pengawasan OJK, prinsip keterbukaan informasi, sanksi terhadap manipulasi pasar, serta perlindungan aset investor melalui Dana Perlindungan Pemodal. Selain itu, edukasi pasar modal penting untuk meningkatkan literasi dan rasionalitas investor di era digital.
Dekonstruksi Yuridis Kedaulatan Ekonomi Pancasila Dalam Arus Penanaman Modal Asing Sektor Hilirisasi Pertambangan Aura Inka Visi; Zulfikri Toguan; Rifara Urfi Ikuano Yusri
Journal of Science Education and Management Business Vol. 5 No. 2 (2026): JOSEMB (Journal Of Science Education And Management Business)
Publisher : Riset Sinergi Indonesia

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Abstract

Kebijakan mandatori hilirisasi industri pertambangan di Indonesia berimplikasi pada masuknya Penanaman Modal Asing(PMA) secara masif. Fenomena ini memicu benturan paradigma antara aliran hukum positivisme investasi yang mengejar pertumbuhan ekonomi makro dengan doktrin Kedaulatan Ekonomi Pancasila yang dijangkar oleh Pasal 33 UUD 1945. Penelitian hukum normatif- dengan pendekatan ekonomi-politik hukum(political economy of law) ini bertujuan untuk mendekonstruksi secara yuridis bagaimana arus PMA sektor hilirisasi mengikis kontrol negara (state control) atas sumber daya alam strategis. Hasil penelitian menunjukkan bahwa instrumen hukum investasi kontemporer, seperti UU Cipta Kerja dan regulasi turunannya, cenderung memfasilitasi dominasi kapital transnasional. Hal ini terlihat melalui 3 bentuk dekonstruksi kedaulatan: (1) kelumpuhan pelaksanaan klausul Transfer of Technology akibat lemahnya daya paksa regulasi, (2) marjinalisasi tenaga kerja domestik melalui eksploitasi izin Tenaga Kerja Asing(TKA) pada pos teknis-manajerial, dan (3) erosi kemandirian fiskal akibat rezim tax holiday yang eksesif. Kajian ini menyimpulkan perlunya rekonstruksi hukum yang lebih substamtif terhadap investasi nasional melalui penguatan Hak Menguasai Negara(HMN) yang substantif, pembatasan kuota TKA berbasis kompetensi secara rigid, serta pelembagaan skema divestasi saham mayoritas 51% kepada entitas negara sejak awal kontrak komersil guna mengembalikan khittah ekonomi Pancasila.
Peran Otoritas Jasa Keuangan Dalam Pengawasan Pasar Modal Indonesia Rifara Urfi Ikuano Yusri; Zulfikri Toguan; Aura Inka Visi
Journal of Science Education and Management Business Vol. 5 No. 2 (2026): JOSEMB (Journal Of Science Education And Management Business)
Publisher : Riset Sinergi Indonesia

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Abstract

Pasar modal memiliki peran krusial sebagai pilar sektor keuangan modern yang berfungsi mengalihkan dana masyarakat menjadi modal produktif dunia usaha serta memacu pertumbuhan ekonomi nasional. Di Indonesia, pasar modal menunjukkan perkembangan yang sangat pesat, tercermin dari lonjakan jumlah investor saham dari 8,98 juta SID pada Januari 2026 menjadi 9,52 juta SID pada April 2026. Pertumbuhan ini didorong oleh stabilitas makroekonomi, inovasi instrumen keuangan (seperti reksa dana, ETF, dan derivatif), serta kemudahan akses melalui transformasi digital. Namun, dinamika ini juga membawa kompleksitas risiko baru, termasuk risiko pasar, likuiditas, hingga ancaman kejahatan siber. Artikel ini bertujuan untuk menganalisis perkembangan pasar modal Indonesia saat ini, mengevaluasi peran inovasi produk keuangan, serta mengkaji fungsi strategis Otoritas Jasa Keuangan (OJK) dalam aspek pengawasan dan perlindungan investor. Metode penulisan yang digunakan adalah studi literatur deskriptif dengan pendekatan kualitatif-yuridis. Hasil pembahasan menunjukkan bahwa untuk menjaga integritas pasar dan kepercayaan masyarakat (public confidence), OJK menerapkan dua pilar pengawasan utama: pengawasan prudensial (kesehatan keuangan pelaku pasar) dan pengawasan market conduct (perilaku pasar). Melalui regulasi ketat, kewajiban transparansi, dan penegakan hukum perdata/administratif berdasarkan POJK Nomor 22 Tahun 2023, OJK berhasil memitigasi praktik curang (fraud, insider trading) sekaligus melindungi hak-hak investor ritel di era digital. Kesimpulannya, sinergi antara regulasi yang adaptif dari OJK, pemahaman risiko oleh masyarakat, dan pemanfaatan teknologi yang aman menjadi fondasi utama terciptanya pasar modal Indonesia yang sehat, likuid, dan berkelanjutan.
The Implementation of Auction Cancellation as a Legal Remedy for Auction Execution Under Law No. 4 of 1996 Zulfikri Toguan; Desra Anggraini
Jurnal Kajian Ilmu Hukum Vol. 4 No. 1 (2025): Jurnal Kajian Ilmu Hukum
Publisher : Yayasan Pendidikan Islam Almatani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55583/jkih.v4i1.1348

Abstract

The issues arising in the implementation of auction cancellation and the sale of auctioned objects based on mortgage rights are related to objections or lawsuits from the debtor, as well as objections from the debtor regarding the auction carried out by the creditor through an auction house. The research questions in this research includes: 1) How is the implementation of auction cancellation as a legal remedy for objections against the auction process according to Law No. 4 of 1996, and 2) What are the obstacles in the implementation of auction cancellation as a legal remedy for auction execution under Law No. 4 of 1996. To address these issues, this research employs a sociological empirical method, where the researcher conducts field research to obtain both primary and secondary data relevant to the research topic. The research is descriptive, aiming to describe the research findings by analyzing statements clearly, in detail, and comprehensively. Based on the research findings, the implementation of auction cancellation and the examination process in the auction involves several stages, such as registration, submission, examination, proof, and decision. On the other hand, obstacles faced in the implementation of auction cancellation include rejection by the defendant, the sale of auctioned objects, and execution.
Recommendations for Resolving Community and Company Land Conflicts in Riau Province Zulfikri Zulfikri
Equivalent: Jurnal Ilmiah Sosial Teknik Vol. 5 No. 1 (2023): Equivalent: Jurnal Ilmiah Sosial Teknik
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jequi.v5i1.132

Abstract

The land development process carried out by the company in recent decades has caused many conflicts with the community. It is undeniable that Riau Province is one of the eight provinces in Sumatra located in the eastern part which is mostly lowland with the potential for natural resources, especially in the field of plantations and forestry which makes oil palm plantation companies build many mills, control and develop land into plantations. Through the analytical descriptive method, situations and phenomena that become conflicts are presented, especially the causes and efforts to resolve the conflict. Some of the conflicts that occurred were given recommendations for alternative resolutions including; in the form of a study of government policies on right-to-use permits, mapping forest and plantation areas to obtain clear boundaries, eliminating the basis of conflict from their actions in conflict, victory of one party and defeat on the other, compromise, peace and impossibility of reconciliation, intensifying mediation between conflicting parties and the application of religious teachings as an effort so that the intensity and duration of conflict can be reduced or even can be reduced, especially conflicts that have been going on for a long time due to the repetition of previous conflicts.
IMPLEMENTASI PRINSIP GOOD CORPORATE GOVERNANCE DALAM PERUSAHAAN TERBUKA Redika Regina Cindy; Herman Setiawan; Zulfikri Toguan
Didaktik : Jurnal Ilmiah PGSD STKIP Subang Vol. 12 No. 02 (2026): Volume 12 No. 2, Juni 2026 Publish
Publisher : STKIP Subang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36989/didaktik.v12i02.14018

Abstract

Good Corporate Governance (GCG) is a corporate management system grounded in the principles of transparency, accountability, responsibility, independence, and fairness as the foundation of healthy and sustainable governance in publicly listed companies. This normative study analyzes three key issues, namely the construction of GCG principles within the legal framework of publicly listed companies in Indonesia, the implementation mechanism of GCG in banking companies listed on the Indonesia Stock Exchange, and the legal implications of GCG implementation on firm value. The approach employed is a statutory approach and a conceptual approach by examining various regulations, legal doctrines, and relevant academic literature. The results indicate that Indonesia's GCG legal framework has developed significantly through various sectoral regulations, although implementation gaps remain a structural challenge requiring institutional strengthening and consistent law enforcement. Optimal application of GCG principles is proven to positively correlate with increased firm value through improved financial performance, risk management efficiency, and investor confidence. This study recommends cross-sectoral GCG regulatory harmonization as a strategic step in strengthening the governance of national publicly listed companies.
TANGGUNG JAWAB SOSIAL PERUSAHAAN BAGI PERUSAHAAN PENANAMAN MODAL Herman Setiawan; Redika Regina Cindy; Zulfikri Toguan
Didaktik : Jurnal Ilmiah PGSD STKIP Subang Vol. 12 No. 02 (2026): Volume 12 No. 2, Juni 2026 Publish
Publisher : STKIP Subang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36989/didaktik.v12i02.14097

Abstract

Corporate Social Responsibility (CSR) is both a legal obligation and an ethical commitment inherent in every investment company operating in Indonesia as mandated by Law Number 40 of 2007 on Limited Liability Companies and Law Number 25 of 2007 on Investment. This normative study analyzes three key issues, namely the legal construction of CSR within the investment regulatory framework in Indonesia, the implementation mechanism of CSR by investment companies, and the legal implications of investment companies' non-compliance with CSR obligations. The approach employed is a statutory approach and a conceptual approach by examining various regulations, legal doctrines, and relevant academic literature. The results indicate that Indonesia's CSR legal framework has provided a sufficiently adequate normative foundation, yet its implementation still faces serious challenges regarding standard uniformity, oversight mechanisms, and effective legal consequences. This study recommends strengthening operational and measurable CSR technical regulations as an instrument to drive real contributions from investment companies toward sustainable development.
PENYELESAIAN SENGKETA PENANAMAN MODAL MELALUI ARBITRASE INTERNASIONAL Nur Hidayat Fadhillah; Pauzan; Zulfikri Toguan
Didaktik : Jurnal Ilmiah PGSD STKIP Subang Vol. 12 No. 02 (2026): Volume 12 No. 2, Juni 2026 Publish
Publisher : STKIP Subang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36989/didaktik.v12i02.14102

Abstract

International arbitration as a mechanism for resolving investment disputes has evolved into the most preferred forum by foreign investors in settling disputes with host states, offering advantages of neutrality, arbitrator expertise, procedural speed, and certainty of award enforcement through international conventions. This normative study analyzes three key issues, namely the legal framework of international arbitration in resolving investment disputes in Indonesia, the international arbitration mechanisms available to foreign investors, and the legal implications of international arbitration awards on Indonesia's investment legal system. The approach employed is a statutory approach and a conceptual approach by examining various national regulations, international conventions, and relevant academic literature. The results indicate that Indonesia has built a sufficiently adequate international arbitration legal framework but still faces challenges in terms of consistency in implementing bilateral investment treaties, capacity for handling investment disputes, and balancing investor protection with state regulatory sovereignty. This study recommends a systematic review of all Indonesia's bilateral investment treaties as a strategic step to strengthen the state's legal position in international arbitration disputes.
Co-Authors Arifin Arifin Aura Inka Visi Desra Anggraini Eki Sudarno Febri Erdin Simamora Geofanny Guruh Hasintongan Sianipar Habsyah Cintya Wulandari Herman Setiawan Nasir Pati Nur Hidayat Fadhillah Pauzan Putri Ramadhaniah Rafael Febriant Tua Hutauruk Redika Regina Cindy Ricky Ricky Ridho Alfahriansyah Rifara Urfi Ikuano Yusri Rodyahsriningsih Rodyahsriningsih Syahrida Syahrida Zulkarnaini Zulkarnaini Zulkem Rio