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All Journal Pena Justisia: Media Komunikasi dan Kajian Hukum
Amitha, Exsa Nur Chika
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Law, Crime, Criminology & Criminal Justice

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Venture Capital Investment Model: The Aspect of Losing Soul "Due to the Current of the Times" Dwiyatmi, Sri Harini; Novitasari, Selvie; Amitha, Exsa Nur Chika; Setyawan, Radiktya Ricky
Pena Justisia: Media Komunikasi dan Kajian Hukum Vol. 24 No. 1 (2025): Pena Justisia
Publisher : Faculty of Law, Universitas Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31941/pj.v24i2.6926

Abstract

Venture capital was initially introduced in Indonesia as an alternative financing instrument oriented towards empowering small, medium, and startup businesses with growth potential. Through capital participation mechanisms, venture capital not only provides funds but also managerial support and access to business networks. Capital participation, which was initially driven by the spirit of economic equality, now tends to focus on profitability, valuation, and exit strategies. This shift has given rise to a phenomenon that can be termed "loss of soul," namely the fading of the social function and the goal of developing a people's economy, which is the philosophical background for the birth of venture capital. This article aims to legally examine the capital participation model in venture capital in Indonesia and analyze the shift in legal orientation that underlies it. This research uses normative legal research methods with statutory, conceptual, and comparative approaches. The analysis is carried out to assess the suitability between the prevailing legal norms and the ideals of economic empowerment that should be upheld. The results of the study show that venture capital regulations emphasize more on legal certainty for investors than protection for SMEs, resulting in an imbalance of interests. Therefore, legal reform and strengthening the role of the OJK are needed to ensure that the venture capital participation model retains the "soul" of empowerment, in line with the principle of social justice in national economic development
The New Regulations on Land Management Rights (HPL) to Increase Investment Dwiyatmi, Sri Harini; Hutajulu, Marihot Janpieter; Novitasari, Selvie; Amitha, Exsa Nur Chika
Pena Justisia: Media Komunikasi dan Kajian Hukum Vol. 24 No. 1 (2025): Pena Justisia
Publisher : Faculty of Law, Universitas Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31941/pj.v24i1.7125

Abstract

Land Management Rights (HPL) are an agrarian legal instrument that plays a strategic role in managing state assets. However, procedural complexity, overlapping regulations, and limited investor access to state land often hinder the creation of a conducive investment climate. The government introduced new regulations regarding HPL to address these issues by strengthening legal certainty, simplifying cooperation mechanisms, and increasing transparency. This article aims to examine the substance of the new HPL regulations and analyze their implications for increasing investment in Indonesia. The research uses a normative juridical method with a legislative approach and qualitative analysis of policy documents and implementation practices. The study results indicate that the new regulations provide greater flexibility for HPL holders in collaborating with investors while simultaneously reducing bureaucratic obstacles. However, challenges such as harmonizing regulations and protecting surrounding communities still require attention to ensure sustainable investment growth.
Co-Authors Dwiyatmi, Sri Harini Marihot Janpieter Hutajulu, Marihot Janpieter Novitasari, Selvie Setyawan, Radiktya Ricky