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All Journal Jurnal Cendekia Ilmiah Jurnal Ekonomi, Manajemen, Akuntansi PESHUM Knowledge on Sustainability, Longevity, and Interdisciplinary
Bagus Satrio Utomo
Universitas Muhammadiyah Cileungsi
Humanities Computer Science & IT Economics, Econometrics & Finance Education Engineering Social Sciences

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 1 
Application of the Business Judgment Rule to State-Owned Enterprises: A Comparative Study Across Countries Bagus Satrio Utomo
PESHUM : Jurnal Pendidikan, Sosial dan Humaniora Vol. 5 No. 3: April 2026
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/peshum.v5i3.13323

Abstract

The business judgment rule (BJR) is a legal principle that protects corporate directors and officers from liability for decisions made in their official capacity, provided they acted in good faith, with due care, and in the best interests of the company. While the BJR is well established in the context of private corporations, its application to state-owned enterprises (SOEs) raises complex issues due to their unique ownership structures, governance frameworks, and public accountability requirements. This article conducts a thorough comparative analysis of the application of the BJR to SOEs across different jurisdictions, examining the legal principles, judicial precedents, and regulatory regimes that shape the scope and contours of the BJR in the SOE context. The article identifies common themes and divergences in the approach of courts and policymakers to this issue, and evaluates the tensions between entrepreneurial discretion and public oversight that arise when applying the BJR to SOEs. Based on this analysis, the article proposes a framework for optimizing the BJR regime for SOEs, including recommendations for statutory reforms, superior governance methods, and judicial standards that can help balance the competing interests at stake. The article aims to provide valuable insights and guidance for policymakers, regulators, courts and SOE leaders grappling with the challenges of applying the BJR in different legal and institutional contexts worldwide.
The Dialectics of Rent-Seeking and Value Creation: An Economic Analysis of Constitutional Constraints in Indonesia’s Danantara Bagus Satrio Utomo; R Edi Sewandono; Novita Triyatun; Herry Respati Kusuma; Ince Ahmad Zarqan
EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi Vol. 5 No. 5: Juli 2026
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/ekoma.v5i5.16623

Abstract

The establishment of Badan Pengelola Investasi Daya Anagata Nusantara (Danantara) represents a paradigmatic shift in Indonesia’s state capitalism, consolidating state-owned enterprise assets exceeding USD 57 billion within an unprecedented super-holding governance structure. This article employs constitutional political economy and economic analysis of law to interrogate the hypothesis that institutional designs permitting high executive discretion without adequate constitutional constraints generate exponential agency costs. Through comparative institutional analysis contrasting Danantara with Temasek Holding, Khazanah Nasional, and 1MDB as a counterfactual failure, this study applies Jensen and Meckling’s (1976) agency theory, Williamson’s (1985) transaction cost economics, and North and Weingast’s (1989) credible commitment framework to evaluate the efficiency implications of presidential appointment authority. The analysis demonstrates that Danantara currently occupies a suboptimal position on the institutional possibility frontier, positioned within a rent-seeking zone characterized by high political interference risk and moderate transparency. The article argues that legal legitimacy depends upon implementing credible commitment mechanisms, specifically constitutionalized investment mandates, arm’s length director selection procedures, and minority shareholder protections, that constrain ultra vires risks while preserving operational efficiency. These findings demonstrate that without adequate institutional engineering, asset consolidation amplifies agency costs multiplicatively through cascading principal-agent relationships, potentially resulting in welfare losses exceeding 8–12 percent of assets under management.
SOEs Legal Regime of After the 2025 Law: Status on State Finance and State Administration Bagus Satrio Utomo
J-CEKI : Jurnal Cendekia Ilmiah Vol. 5 No. 3: April 2026
Publisher : CV. ULIL ALBAB CORP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/j-ceki.v5i3.13319

Abstract

Indonesian State-Owned Enterprises (SOEs/BUMN) have historically operated within a legal framework containing a conflict between public and private law. This dualism exposes executives to criminalization risk for ordinary business losses. This study examines the cumulative 2025 legislative reforms, culminating in Law (UU) Number 16 of 2025 (The Fourth Amendment to the BUMN Law), to assess its effectiveness in resolving this legal dualism. The new law introduces a radical separation of regulator (BP BUMN) and operator (Danantara) functions. It legally redefines BUMN assets as corporate property (Article 4A(5)) and stipulates that an BUMN's loss is not a "state loss" (Article 4B). The findings show that Law No. 16 of 2025 provides a definitive normative solution to the ambiguity over BUMN assets and establishes a robust legislative foundation for the Business Judgment Rule (BJR). However, this reform introduces a new, sharp antinomy (disharmony of norms) by retaining the full audit authority of the Supreme Audit Agency (BPK) under Article 71(2). This provision directly conflicts with the new private-corporate status of BUMNs. The primary recommendations are the urgent legislative harmonization of the BPK Law, the Anti-Corruption Law, and the KPK Law to align the public accountability framework with this new corporate paradigm.
Analisis Efektivitas OSS-RBA dalam Penyederhanaan Proses Perizinan Usaha Penyediaan Tenaga Listrik Untuk Kepentingan Sendiri Bagus Satrio Utomo; Sandra Aditya Kurniawan; Rizky Adi Nugraha
Knowledge on Sustainability, Longevity, and Interdisciplinary Vol. 1 No. 3 (2025): KONSULI: Knowledge on Sustainability, Longevity, and Interdisciplinary
Publisher : PT Konsuli Corpora Indonesia

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Abstract

Indonesia terus berupaya meningkatkan daya saing dan iklim investasinya melalui reformasi sistem perizinan, salah satunya dengan menerapkan Online Single Submission berbasis risiko (OSS-RBA). Sistem ini bertujuan menyederhanakan prosedur, meningkatkan transparansi, dan mempercepat proses perizinan, termasuk di sektor ketenagalistrikan. Studi ini menganalisis efektivitas implementasi OSS-RBA dalam proses perizinan Izin Usaha Penyediaan Tenaga Listrik untuk Kepentingan Sendiri (IUPTLS) di Provinsi Jawa Tengah. Melalui pendekatan kualitatif, penelitian ini mengeksplorasi bagaimana sistem OSS-RBA berkontribusi terhadap peningkatan efisiensi dan transparansi. Hasil penelitian menunjukkan bahwa OSS-RBA berhasil menyederhanakan prosedur perizinan IUPTLS, mengurangi waktu dan biaya transaksi, serta meningkatkan akuntabilitas. Namun, tantangan seperti koordinasi antar lembaga, kesenjangan kapasitas daerah, dan kompleksitas teknis dalam sektor ketenagalistrikan masih menjadi hambatan dalam implementasi. Studi kasus di Provinsi Jawa Tengah menunjukkan bahwa kesiapan infrastruktur digital dan kapasitas sumber daya manusia di daerah sangat mempengaruhi keberhasilan sistem ini. Penelitian ini berkontribusi pada pemahaman tentang dinamika implementasi e-government dalam negara berkembang dengan sistem desentralisasi. Selain itu, studi ini menawarkan wawasan berharga tentang peran OSS-RBA dalam mendukung transisi energi terbarukan di Indonesia. Implikasi kebijakan yang dihasilkan mencakup rekomendasi untuk penyempurnaan sistem perizinan berbasis risiko serta peningkatan kapasitas daerah dalam rangka harmonisasi kebijakan pusat-daerah.
Prosumer Data Gathering and Grid State Forecast Using Smart Grid Technology Bagus Satrio Utomo; Hutama Arif Bramantyo; Randi Dwi Wibisono; Rizky Adi Nugraha
Knowledge on Sustainability, Longevity, and Interdisciplinary Vol. 1 No. 3 (2025): KONSULI: Knowledge on Sustainability, Longevity, and Interdisciplinary
Publisher : PT Konsuli Corpora Indonesia

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Abstract

The increasing global energy demand, combined with environmental concerns, has accelerated the development of smart grids as a sustainable solution. Smart grids enable bidirectional energy and information flow, allowing users to also act as energy producers—referred to as "prosumers." Managing the complex dynamics of energy consumption and production among prosumers requires advanced data management and optimization strategies. This study reviews the latest techniques in energy data management and optimization within smart grids. It also proposes a framework for an Energy Management System (EMS) that integrates forecasting, data analytics, and decision-making processes to optimize energy distribution and enhance grid efficiency.
Kajian Pelaksanaan Front End Engineering Design Untuk Proyek Olefin Trans Pacific Petrochemical Indotama oleh Insinyur PT Kilang Pertamina Internasional terhadap Kode Etik Insinyur Indonesia Bagus Satrio Utomo; R. Edi Sewandono
Knowledge on Sustainability, Longevity, and Interdisciplinary Vol. 1 No. 3 (2025): KONSULI: Knowledge on Sustainability, Longevity, and Interdisciplinary
Publisher : PT Konsuli Corpora Indonesia

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Abstract

Studi ini mengkaji implementasi Kode Etik Insinyur Indonesia 2021 dalam konteks pelaksanaan Front End Engineering Design (FEED) untuk proyek Olefin Trans Pacific Petrochemical Indotama (TPPI) oleh insinyur PT Kilang Pertamina Internasional (PT KPI). Dengan menggunakan pendekatan kualitatif komprehensif, penelitian ini menganalisis penerapan enam prinsip dasar kode etik melalui studi literatur, wawancara mendalam, dan observasi partisipatif selama 270 hari pelaksanaan FEED. Fokus utama diberikan pada aspek-aspek etis yang muncul dalam proses desain dan manajemen proyek FEED.Hasil penelitian menunjukkan bahwa insinyur PT KPI telah mendemonstrasikan komitmen kuat terhadap prinsip-prinsip etika profesional, termasuk mengutamakan keselamatan publik, berpraktik sesuai kompetensi, menyatakan pendapat secara objektif, bertindak jujur, menghindari pengelabuan, dan menjunjung tinggi martabat profesi. Implementasi kode etik tercermin dalam berbagai aspek proyek. Studi ini menyimpulkan bahwa penerapan Kode Etik Insinyur 2021 memiliki peran krusial dalam memastikan integritas dan keberhasilan proyek strategis nasional seperti FEED Olefin TPPI. Pembelajaran utama meliputi pentingnya manajemen perubahan desain yang ketat, integrasi aspek keselamatan dalam setiap tahap, hingga validasi spesifikasi dengan ketersediaan peralatan di pasar. Penelitian ini memberikan kontribusi terhadap pemahaman yang lebih baik tentang praktik etis dalam proyek infrastruktur berskala besar di Indonesia dan dapat menjadi referensi bagi praktisi dan pembuat kebijakan di bidang manajemen proyek dan etika keinsinyuran.
Co-Authors Herry Respati Kusuma Hutama Arif Bramantyo Ince Ahmad Zarqan Novita Triyatun R Edi Sewandono R. Edi Sewandono Randi Dwi Wibisono Rizky Adi Nugraha Sandra Aditya Kurniawan