<![CDATA[The establishment of state-owned enterprise (SOE) superholdings represents Indonesia's effort to revitalize the Indonesia Incorporated concept by integrating state-owned assets under a more coordinated governance structure to enhance efficiency, competitiveness, and national economic performance. Despite significant institutional reforms, including the establishment of Danantara and sectoral SOE holdings such as MIND ID, the legal framework governing these entities continues to face challenges related to corporate governance, regulatory coherence, accountability, and institutional coordination. This study examines the legal foundations of Indonesia's SOE superholding model through a comparative analysis of regulatory frameworks in selected ASEAN countries, particularly Singapore's Temasek Holdings and Malaysia's Khazanah Nasional, to evaluate their relevance for supporting Indonesia's economic internationalization. Employing normative legal research with statutory, conceptual, and comparative approaches, the study analyzes legislation, corporate governance principles, and comparative institutional practices. Unlike previous studies that primarily assess SOE holdings from corporate governance or economic perspectives, this research develops a legal analysis of the Indonesia Incorporated concept within the broader context of ASEAN regulatory practices and international economic integration. The findings demonstrate that the effectiveness of Indonesia's SOE superholding model depends not only on institutional restructuring but also on strengthening regulatory certainty, governance mechanisms, accountability, and inter-agency coordination. The study proposes a legal framework for reinforcing Indonesia's SOE superholding governance by integrating ASEAN best practices with Indonesia's constitutional and corporate governance principles, thereby supporting sustainable economic internationalization while safeguarding public accountability.]]>
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