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Jurnalku
Published by PT WIM Solusi Prima
ISSN : -     EISSN : 28089030     DOI : https://doi.org/10.54957/jurnalku.v2i4.300
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnalku merupakan media penyebarluasan hasil penelitian di keuangan umum, termasuk, namun tidak terbatas pada topik ekonomi, bisnis, keuangan, manajemen, akuntansi, kebijakan publik, dan keuangan umum lainnya. Jurnalku terbit empat kali dalam setahun.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 5 Documents
 1 
Search results for , issue "vol 6 no 2 (2026)" : 5 Documents clear
Evaluation of management control systems in the context of post-merger integration : Case study of PT XLSMART Telecom Sejahtera Tbk in 2025 Putrie Cynthia Ichwan; Hari Purnomo
Jurnalku Vol 6 No 2 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i2.2269

Abstract

This study analyzes the effectiveness of PT XLSMART Telecom Sejahtera Tbk (EXCL)'s management control system in 2025, the first year after the merger between XL Axiata and Smartfren. Using a document analysis approach to four primary data sources, namely the Audited Consolidated Financial Statements, Integrated Annual Reports, Business Sustainability Reports, and the 2025 ESG Report. This study evaluates the management control system through two main theoretical frameworks, namely Simons' Levers of Control and Malmi & Brown's. The findings show that amidst 23.4% revenue growth to IDR 42.45 trillion and the realization of merger synergies of USD 252 million, the company recorded a net loss of IDR 4.41 trillion due to a 45.6% surge in depreciation costs, scattered integration costs, and a dividend policy that is not aligned with actual financial conditions. Meanwhile, the non-financial dimensions show consistent strength. This study concludes that PT XLSMART's management control system experienced symmetric failure because the formal control systems (cybernetic and diagnostic) were inadequate for the complexity of post-merger costs, while cultural and boundary controls functioned effectively. Recommendations are directed at improving the management control system architecture to make it more adaptive to the post-merger transformation phase.
The accountability paradox of the financial services authority following Law Number 4 of 2023: Between strengthened capital market supervisory powers and the elimination of public access to administrative courts Adi Suranta Ginting; Faryanti Tjandra; Yuni Eliani; Gilbert Marcelino Hasudungan Gultom; Sebastianus Maryono; Novalia Andriati Br Hombing Lbt; Paltiada Saragi
Jurnalku Vol 6 No 2 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i2.2287

Abstract

Law Number 4 of 2023 on Financial Sector Development and Strengthening (P2SK Law) constitutes the most comprehensive financial law reform in Indonesian history. While significantly expanding the authority of the Financial Services Authority (OJK) over capital market supervision, the law simultaneously creates a profound accountability paradox: Article 45A establishes that all OJK decisions and actions are exempt from judicial review by the State Administrative Court (PTUN). This article examines the paradox through three research questions: first, whether Article 45A contravenes the principle of due process of law and the General Principles of Good Governance (AAUPB); second, whether the newly established OJK Supervisory Board can adequately substitute the removed PTUN access; and third, what constitutes an ideal accountability mechanism for OJK consistent with good governance principles without compromising investor protection in capital markets. Employing normative legal research with statutory, conceptual, and case approaches, this article finds that the closure of PTUN access violates the rule of law principle enshrined in Article 1(3) of the 1945 Constitution. The OJK Supervisory Board in its current form is insufficient as a substitute. This article recommends transforming the OJK Supervisory Board into an independent quasi-judicial tribunal as a short-term priority, with selective restoration of PTUN access as a long-term measure.
A plate of hope, a thousand challenges: An analysis of the implementation of The Free Nutritious Meals (MBG) program in Indonesia Muhammad Yasar; Nanang Suparman
Jurnalku Vol 6 No 2 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i2.2293

Abstract

The Free Nutritious Meal (Makan Bergizi Gratis/MBG) program is the flagship policy of the Prabowo administration aimed at improving nutrition, reducing stunting, and building national human capital. With an enormous budget and tens of millions of beneficiaries, the program is a strategic intervention, yet its implementation has faced serious challenges, including food-poisoning incidents, uneven distribution, budget controversies, and overlapping objectives. This study analyzes the implementation of the MBG policy in Indonesia using Van Meter and Van Horn's policy implementation model, which encompasses six key variables: policy standards and objectives, resources, the characteristics of implementing agencies, inter-organizational communication, the disposition of implementers, and the economic, social, and political environment. The research applies a qualitative descriptive approach with a literature review method, drawing on peer-reviewed journals, official regulations, government data, and credible reports, analyzed through content analysis and source triangulation. The findings indicate that the MBG program rests on a strong rationale and adequate political support, but its implementation effectiveness is constrained by ambiguous objectives, resource and supply-chain limitations, weak inter-agency coordination, and food-safety risks. The study concludes that the success of MBG depends less on the size of its budget than on the quality of its governance, and recommends sharpening objectives, strengthening multi-stakeholder coordination, reinforcing food-safety standards, and grounding the program in evidence-based, locally rooted approaches.
Analysis of deforestation control policy in Indonesia in supporting sustainable development Adam Ali Muhammad Al Bantani; Nanang Suparman
Jurnalku Vol 6 No 2 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i2.2294

Abstract

Deforestation control policy in Indonesia remains ineffective despite having a comprehensive normative framework, with a 66% increase in deforestation in 2025 to 433,751 hectares hindering the achievement of SDG 13 and SDG 15. This study aims to analyze the effectiveness of deforestation control policy in Indonesia in supporting sustainable development, focusing on implementation factors and contribution to SDG targets. The research employs a literature review approach with content analysis and thematic analysis techniques on secondary data from SINTA journals, KLHK reports, BPS, FAO, UNEP, World Bank, and government regulations from 2015-2025. Results show that policy implementation faces five structural barriers: weak coordination among 12 ministries/institutions (score 45.2/100), overlapping permits covering 15.2 million hectares, unbalanced economic incentives (regions receive 80% mining tax, 30% palm oil tax, only 5-10% forest conservation), limited supervision (ratio 1:99,200 hectares), and limited community participation (35% active monitoring, 10% indigenous territories legally recognized). Deforestation emissions in 2024 reached 194 million tons CO2e exceeding the NDC target of 152.3 million tons CO2e. The study recommends policy reform through establishing a National Deforestation Control Agency under the President, canceling 2.8 million hectares of mining permits in protected forests, increasing forest conservation regional revenue sharing to 25%, recruiting 3,000 additional forest supervisors, and designating 2.9 million hectares of indigenous territories to achieve sustainable development targets.
The paradox of regional investment in regional-owned enterprises: Implications of capital participation for local own-source revenue and the strategic role of internal auditors - evidence from regional-owned enterprises in Central Sulawesi Province Naela Zaqiyatul Misqiyah; Nural Achmad Raainaa
Jurnalku Vol 6 No 2 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i2.2299

Abstract

Regional government officials are often confronted with a contradiction between high levels of government investment and the limited financial returns generated for Local Own-Source Revenue (PAD). This phenomenon reflects a gap between the objective of regional capital participation as an instrument for strengthening the local economy and the reality of the still-low contribution of Regional-Owned Enterprises (BUMD) to regional revenue. This qualitative study, employing a literature review approach, aims to examine the anomaly of capital capitalization in BUMD within Central Sulawesi Province and to formulate the role of internal auditors in addressing this issue. The analysis was conducted through a review of regional government financial statements, BUMD capital participation and dividend data, relevant regulations, and various literature related to regional corporate governance and internal auditing. The explanatory findings indicate that BUMD have not yet been able to formulate a rigid and sustainable business model and have failed to optimize public value following capital injections. This condition is reflected in the low contribution of dividends to PAD, the high dependence on a single productive BUMD entity, and the existence of regional enterprises that continue to incur losses despite receiving significant capital support from the regional government. This situation indicates weak implementation of corporate governance, an unclear business direction, and the still-limited effectiveness of oversight mechanisms. To address this governance urgency, internal auditors occupy a strategic position as catalysts for organizational change. The acceleration of BUMD performance can be achieved through the establishment of a structured intervention model encompassing diagnostic audits, governance assessments, business feasibility reviews, performance monitoring systems, and strategic recommendations. This model is expected to encourage the transformation of BUMD from a fiscal burden into creators of sustainable economic value for the region.

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