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INDONESIA
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Published by CV. Adiba Aisha Amira
ISSN : -     EISSN : 30633648     DOI : Zenodo
Core Subject : Economy,
Economics, Econometrics & Finance
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE) is a scientific journal that publishes articles in the field of Business and finance that contain conceptual ideas in the fields of Economics, Accounting, Management, Business and finance. The scope is Human Resource Management, Marketing Management, Financial Management, Production/Operational Management, Strategic Management, Islamic Business Management, Halal Industry Management, Hajj and Umrah Management, Zakat and Waqf Management / Islamic Philanthropy, Tourism Management, Banking Management, Industrial Management, Agribusiness Management, Business Administration and financial management within the scope of organisations both banking, hospitality, and others.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 444 Documents
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THE DYNAMICS OF REGULATION ON CHANGES IN THE LEGAL FORM OF STATE-OWNED ENTERPRISES ACCORDING TO ARTICLE 92 OF LAW NO. 19/2003: A LITERATURE ANALYSIS OF STRATEGIC STEPS FOR CONVERTING PERJAN INTO PERUM OR PERSERO AND THE IMPLICATIONS FOR OPERATIONAL EFFICIENCY AND GOVERNMENT COMPLIANCE Shohib Muslim; Karman Karman
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 2 No. 7 (2026): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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Abstract

This article analyses the dynamics of the regulation of changes in the legal form of state-owned enterprises based on Article 92 of Law No. 19 of 2003, focusing on the strategic steps for converting a Government Agency (Perjan) into a Public Company (Perum) or Limited Liability Company (Persero) as stipulated in Government Regulation No. 45 of 2005. Through a normative juridical approach and content analysis of laws, government regulations, legal journals, and empirical case studies such as PT Pos Indonesia, Pegadaian, and PT KAI, the study identifies structured procedures ranging from feasibility studies, proposals from the Minister of State-Owned Enterprises to the President, issuance of Government Regulations, appointment of organs, to the separation of assets and PSO accounting. The results show that the conversion significantly improves operational efficiency with an average ROA increase of 5-10%, a 20-30% reduction in structural costs, and business diversification, accompanied by strengthened government compliance through the GMS, BPK/OJK supervision, and separate PSO compensation contributing Rp150 trillion in dividends to the state budget in 2025. Strategic implications include the transformation of SOEs from a bureaucratic model to competitive corporate entities, although the challenges of legacy debt and political intervention require mitigation through the independence of the board of commissioners and holding companies, as per the current trend in January 2026. Overall, Article 92 has proven effective as a catalyst for reform, with recommendations for amendments to government regulations for the integration of AI digitalisation in pre-conversion assessments, mass human resource training, and the acceleration of the conversion of residual Perum for national economic synergy. This research contributes theoretically to the study of state economic law and practically to the Ministry of State-Owned Enterprises in optimising the strategic role of state-owned enterprises in accordance with Article 33 of the 1945 Constitution.
RECONSTRUCTION OF STATE-OWNED ENTERPRISE LEGAL REGULATIONS FROM A GOOD CORPORATE GOVERNANCE PERSPECTIVE: NORMATIVE ANALYSIS OF ESTABLISHMENT, OWNERSHIP, AND INSTITUTIONAL TRANSFORMATION BASED ON THE LATEST REGULATIONS FOLLOWING THE JOB CREATION LAW Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 2 No. 7 (2026): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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Abstract

This study provides a normative analysis of the reconstruction of the legal regulation of State-Owned Enterprises (SOEs) from the perspective of Good Corporate Governance (GCG) after the Job Creation Law, focusing on the establishment of new SOEs through a feasibility study of the SOE Supervisory Board, the ownership of dual-class A and B shares by BPI Danantara, and institutional transformation via super holding companies and the Business Judgment Rule as stipulated in Law No. 1/2025 and Law No. 16/2025, which revolutionise the separation of regulatory and operational functions for transparency, independence, and efficiency. The results of the analysis show the alignment of regulations with GCG principles, although disparities still require harmonisation through independent committees and digital reporting, with positive implications for the global competitiveness of SOEs through strategic holding synergies and optimisation of state budget dividends. The study recommends strengthening criminal sanctions for ESG transformation and integration for sustainable governance, serving as a reference for SOE policy-making. regulations.
THE EVOLUTION OF THE LEGAL FRAMEWORK FOR THE ESTABLISHMENT AND MANAGEMENT OF STATE-OWNED ENTERPRISES IN INDONESIA: A COMPREHENSIVE LITERATURE REVIEW ON REGULATORY HARMONISATION, THE ROLE OF THE STATE AS A SHAREHOLDER, AND IMPLICATIONS FOR MODERN CORPORATE GOVERNANCE Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 2 No. 7 (2026): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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Abstract

The evolution of the legal framework for the establishment and management of State-Owned Enterprises (SOEs) in Indonesia has undergone a significant transformation from the pre-reform era public law paradigm to a modern corporate model through Law No. 19 of 2003, which was revised by Law No. 1 of 2025. with this comprehensive literature review focusing on sectoral regulatory harmonisation, the role of the state as a controlling shareholder through the Daya Anagata Nusantara Investment Management Agency (BPI Danantara), and the implications for corporate governance based on international Good Corporate Governance (GCG). Harmonisation was achieved through the separation of SOE assets from the state budget under Article 4B and operational holdings under Government Regulation No. 15 of 2025, while the role of the state evolved into professional stewardship with the strengthening of the Business Judgment Rule (BJR) in Article 9F, which protects the autonomy of the board of directors, the independence of 50% external commissioners, and the transfer of auditing to public accountants to increase operational efficiency and global competitiveness. This normative legal study concludes that the reconstruction of these norms supports the optimal contribution of SOEs to the national economy towards Indonesia Emas 2045, with recommendations from the National GCG Centre and regulatory digital synergy.
BANKING REGULATIONS AS INSTRUMENTS FOR REGULATING NATIONAL ECONOMIC ACTIVITIES: A COMPREHENSIVE LITERATURE REVIEW OF THE ROLE OF BANK INDONESIA AND THE FINANCIAL SERVICES AUTHORITY IN ACHIEVING FINANCIAL STABILITY, SUSTAINABLE ECONOMIC GROWTH, AND MODERN PAYMENT SYSTEM INTEGRATION Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 2 No. 7 (2026): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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Abstract

This study examines banking regulations as an instrument for regulating national economic activities through the complementary roles of Bank Indonesia (BI) and the Financial Services Authority (OJK) in achieving financial stability, sustainable economic growth, and modern payment system integration. Using a normative-descriptive literature review approach, the analysis focuses on the evolution of macroprudential-microprudential supervision after the 1998 crisis, the implementation of Basel III, the Sustainable Finance Roadmap, and BI-FAST and QRIS innovations that promote digital financial inclusion. The findings confirm that the synergy between BI and OJK through the Financial System Stability Committee (KSSK) has succeeded in balancing systemic stability with productive credit intermediation, green banking, and national payment transformation. The study recommends harmonising adaptive regulations, strengthening suptech, and accelerating sustainable taxonomy to address global disruption and Indonesia's 2045 economic vision.
THE EVOLUTION OF BANKING SECTOR REGULATION IN SUPPORTING INDONESIA'S NATIONAL ECONOMIC DYNAMICS: A LITERATURE REVIEW OF MONETARY POLICY, MACROPRUDENTIAL SUPERVISION, AND POST-FINANCIAL REFORM REGULATORY HARMONISATION FOR OPTIMISING CONTRIBUTIONS TO DEVELOPMENT Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 2 No. 7 (2026): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
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Abstract

Regulatory harmonisation in the financial sector is key to ensuring economic stability while maximising the contribution of the banking sector to national development in Indonesia. Harmonious regulations not only help prevent instability, but also support innovation and efficiency in financial services. Thus, financial institutions can focus more on developing products and services that accelerate financial inclusion in society and support small and medium-sized enterprises, which are the main pillars of the economy. Digitalisation and technological innovation, including collaboration with fintech, are important elements in supporting the competitiveness and sustainability of the financial sector. Digital transformation enables banks to offer more inclusive and personalised financial solutions tailored to the specific needs of customers. In addition, adaptive regulations are needed to balance good risk management with the need for innovation, thereby creating a dynamic financial ecosystem that supports broader economic growth.
SOCIAL MEDIA SENTIMENT AND STOCK PRICE REACTION: AN ACCOUNTING PERSPECTIVE Rina Nopianti; Prastika Suwandi Tjeng; D Muhamad Yamin
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 2 No. 8 (2026): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
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The development of social media has transformed the financial information landscape by providing non-traditional data sources that increasingly influence capital market behavior. Information generated by social media users, particularly in the form of public sentiment toward companies, serves as an important signal that can influence investor perceptions and stock price reactions. This study aims to systematically examine the relationship between social media sentiment and stock price reactions from an accounting perspective using a literature review method. This study examines empirical findings from various previous studies that discuss the role of social media sentiment in influencing stock price volatility, abnormal returns, trading volume, and its relevance to the quality and timeliness of accounting information. The results indicate that positive and negative sentiment on social media can significantly influence market reactions, particularly during periods surrounding financial information announcements and significant corporate events. From an accounting perspective, social media sentiment serves as a complement to traditional accounting information by increasing the information content relevant to investor decision-making. However, the literature review also reveals challenges related to information bias, source credibility, and potential information asymmetry that can influence investor interpretation. This research provides theoretical contributions by broadening the understanding of the integration of social media-based information within accounting and capital markets, as well as practical implications for accountants, financial analysts, and regulators in responding to the dynamics of digital information in the modern financial market era.
LEGAL REGULATIONS ON TRADE AS AN INSTRUMENT FOR CONTROLLING NATIONAL ECONOMIC ACTIVITIES: A LEGAL REVIEW OF THE ROLE OF REGULATION, PROTECTION OF BUSINESS ACTORS AND CONSUMERS, AND ITS IMPLICATIONS FOR ECONOMIC STABILITY (LITERATURE REVIEW) Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 2 No. 8 (2026): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
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This study analyses trade regulations as instruments for controlling Indonesia's national economic activities through a normative juridical review based on literature studies. Using a legislative approach to Law No. 7 of 2014 on Trade, Law No. 5 of 1999 on Business Competition, and Law-Law Number 8 of 1999 concerning Consumer Protection, the study identifies two main functions: (1) the role of trade regulation in controlling distribution, selective protectionism, and trade balance stability; and (2) legal protection for business actors and consumers that creates a healthy competitive climate and market confidence. The results show that the synergy of these three legal regimes effectively supports macroeconomic stability through the prevention of monopolies, supervision of e-commerce, and harmonisation of stakeholder interests, although it requires digital reform and strengthening of law enforcement to adapt to trade globalisation.
REGULATING NATIONAL ECONOMIC ACTIVITIES THROUGH TRADE: A NORMATIVE ANALYSIS OF THE STATE'S ROLE IN REGULATING MARKETS, MAINTAINING FAIR DISTRIBUTION, AND REALISING PUBLIC WELFARE (LITERATURE REVIEW) Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 2 No. 8 (2026): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
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This study analyses trade law regulations as instruments for controlling national economic activities through a normative juridical approach based on literature review, focusing on Law No. 7 of 2014 on Trade as a constitutional derivative of Article 33 of the 1945 Constitution. The first discussion reveals the role of the state in regulating the market through the harmonisation of interregional regulations, control of strategic goods, supervision of e-commerce, and commodity futures markets for economic efficiency and stability. The second discussion evaluates the contribution of trade regulations to distributive justice through the stabilisation of basic commodity prices, the empowerment of MSMEs, the protection of farmers, and synergy with the KPPU, which succeeded in reducing the Gini coefficient from 0.388 (2020) to 0.379 (2025). The findings confirm that national trade regulations are effective in achieving public welfare, although they require digital governance reforms and geopolitical adaptation for the Indonesia Emas 2045 vision. This study recommends strengthening the digital single window, ASEAN harmonisation, and optimising strategic distribution state-owned enterprises.
ADAPTIVE AI FRAMEWORK FOR DYNAMIC SHARIA COMPLIANCE IN INDONESIAN ISLAMIC FINANCE: AN ETHICAL AND RELIGIOUS PERSPECTIVE Ferdinand Salomo Leuwol; Sam Hermansyah; Abdul Wasik; Husna Amin; Sitti Nur Alam
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 1 (2024): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
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This study explored the development and application of an adaptive AI framework for dynamic Sharia compliance within the Indonesian Islamic finance sector, all from an ethical and religious perspective. Our investigation was grounded in the historical evolution of Sharia compliance principles in Indonesia, recognizing the nuanced shifts and factors influencing these changes over time. We conducted an in-depth examination of the current landscape of AI in Islamic finance globally and assessed its adoption within the Indonesian context. We focused on how AI technologies can effectively address the challenges posed by the evolving interpretations of Sharia principles. The core of this research centered on developing a specialized AI-powered Sharia compliance framework. This framework was designed to be flexible and responsive to changes in Sharia regulations and principles, ensuring ongoing compliance while adhering to ethical and religious guidelines. We also scrutinized the ethical and religious implications of deploying AI in the Islamic finance sector, considering the perspectives of scholars, practitioners, and religious authorities. Additionally, we delved into the existing legal and regulatory framework surrounding AI applications in Indonesian Islamic finance. Our study featured case studies of Indonesian Islamic financial institutions that have adopted AI-driven compliance systems. These case studies provided valuable insights into the real-world impact of AI on ethical practices and religious adherence within the industry. Ultimately, our findings shed light on the potential of AI to facilitate dynamic Sharia compliance while adhering to ethical and religious principles, contributing to the ongoing growth and sustainability of Islamic finance in Indonesia.
INTERNAL CONTROL AND RISK MANAGEMENT ON FRAUD PREVENTION IN FINANCIAL STATEMENTS Awaluddin Awaluddin
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 1 (2024): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
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Why is fraud high in financial statements? This is because bias towards the organization leads to serious risks and losses to the organizations and other stakeholders. Therefore it becomes necessary to find ways in which such issues may be avoided in the first place. The research method that has been employed is the literature research method. The research findings confirmed that both internal control and risk management positively affect the level of fraud occurrence in financial statements. Although, the emphasis of this study was on the need for strong internal control and proper deployment of risk management as an aspect of fraud risk management in financial statements.

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