Publication Search

This study examines the impact of Pentagon Fraud factors on FSF, with WBS as a moderation variable, focusing on Indonesian State-Owned Enterprises (SOEs) from 2021 to 2024. The Pentagon’s Fraud Theory encompasses five key elements: pressure, opportunity, rationalization, competence, and arrogance, each of which is represented by financial stability, ineffective monitoring, the quality of auditors, the experience of directors, and CEO pictures. This study aims to determine how these factors affect financial reporting that contains fraud, and whether WBS can strengthen or weaken the relationship between the two. Using a quantitative approach with secondary data from the annual reports of 104 SOEs, thisi study applied panel data regression method. FSF was measured using the Beneish M-Score, while the effect of moderation was tested through moderated regression analysis. The results of this study are expected to provide deeper insights into the dynamics of fraud in the public sector and highlight the importance of WBS as a governance tool in reducing the risk of fraud. The study contributes to the previous literature by integrating a comprehensive fraud framework and testing it with moderation mechanisms, while also focusing on specific institutional contexts (SOEs), which have not been explicity explored in previous studies.

The revision of the State-Owned Enterprises (SOE) Law fundamentally changes the concept of SOE losses by emphasizing that losses incurred in SOE operations constitute corporate losses, not state financial losses. This change has a direct impact on the construction of directors' accountability, which has often been associated with corruption when companies experience losses. This study aims to analyze the provisions of SOE directors' responsibilities based on Good Corporate Governance (GCG) principles within the new regulatory framework, as well as to examine the application of sanctions against directors who violate these principles and cause corporate losses. The study uses normative legal methods with statutory, conceptual, and case-based approaches. The analysis was conducted by examining the provisions of the Limited Liability Company Law, the revised SOE Law, related implementing regulations, and several important decisions, such as those concerning Jiwasraya, Asabri, Garuda Indonesia, and Pertamina-TPPI. The results show that the principles of GCG, fiduciary duty, and the Business Judgment Rule are the primary instruments in assessing directors' actions. Civil and administrative sanctions are the first line of defense for assessing directors' accountability, while criminal sanctions can only be imposed if there is an element of abuse of authority, conflict of interest, or other fraudulent acts. This research emphasizes the need for a clear distinction between business risks and unlawful acts to prevent directors from being criminalized for business decisions made in good faith and in accordance with good corporate governance principles. These findings are expected to serve as a reference in formulating state-owned enterprise policies and promoting more proportionate law enforcement against directors.

This research examines the mentoring of nationalistic activities by students from the Al-Azhar Menganti Gresik Institute and field supervisors at MI Darunnajah Lebani Suko, Wringinanom District, Gresik Regency, in commemoration of Heroes' Day. Thru a descriptive qualitative approach, this program involves four main activities: the red and white parade, patriotic love songs, little warrior strokes (coloring and writing hero stories), and a colossal drama of patriotic fervor. These activities are creatively designed and based on direct experience to instill nationalistic values in elementary school students. The research results show a significant improvement in students in terms of courage, discipline, creativity, cooperation, and respect for national symbols such as the flag and national anthem. Collaboration between students as facilitators, teachers as pedagogical directors, and the school environment creates a conducive learning ecosystem where participatory methods are more effective than conventional approaches. This experiential learning approach not only enhances cognitive understanding of the struggles of national and local heroes but also builds emotional empathy and social skills. Positive impacts include high student enthusiasm, reduced learning boredom, and character strengthening in accordance with the Pancasila Student Profile, such as mutual cooperation and integrity. Overall, this mentoring program serves as a relevant model for non-formal character education that can be replicated in other schools to strengthen nationalism from an early age amidst the challenges of post-pandemic globalization and individualism.

This research aims to analyze the effect of CEO power and board gender diversity on modern slavery disclosure (MSD) among Indonesia’s top 50 publicly listed companies by market capitalization. The research uses a quantitative approach with secondary data collected from annual and sustainability reports during the 2022–2024 period. The results show that CEO power has a negative and significant effect on MSD, indicating that stronger CEO power will reduce disclosure transparency. Furthermore, gender diversity on the board of commissioners also shows a negative and significant relationship with MSD, indicating that female representation in supervisory roles has not yet contributed into greater social accountability within Indonesian firms. Meanwhile, gender diversity on the board of directors shows no significant effect. These results suggest that internal governance factors such as CEO power and limited female influence in top positions still hinder companies from being transparent about social and ethical issues. In conclusion, stronger regulations and independent oversight are needed to improve companies’ transparency regarding modern slavery practices.

Firm value reflects investors’ perception of a company’s success, which is generally measured through its stock price. To enhance firm value, companies are required to manage their operations with integrity, efficiency, and professionalism, while safeguarding stakeholders’ interests through the implementation of Good Corporate Governance (GCG). GCG establishes a framework governing the relationships among shareholders, management, creditors, and the government in relation to their respective rights and responsibilities. In addition to GCG, environmental performance also plays an important role in influencing firm value. Effective corporate management should therefore align with the three dimensions of the Triple Bottom Line framework: profit, people, and planet. This study aims to obtain empirical evidence on the effect of Good Corporate Governance implementation and environmental performance on firm value. The research was conducted on manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. A total of 41 companies were selected as samples using the purposive sampling method. Data were collected from the official IDX website (www.idx.id) and the respective companies’ official websites. The data were analyzed using multiple linear regression analysis. The results indicate that the independent board of commissioners, board of directors, and environmental performance have a positive and significant effect on firm value. However, the audit committee does not have a significant effect on firm value.

The copyright infringement of public appearances at Mie Gacoan Bali Outlet reflects the weak legal awareness of the use of copyrighted works for commercial purposes without permission. The act of playing songs without paying royalties has legal consequences for the company, in accordance with the provisions of Law No. 28 of 2014 concerning Copyright. This research aims to analyze the qualifications of violations that ensnare the company's directors and the form of dispute resolution applied. The method used is normative legal research with a legislative approach and related case studies through qualitative analysis. The results of the study show that the royalty payment obligation of Rp2,264,520,000.00 is calculated based on the Decree of the Minister of Law and Human Rights Number HKI.2.OT.03.01-02 of 2016, with a rate of Rp120,000 per seat per year. Disputes are resolved through a royalty payment mechanism as a form of fulfillment of the economic rights of the creator. This study concludes that strengthening legal understanding, optimizing the implementation of regulations, and improving education and socialization are the keys to creating compliance with copyright protection and encouraging the realization of a fair, ethical, and sustainable music industry ecosystem in Indonesia.

Delays in high-rise building construction projects in Surabaya are a crucial issue as they can significantly affect cost, quality, and project completion schedules. This reserach intends to identify the dominant factors contributing to project delays using the Relative Importance Index (RII) method, considering both frequency and impact aspects. Data were obtained from 80 valid respondents who hold strategic roles in construction project implementation, such as Project Managers, Site Managers, Site Engineers, Estimators, Field Supervisors, General Managers, and Company Directors. The analysis results indicate that in terms of frequency, the dominant factors are unfavorable weather conditions (RII = 0.750), labor shortages (RII = 0.743), and design changes during construction (RII = 0.735). Meanwhile, in terms of impact, the dominant factors are delays in material delivery (RII = 0.780), labor shortages (RII = 0.770), and substandard material quality (RII = 0.740). These findings emphasize that labor shortage consistently influences project delays in both frequency and impact, while weather and material factors show different patterns between occurrence and consequence. All dominant factors were classified into the High-Medium category, indicating that they should be prioritized in project risk management.

The limits of authority among the company’s organs in corporate management are expressly regulated under the UUPT, which assigns managerial and representative functions to the Board of Directors, supervisory and advisory functions to the Board of Commissioners, and control functions to the General Meeting of Shareholders. In practice, these authorities are often not implemented effectively, resulting in various violations. Such violations do not always arise from ultra vires acts but may also stem from negligence in exercising the granted authority. Improper management, administrative omissions, and passive supervision contribute to the risk of loss upon revocation of a mining business license. The absence of a valid license removes the company’s legal basis for operating and triggers potential liability for he organs that were negligent. This research employs a normative juridical approach with a descriptive-analytical specification. Data were obtained from primary, secondary, and tertiary legal materials through literature review and case study of Decision No. 3/Pdt.G/2023/PN.Mgg. Directors must distinguish between beheer and beschikking actions when determining the scope of corporate management. Meanwhile, the Board of Commissioners is obligated to conduct supervision and provide advice proactively, whether requested or not, as a manifestation of good faith.

Qanun of Banda Aceh City Number 4 of 2022 emphasizes that the Tirta Daroy Regional Public Company of Drinking Water aims to provide fair and sustainable drinking water services. The legal relationship between the customer and the company is regulated through the Decree of the Board of Directors PEG Number. III/10/PDAM/2020. However, there are still many customers who are in default in the form of late payments that cause losses to the company and are contrary to Article 1243 of the Civil Code regarding the obligation of debtors to compensate for losses due to negligence. This study aims to analyze the default settings in the customer connection agreement at  the Tirta Taroy Regional Public Drinking Water Company  , identify the factors causing defaults, and explain the form of applying civil sanctions to customers who commit defaults. This study uses an empirical juridical method with qualitative descriptive analysis based on legal and field data. The results of the study show that the most dominant forms of default in customers of the Tirta Daroy Regional Drinking Water Public Company are late and arrears of payments, not paying at all and misuse of water connections. The main causative factors include economic conditions, administrative negligence, and intentional elements. Legally, this default causes financial losses and disrupts the sustainability of public services. Sanctions are applied in stages through notices, warnings, summonses, to fines, compensation, or disconnection. The Tirta Daroy Regional Public Company is advised to follow up on customer complaints, improve the billing system, adjust the sanction clause proportionately, and increase legal awareness through socialization.

The implementation of risk management is an important method that is carried out in order to identify risk factors that may arise during the implementation of the project. However, the implementation of risk management still faces some obstacles in its implementation. Therefore, this study aims to analyze the barriers to the implementation of risk management in construction projects in Surabaya. A total of 80 respondents filled out questionnaires from construction service providers including contractors and consultants. Respondents involved include professional experts such as Project Managers, Site engineers, Site managers, implementers, estimators, General Managers and Company Directors. Data processing using fuzzy AHP method as a data processing tool and decision making. The results of the study revealed that the main factors that can hinder the implementation of cost risk management are inaccurate cost estimates (Y4) with the highest weight of 0.433, lack of quality Control (Qc) supervision criteria (Y5) is ranked second with a weight of 0.288, poor coordination between stakeholders (owner,contractor and consultant) (Y1) is ranked third with a weight of 0.274, lack of risk management training (Y3) is ranked fourth with a weight of 0.005, and some, old age) (Y2), the work can not be done according to the work drawings (Y6), limited skilled human resources (Y7), materials not according to specifications (Y8), improper initial cost estimation (Y9), late progressive payment from the owner (Y10) ranked fifth jointly because it has an equivalent weight value of 0.These findings conclude that accurate cost estimation (Y4) is very important in construction projects because it becomes the main basis in budget planning, decision making, and risk management.

One of the organs of a Limited Liability Company that often becomes a guarantor of a company’s debt is the Board of Directors. In practice, when a company can no longer carry out its obligations to pay debts, the guarantor is often bankrupted together with the debtor. Article 2 paragraph (1) jo. Article 8 paragraph (4) of the Bankruptcy and PKPU Law states that if the Debtor has two or more Creditors and has debts that are due and collectible, then the request for a bankruptcy statement must be granted if there are facts or circumstances that are proven simply. This research was conducted to examine the legal considerations of judges regarding the application of simple proof in Decision Number 20/Pdt.Sus-Bankruptcy/2022/PN.Niaga.Smg and what the implications are for the Directors of the company who act as a personal guarantee for their company’s debt. The results showed that the legal consideration of the majority of the Panel of Judges examining the case are not entirely in accordance with the Bankruptcy and PKPU Law, as the panel of judges only focused on fulfilling formal requirements without considering the principles of bankruptcy, which will have a broad impact on the parties involved. In addition, the juridical implications arising from the decision are that the Directors of the company as a personal guarantee remains personally responsible for the company’s debt, thus causing bankruptcy for him and the company.

Earnings quality refers to the accuracy of a company in presenting its earnings information. It reflects the quality of the company’s financial statements, indicating whether the reported earnings can be considered reliable or not. Earnings quality is influenced by several factors, one of which is the decision-making of the board of directors (CEO). The CEO is regarded as the most powerful individual within a company, exercising authority over corporate decisions, including the disclosure of financial information. In recent times, many women have taken on the role of CEO, and their presence is no longer underestimated. The purpose of this study is to provide empirical evidence on the effect of female CEO presence and CEO education on earnings quality. The research was conducted on all companies listed on the Indonesia Stock Exchange (IDX) for the 2019–2022 period. The sample size was determined using a saturated sampling method, resulting in 2,792 observations. Data were collected using a non-participant observation method, and the analysis technique employed was multiple linear regression analysis. The results of this study show that female CEO presence and CEO education have no significant relationship with earnings quality.

Film and television play a central role in shaping and representing the cultural identity of society. Through artistic expertise manifested by directors, screenwriters, actors, cinematographers, and producers, cultural construction is presented not only as entertainment but also as a social discourse that reflects values, traditions, and the dynamics of collective identity. This study aims to analyze how artistic expertise contributes to constructing cultural identity representation through film and television mediums in Indonesia. The research methodology used is qualitative, employing content analysis and semiotics approaches on selected Indonesian films and TV series that highlight cultural aspects, such as Losmen Bu Broto and Gadis Kretek. These works were chosen because they feature rich local culture while reflecting the role of culture in the dynamics of Indonesian society. The findings indicate that artistic expertise plays a crucial role in constructing cultural representation, both through narrative, visual elements, music, and actors' performances. The representations produced not only affirm local and national identities but also reflect the process of cultural negotiation with global influences. This study underscores that film and television serve as strategic media for cultural diplomacy and the formation of collective identity awareness in Indonesian society. Through this process, these mediums contribute to the preservation of local culture amidst global cultural flows. The research highlights the importance of film and television as tools for maintaining and constructing cultural identity, where local traditions and values are both preserved and adapted to the changing global landscape.   

This study examines the legal liability of a Limited Liability Company (LLC) before and after bankruptcy, with a focus on the roles of the board of directors, board of commissioners, and the curator appointed by the Commercial Court. Prior to bankruptcy, the liability for the company's obligations rests primarily with the board of directors and the board of commissioners, especially when debts arising from binding agreements remain unpaid. In situations where the company is unable to fulfill its payment obligations, and such inability is confirmed by a final court ruling, responsibility for managing and settling the company’s debts and assets is transferred to a court-appointed curator. The research analyzes the legal framework governing the curator’s authority, which operates under the supervision of a supervisory judge from the Commercial Court. The curator acts as the sole party responsible for handling the bankrupt entity’s obligations to creditors, ensuring compliance with applicable bankruptcy laws. This study uses a normative juridical approach, relying on legislation, case law, and legal doctrine to examine the extent of responsibility at each stage of the bankruptcy process. Special attention is given to the legal considerations of the Central Jakarta Commercial Court in Decisions Number 34/Pdt.Sus-Pailit/2024/PN Niaga Jkt.Pst and Number 38/Pdt.Sus-Pailit/2024/PN Niaga Jkt.Pst. Both rulings are found to be appropriate, as they meet the legal requirements for declaring an LLC bankrupt based on verified facts and circumstances. The findings underscore the importance of distinguishing between pre-bankruptcy liabilities—borne by company management—and post-bankruptcy responsibilities, which are entirely managed by the appointed curator. This clear allocation of responsibility ensures creditor protection, maintains judicial oversight, and upholds the principles of fairness and legal certainty in bankruptcy proceedings

The Law on State-Owned Enterprises (BUMN) by the Indonesian House of Representatives on February 4, 2025 has been ratified, and then signed by President Prabowo Subianto on February 24, 2025, destroying the concept of who the state administrators are as regulated in Law Number 28 of 1999 concerning the Implementation of a Clean State Free from Corruption, Collusion, and Nepotism.Law No. 1 of 2025 concerning BUMN, places the directors, commissioners, and supervisors of the state-owned company not as state administrators. This means that the Corruption Eradication Commission or KPK can no longer handle law enforcement in BUMN if corruption occurs, except for the Police, Prosecutor's Office and BPK (supervision), as stated in Article 3X of Law No. 1 of 2025, which states that: "The Agency's organs and employees are not state administrators. It is emphasized again in Article 9G: Members of the Board of Directors, Board of Commissioners, and Supervisory Board of BUMN are not state administrators". Meanwhile, financial supervision is still carried out by the Audit Board as stated in Article 3K: Audit of the management and financial responsibility of the Agency is carried out by the Audit Board. Although in the KPK Law, it is stated in Article 11 paragraph (1) that: "In carrying out the duties as referred to in Article 6 letter e, the Corruption Eradication Commission has the authority to conduct investigations, inquiries, and prosecutions against Corruption Crimes that: a. involve law enforcement officers, State Administrators, and other people related to Corruption Crimes committed by law enforcement officers or State Administrators; and/or b. involve state losses of at least IDR 1,000,000,000.00 (one billion rupiah)".Therefore, the Law Order, the KPK must submit and obey to carry it out, because the Law (UU) functions as a basic or principal rule for organizing the state, regulating society, a tool to limit power, and as a means of social renewal. The Law also functions to regulate life in society, the nation, and the state and is expected to be able to resolve various problems that exist in society.In fact, the impact of corruption in BUMN is no joke. The destruction of economic growth, state and community income can be disrupted which results in direct state losses, but leads to the potential for increasing poverty and the loss of the government's safety net in the form of declining quality of public services and investor confidence in Indonesia, etc.

This study aims to analyze the influence of work discipline, incentives, and work motivation on employee performance at PT Citra Mandiri Distribusindo. The background of this research is based on issues such as low employee discipline, unequal incentive distribution, and lack of motivation, which lead to fluctuating employee performance. The research used a descriptive quantitative method with a survey approach, employing questionnaires distributed to all employees except Directors, General Managers, and HRD, with a total of 109 respondents. The data analysis technique used multiple linear regression to examine the influence of each variable. The results showed that partially and simultaneously, work discipline, incentives, and work motivation significantly influence employee performance. The implication of this research is that the company must enhance employee discipline, clarify the incentive system, and foster motivation through effective communication and recognition to achieve optimal employee performance.

This study aims to analyze the effect of Good Corporate Governance mechanisms on financial performance in infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period. The GCG mechanism in question includes institutional ownership, board of directors, board of commissioners, and audit committee. The company's financial performance is measured using the Return on Assets (ROA) indicator. This research approach uses quantitative methods with panel data regression analysis techniques. The population in this study consisted of all infrastructure companies listed on the IDX during the observation period, and purposive sampling technique was used to determine the sample in accordance with certain criteria. The test results show that partially, only the audit committee variable has a positive and significant effect on financial performance. Meanwhile, the variables of institutional ownership, board of directors, and board of commissioners did not show a significant effect. These findings reinforce the importance of the audit committee's role in overseeing and ensuring effective governance to support the improvement of the company's financial performance.

Carbon emission disclosure is a form of corporate concern aimed at maintaining emission levels below permitted thresholds through written disclosures in sustainability reports. One of the factors identified as influencing carbon emission disclosure is the demographic background of the board of directors, including age, nationality, and educational background. This study aims to examine the influence of the board of directors' demographic background on carbon emission disclosure. The population in this study consists of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The sample was selected using a purposive sampling method, resulting in 117 observations. Learning theory serves as the theoretical basis for the analysis and interpretation of the findings. Data analysis was conducted using the Statistical Package for Social Sciences (SPSS) software. The results indicate that age, nationality, and education of the board of directors have a positive effect on carbon emission disclosure. The theoretical implication of this study is that demographic backgrounds of board members contribute to the adoption of environmental reporting practices. Practically, the findings are expected to provide useful information and considerations for companies, investors, and policymakers in decision-making processes.

Corporate profits may be allocated either as dividends to shareholders or retained to support future investment activities. The proportion of dividends distributed serves as an indicator of management’s ability to balance reinvestment needs with shareholder returns. Decisions regarding dividend distribution are typically finalized during the General Meeting of Shareholders (GMS), following recommendations put forth by the board of directors. This research investigates how asset management influences dividend payments, assesses the impact of leverage on dividend distribution, and explores the moderating effect of company growth on the relationship between asset management and leverage with dividend payouts. The study focuses on companies listed in the High Dividend 20 Index (IDXHIDIV20) from 2019 to 2023. Using purposive sampling, 29 companies were selected, yielding 145 observations that consistently issued dividends throughout the study period. The analysis was conducted using Moderated Regression Analysis (MRA). Findings indicate that asset management positively affects dividend payments, whereas leverage does not exhibit a significant influence. Moreover, company growth is found to weaken the positive association between asset management and dividends, while it does not moderate the relationship between leverage and dividend payouts. These findings support both signaling theory and contingency theory, emphasizing that efficient asset utilization enhances corporate profitability, which in turn can lead to higher dividend distributions.

This research aims to analyze the optimization of legal protection and risk mitigation for PT ASDP Indonesia Ferry (Persero) as the lender in a Shareholder Loan (SHL) Agreement with PT Indonesia Ferry Properti, and to examine the legal implications of the PT ASDP directors' liability in the SHL decision-making process. The research method employed is normative juridical with a literature study approach. The findings indicate that although the SHL execution has procedurally met legal principles and Good Corporate Governance (GCG), the optimization of legal protection for PT ASDP requires the enhancement of more proactive post-disbursement fund supervision clauses and, crucially, the implementation of specific collateral to mitigate credit risk, considering the current agreement is still reactive and lacks specific collateral. Furthermore, the directors of PT ASDP bear responsibilities under Article 97 of the Company Law and the principle of fiduciary duty. The Business Judgment Rule (BJR) doctrine can shield directors from personal liability if decisions are made in good faith, with due care, without conflicts of interest, and accompanied by risk mitigation efforts, wherein the implementation of GCG principles is fundamental. Violations may lead to civil, criminal, or administrative liability. This research concludes the importance of contractual strengthening of the SHL and strict adherence to GCG to protect company assets and directors.