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From State Financial Loss to Investment Risk: Reconstructing State Financial Accountability in SOEs Management Based on Fairness and Sustainable Governance

Journal of Law and Legal Reform · Vol. 7 No. 4 (2026) · hlm. 1963–1996

DOI
10.15294/jllr.v7i4.58654
ISSN
2715-0968, 2715-0941
Terbit
2026-10-03
Penerbit
Faculty of Law, Universitas Negeri Semarang, Indonesia
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-nc-sa/4.0

Abstrak

State-Owned Enterprises (SOEs) play a strategic role in national economic development. Yet, their investment management is constrained by the coexistence of the result-based liability paradigm under Law No. 17 of 2003 and the risk-based governance paradigm introduced by Article 3H of Law No. 16 of 2025. This regulatory disharmony creates legal uncertainty that discourages directors from making strategic investment decisions because commercially reasonable investments may be criminalized when they fail. This study examines the paradigm shift in state financial accountability and reconstructs an accountability model grounded in fairness and sustainable governance. Employing normative legal research with statutory, conceptual, and philosophical approaches, the study analyzes legislation, Constitutional Court decisions, legal doctrines, and relevant literature. The findings demonstrate that investment losses should not automatically be classified as state financial losses. Instead, they should be recognized as ordinary business risks, provided investment decisions are made in good faith, with due care, free from conflicts of interest, and in accordance with the principles of Good Corporate Governance and the Business Judgment Rule. Accordingly, legal accountability should focus on the integrity of the decision-making process rather than solely on financial outcomes. The proposed reconstruction ensures fairness by protecting directors who act professionally and in good faith from unjust criminal prosecution while preserving accountability for managerial negligence and corrupt conduct. This study introduces an investment risk-based state financial accountability model that harmonizes state finance law, SOE law, corporate law, and anti-corruption law by integrating the Business Judgment Rule, fiduciary duty, enterprise risk management, and Environmental, Social, and Governance (ESG) principles. The study’s novelty lies in developing a coherent governance framework that distinguishes business risk from negligence and corruption, strengthens legal certainty, promotes sustainable governance, and supports more competitive and innovative SOEs.

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  • Universitas Negeri Surabaya
  • Mulawarman University
  • Sultan Zainal Abidin University
  • Institut Teknologi dan Bisnis Yadika Pasuruan
  • National Dong Hwa University
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Rekan penulisOrganisasiArtikel bersama
Dicky Eko PrasetioUniversitas Negeri Surabaya2
Eny SulistyowatiUniversitas Negeri Surabaya1
Mohd Badrol AwangSultan Zainal Abidin University1
Fradhana Putra DisantaraInstitut Teknologi dan Bisnis Yadika Pasuruan1
Didik SuyitnoUniversitas Negeri Surabaya1
Sulaksono SulaksonoUniversitas Negeri Surabaya1
Noviyanti NoviyantiNational Dong Hwa University1
Radhyca Nanda PratamaUniversitas Negeri Surabaya1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/jllr/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">From State Financial Loss to Investment Risk: Reconstructing State Financial Accountability in SOEs Management Based on Fairness and Sustainable Governance</dc:title>
	<dc:creator xml:lang="en">Masnun, Muh. Ali</dc:creator>
	<dc:creator xml:lang="en">Perwitasari, Dita</dc:creator>
	<dc:creator xml:lang="en">Sulistyowati, Eny </dc:creator>
	<dc:creator xml:lang="en">Al’Anam, Muklis</dc:creator>
	<dc:creator xml:lang="en">Maalikatussofa, Maalikatussofa</dc:creator>
	<dc:subject xml:lang="en">Risk-Based Governance</dc:subject>
	<dc:subject xml:lang="en">State Finance</dc:subject>
	<dc:subject xml:lang="en">State-Owned Enterprises</dc:subject>
	<dc:subject xml:lang="en">Sustainable Governance</dc:subject>
	<dc:description xml:lang="en">State-Owned Enterprises (SOEs) play a strategic role in national economic development. Yet, their investment management is constrained by the coexistence of the result-based liability paradigm under Law No. 17 of 2003 and the risk-based governance paradigm introduced by Article 3H of Law No. 16 of 2025. This regulatory disharmony creates legal uncertainty that discourages directors from making strategic investment decisions because commercially reasonable investments may be criminalized when they fail. This study examines the paradigm shift in state financial accountability and reconstructs an accountability model grounded in fairness and sustainable governance. Employing normative legal research with statutory, conceptual, and philosophical approaches, the study analyzes legislation, Constitutional Court decisions, legal doctrines, and relevant literature. The findings demonstrate that investment losses should not automatically be classified as state financial losses. Instead, they should be recognized as ordinary business risks, provided investment decisions are made in good faith, with due care, free from conflicts of interest, and in accordance with the principles of Good Corporate Governance and the Business Judgment Rule. Accordingly, legal accountability should focus on the integrity of the decision-making process rather than solely on financial outcomes. The proposed reconstruction ensures fairness by protecting directors who act professionally and in good faith from unjust criminal prosecution while preserving accountability for managerial negligence and corrupt conduct. This study introduces an investment risk-based state financial accountability model that harmonizes state finance law, SOE law, corporate law, and anti-corruption law by integrating the Business Judgment Rule, fiduciary duty, enterprise risk management, and Environmental, Social, and Governance (ESG) principles. The study’s novelty lies in developing a coherent governance framework that distinguishes business risk from negligence and corruption, strengthens legal certainty, promotes sustainable governance, and supports more competitive and innovative SOEs.</dc:description>
	<dc:publisher xml:lang="en">Faculty of Law, Universitas Negeri Semarang, Indonesia</dc:publisher>
	<dc:date>2026-10-03</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/jllr/article/view/58654</dc:identifier>
	<dc:identifier>10.15294/jllr.v7i4.58654</dc:identifier>
	<dc:source xml:lang="en">Journal of Law and Legal Reform; Vol. 7 No. 4 (2026): October, 2026 (In Press); 1963-1996</dc:source>
	<dc:source>2715-0968</dc:source>
	<dc:source>2715-0941</dc:source>
	<dc:source>10.15294/jllr.v7i4</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/jllr/article/view/58654/11646</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Muh. Ali Masnun, Dita Perwitasari, Eny  Sulistyowati, Muklis Al’Anam, Maalikatussofa Maalikatussofa (Author)</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by-nc-sa/4.0</dc:rights>
</oai_dc:dc>