STATE-OWNED ENTERPRISE LAW IN THE PERSPECTIVE OF GOOD CORPORATE GOVERNANCE: A LITERATURE ANALYSIS OF THE MANAGEMENT, SUPERVISION, AND ACCOUNTABILITY OF STATE-OWNED ENTERPRISES AS INSTRUMENTS OF NATIONAL DEVELOPMENT AND PROFIT-ORIENTED ECONOMIC ENTITIES — A LITERATURE REVIEW
Keywords:
State-Owned Enterprises, Good Corporate Governance, management of State-Owned Enterprises, supervision of State-Owned Enterprises, legal accountability, business judgement rule, fiduciary duty, national developmentAbstract
State-Owned Enterprises (SOEs) occupy a strategic position as instruments of national development and profit-oriented economic entities, making good governance a key prerequisite for realising this dual function. This study is a literature review that analyses SOE law from the perspective of Good Corporate Governance (GCG), focusing on the aspects of SOE management, supervision and accountability. Through a normative literature analysis of Law No. 19 of 2003 on SOEs, KNKG guidelines, and OECD GCG principles, this study identifies that the formal structure of SOE organs is in line with the principle of separation of functions, but the practice of organ appointment, political intervention, and weak supervisory independence remain major obstacles. SOE accountability requires the integration of public and private law norms, with the business judgement rule and fiduciary duty principles as pillars of legal protection for the Board of Directors as well as a guarantee of state interests. In conclusion, strengthening GCG through regulatory reform, professionalisation of management bodies, and external oversight synergy is necessary to ensure that SOEs can carry out their dual roles effectively and sustainably.
Downloads
References
Anggia, E. R. (2025, 12 Oktober). UU BUMN 2025 perkuat transparansi dan akuntabilitas pengelolaan keuangan negara. DPR RI. https://jdih.dpr.go.id/berita/detail/id/60170
Ansugi. (2025). Kepastian hukum dan risiko akuntabilitas pada pembentukan Danantara sebagai super holding BUMN. Ansugi. https://www.ansugi.com/kepastian-hukum-dan-risiko-akuntabilitas-pada-pembentukan-danantara-sebagai-super-holding-bumn
Bozec, R., & Bozec, Y. (2008). State ownership, corporate governance and firm performance: Evidence from France. Corporate Governance: An International Review, 16(5), 365–382.
Busro, M. (2018). Pengawasan Badan Pemeriksa Keuangan terhadap BUMN dalam perspektif hukum administrasi negara. Jurnal Hukum Administrasi Negara, 12(1), 45–60.
Diansyah, F. (2025). Tanggung jawab hukum Direksi BUMN terhadap kerugian perusahaan berdasarkan prinsip risk play out limitation dan doktrin business judgment rules. Tesis, Program Magister Hukum Bisnis, Fakultas Hukum Universitas Gadjah Mada.
Eliyah, E., & Aslan, A. (2025). STAKE’S EVALUATION MODEL: METODE PENELITIAN. Prosiding Seminar Nasional Indonesia, 3(2), Article 2.
Ferrari, R. (2020). Writing narrative style literature reviews. Medical Writing, 24(4), 230–235. https://doi.org/10.1179/2047480615Z.000000000329
Herwibowo, B. H. (2025). Kepastian hukum terhadap kewenangan diskresi Direksi Badan Usaha Milik Negara (BUMN) dalam perspektif Good Corporate Governance (GCG). Jurnal Cendekia, 19(1), 45–60.
ICW. (2025). Revisi ketiga UU BUMN dan Danantara: Pemangkasan fungsi pengawasan BPK terhadap BUMN. Jakarta: Indonesia Corruption Watch.
Jati, A. N. (2025). Prinsip tata kelola dan perubahan paradigma pengelolaan BUMN di Indonesia. Jurnal NETIZEN, 8(1), 112–130.
Kementerian BUMN. (2024). Peran dan fungsi BUMN sebagai instrumen pembangunan nasional. Jakarta: Kementerian Badan Usaha Milik Negara.
KNKG. (2021). Pedoman umum governansi korporat Indonesia (PUGKI). Jakarta: Komite Nasional Kebijakan Governansi Korporat.
Komite Nasional Kebijakan Governansi Korporat (KNKG). (2006). Pedoman umum good corporate governance Indonesia. Jakarta: KNKG.
Kurniawan, T. B. (2023). The impact of corporate governance on financial performance of state-owned enterprises (SOE). International Journal of Accounting, Economics and Business, 8(3), 45–58.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1–2), 3–27.
Lin, C., Ma, Y., Malatesta, P., & Xuan, Y. (2011). Ownership structure and the cost of corporate borrowing. Journal of Financial Economics, 100(1), 1–23.
Megginson, W. L., & Netter, J. M. (2001). From state to market: A survey of empirical studies on privatization. Journal of Economic Literature, 39(2), 321–389.
OECD. (2015). G20/OECD principles of corporate governance. Paris: OECD Publishing. https://doi.org/10.1787/9789264236882-en
OECD. (2024). Pedoman OECD tentang tata kelola perusahaan untuk badan usaha milik negara (BUMN). Paris: OECD Publishing.
OECD. (2024). Pedoman OECD tentang tata kelola perusahaan untuk badan usaha milik negara (BUMN). Paris: OECD Publishing.
Otoritas Jasa Keuangan (OJK). (2021). Buku saku Otoritas Jasa Keuangan. Jakarta: OJK.
Pemerintah Republik Indonesia. (2003). Undang Undang Nomor 17 Tahun 2003 tentang Keuangan Negara. Lembaran Negara Republik Indonesia Tahun 2003 Nomor 47.
Pemerintah Republik Indonesia. (2003). Undang Undang Nomor 19 Tahun 2003 tentang Badan Usaha Milik Negara. Lembaran Negara Republik Indonesia Tahun 2003 Nomor 70.
Pemerintah Republik Indonesia. (2003). Undang Undang Nomor 19 Tahun 2003 tentang Badan Usaha Milik Negara. Lembaran Negara Republik Indonesia Tahun 2003 Nomor 70.
Pemerintah Republik Indonesia. (2007). Undang Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas. Lembaran Negara Republik Indonesia Tahun 2007 Nomor 106.
Pemerintah Republik Indonesia. (2011). Peraturan Menteri Badan Usaha Milik Negara Nomor PER 01/MBU/2011 tentang Penerapan Tata Kelola Perusahaan yang Baik (Good Corporate Governance) pada BUMN. Jakarta: Kementerian BUMN.
Pemerintah Republik Indonesia. (2023). Peraturan Menteri Badan Usaha Milik Negara Nomor PER 3/MBU/03/2023 tentang Organ dan Sumber Daya Manusia pada Badan Usaha Milik Negara. Jakarta: Kementerian BUMN.
Pemerintah Republik Indonesia. (2025). Undang Undang Nomor 1 Tahun 2025 tentang Perubahan Ketiga atas Undang Undang Nomor 19 Tahun 2003 tentang Badan Usaha Milik Negara. Lembaran Negara Republik Indonesia Tahun 2025 Nomor …
Peng, M. W., & Jiang, Y. (2010). Institutional theory in strategic management: Where to from here? Asia Pacific Journal of Management, 27(1), 245–254.
Shleifer, A., & Vishny, R. W. (1998). The politics of privatization. Economics of Transition, 6(2), 195–207.
Soekanto, S. (2017). Filsafat hukum dan konstitusi Indonesia. Jakarta: Rajawali Pers.
Theodora, J. S. (2020). Pertanggungjawaban Direksi pada BUMN berdasarkan prinsip Good Corporate Governance. Skripsi, Universitas Sumatera Utara.
Widjaja, G. (2025). Pengaturan dan pengawasan Badan Usaha Milik Negara dalam perspektif hukum administrasi negara. ADIMEN: Jurnal Administrasi Negara, 9(1), 55–70.
