Journal of Business Administration and Education

Journal of Business Administration and Education is a peer-reviewed journal that publishes papers in all aspects of business management and administration, including but not limited to: Business administration; Marketing; entrepreneurship; Human resources; Business innovation; Organization theory; Science and practice of teaching business courses and related administrative duties.

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Vol 13 (2021)

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A Review on the Settlement of 'Jiwasraya' Case: A Study of Governance of State-Owned Enterprises (SOEs) Based on the Indonesian Economic Constitution PDF
R. Agus Trihatmoko, Mudrajad Kuncoro

Jiwasraya is one of a State-Owned Enterprise (SOEs) engaged in the insurance sector in Indonesia, which was declared to have experienced a financial failure due to liquids and solvency problems. This study was done to provide a management analysis as a tool for reviewing and evaluating the government policies, in accordance with the direction of the constitutional economy. This study was conducted using a qualitative methods, with a case study approach. Meanwhile, the philosophy of interpretation in this study was pragmatism. The data collection in this study was the result of observations of public information, company financial reports, and state documents relevant to the data interpretation and analysis. The results of this study identified that the Jiwasraya case was motivated by a poor degree of good corporate governance, as well as the occurrence of acts of corporate fraud which has the potential for the state financial losses. Furthermore, this study also describes various alternative government policies as an option for the case resolution strategies, including: (1) liquidation; (2) recapitalization; (3) mergers and holdings; or (4) privatization. The results of the study recommend recapitalization and privatization using the practical of Indonesia Raya Incorporated (IRI) rather than other policies. These findings contribute to the knowledge of murakabi economics and its constitutionalization, and have implications for good governance practices for government and corporations, as well as strategic management for Jiwasraya. Universally, contributing to the interests of SOEs governance, and the economic development of Indonesia.

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