Sanction on Businesses in Indonesia: Empirical Study on Effects of Financial Supervision on Securities Market

2023 Fiscal Year Final Research Report

• Project/Area Number: 18K18265
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 80010:Area studies-related
• Research Institution: Fukuoka Women's University (2020-2023); Osaka University of Economics and Law (2018-2019)
• Principal Investigator: Konishi Tetsu 福岡女子大学, 国際文理学部, 准教授 (60770279)
• Project Period (FY): 2018-04-01 – 2024-03-31
• Keywords: インドネシア / 金融監督の実効性 / 経済改革 / 行為規制 / 投資ネットワーク

Outline of Final Research Achievements

This research aimed at verifying effectiveness of sanctions against businesses in Indonesia, based on data collected through fieldwork. The discussion is as followed:
Firstly, after the Democratization in 1998, reform on financial institution led by international financial institutions had focused mainly on macro prudence in banking sector, though non banking financial sector had been left behind. Especially, the institution for supervising on State-owned enterprises had not lacked its judicial base. Secondly, small business's and investors' network spread with stratified structure in Indonesian business world had caught the institutional lack unguard, which had been often seen in exploitation of minorities' interests in the market.
Thus, this research figured out that in order to verify effectiveness of economic reform so far, not only reform on rules of macro soundness but on rules on micro behavior regulation should be analyzed.

Free Research Field

インドネシア政治経済

Academic Significance and Societal Importance of the Research Achievements

本研究での議論を通して、インドネシアにおける企業に対するミクロの行為規制を分析する重要性を指摘し、民主化以降の経済改革の実効性に対する検証に一つの視角を提供した点で、学術的意義を持つ。また、その中で改革の遅れのある資本市場や保険部門などの非銀行部門、および国有企業部門が不透明な慣行の温床となりうるという指摘も、インドネシアの政治経済の議論に貢献する。
さらに、インドネシアのビジネスに対する総合的な理解を促すという社会的意義もある。