Raymond Erlangga Siringoringo, . (2026) REASSESSING THE EXPORT PROCEEDS RETENTION POLICY AND ITS IMPACT ON CORPORATE LIQUIDITY: EVIDENCE FROM INDONESIA’S COAL SECTOR. Al-Manhaj : Jurnal hukum dan Pranata Sosial Islam, 8 (1). pp. 527-544. ISSN 2686-4819
![[img]](http://repository.upnvj.ac.id/style/images/fileicons/text.png) |
Text
2210611147_ArtikelKI.pdf Restricted to Repository staff only Download (748kB) |
Abstract
This study addresses the microeconomic vulnerabilities of capital-intensive sectors subjected to macro-monetary state interventions. While prior research predominantly evaluates natural resource export proceeds (Devisa Hasil Ekspor Sumber Daya Alam / DHE SDA) through a macro-monetary lens, a critical analytical gap persists regarding the impact of aggressive foreignexchange retentions on corporate financial viability. Employing a convergent parallel mixed doctrinal-normative and empirical single-case study of the Indonesian coal mining sector under Peraturan Pemerintah Nomor 8 Tahun 2025, this paper examines compounding regulatory burdens and systemic legal antinomies. Normative findings reveal a severe validity flaw, as the 100% retention mandate violates the statutory foreign exchange freedoms guaranteed under Undang-Undang Nomor 24 Tahun 1999. Empirically, simulations demonstrate that freezing export proceeds for 12 months creates chronic cash flow mismatches, forcing corporations into high-cost commercial refinancing that erodes net profit margins by 9% to 27% and causes severe market asymmetries favoring large-scale conglomerates over vulnerable midto low-tier enterprises. Theoretically, this study bridges the economic law and corporate governance literature by conceptualizing a unique "compounding regulatory burden" framework. In practice, it offers actionable policy reforms for adaptive, conditional, and downstream-linked foreign exchange models to preserve private-sector survival without compromising sovereign monetary defense
| Item Type: | Article |
|---|---|
| Additional Information: | [No. Panggil: 2210611147] [Pembimbing: Diani Sadia Wati] [Penguji 1: Aurora Jellina Meliala] [Penguji 2: Wardani Rizkianti] |
| Uncontrolled Keywords: | Export Proceeds (DHE SDA); Coal Mining Liquidity; Business Climate; Legal Normative |
| Subjects: | K Law > K Law (General) |
| Divisions: | Fakultas Hukum > Program Studi Hukum (S1) |
| Depositing User: | RAYMOND ERLANGGA SIRINGORINGO |
| Date Deposited: | 03 Sep 2026 02:32 |
| Last Modified: | 03 Sep 2026 02:32 |
| URI: | http://repository.upnvj.ac.id/id/eprint/54171 |
Actions (login required)
 |
View Item |