Philosophical Critique of Capital Market Regulation: A Case Study between Public Interest and Privacy

https://doi.org/10.35912/jihham.v5i2.4728
Published: Jan 8, 2026

Abstract:

Purpose: This study aims to analyze capital market regulation through the lens of philosophical principles to evaluate the balance between transparency for the public interest and the protection of individual privacy rights in achieving justice.

Methodology/Approach: This research adopts a normative legal method supported by conceptual and philosophical approaches. The study analyzes primary legal instruments, secondary literature, and tertiary references through qualitative library research to examine regulatory tensions between transparency and privacy in Indonesia’s capital market governance.

Results/Findings: The findings show that Rawlsian justice, Kantian autonomy, and utilitarian ethics are useful frameworks for evaluating the ethics of capital market regulation. Although Indonesia’s Capital Market Law and OJK regulations emphasize transparency, investor data privacy remains inadequately protected. Adopting stronger data protection standards, such as the GDPR, alongside local principles of maslahah and subsidiarity, can enhance regulatory fairness and reduce burdens on small market participants.

Conclusions: The study concludes that harmonizing transparency and privacy requires risk-based, ethically informed reforms that are responsive to technological changes. Strengthening the integration between capital market law and personal data protection is essential for creating a more just and sustainable regulatory framework.

Limitations: This research is limited to theoretical-normative analysis and focuses primarily on the Indonesian legal context, which may affect its broader applicability.

Contribution: The study contributes to the intersection of legal philosophy, capital market regulation, and data governance by proposing a value-based framework for balancing transparency and privacy. Its implications are particularly relevant for lawmakers, regulators, and legal scholars in emerging economies.

Keywords:
1. Capital Market
2. Fairness
3. Privacy Regulation
4. Transparency
Authors:
Enos Martryn Budiman
View PDF
How to Cite
Budiman, E. M. (2026). Philosophical Critique of Capital Market Regulation: A Case Study between Public Interest and Privacy. Jurnal Ilmiah Hukum Dan Hak Asasi Manusia, 5(2), 81–93. https://doi.org/10.35912/jihham.v5i2.4728
Download Citation
  1. Endnote/Zotero/Mendeley (RIS)
  2. BibTeX

Downloads

Download data is not yet available.
Issue & Section
Vol. 5 No. 2 (2026): Januari
Articles
Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

References

    Abed, I. A., Hussin, N., Haddad, H., Almubaydeen, T. H., & Ali, M. A. (2022). Creative Accounting Determination and Financial Reporting Quality: The Integration of Transparency and Disclosure. Journal of Open Innovation: Technology, Market, and Complexity, 8(1), 38. https://doi.org/10.3390/joitmc8010038

    Akang, A. U. (MNIM). (2024). Regulatory Compliance And Access To Finance: Implications For Business Growth In Developing Economies. Sciental Journal of Education Humanities and Social Sciences, 1(2), 8–23. https://doi.org/10.62536/sjehss.2023.v1.i2.pp8-23

    Anindhita, T. D. (2023). Information Transparency in Public Stock Offering Transactions in the Capital Market (Case Study of the Prospectus for the Initial Public Offering of PT Media Nusantara Cipta (PT MNC) Shares in 2007). Journal Research of Social Science, Economics, and Management, 2(12). https://doi.org/10.59141/jrssem.v2i12.515

    Argiyanto, D. (2018). Protection In Retail Investors Disadvanted By Fake Transaction Practice (Cornering The Market). Journal of Private and Commercial Law, 2(1), 55–64. https://doi.org/10.15294/jpcl.v2i1.14560

    Christensen, H. B., Hail, L., & Leuz, C. (2016). Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement. Review of Financial Studies, 29(11), 2885–2924. https://doi.org/10.1093/rfs/hhw055

    Custers, B., & Malgieri, G. (2022). Priceless data: why the EU fundamental right to data protection is at odds with trade in personal data. Computer Law & Security Review, 45, 105683. https://doi.org/10.1016/j.clsr.2022.105683

    Dadashpoor, H., & Sheydayi, A. (2021). Defining Public Interest in Planning: A Review. Journal of Planning Literature, 36(4), 543–561. https://doi.org/10.1177/08854122211018379

    Díaz-Rodríguez, N., Del Ser, J., Coeckelbergh, M., López de Prado, M., Herrera-Viedma, E., & Herrera, F. (2023). Connecting the dots in trustworthy Artificial Intelligence: From AI principles, ethics, and key requirements to responsible AI systems and regulation. Information Fusion, 99, 101896. https://doi.org/10.1016/j.inffus.2023.101896

    Ekmekci, P. E., & Arda, B. (2015). Enhancing John Rawls’s theory of justice to cover health and social determinants of health. Acta Bioethica, 21(2), 227–236. https://doi.org/10.4067/S1726-569X2015000200009

    Erdianti, E., Lindrawati, L., & Susanto, A. (2023). Mekanisme Tata Kelola Perusahaan terhadap Pengungkapan Informasi Forward-Looking. Jurnal Ilmiah Akuntansi Dan Bisnis, 8(2), 179–192. https://doi.org/10.38043/jiab.v8i2.5583

    Fauzi, M., Asirwadana, E., & Milasari, M. P. (2021). Analysis Of Legal Protection For Capital Market Investors. Jurnal Hukum To-Ra?: Hukum Untuk Mengatur Dan Melindungi Masyarakat, 7(2), 215–226. https://doi.org/10.55809/tora.v7i2.4

    Febrian, M. H., & Nazar, J. (2024). Transparansi Dan Akuntabilitas Dalam Pasar Modal Melalui Analisis Hukum Perdata Kewajiban Pengungkapan Informasi. Journal of Law and Nation, 3(3). https://dinastirev.org/JIHHP/article/view/4534

    Federova, S. L. (2023). Perlindungan Hukum Bagi Investor Selaku Konsumen dalam Perdagangan Reksadana Di Pasar Modal. Kultura: Jurnal Ilmu Hukum, Sosial, Dan Humaniora, 1(5). https://doi.org/https://doi.org/10.572349/kultura.v1i5.516

    Fitria,?Z., & Sukardi,?A.?S. (2024). Struktur modal, rasio aktivitas, dan ukuran perusahaan terhadap harga saham sektor pertambangan yang terdaftar di Jakarta Islamic Index. Jurnal Akuntansi, Keuangan, dan Manajemen,?5(4),?503–515. https://doi.org/10.35912/jakman.v5i4.3312 (penerbitgoodwood.com)

    Garcia-Segura, L. A. (2024). The role of artificial intelligence in preventing corporate crime. Journal of Economic Criminology, 5, 100091. https://doi.org/10.1016/j.jeconc.2024.100091

    Hastuti, R., Irawan, I., & Hukom, A. (2023). Pengaruh Inflasi, Nilai Tukar, Suku Bunga dan Produk Domestik Bruto terhadap Return Saham pada Perusahaan Manufaktur. Studi Ekonomi dan Kebijakan Publik, 2(1), 21-36. doi:https://doi.org/10.35912/sekp.v2i1.1221

    Hesniati, H., Calystania,?V., Novia,?J., Sisca,?V., Vira,?V., & Stephanie,?S. (2023). Determinan penting stock return pada Jakarta Islamic Index (JII) ditinjau dari faktor makroekonomi. Studi Ilmu Manajemen dan Organisasi,?4(2),?115–126. https://doi.org/10.35912/simo.v4i2.1971 (doi.org)

    Hesniati,?H., Delfina,?D., Irvin,?I., Wijaya,?A.?J., Quinn,?F., & Lie,?H.?W. (2023). Pengaruh variabel makroekonomi terhadap return saham Indeks Infobank15. Studi Ilmu Manajemen dan Organisasi,?4(2),?127–137. https://doi.org/10.35912/simo.v4i2.2052 (doi.org)

    Hidayat, D., Aji, A. B. W., & Aziz, M. I. (2023). The Role of the Financial Services Authority in Supervising Capital Market Flows in Indonesia. Al-Ishlah: Jurnal Ilmiah Hukum, 26(1), 26–38. https://doi.org/10.56087/aijih.v26i1.368

    Hoofnagle, C. J., van der Sloot, B., & Borgesius, F. Z. (2019). The European Union general data protection regulation: what it is and what it means. Information & Communications Technology Law, 28(1), 65–98. https://doi.org/10.1080/13600834.2019.1573501

    International Monetary Fund. (2001). Developing Government Bond Markets: A Handbook. The World Bank. https://doi.org/https://doi.org/10.5089/9780821349557.069

    J. Moleong, L. (2017). Metodologi Penelitian Kualitatif. PT Remaja Rosdakarya. https://perpustakaan.binadarma.ac.id/opac/detail-opac?id=40

    Jakob, M., Lamb, W. F., Steckel, J. C., Flachsland, C., & Edenhofer, O. (2020). Understanding different perspectives on economic growth and climate policy. WIREs Climate Change, 11(6). https://doi.org/10.1002/wcc.677

    Kaufmann, C., & Weber, R. H. (2018). The Role of Transparency in Financial Regulation. Journal of International Economic Law, 13(3), 779–797. https://doi.org/10.1093/jiel/jgq037

    Kharisma, D. B. (2021). Urgency of financial technology (Fintech) laws in Indonesia. International Journal of Law and Management, 63(3), 320–331. https://doi.org/10.1108/IJLMA-08-2020-0233

    Latifah, F. N., & Widiatmoko, J. (2022). Pengaruh Struktur Kepemilikan Terhadap Corporate Social Responsibility Dan Dampaknya Pada Nilai Perusahaan. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi), 13(3). https://doi.org/https://doi.org/10.23887/jimat.v13i03.44363

    Lawrence, M. A. (2015). Justice-as-Fairness as Judicial Guiding Principle: Remembering John Rawls and the Warren Court. Brooklyn Law Review, 81. https://doi.org/https://doi.org/10.17613/21vx-1151

    Mamonto, D. F. (2024). Analisis Perlindungan Hukum Terhadap Penyalahgunaan Data Pribadi Berdasarkan Undang-Undang Nomor 27 Tahun 2022. Lex Privatum, 13(4). https://ejournal.unsrat.ac.id/v3/index.php/lexprivatum/article/view/56215

    Marbun, Y. C. (2025). Implikasi Hukum Pembayaran Dividen atas Saham yang Disita dalam Kasus Korupsi. Jurnal Ilmiah Hukum dan Hak Asasi Manusia, 5(1), 33-47. doi:https://doi.org/10.35912/jihham.v5i1.4678

    Marzuki, P. M. (2021). Penelitian Hukum: Edisi Revisi. Kencana. https://books.google.co.id/books?id=CKZADwAAQBAJ&printsec=copyright#v=onepage&q&f=false

    McCrudden, C. (2008). Human Dignity and Judicial Interpretation of Human Rights. European Journal of International Law, 19(4), 655–724. https://doi.org/10.1093/ejil/chn043

    Mulgan, T. (2017). Understanding Utilitarianism. Acumen Publishing Limited. https://doi.org/10.1017/UPO9781844653904

    Musu, C., & Trisnamansyah, P. (2024). The Role Of Transparency Standard: Effectivity In Proving The Breach Of Fair And Equitable Treatment. Transnational Business Law Journal, 5(1), 1–14. https://doi.org/10.23920/transbuslj.v5i1.1575

    Nima,?R.?V.?R. (2024). Studi harga saham pasca IPO di Bursa Efek Indonesia. Jurnal Akuntansi, Keuangan, dan Manajemen,?5(2),?149–160. https://doi.org/10.35912/jakman.v5i2.3021 (penerbitgoodwood.com)

    Ningsih, A. S. (2022). Rules Regarding Mandatory Equity Securities Listing: Is It Possible for A Public Company Without Listing on The Indonesian Stock Exchange? Jurnal Penelitian Hukum De Jure, 22(3), 285. https://doi.org/10.30641/dejure.2022.V22.285-294

    Odok, J. A., & Berebon, C. (2024). The Interplay of Morality, Law, and Democratic Legitimacy in Habermas’s Political Philosophy. Advances in Law, Pedagogy, and Multidisciplinary Humanities, 2(1), 49–63. https://jurnal.fs.umi.ac.id/index.php/alpamet/article/view/749

    Pohan, G. A. A., Priyono, F. J., & Priyono, E. A. (2023). Application Of Principle Full Disclosure And Legal Protection For Investor Due To Market Manipulation Of Shareprices By Issuers In Capital Market. Crepido, 5(1), 104–115. https://doi.org/10.14710/crepido.5.1.104-115

    Pratiwi, N. C., Pytaloka, D. R. A. D., & Arifin, Z. (2024). An in-Depth Understanding of Capital Market Theory: a Literature Review in the Context of Financial Management. Magister?: Manajemen Strategis Dan Terapan, 1(1). https://ejournal.itbwigalumajang.ac.id/index.php/mgt/article/view/1374

    Rahayu,?M.?Y., & Sucipto,?A. (2024). Analisis pengaruh profitabilitas terhadap return saham dengan nilai perusahaan sebagai variabel moderasi: Studi kasus pada perusahaan telekomunikasi di BEI 2018–2023. Jurnal Akuntansi, Keuangan, dan Manajemen,?6(1),?81–94. https://doi.org/10.35912/jakman.v6i1.3570 (doi.org)

    Raiu, C. (2024). From Asset to Liability–Considerations on the Constitutionalizing of Religious Freedom Within the European Union Member States. Laws, 13(6), 72. https://doi.org/10.3390/laws13060072

    Rasyid,?S., Darmawati,?D., Khaerany,?R., Nadhifa,?N., & Pratiwi,?D.?D. (2025). Analisis reaksi pasar modal terhadap Pemilihan Umum Presiden Indonesia tahun?2024. Jurnal Akuntansi, Keuangan, dan Manajemen,?6(2),?385–398. https://doi.org/10.35912/jakman.v6i2.3825 (penerbitgoodwood.com)

    Santika, S., & Suyatno, S. (2024). Legal Protection for Investors Buying and Selling Shares Online and in the Capital Market. Jurnal Multidisiplin Indonesia, 3(5), 4038–4045. https://doi.org/10.58344/jmi.v3i5.1233

    Sirait, Y. H. (2019). General Data Protection Regulation (Gdpr) Dan Kedaulatan Negara Non-Uni Eropa. Gorontalo Law Review, 2(2), 60. https://doi.org/10.32662/golrev.v2i2.704

    Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: CV. Alfabeta. https://perpustakaan.binadarma.ac.id/opac/detail-opac?id=24

    Sujana, M. S. S. (2024). Analysis of Legal Protection of Investors in Capital Markets: Perspective of Law No. 8 of 1995, Law No. 21 of 2011, and Law No. 11 Year 2020. Jurnal Hukum Prasada, 11(2), 99–103. https://doi.org/10.22225/jhp.11.2.2024.99-103

    Syakur, S. (2022). Pertanggungjawaban Pidana oleh Pemilik Manfaat (Beneficial Owner) sebagai Pelaku Pencucian Uang dan Kejahatan Lainnya dalam Perseroan Terbatas. AML/CFT Journal: The Journal of Anti Money Laundering and Countering the Financing Terrorism, 1(1), 101–112. https://doi.org/10.59593/amlcft.2022.v1i1.28

    Terrier, M. (2023). “The Utilitarians of Their Day”? Revue d’études Benthamiennes, 23. https://doi.org/10.4000/etudes-benthamiennes.10392

    V?rzaru, A. A., & Bocean, C. G. (2024). Digital Transformation and Innovation: The Influence of Digital Technologies on Turnover from Innovation Activities and Types of Innovation. Systems, 12(9), 359. https://doi.org/10.3390/systems12090359

    Vuong, T. K., & Bui, H. M. (2023). The role of corporate social responsibility activities in employees’ perception of brand reputation and brand equity. Case Studies in Chemical and Environmental Engineering, 7, 100313. https://doi.org/10.1016/j.cscee.2023.100313

    Wieland, I., Kovács, L., & Savchenko, T. (2020). Conceptual study of the difference between the money market and the capital market. Financial Markets, Institutions and Risks, 4(1), 51–59. https://doi.org/10.21272/fmir.4(1).51-59.2020

    Wiryanto, F. S. (2023). The Urgency and Strategic Role of Maqasid Shari’ah and Maslahah in Responding to The Legal and Economic Challenges of Muslim Business. Jurnal of Middle East and Islamic Studies, 10(1). https://doi.org/10.7454/meis.v10i1.158

    Yuyut Prayuti. (2024). Dinamika Perlindungan Hukum Konsumen di Era Digital: Analisis Hukum Terhadap Praktik E-Commerce dan Perlindungan Data Konsumen di Indonesia. Jurnal Interpretasi Hukum, 5(1), 903–913. https://doi.org/10.22225/juinhum.5.1.8482.903-913

  1. Abed, I. A., Hussin, N., Haddad, H., Almubaydeen, T. H., & Ali, M. A. (2022). Creative Accounting Determination and Financial Reporting Quality: The Integration of Transparency and Disclosure. Journal of Open Innovation: Technology, Market, and Complexity, 8(1), 38. https://doi.org/10.3390/joitmc8010038
  2. Akang, A. U. (MNIM). (2024). Regulatory Compliance And Access To Finance: Implications For Business Growth In Developing Economies. Sciental Journal of Education Humanities and Social Sciences, 1(2), 8–23. https://doi.org/10.62536/sjehss.2023.v1.i2.pp8-23
  3. Anindhita, T. D. (2023). Information Transparency in Public Stock Offering Transactions in the Capital Market (Case Study of the Prospectus for the Initial Public Offering of PT Media Nusantara Cipta (PT MNC) Shares in 2007). Journal Research of Social Science, Economics, and Management, 2(12). https://doi.org/10.59141/jrssem.v2i12.515
  4. Argiyanto, D. (2018). Protection In Retail Investors Disadvanted By Fake Transaction Practice (Cornering The Market). Journal of Private and Commercial Law, 2(1), 55–64. https://doi.org/10.15294/jpcl.v2i1.14560
  5. Christensen, H. B., Hail, L., & Leuz, C. (2016). Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement. Review of Financial Studies, 29(11), 2885–2924. https://doi.org/10.1093/rfs/hhw055
  6. Custers, B., & Malgieri, G. (2022). Priceless data: why the EU fundamental right to data protection is at odds with trade in personal data. Computer Law & Security Review, 45, 105683. https://doi.org/10.1016/j.clsr.2022.105683
  7. Dadashpoor, H., & Sheydayi, A. (2021). Defining Public Interest in Planning: A Review. Journal of Planning Literature, 36(4), 543–561. https://doi.org/10.1177/08854122211018379
  8. Díaz-Rodríguez, N., Del Ser, J., Coeckelbergh, M., López de Prado, M., Herrera-Viedma, E., & Herrera, F. (2023). Connecting the dots in trustworthy Artificial Intelligence: From AI principles, ethics, and key requirements to responsible AI systems and regulation. Information Fusion, 99, 101896. https://doi.org/10.1016/j.inffus.2023.101896
  9. Ekmekci, P. E., & Arda, B. (2015). Enhancing John Rawls’s theory of justice to cover health and social determinants of health. Acta Bioethica, 21(2), 227–236. https://doi.org/10.4067/S1726-569X2015000200009
  10. Erdianti, E., Lindrawati, L., & Susanto, A. (2023). Mekanisme Tata Kelola Perusahaan terhadap Pengungkapan Informasi Forward-Looking. Jurnal Ilmiah Akuntansi Dan Bisnis, 8(2), 179–192. https://doi.org/10.38043/jiab.v8i2.5583
  11. Fauzi, M., Asirwadana, E., & Milasari, M. P. (2021). Analysis Of Legal Protection For Capital Market Investors. Jurnal Hukum To-Ra?: Hukum Untuk Mengatur Dan Melindungi Masyarakat, 7(2), 215–226. https://doi.org/10.55809/tora.v7i2.4
  12. Febrian, M. H., & Nazar, J. (2024). Transparansi Dan Akuntabilitas Dalam Pasar Modal Melalui Analisis Hukum Perdata Kewajiban Pengungkapan Informasi. Journal of Law and Nation, 3(3). https://dinastirev.org/JIHHP/article/view/4534
  13. Federova, S. L. (2023). Perlindungan Hukum Bagi Investor Selaku Konsumen dalam Perdagangan Reksadana Di Pasar Modal. Kultura: Jurnal Ilmu Hukum, Sosial, Dan Humaniora, 1(5). https://doi.org/https://doi.org/10.572349/kultura.v1i5.516
  14. Fitria,?Z., & Sukardi,?A.?S. (2024). Struktur modal, rasio aktivitas, dan ukuran perusahaan terhadap harga saham sektor pertambangan yang terdaftar di Jakarta Islamic Index. Jurnal Akuntansi, Keuangan, dan Manajemen,?5(4),?503–515. https://doi.org/10.35912/jakman.v5i4.3312 (penerbitgoodwood.com)
  15. Garcia-Segura, L. A. (2024). The role of artificial intelligence in preventing corporate crime. Journal of Economic Criminology, 5, 100091. https://doi.org/10.1016/j.jeconc.2024.100091
  16. Hastuti, R., Irawan, I., & Hukom, A. (2023). Pengaruh Inflasi, Nilai Tukar, Suku Bunga dan Produk Domestik Bruto terhadap Return Saham pada Perusahaan Manufaktur. Studi Ekonomi dan Kebijakan Publik, 2(1), 21-36. doi:https://doi.org/10.35912/sekp.v2i1.1221
  17. Hesniati, H., Calystania,?V., Novia,?J., Sisca,?V., Vira,?V., & Stephanie,?S. (2023). Determinan penting stock return pada Jakarta Islamic Index (JII) ditinjau dari faktor makroekonomi. Studi Ilmu Manajemen dan Organisasi,?4(2),?115–126. https://doi.org/10.35912/simo.v4i2.1971 (doi.org)
  18. Hesniati,?H., Delfina,?D., Irvin,?I., Wijaya,?A.?J., Quinn,?F., & Lie,?H.?W. (2023). Pengaruh variabel makroekonomi terhadap return saham Indeks Infobank15. Studi Ilmu Manajemen dan Organisasi,?4(2),?127–137. https://doi.org/10.35912/simo.v4i2.2052 (doi.org)
  19. Hidayat, D., Aji, A. B. W., & Aziz, M. I. (2023). The Role of the Financial Services Authority in Supervising Capital Market Flows in Indonesia. Al-Ishlah: Jurnal Ilmiah Hukum, 26(1), 26–38. https://doi.org/10.56087/aijih.v26i1.368
  20. Hoofnagle, C. J., van der Sloot, B., & Borgesius, F. Z. (2019). The European Union general data protection regulation: what it is and what it means. Information & Communications Technology Law, 28(1), 65–98. https://doi.org/10.1080/13600834.2019.1573501
  21. International Monetary Fund. (2001). Developing Government Bond Markets: A Handbook. The World Bank. https://doi.org/https://doi.org/10.5089/9780821349557.069
  22. J. Moleong, L. (2017). Metodologi Penelitian Kualitatif. PT Remaja Rosdakarya. https://perpustakaan.binadarma.ac.id/opac/detail-opac?id=40
  23. Jakob, M., Lamb, W. F., Steckel, J. C., Flachsland, C., & Edenhofer, O. (2020). Understanding different perspectives on economic growth and climate policy. WIREs Climate Change, 11(6). https://doi.org/10.1002/wcc.677
  24. Kaufmann, C., & Weber, R. H. (2018). The Role of Transparency in Financial Regulation. Journal of International Economic Law, 13(3), 779–797. https://doi.org/10.1093/jiel/jgq037
  25. Kharisma, D. B. (2021). Urgency of financial technology (Fintech) laws in Indonesia. International Journal of Law and Management, 63(3), 320–331. https://doi.org/10.1108/IJLMA-08-2020-0233
  26. Latifah, F. N., & Widiatmoko, J. (2022). Pengaruh Struktur Kepemilikan Terhadap Corporate Social Responsibility Dan Dampaknya Pada Nilai Perusahaan. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi), 13(3). https://doi.org/https://doi.org/10.23887/jimat.v13i03.44363
  27. Lawrence, M. A. (2015). Justice-as-Fairness as Judicial Guiding Principle: Remembering John Rawls and the Warren Court. Brooklyn Law Review, 81. https://doi.org/https://doi.org/10.17613/21vx-1151
  28. Mamonto, D. F. (2024). Analisis Perlindungan Hukum Terhadap Penyalahgunaan Data Pribadi Berdasarkan Undang-Undang Nomor 27 Tahun 2022. Lex Privatum, 13(4). https://ejournal.unsrat.ac.id/v3/index.php/lexprivatum/article/view/56215
  29. Marbun, Y. C. (2025). Implikasi Hukum Pembayaran Dividen atas Saham yang Disita dalam Kasus Korupsi. Jurnal Ilmiah Hukum dan Hak Asasi Manusia, 5(1), 33-47. doi:https://doi.org/10.35912/jihham.v5i1.4678
  30. Marzuki, P. M. (2021). Penelitian Hukum: Edisi Revisi. Kencana. https://books.google.co.id/books?id=CKZADwAAQBAJ&printsec=copyright#v=onepage&q&f=false
  31. McCrudden, C. (2008). Human Dignity and Judicial Interpretation of Human Rights. European Journal of International Law, 19(4), 655–724. https://doi.org/10.1093/ejil/chn043
  32. Mulgan, T. (2017). Understanding Utilitarianism. Acumen Publishing Limited. https://doi.org/10.1017/UPO9781844653904
  33. Musu, C., & Trisnamansyah, P. (2024). The Role Of Transparency Standard: Effectivity In Proving The Breach Of Fair And Equitable Treatment. Transnational Business Law Journal, 5(1), 1–14. https://doi.org/10.23920/transbuslj.v5i1.1575
  34. Nima,?R.?V.?R. (2024). Studi harga saham pasca IPO di Bursa Efek Indonesia. Jurnal Akuntansi, Keuangan, dan Manajemen,?5(2),?149–160. https://doi.org/10.35912/jakman.v5i2.3021 (penerbitgoodwood.com)
  35. Ningsih, A. S. (2022). Rules Regarding Mandatory Equity Securities Listing: Is It Possible for A Public Company Without Listing on The Indonesian Stock Exchange? Jurnal Penelitian Hukum De Jure, 22(3), 285. https://doi.org/10.30641/dejure.2022.V22.285-294
  36. Odok, J. A., & Berebon, C. (2024). The Interplay of Morality, Law, and Democratic Legitimacy in Habermas’s Political Philosophy. Advances in Law, Pedagogy, and Multidisciplinary Humanities, 2(1), 49–63. https://jurnal.fs.umi.ac.id/index.php/alpamet/article/view/749
  37. Pohan, G. A. A., Priyono, F. J., & Priyono, E. A. (2023). Application Of Principle Full Disclosure And Legal Protection For Investor Due To Market Manipulation Of Shareprices By Issuers In Capital Market. Crepido, 5(1), 104–115. https://doi.org/10.14710/crepido.5.1.104-115
  38. Pratiwi, N. C., Pytaloka, D. R. A. D., & Arifin, Z. (2024). An in-Depth Understanding of Capital Market Theory: a Literature Review in the Context of Financial Management. Magister?: Manajemen Strategis Dan Terapan, 1(1). https://ejournal.itbwigalumajang.ac.id/index.php/mgt/article/view/1374
  39. Rahayu,?M.?Y., & Sucipto,?A. (2024). Analisis pengaruh profitabilitas terhadap return saham dengan nilai perusahaan sebagai variabel moderasi: Studi kasus pada perusahaan telekomunikasi di BEI 2018–2023. Jurnal Akuntansi, Keuangan, dan Manajemen,?6(1),?81–94. https://doi.org/10.35912/jakman.v6i1.3570 (doi.org)
  40. Raiu, C. (2024). From Asset to Liability–Considerations on the Constitutionalizing of Religious Freedom Within the European Union Member States. Laws, 13(6), 72. https://doi.org/10.3390/laws13060072
  41. Rasyid,?S., Darmawati,?D., Khaerany,?R., Nadhifa,?N., & Pratiwi,?D.?D. (2025). Analisis reaksi pasar modal terhadap Pemilihan Umum Presiden Indonesia tahun?2024. Jurnal Akuntansi, Keuangan, dan Manajemen,?6(2),?385–398. https://doi.org/10.35912/jakman.v6i2.3825 (penerbitgoodwood.com)
  42. Santika, S., & Suyatno, S. (2024). Legal Protection for Investors Buying and Selling Shares Online and in the Capital Market. Jurnal Multidisiplin Indonesia, 3(5), 4038–4045. https://doi.org/10.58344/jmi.v3i5.1233
  43. Sirait, Y. H. (2019). General Data Protection Regulation (Gdpr) Dan Kedaulatan Negara Non-Uni Eropa. Gorontalo Law Review, 2(2), 60. https://doi.org/10.32662/golrev.v2i2.704
  44. Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: CV. Alfabeta. https://perpustakaan.binadarma.ac.id/opac/detail-opac?id=24
  45. Sujana, M. S. S. (2024). Analysis of Legal Protection of Investors in Capital Markets: Perspective of Law No. 8 of 1995, Law No. 21 of 2011, and Law No. 11 Year 2020. Jurnal Hukum Prasada, 11(2), 99–103. https://doi.org/10.22225/jhp.11.2.2024.99-103
  46. Syakur, S. (2022). Pertanggungjawaban Pidana oleh Pemilik Manfaat (Beneficial Owner) sebagai Pelaku Pencucian Uang dan Kejahatan Lainnya dalam Perseroan Terbatas. AML/CFT Journal: The Journal of Anti Money Laundering and Countering the Financing Terrorism, 1(1), 101–112. https://doi.org/10.59593/amlcft.2022.v1i1.28
  47. Terrier, M. (2023). “The Utilitarians of Their Day”? Revue d’études Benthamiennes, 23. https://doi.org/10.4000/etudes-benthamiennes.10392
  48. V?rzaru, A. A., & Bocean, C. G. (2024). Digital Transformation and Innovation: The Influence of Digital Technologies on Turnover from Innovation Activities and Types of Innovation. Systems, 12(9), 359. https://doi.org/10.3390/systems12090359
  49. Vuong, T. K., & Bui, H. M. (2023). The role of corporate social responsibility activities in employees’ perception of brand reputation and brand equity. Case Studies in Chemical and Environmental Engineering, 7, 100313. https://doi.org/10.1016/j.cscee.2023.100313
  50. Wieland, I., Kovács, L., & Savchenko, T. (2020). Conceptual study of the difference between the money market and the capital market. Financial Markets, Institutions and Risks, 4(1), 51–59. https://doi.org/10.21272/fmir.4(1).51-59.2020
  51. Wiryanto, F. S. (2023). The Urgency and Strategic Role of Maqasid Shari’ah and Maslahah in Responding to The Legal and Economic Challenges of Muslim Business. Jurnal of Middle East and Islamic Studies, 10(1). https://doi.org/10.7454/meis.v10i1.158
  52. Yuyut Prayuti. (2024). Dinamika Perlindungan Hukum Konsumen di Era Digital: Analisis Hukum Terhadap Praktik E-Commerce dan Perlindungan Data Konsumen di Indonesia. Jurnal Interpretasi Hukum, 5(1), 903–913. https://doi.org/10.22225/juinhum.5.1.8482.903-913