Juridical analysis of abandoned shares in the process of changing the status of a public company to a private company

https://doi.org/10.35912/ajh.v4i2.3420
Published: Sep 4, 2025

Abstract:

Purpose: This study aims to analyze the legal framework, practical implementation, challenges, and possible solutions related to stranded shares in the process of converting a public limited liability company (PT) into a private PT (go private).

Methodology: A normative juridical approach was applied by examining relevant legal instruments, including the Company Law, Capital Market Law, and OJK regulations. An empirical juridical approach was also employed through interviews with notaries, OJK officials, capital market practitioners, and case studies of issuers facing obstacles due to stranded shares.

Results: The findings indicate that the absence of specific regulations regarding the classification and settlement of stranded shares significantly hampers the achievement of the General Meeting of Shareholders (GMS) quorum and obstructs the effectiveness of tender offers. Consequently, this condition delays the going private process and causes harm to active shareholders.

Conclusion: Legal uncertainty resulting from unregulated stranded shares undermines corporate restructuring in the capital market. A comprehensive regulatory revision and enforcement mechanism are needed to address the issue effectively.

Limitation: This research focuses on stranded shares in Indonesia’s capital market and does not provide comparative perspectives from other jurisdictions, which may offer alternative mechanisms.

Contribution: This study enriches academic discourse and provides policy recommendations by highlighting the need for regulatory reform, the establishment of judicial remedies to exclude inactive shares, and investor education. It contributes to strengthening legal certainty and stakeholder protection in corporate governance.

Keywords:
1. Juridical Analysis
2. Public Limited PT
3. Stranded Shares
Authors:
1 . Herry Wahyu Andradjadi
Batam University, Batam, Kepulauan Riau, Indonesia
2 . Erniyanti Erniyanti
Batam University, Batam, Kepulauan Riau, Indonesia
3 . Markus Gunawan
Batam University, Batam, Kepulauan Riau, Indonesia
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How to Cite
Andradjadi, H. W., Erniyanti, E., & Gunawan, M. (2025). Juridical analysis of abandoned shares in the process of changing the status of a public company to a private company. Annals of Justice and Humanity, 4(2), 127–139. https://doi.org/10.35912/ajh.v4i2.3420
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Vol. 4 No. 2 (2025): June
Articles
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References

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    Amato, M., Belloni, E., Falbo, P., & Gobbi, L. (2021). Europe, Public Debts, and Safe Assets: The Scope for a European Debt Agency. Economia Politica, 38(3), 823-861. doi:https://doi.org/10.1007/s40888-021-00236-6

    Amelia, R. S. (2023). Analisis Perbandingan Return Saham, Harga Saham dan Volume Perdagangan Saham BRIS Sebelum dan Sesudah Merger. Al-Bay': Journal of Sharia Economic and Business, 2(2). doi:https://doi.org/10.24952/bay.v2i2.9913

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    Bazrafshan, A., Banaiy, A., & Bazrafshan, V. (2021). The Beneficial Effect of Shareholder Participation in General Meetings: Evidence in the Context of Audit Quality. Revista Brasileira de Gestão de Negócios, 23(01), 81-103. doi:https://doi.org/10.7819/rbgn.v23i1.4096

    Bharath, S. T., & Dittmar, A. K. (2010). Why Do Firms Use Private Equity to Opt Out of Public Markets?. The Review of Financial Studies, 23(5), 1771-1818. doi:https://doi.org/10.1093/rfs/hhq016

    Boulanger, C. (2020). The Comparative Sociology of Legal Doctrine: Thoughts on a Research Program. German Law Journal, 21(7), 1362-1377. doi:https://doi.org/10.1017/glj.2020.80

    Chandra, F., Erniyanti, E., Fadlan, F., & Respationo, S. (2023). Analisis Yuridis Keabsahan Penyelenggaraan Rapat Umum Pemegang Saham (Rups) Secara Online Untuk Mewujudkan Kepastian Hukum (Studi Penelitian PT Midi Utama Indonesia Tbk (Midi)). UNES Law Review, 6(1), 3852-3863. doi:https://doi.org/10.31933/unesrev.v6i1.1197

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    Chen, F. (2022). Legal Risk of Dormant Shareholding Essential Knowledge and Legal Practices for Establishing and Operating Companies in China (pp. 269-271): Springer.

    Cumming, D., Peter, R., & Tarsalewska, M. (2020). Public?to?Private Buyouts and Innovation. British Journal of Management, 31(4), 811-829. doi:https://doi.org/10.1111/1467-8551.12404

    Darmawan, M. A. D. (2025). Perlindungan Hukum Terhadap Pemegang Saham Minoritas dalam Forced Delisting Saham (Studi Perbandingan antara Indonesia dan Amerika Serikat). Visi Sosial Humaniora, 6(1), 11-26. doi:https://doi.org/10.51622/vsh.v6i1.2802

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    Durrohman, I. (2024). Resmi Delisting, Rokok Bentoel (RMBA) Hengkang dari Bursa. Retrieved from https://market.bisnis.com/read/20240116/192/1732637/resmi-delisting-rokok-bentoel-rmba-hengkang-dari-bursa

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    Ezekpeazu, C., & Uche, U. (2023). Effect of Dormant Accounts and Unclaimed Financial Instruments on Financial Performance of Deposit Money Banks in Nigeria. UMM Journal of Accounting and Financial Management, 3(1), 1-29.

    Ferena, N., Erniyanti, E., Gunawan, M., & Respationo, S. (2024). Juridical Analysis of the Use of the Company's Shares As An Object Of Fiduciary Guarantee. International Journal of Humanities and Social Sciences Reviews, 1(3), 41-52. doi:https://doi.org/10.62951/ijhs.v1i3.50

    Hamzani, A. I., Widyastuti, T. V., Khasanah, N., & Rusli, M. H. M. (2023). Legal Research Method: Theoretical and Implementative Review. International Journal of Membrane Science and Technology, 10(2), 3610-3619. doi:http://dx.doi.org/10.15379/ijmst.v10i2.3191

    Harms-Ringdahl, L. (2021). Analysis of Results from Event Investigations in Industrial and Patient Safety Contexts. Safety, 7(1), 1-20. doi:https://doi.org/10.3390/safety7010019

    Herdiansyah, H. (2010). Metode Penelitian Kualitatif untuk Ilmu-ilmu Sosial. Jakarta: Salemba Humanika.

    Hidayat, M. H. (2019). Badan Hukum, Separate Legal Entity dan Tanggung Jawab Direksi dalam Pengelolaan Perusahaan. National Journal of Law, 1(1). doi:https://doi.org/10.47313/njl.v1i1.673

    Kristianto, H., & Kupita, W. (2023). The Role of the OJK (Financial Services Authority) in Preventing Illegal Investment Activities in Legal Entities in the Form of Cooperatives. 3rd International Conference on Law, Governance, and Social Justice (ICoLGaS 2023), 805, 355-364. doi:https://doi.org/10.2991/978-2-38476-164-7_33

    Marzuki, P. M. ( 2021). Pengantar Ilmu Hukum. Jakarta: Penerbit Kencana.

    Negara, T. A. S. (2023). Normative Legal Research in Indonesia: Its Originis and Approaches. Audito Comparative Law Journal (ACLJ), 4(1), 1-9. doi:https://doi.org/10.22219/aclj.v4i1.24855

    Ngulube, P., Mathipa, E. R., & Gumbo, M. T. (2015). Theoretical and Conceptual Frameworks in the Social and Management Sciences. Addressing research challenges: Making headway in developing researchers, 43-66. doi:http://dx.doi.org/10.13140/RG.2.1.3210.7680

    Nim, W. N. (2022). Analisis Yuridis Aksi Go Private Perseroan Terbuka Menurut Peraturan Otoritas Jasa Keuangan NomoR 3/POJK.04/2021 Tentang Penyelenggaraan Kegiatan di Bidang Pasar Modal. Jurnal Fatwa Hukum, 5(2).

    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), 285-294. doi:http://dx.doi.org/10.30641/dejure.2022.V22.285-294

    Ningsih, H. K., & Adam, R. C. (2023). Legal Protection for Minority Shareholders Arising from the Delisting of Issuer Shares (A Comparative Study of Indonesian, United States, and Singapore Law). Jurnal Pamator: Jurnal Ilmiah Universitas Trunojoyo, 16(4), 676-693.

    Padmanegara, I. P. B. (2024). Kedudukan Pemegang Saham Minoritas dalam Penentuan Kebijakan dan Perlindungan Sebagai Pemegang Saham Perseroan Terbatas Terbuka. Co-Value Jurnal Ekonomi Koperasi dan Kewirausahaan, 14(11). doi:https://doi.org/10.59188/covalue.v14i11.4305

    Pagano, M., Panetta, F., & Zingales, L. (1998). Why do companies go public? An empirical analysis. The journal of finance, 53(1), 27-64. doi:https://doi.org/10.1111/0022-1082.25448

    Pratama, M. B., & Suwadi, P. (2024). Implementation Of Forced Delisting Mechanism In Go-Private Corporate Action In Indonesia: Is It Right?. Revista de Gestão Social e Ambiental, 18(1), 1-15. doi:http://dx.doi.org/10.24857/rgsa.v18n1-051

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    Ritter, J. R. (1987). The Costs of Going Public. Journal of Financial Economics, 19(2), 269-281. doi:https://doi.org/10.1016/0304-405X(87)90005-5

    Sari, A. M. M. (2023). Tinjauan Yuridis Permohonan Pembatalan Terhadap Putusan (Bapmi) Badan Arbitrase Pasar Modal Indonesia Pada Pengadilan Negeri (Studi Putusan Mahkamah Agung RI Nomor: 958 B/Pdt. Sus-Arbt/2018). Jurnal Hukum Al-Hikmah: Media Komunikasi dan Informasi Hukum dan Masyarakat, 4(4), 913-923.

    Sari, P. P., & Sudiyana, S. (2022). Peran Otoritas Jasa Keuangan (OJK) dalam Memberikan Perlindungan Hukum Bagi Investor Atas Kondisi Delisting Efek pada Emiten. Kajian Hasil Penelitian Hukum, 6(1), 220-241. doi:http://dx.doi.org/10.37159/jmih.v6i1.1667

    Saydullayevich, B. Z. (2025). The Role of the Social State In Enhancing Civic Responsibility in Society. Journal of Multidisciplinary Academic and Practice Studies, 3(3), 699-708. doi:https://doi.org/10.35912/jomaps.v3i3.3260

    Shah, S. N. U. H., & Li, Y. (2025). Shareholders Engagement and Annual General Meetings of Australian Listed Companies: An Empirical Analysis of Corporate Governance. Journal of Governance and Regulation/Volume, 14(1). doi:http://dx.doi.org/10.22495/jgrv14i1art19

    Simbolon, Y. (2024). The Principle of Fiduciary Duty in Single-Member Limited Liability Company. Perspektif Hukum, 72-91. doi:https://doi.org/10.30649/ph.v24i1.267

    Sugiyono. (2018). Metode Penelitian Bisnis (Pendekatan Kuantitatif, Kualitatif dan R&D). Bandung: Alfabeta.

    Ulinnuha, M. (2020). Tinjauan Yuridis Penggunaan Klausul Proteksi Diri Terhadap Akta Pernyataan Keputusan Rapat Perseroan Terbatas. Lex Renaissance, 5(4), 877-894. doi:https://doi.org/10.20885/JLR.vol5.iss4.art9

    Vakili Moghadam, M. H. (2024). The Concept and Essentials of Unstable Ownership and Its Effects in Imami Jurisprudence and Iranian Law. Manchester Journal of Transnational Islamic Law & Practice, 20(3).

    Varpio, L., Paradis, E., Uijtdehaage, S., & Young, M. (2020). The Distinctions Between Theory, Theoretical Framework, and Conceptual Framework. Academic medicine, 95(7), 989-994. doi:https://doi.org/10.1097/acm.0000000000003075

    Widyari, D. P. (2024). Analisis Yuridis Perbandingan Ketentuan Pendirian Perseroan Terbatas dalam Undang-Undang Cipta Kerja dan Undang-Undang Perseroan Terbatas di Indonesia. Jurnal Ilmiah Penegakan Hukum, 11(1), 65-80. doi:https://doi.org/10.31289/jiph.v11i1.11266

    Wulandari, S. I. N., Siregar, M., & Sukarja, D. (2024). Perlindungan Hukum Bagi Investor pada Perusahaan Voluntary Delisting di Pasar Modal. Jurnal Media Akademik (JMA), 2(2). doi:http://dx.doi.org/10.62281/v2i2.177

  1. Adriadi, R. P., Pratama, S. A., & Syahida, A. Q. (2021). Perubahan Pengaturan Pendirian Perseroan Terbatas dalam Undang-Undang Nomor 40 Tahun 2007 Pasca Diundangkannya Undang-Undang Nomor 11 Tahun 2020. Indonesian Notary, 3(2), 68-90.
  2. Amato, M., Belloni, E., Falbo, P., & Gobbi, L. (2021). Europe, Public Debts, and Safe Assets: The Scope for a European Debt Agency. Economia Politica, 38(3), 823-861. doi:https://doi.org/10.1007/s40888-021-00236-6
  3. Amelia, R. S. (2023). Analisis Perbandingan Return Saham, Harga Saham dan Volume Perdagangan Saham BRIS Sebelum dan Sesudah Merger. Al-Bay': Journal of Sharia Economic and Business, 2(2). doi:https://doi.org/10.24952/bay.v2i2.9913
  4. Bakke, T.-E., Jens, C. E., & Whited, T. M. (2012). The Real Effects of Delisting: Evidence from a Regression Discontinuity Design. Finance Research Letters, 9(4), 183-193. doi:https://doi.org/10.1016/j.frl.2012.08.002
  5. Bazrafshan, A., Banaiy, A., & Bazrafshan, V. (2021). The Beneficial Effect of Shareholder Participation in General Meetings: Evidence in the Context of Audit Quality. Revista Brasileira de Gestão de Negócios, 23(01), 81-103. doi:https://doi.org/10.7819/rbgn.v23i1.4096
  6. Bharath, S. T., & Dittmar, A. K. (2010). Why Do Firms Use Private Equity to Opt Out of Public Markets?. The Review of Financial Studies, 23(5), 1771-1818. doi:https://doi.org/10.1093/rfs/hhq016
  7. Boulanger, C. (2020). The Comparative Sociology of Legal Doctrine: Thoughts on a Research Program. German Law Journal, 21(7), 1362-1377. doi:https://doi.org/10.1017/glj.2020.80
  8. Chandra, F., Erniyanti, E., Fadlan, F., & Respationo, S. (2023). Analisis Yuridis Keabsahan Penyelenggaraan Rapat Umum Pemegang Saham (Rups) Secara Online Untuk Mewujudkan Kepastian Hukum (Studi Penelitian PT Midi Utama Indonesia Tbk (Midi)). UNES Law Review, 6(1), 3852-3863. doi:https://doi.org/10.31933/unesrev.v6i1.1197
  9. Chaplinsky, S., Hanley, K. W., & Moon, S. K. (2017). The JOBS Act and the Costs of Going Public. Journal of Accounting Research, 55(4), 795-836. doi:https://doi.org/10.1111/1475-679X.12172
  10. Chen, F. (2022). Legal Risk of Dormant Shareholding Essential Knowledge and Legal Practices for Establishing and Operating Companies in China (pp. 269-271): Springer.
  11. Cumming, D., Peter, R., & Tarsalewska, M. (2020). Public?to?Private Buyouts and Innovation. British Journal of Management, 31(4), 811-829. doi:https://doi.org/10.1111/1467-8551.12404
  12. Darmawan, M. A. D. (2025). Perlindungan Hukum Terhadap Pemegang Saham Minoritas dalam Forced Delisting Saham (Studi Perbandingan antara Indonesia dan Amerika Serikat). Visi Sosial Humaniora, 6(1), 11-26. doi:https://doi.org/10.51622/vsh.v6i1.2802
  13. Dewi, A. K., & Arifardhani, Y. (2024). Analisis Regulasi pada Pencatatan dan Pergerakan Saham Perusahaan Rintisan (Startup) Di Pasar Modal (Studi Kasus: GoTo). Jurnal Hukum Kenotariatan Otentik's, 6(1), 94-118. doi:https://doi.org/10.35814/otentik.v6i1.6215
  14. Dueñas, A. M.-E. G. d. (2017). The Nature of Shareholding and Regulating Shareholders’ Duties. Kluwer Law International, 29-50. doi:https://dx.doi.org/10.2139/ssrn.2877731
  15. Durrohman, I. (2024). Resmi Delisting, Rokok Bentoel (RMBA) Hengkang dari Bursa. Retrieved from https://market.bisnis.com/read/20240116/192/1732637/resmi-delisting-rokok-bentoel-rmba-hengkang-dari-bursa
  16. Edwards, K. (2022). What happens if a shareholder can't be located for a MVL or CVL?. Retrieved from https://www.frettens.co.uk/site/blog/commercial/what-happens-if-a-shareholder-cant-be-located-for-a-mvl-or-cvl
  17. Ezekpeazu, C., & Uche, U. (2023). Effect of Dormant Accounts and Unclaimed Financial Instruments on Financial Performance of Deposit Money Banks in Nigeria. UMM Journal of Accounting and Financial Management, 3(1), 1-29.
  18. Ferena, N., Erniyanti, E., Gunawan, M., & Respationo, S. (2024). Juridical Analysis of the Use of the Company's Shares As An Object Of Fiduciary Guarantee. International Journal of Humanities and Social Sciences Reviews, 1(3), 41-52. doi:https://doi.org/10.62951/ijhs.v1i3.50
  19. Hamzani, A. I., Widyastuti, T. V., Khasanah, N., & Rusli, M. H. M. (2023). Legal Research Method: Theoretical and Implementative Review. International Journal of Membrane Science and Technology, 10(2), 3610-3619. doi:http://dx.doi.org/10.15379/ijmst.v10i2.3191
  20. Harms-Ringdahl, L. (2021). Analysis of Results from Event Investigations in Industrial and Patient Safety Contexts. Safety, 7(1), 1-20. doi:https://doi.org/10.3390/safety7010019
  21. Herdiansyah, H. (2010). Metode Penelitian Kualitatif untuk Ilmu-ilmu Sosial. Jakarta: Salemba Humanika.
  22. Hidayat, M. H. (2019). Badan Hukum, Separate Legal Entity dan Tanggung Jawab Direksi dalam Pengelolaan Perusahaan. National Journal of Law, 1(1). doi:https://doi.org/10.47313/njl.v1i1.673
  23. Kristianto, H., & Kupita, W. (2023). The Role of the OJK (Financial Services Authority) in Preventing Illegal Investment Activities in Legal Entities in the Form of Cooperatives. 3rd International Conference on Law, Governance, and Social Justice (ICoLGaS 2023), 805, 355-364. doi:https://doi.org/10.2991/978-2-38476-164-7_33
  24. Marzuki, P. M. ( 2021). Pengantar Ilmu Hukum. Jakarta: Penerbit Kencana.
  25. Negara, T. A. S. (2023). Normative Legal Research in Indonesia: Its Originis and Approaches. Audito Comparative Law Journal (ACLJ), 4(1), 1-9. doi:https://doi.org/10.22219/aclj.v4i1.24855
  26. Ngulube, P., Mathipa, E. R., & Gumbo, M. T. (2015). Theoretical and Conceptual Frameworks in the Social and Management Sciences. Addressing research challenges: Making headway in developing researchers, 43-66. doi:http://dx.doi.org/10.13140/RG.2.1.3210.7680
  27. Nim, W. N. (2022). Analisis Yuridis Aksi Go Private Perseroan Terbuka Menurut Peraturan Otoritas Jasa Keuangan NomoR 3/POJK.04/2021 Tentang Penyelenggaraan Kegiatan di Bidang Pasar Modal. Jurnal Fatwa Hukum, 5(2).
  28. 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), 285-294. doi:http://dx.doi.org/10.30641/dejure.2022.V22.285-294
  29. Ningsih, H. K., & Adam, R. C. (2023). Legal Protection for Minority Shareholders Arising from the Delisting of Issuer Shares (A Comparative Study of Indonesian, United States, and Singapore Law). Jurnal Pamator: Jurnal Ilmiah Universitas Trunojoyo, 16(4), 676-693.
  30. Padmanegara, I. P. B. (2024). Kedudukan Pemegang Saham Minoritas dalam Penentuan Kebijakan dan Perlindungan Sebagai Pemegang Saham Perseroan Terbatas Terbuka. Co-Value Jurnal Ekonomi Koperasi dan Kewirausahaan, 14(11). doi:https://doi.org/10.59188/covalue.v14i11.4305
  31. Pagano, M., Panetta, F., & Zingales, L. (1998). Why do companies go public? An empirical analysis. The journal of finance, 53(1), 27-64. doi:https://doi.org/10.1111/0022-1082.25448
  32. Pratama, M. B., & Suwadi, P. (2024). Implementation Of Forced Delisting Mechanism In Go-Private Corporate Action In Indonesia: Is It Right?. Revista de Gestão Social e Ambiental, 18(1), 1-15. doi:http://dx.doi.org/10.24857/rgsa.v18n1-051
  33. Respationo, H. S. (2013). Penyelenggaraan Pemerintahan yang Bersih Menuju Zona Integritas Wilayah Bebas Korupsi. Masalah-Masalah Hukum, 42(1), 114-122. doi:https://doi.org/10.14710/mmh.42.1.2013.114-122
  34. Ritter, J. R. (1987). The Costs of Going Public. Journal of Financial Economics, 19(2), 269-281. doi:https://doi.org/10.1016/0304-405X(87)90005-5
  35. Sari, A. M. M. (2023). Tinjauan Yuridis Permohonan Pembatalan Terhadap Putusan (Bapmi) Badan Arbitrase Pasar Modal Indonesia Pada Pengadilan Negeri (Studi Putusan Mahkamah Agung RI Nomor: 958 B/Pdt. Sus-Arbt/2018). Jurnal Hukum Al-Hikmah: Media Komunikasi dan Informasi Hukum dan Masyarakat, 4(4), 913-923.
  36. Sari, P. P., & Sudiyana, S. (2022). Peran Otoritas Jasa Keuangan (OJK) dalam Memberikan Perlindungan Hukum Bagi Investor Atas Kondisi Delisting Efek pada Emiten. Kajian Hasil Penelitian Hukum, 6(1), 220-241. doi:http://dx.doi.org/10.37159/jmih.v6i1.1667
  37. Saydullayevich, B. Z. (2025). The Role of the Social State In Enhancing Civic Responsibility in Society. Journal of Multidisciplinary Academic and Practice Studies, 3(3), 699-708. doi:https://doi.org/10.35912/jomaps.v3i3.3260
  38. Shah, S. N. U. H., & Li, Y. (2025). Shareholders Engagement and Annual General Meetings of Australian Listed Companies: An Empirical Analysis of Corporate Governance. Journal of Governance and Regulation/Volume, 14(1). doi:http://dx.doi.org/10.22495/jgrv14i1art19
  39. Simbolon, Y. (2024). The Principle of Fiduciary Duty in Single-Member Limited Liability Company. Perspektif Hukum, 72-91. doi:https://doi.org/10.30649/ph.v24i1.267
  40. Sugiyono. (2018). Metode Penelitian Bisnis (Pendekatan Kuantitatif, Kualitatif dan R&D). Bandung: Alfabeta.
  41. Ulinnuha, M. (2020). Tinjauan Yuridis Penggunaan Klausul Proteksi Diri Terhadap Akta Pernyataan Keputusan Rapat Perseroan Terbatas. Lex Renaissance, 5(4), 877-894. doi:https://doi.org/10.20885/JLR.vol5.iss4.art9
  42. Vakili Moghadam, M. H. (2024). The Concept and Essentials of Unstable Ownership and Its Effects in Imami Jurisprudence and Iranian Law. Manchester Journal of Transnational Islamic Law & Practice, 20(3).
  43. Varpio, L., Paradis, E., Uijtdehaage, S., & Young, M. (2020). The Distinctions Between Theory, Theoretical Framework, and Conceptual Framework. Academic medicine, 95(7), 989-994. doi:https://doi.org/10.1097/acm.0000000000003075
  44. Widyari, D. P. (2024). Analisis Yuridis Perbandingan Ketentuan Pendirian Perseroan Terbatas dalam Undang-Undang Cipta Kerja dan Undang-Undang Perseroan Terbatas di Indonesia. Jurnal Ilmiah Penegakan Hukum, 11(1), 65-80. doi:https://doi.org/10.31289/jiph.v11i1.11266
  45. Wulandari, S. I. N., Siregar, M., & Sukarja, D. (2024). Perlindungan Hukum Bagi Investor pada Perusahaan Voluntary Delisting di Pasar Modal. Jurnal Media Akademik (JMA), 2(2). doi:http://dx.doi.org/10.62281/v2i2.177