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"By any indicator, Indonesia, the fourth most populous nation on earth, is a development success story. Yet 20 years after a deep economic and political crisis, it is still in some respects an economy in transition. The country recovered from the 1997-98 crisis and navigated the path from authoritarian to democratic rule surprisingly quickly and smoothly. It survived the 2008-09 global financial crisis and the end of the China-driven commodity super boom in 2014 with little difficulty. It is now embarking on its fifth round of credible national elections in the democratic era. It is in the process of graduating to the upper middle-income ranks. But, as the 25 contributors to this comprehensive and compelling volume document, Indonesia also faces many daunting challenges -- how to achieve faster economic growth along with more attention to environment sustainability, how to achieve more equitable development outcomes, how to develop and nurture stronger institutional foundations, and much else."

"Although corporate governance practices were fairly implemented by Indonesian leading publicly -listed companies (PLCs), however, the practices show a significant improvement year by year since the first study that has been conducted in 2005. Protection of shareholders, especially minority shareholders, is still a big challenge encountered by companies. It implies a potential expropriation of minority shareholders' wealth in the future. Board practices are still necessary to be improved. Highly regulated industries or sectors, such as banking and SOEs, are performed better than those industries that are not highly regulated. It indicates the critical role of regulators to strengthen regulatory frameworks and their enforcement as well in efforts to improve corporate governance frameworks implemented by Indonesia publicly-listed firms."