A decade review of Indonesia’s PPP project: stakeholder insights on strategic needs and policy adjustments

Purpose This study examines stakeholder perspectives on institutional governance challenges affecting the implementation of Public-Private Partnerships (PPPs) in Indonesia under Presidential Regulation Number 38 of 2015. It further identifies stakeholder-informed policy reform needs to strengthen the national PPP framework. Design/methodology/approach A qualitative research design was employed using semi-structured interviews with nine high-level purposively selected participants representing government institutions, private sector entities, and financial institutions involved in PPP implementation. Data were analyzed through thematic synthesis involving open coding, category development, and interpretive theme construction. Findings The findings identify four institutional governance dimensions influencing PPP implementation: regulatory adaptability and institutional continuity, project preparation quality, financial structuring and risk allocation, and lifecycle governance. Across stakeholder groups, participants consistently highlighted policy inconsistency, limited feasibility study credibility, rigid contractual arrangements, disproportionate risk allocation, and insufficient operational oversight as priority governance concerns. These findings represent expert-based perspectives rather than a comprehensive assessment of Indonesia's PPP system. Research limitations/implications The study is based on a limited qualitative sample and stakeholder perceptions rather than quantitative project performance data. Future research may adopt mixed methods, longitudinal evaluations, and comparative cross-country approaches. Originality/value This study provides a stakeholder-based institutional governance perspective on the implementation of Indonesia's PPP framework under Presidential Regulation Number 38 of 2015 and proposes an integrated governance framework for policy reform.