BANKRUPTCY THREATS OF CONVENTIONAL ENTERPRISES IN THE INDUSTRIAL REVOLUTION 4.0: ECONOMIC, FINANCIAL AND SUSTAINABLE DEVELOPMENT

• Published in: Journal of legal, ethical and regulatory issues Vol. 24; pp. 1 - 10
• Main Authors: Pertiwi, Madayuti, Fakhriah, Efa Laela, Ikhwansyah, Isis, Nainggolan, Bernard
• Format: Journal Article
• Language: English
• Published: London Allied Business Academies 01-01-2021
• Subjects: Artificial intelligence; Automation; Bankruptcy; Business models; Cloud computing; Employment; GDP; Globalization; Gross Domestic Product; Human resources; Industrial Revolution; Industry 4.0; Internet of Things; Job creation; Productivity; Sustainable development; SWOT analysis; Textiles; Transportation services; Indonesia
• ISSN: 1544-0036; 1544-0044

The Industrial Revolution 4.0 as the development of modern civilization has felt its effects on various aspect of life, the penetration of technology that is completely disruptive, making changes more quickly, as a consequence of the phenomenon of the Internet of Things (IOT), big data, automation, robotics, cloud computing, to artificial intelligence (Artificial Intelligence). The development of globalization which is rapidly increased to this day has had an impact on all aspects of human life, such as economic, social, political and legal. There are five industries which are focus from the implementation of Industry 4.0 in Indonesia, namely food and beverages, textiles, automotive, electronics and chemicals. However, this industrial revolution did not come without bringing new problems. If the government is unable to make regulations related to business models with new technology, social fragmentation has the potential to widen economic inequality and cause bankruptcy for conventional companies. For this reason, bankruptcy regulations in Indonesia during the Industrial Revolution 4.0 era should ideally support the interests of the business community in addition to supporting legal certainty.