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Rural development in developing countries, including Indonesia, will certainly relate to the issue of poverty reduction. One instance of the problem of poverty is rural economic governance institutions. In the perspective of the economic independence of the rural economy is an alternative institutional rational choice and unique , given the village often seen as a small, weak and underdeveloped. Therefore, to change the thoughts and views of the importance of a village in the emic perspective to try to strengthen economic institutions through village-owned enterprises (BUMDes). This study aims to explain the phenomena of the institutional. BUMDes the main issues of governance, BUMDes as actors or institutions (organizations) in order to continue to grow the economy This study used a qualitative approach through the method of phenomenology, the locus of the suburban rural areas in Malang, East Java Province, Ketindan village and Wonorejo village, District of Lawang, and Gondowangi village, District of Wagir. Background for the site selection studies have established institution with its main business BUMDes on water management in order to meet the needs of the villagers. The results of this research in theoretical and empirical perspectives (emic), shows that : (1). Institutional BUMDes refers to the maximization of utility as the goal, the maximization of profit (profit maximization), (2). The community of BUMDes Institutions are more likely to prioritize rationality villagers as a group, with social capital as the basis of individual interests and preferences; (3). BUMDes organizational structure that is outside the village government structures are not always stable and efficient in providing services to villagers., And (4). Villagers are assigned as officers and employees BUMDes more motivation and orientation based on the non-material, namely a sense of respect and appreciation socially and politically than economically. BUMDes institutions to put forward the goal of maximizing the usefulness of water for the fulfillment of (welfare) villagers, rather than maximizing profit for increased revenue village (PADes). BUMDes governance implementation based on the perspectives, preferences, and commodities are produced according to the potential of each village.

The current fiscal policy in the forestry sector is still dominated by the management of timber extraction as a basic for sharing forestry revenues from central to local government. Therefore, it requires some shift towards green fiscal policies which positioning the overall benefits of forests. In order to prepare on green fiscal policy framework, it is required the analysis of stakeholders involved in the formulation of green fiscal policy. The objectives of the research are to identify, categorize and investigate the relationship among the involved stakeholders at national and sub-national levels, and then to formulate green fiscal policy by using stakeholders analysis method. The analysis results show that there are 18 involved stakeholders consists of five key stakeholders, seven primary stakeholders and six secondary stakeholders. Based on the category of stakeholders involved in the formulation of green fiscal policy as key players, context setters, subjects and crowds, it is realized the great need for strategies to optimize stakeholders management by enhancing colaboration and cooperation between the subjects and the key players. This will be better achieved by increasing effective cooperation and collaboration between central and local governments in implementing the current fiscal policy on forestry.

This article analyzed the performance of community direct block grant (BPLM) disbursed through the pesantren (boarding school) using institutional economic theory approach. The approach involved in examining of contract participation, social capital, transaction cost, and income. This research was conducted at two pesantrens in Madura Island. The sample was taken using cluster random sampling method. The research showed that the social capitals of the pesantren are consisted by a blessed value system (barokah), obedience, honesty, and solid network between the farmers and the pesantrens. The capital was rooted in farmer's lifestyles which influence the operation of the pesantren economic activity. Meanwhile, the transaction cost was depending on how the farmers organize the BPLM that influenced by each pesantren's characters as reflected by typical governance structure, behavioral attributes of the farmers/chairperson of the farmer's group, pesantren's networking, and uncertainty. The execution costs are the major contribution to the total transaction costs. The increasing of the transaction costs will be followed by the significantly decreasing of the farmer's income. Key words : pesantren, BPLM, social capital, transaction costs. ABSTRAKArtikel ini menganalisis kinerja program bantuan pinjaman langsung masyarakat (BPLM) yang disalurkan melalui lembaga pesantren. Pendekatan teori ekonomi kelembagaan digunakan untuk menganalisis kinerja program ini, yang mencakup partisipasi kontrak, modal sosial, biaya transaksi, dan pendapatan. Penelitian ini dilaksanakan pada dua pesantren di Pulau Madura. Pengambilan contoh menggunakan metode cluster random sampling. Hasil penelitian menunjukkan bahwa modal sosial pesantren adalah tata nilai barokah, kepatuhan, jujur, dan jaringan yang solid antara petani dan pesantren. Modal sosial tersebut mengakar dalam kehidupan petani dan mempengaruhi pelaksanaan kegiatan ekonomi pesantren. Sementara, biaya transaksi petani dalam pelaksanaan BPLM tergantung pada operasional kelembagaan masingmasing pesantren, yang disebabkan oleh perbedaan struktur tata kelola, perilaku petani/ketua kelompok, jaringan pesantren, dan ketidakpastian. Adapun biaya eksekusi

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