The Indonesian government conduct several strategies to enhance the SOE’s performance. However, some financial indicators show that reform program has not optimally achieved the objective to enhance the SOE performance. Therefore this paper is aimed to discuss some underlying factors that influence the SOE performance. As a result, the study found that contribution of Indonesia SOEs to economy is relatively low and stagnant. Besides that, many SOEs have not yet operated optimally. The regression result show the financial condition of the SOE is getting better when it have higher ability to generate profits and pay off debts. In addition, ability to pay off the debts is more important to maintain the financial performance of SOEs, than ability to generate profit. This study also indicate inefficiency in managing employee and policy formulation in Indonesia’s SOE.
Assagaf A, Hapzi Ali. 2017. Determinants of Financial Performance of State-owned Enterprises with Government Subsidy as Moderator. International Journal of Economics and Financial Issues, 2017, 7(4), 330-342.
Astami, E.W., Tower, G., Rusmin, R. and Neilson, J. (2010), "The effect of privatisation on performance of state‐owned‐enterprises in Indonesia", Asian Review of Accounting, Vol. 18 No. 1, pp. 5-19. https://doi.org/10.1108/13217341011045971
Boubakri N, Cosset J C, Guedhami O. 2005. Liberalization, corporate governance and the performance of privatized firms in developing countries. Journal of Corporate Finance, 11, 767–790. https://doi.org/10.1016/j.jcorpfin.2004.05.001
Eforis C. 2018. Corporate Governance, State Ownership, and Firm Performance: An Empirical Study of State-Owned Entreprises in Indonesia. GATR Journals Accounting and Finance Review, 3 (1), 26-32.
Fauzan Hafiz, Fidya Sutiono. 2017. Perbandingan Model Altman Z-Score, Zmijewski, Springate, dan Grover dalam Memprediksi Kebangkrutan Perusahaan Perbankan (Studi Kasus Pada BEI Tahun 2011 – 2015). Jurnal Online Insan Akuntan, Vol.2, No.1, Juni 2017, 49 – 60.
Goldeng E, Grünfeld L, Benito G. 2008. The Performance Differential between Private and State Owned Enterprises: The Roles of Ownership, Management and Market Structure. Journal of Management Studies, 45, 1244-1273. https://doi.org/10.1111/j.1467-6486.2008.00790.x
Gujarati D N, Porter DC. 2009. Basic Econometrics 5th Edition. New York: Mc Graw Hill Inc.
Hastuti R T. 2015. Analisis Komparasi Model Prediksi Financial Distress Altman, Springate, Grover Dan Ohlson Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2013. Jurnal Ekonomi, 20 (3): 446-462. https://doi.org/10.24912/je.v20i3.405
Hirawati H. 2017. Analisis Prediksi Financial Distress Berdasarkan Model Altman Dan Grover Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Riset Ekonomi Manajemen Untidar.
Ho Bruce Chien-Ta, Desheng Dash Wu. 2009. Online Banking Performance Evaluation using Data Envelopment Analysis and Principal Component Analysis. Computers & Operations Research 36 (6): 1835–42. https://doi.org/10.1016/j.cor.2008.05.008
Jakob Brigitta. 2017. Performance in Strategic Sectors: A Comparison of Profitability and Efficiency of State-Owned Enterprises and Private Corporations. The Park Place Economist: 25 (1): 9-20.
Khatri Y, Ikhsan M. 2020. Enhancing the Development Contribution of Indonesia’s State-Owned Enterprises. ADB Publication: Reforms, Opportunities, And Challenges For State-Owned Enterprises, Chapter 3: 84-134.
Li S, Ying Chou L, David D S. 2014. Chinese State-Owned Enterprises: Are They Inefficient? The Chinese Economy, 47 (5-6), 81-115.
Liou Kuo-Tsai. 2007. The performance of state-owned enterprises in taiwan. International Journal of Public Administration Volume 17, 1994 - Issue 8: 1459-1484. https://doi.org/10.1080/01900699408524950
Madison M. 2021. How to Evaluate a Company’s Profitability. Houston Chronicle. [Internet]. [Viewed 30 Mei 2021]. Available at: https://smallbusiness.chron.com/evaluate-companys-profitability-10401.html
Ministry of SOE. 2020. Laporan Kinerja Kementerian BUMN Tahun 2019. Website Kementerian BUMN.
Montgomery D C, Peck E A, Vining G G. 2012. Introduction to linear regression analysis. Wiley.
Naqvi K, Ginting E. 2020. State-Owned Enterprises and Economic Development in Asia. ADB Publication: Reforms, Opportunities, And Challenges For State-Owned Enterprises, Chapter 1: 1-44.
Nasir H B M. 2017. State-owned enterprises: A comparison between the UK, Japan, and Malaysia. International Journal of Economics, Commerce and Management, 5(2), 114-130.
Oktaviandri A, Anisah F, Aldilla I. 2017. Analisis Prediksi Kebangkrutan Dengan Model Altman, Springate, Ohlson, Dan Grover Pada Perusahaan Di Sektor Pertanian Bursa Efek Indonesia Periode 2011 – 2015. Majalah Ilmiah UNIKOM. 15 (1): 71-78.
Phi Nguyet T. M., Farhad T-H, Chuc Anh T, Naoyuki Y, Chul Ju K. 2019. Performance Differential Between Private And State-Owned Enterprises: An Analysis Of Profitability And Leverage. ADBI Working Paper 950. Tokyo: Asian Development Bank Institute.
Prihathini N , Ratna Sari. 2013. Prediksi kebangkrutan dengan model Grover, Altman, Z Score, Springate dan Zwijewski pada perusahaan Food and Beverage di Bursa Efek Indonesia. E Jurnal Akuntansi Universitas Udayana. ISSN 2302-8556.
Putterman Louis, Xiao-Yuan Dong. 2000. China’s State-Owned Enterprises: Their Role, Job Creation, and Efficiency in Long-Term Perspective. Modern China 26(4): 403–47.
Robinson T, Henry E, Pirie W, Broihahn M. 2015. International Financial Statement Analysis. 3rd ed. New Jersey: John Wiley & Sons, Inc.
Sayidah N, Aminullah A, Bayu Taufiq P. 2019. Determinat of state-owned enterprises financial health: Indonesia empirical evidence. Cogent business & management., 6 (1), 1600207.
Syamni G, M Shabri A M, Widyanana V S. 2018. Bankruptcy Prediction Models and Stock Prices of the Coal Mining Industry in Indonesia. Etikonomi. 17 (1): 57–68.
Sun Qian, Wilson H S Tong, Jing Tong. 2002. “How Does Government Ownership Affect Firm Performance? Evidence from China’s Privatization Experience.” Journal of Business Finance & Accounting: 29 (1): 1–27.
Tabachnick B G, Fidell L S. 2001. Using multivariate statistics (4th Ed.). Needham Heights, MA: Allyn & Bacon.
Taghizadeh-Hesary F, Naoyuki Y, Chul-Ju K, and Aline M. 2019. A Comprehensive Evaluation Framework on the Economic Performance of State-Owned Enterprises. ADBI Working Paper 949. Tokyo: Asian Development Bank Institute.
The European Bank. 2020. Economic performance of state-owned enterprises in emerging economies: A cross-country study. London: EBRD.
Verlekar R P, Kramat M S. 2019. Recalibration and Application of Springate, Zmijewski and Grover Bankruptcy Models in Indian Banking Sector. International Journal of Business Analytics and Intelligence, 7(2), pp. 19–27.
Yoshino N, Hesary F T. 2014. Analytical framework on credit risks for financing SMEs in Asia. Asia-Pacific Development Journal, 21(2), 1–21.
Varmuza K., Filzmoser P. 2009. Introduction to multivariate statistical analysis in chemometrics. Boca Raton: CRC Press.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
The authors who publis article(s) in Jurnal Ekonomi and Kebijakan Pembangunan have to understand and agree that the copyright of article published is owned by Jurnal ekonomi and Kebijakan pembangunan including to reproduce, distribute and sell this journal to public.