Abstract
The value of the company has an important role in describing the level of public trust in a company. The purpose of this literature review is to determine the factors that affect the value of BUMN companies and how to solve them. A systematic study was carried out using a Systematic Literature Review approach in journals published from 2016 to 2020 which concluded that the value of BUMN companies in Indonesia was still low in their management capabilities. The causes of the low value of BUMN companies include 1) BUMN companies that do not pay attention to the components of intellectual capital they have, 2) excessive debt 3) Weak implementation of GCG 4) the occurrence of deviations by BUMN directors and 5) exposure and other risks. The solution to overcome this problem is that state-owned companies must create a competitive advantage so that market perceptions will increase and the company can survive in a dynamic business environment. How: 1) By utilizing all potential resources, namely human capital, physical capital, and structural capital to generate added value. 2) managing as efficiently and effectively as possible in order to generate profits as expected by investors and 3) making specific GCG practice guidelines for SOEs and 4) implementing debt policies, hedging and risk management such as financial risks, market risks and business risks . That way the company is not burdened by the weakening of the rupiah exchange rate against debt risk and is able to manage foreign currency assets.
 
 Keywords: Systematic Literature Review; Value of BUMN Companies
Highlights
PENDAHULUAN Semakin banyaknya pesaing dalam dunia bisnis, telah menuntut pemimpin perusahaan untuk lebih kompetitif agar mampu mengelola sumber daya secara efisien dan ekonomis sehingga tidak kalah dibanding pesaingnya
The value of the company has an important role in describing the level of public trust in a company
determine the factors that affect the value of Badan Usaha Milik Negara (BUMN) companies
Summary
Wardayani dengan pengungkapan good tidak berpengaruh signifikan corporate governance dan terhadap nilai perusahaan. Sedangkan secara parsial sebagai variabel moderasi kinerja keuangan tidak berpengaruh signifikan terhadap nilai perusahaan, variabel moderasi GCG berpengaruh negative signifikan terhadap nilai perusahaan, sedangkan variabel moderasi CSR tidak berpengaruh signifikan terhadap nilai perusahaan. Sedangkan tingkat utang yang tinggi dianggap beresiko besar untuk bangkrut. Berbeda dengan GCG yang tidak berpengaruh terhadap nilai perusahaan. Walaupun begitu GCG mampu memperlemah pengaruh negative manajemen laba dan utang pada nilai perusahaan. Hal ini menunjukan bahwa penerapan GCG yang baik dapat mengurangi praktek manajemen laba dan mengontrol kebijakan utang
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