State Asset Management Research Articles

The Nexus Between Public Enterprise Governance, Financial Performance, and Macroeconomic Vulnerabilities: An Application to Moldova

Strong governance frameworks for public enterprises have long been an anchor of stability and efficiency underpinning their financial operations and performance. Cross-country experiences with the adoption of robust legal, regulatory and institutional arrangements—in line with international best practices— proved critical in reducing well-known risks and vulnerabilities from such companies, clarifying the role of the state, improving the management of state assets, and ensuring a level playing field for the private sector to prosper. Moldova’s large public enterprise sector of over 900 companies faces elevated risks that amplify fiscal and macroeconomic vulnerabilities and undermine market competition, productivity, and private investment. Moldova stands to greatly benefit from strengthening its public corporate governance regime to put its public enterprises on a stronger footing, address vulnerabilities, and improve market structure.

PREVENTIF STATE ASSET MANAGEMENT VS SULTAN GROUND: A STUDY CASE IN SPECIAL REGION OF YOGYAKARTA

This research uses principal negotiation theory to identify further a dispute emerging between the state asset manager, the central government, and the special local government, the sultanate government. This study examines the dispute resolution and the implementation of the dispute resolution between applying the Yogyakarta Privileges Act to the management of State Property. This research uses study literature, secondary data and then is analyzed qualitatively. This study explains that dispute resolution outside the court is more effective and efficient in managing state property. The costs incurred are enormous, and the time required is extensive. Therefore, it is better to immediately design policies, breakthroughs, and arrangements for resolving disputes between state property and sultanate ground. This study was conducted in the Indonesian context. However, the study's findings may not be generalizable to State Asset Management in other countries, especially the Western ones. These findings are likely to have significant implications for State Asset Management in designing and implementing how to resolve dispute problems in asset management in the unique region of Yogyakarta.

IDENTIFICATION OF FACTORS INFLUENCING LAND VALUE FOR STATE'S ASSETS MASS APPRAISAL PURPOSES: EVIDENCE FROM INDONESIA

Land value is an important element in a decision making. The estimation of land value conducted individually based on comparables. This approach often faces difficulties due to the large quantities of such assets with limited capacity of valuers. This research aimed to build a model to effectively identify the main property attributes that shape property value and quantify the effect of unobserved variables on value. We observed 628 property data in Jakarta collected by the Directorate General of State Asset Management (DGSAM) as part of their valuation activities in 2018. The results of this study provide an evidence that structural equation model (SEM) can be effectively used to identify property attributes that significantly affect property value, particularly for valuing state-owned assets.

IDENTIFIKASI FAKTOR-FAKTOR YANG MEMPENGARUHI NILAI PROPERTI RESIDENSIAL BERDASARKAN PERSEPSI PENILAI PEMERINTAH

State asset management is conducted in a transparent and accountable manner. One notable requirement that has to be met is the value of the assets. Such value is estimated by a qualified government valuer based on certain valuation approaches. This process normally carries a degree of subjectivity. This research uses statistical procedures to identify property attributes that significantly affect residential property value based on the government valuers’ perception. For this purpose, a set of questionnaires was distributed to government valuers who are part of the Directorate General of State Assets Management (DGSAM). These questionnaires contained property attributes identified from the literatures and validated by several property valuers at the DGSAM and PKN STAN. There were 285 valuers who provided their responses in this research, which was slightly higher than the anticipated number of participants. Further analysis from these responses shows that non-structural property attributes, one that are not directly related to property physical attributes, are indicated to be more significant in affecting residential property value. This research however only involves DGSAM’s valuers and thus, is rather limited in nature. The results reported in this paper as such should be interpreted accordingly

KAJIAN HUKUM TERHADAP PENGELOLAAN ASET DAERAH

Regional property (BMD) can be obtained from apbd or other legitimate acquisitions and become regional wealth. State wealth in ministries / institutions / local governments become the authority and responsibility of ministries / institutions / local governments. But in the course of regional asset management sometimes also poses problems. Whereas well-managed regional assets will have a strategic role in supporting regional budget revenues. Bmd utilization applies to BMD located in the user of the goods, as well as who manages the goods. The existence of provisions, ensuring the process of utilization of BMD can run in an orderly, directed, fair, accountable, to realize efficient, effective, and optimal bmd management therefore regional asset management needs to be established and implementation based on the provisions of applicable laws and regulations. There should be a new mindset in the management of state assets so that not only just to record also list its fair value in the government financial report (LKPP), there should also be new thinking on how to optimize the management of state assets to be more optimal. The purpose of this writing is to review from the legal aspects regarding the management of regional assets. The research method used in this writing is done with literature studies. The approach used in this study is the approach of legislation and conceptual approach. The data source in this paper uses secondary legal material in the form of all publications about which are not official documents.

Specific Analysis and State Asset Management’s Efficiency Assessment Methods

The Russian practice of control activities requires the formation of a modern concept of analyzing the effectiveness of the state (municipal) property use. The purpose of the article is to develop specific methods of property valuation. The authors practice methods of the empirical research, comparative and statistical research, synthesis of theoretical and practical material. Methods of grouping and classification have been used in the processing and systematization of information. The paper describes new approaches to the system of private and consolidated indicators of the efficiency of the asset management, taking into account the specifics of the public sector. Also, there are outlined the processes that ensure the achievement of the target indicators and maximization of the assessment of the property use. Utilization of the indicators system is going to form conclusions about the degree of a property use for making timely management decisions.

ANALISIS EFEKTIFITAS IMPLEMENTASI KEBIJAKAN PEMERINTAH DALAM KONTEKS KETERLIBATAN PEMANGKU KEPENTINGAN (STAKEHOLDER ENGAGEMENT): STUDI KASUS PROGRAM REVALUASI BARANG MILIK NEGARA PADA KEMENTERIAN KEUANGAN

Policy implementation in the government programs and activities is often constrained by weak coordination of stakeholders. The State-Owned Property (SOP) Revaluation Program conducted by the Ministry of Finance in 2017 and 2018 runs slowly and takes a long time to validate the revaluation data. This study intends to uncover the causes of these constraints and how to increase stakeholder engagement in the SOP Revaluation Program. The research method used is qualitative research. The research will conduct literature studies based on various references, documents, and reliable sources at the Directorate General State Asset Management of the Ministry of Finance. This research shows that the policy implementation in the SOP Revaluation Program has not been effective. This shows the low-level of stakeholder engagement caused by the low capability of the human resources at the units of the Ministries/Institutions, the low quality of the SOP management by the units, and the low commitment of the units to achieve the objectives of the program. For this reason, stakeholder mapping needs to be done, as well as choosing a different approach for different stakeholders.

ЕФЕКТИВНІСТЬ УПРАВЛІНСЬКИХ ДІЙ ТА РІШЕНЬ ПІД ЧАС ПРОВЕДЕННЯ ДЕРЖАВНОГО ФІНАНСОВОГО АУДИТУ МІСЦЕВИХ БЮДЖЕТІВ

The article is devoted to the study of the effectiveness of managerial actions and decisions during the state financial audit of local budgets. The author notes that a promising driving mechanism for eliminating violations in the management of budget funds and state assets is the introduction of effective procedures for the system of public financial audit. Public financial audit should be understood as verification and analysis by the state financial control body of the actual state of affairs regarding the legal and effective use of state or communal funds and property, other state assets, correctness of accounting and reliability of financial statements, internal control system. It is generalized that the state financial audit of the local budget is aimed at conducting and analyzing the legality and efficiency of the formation and implementation of local budgets. The articles highlights the correctness of accounting conducted by audited entities; reliability of financial and budgetary reporting of audit objects; functioning of the internal control system and the state of internal audit; the state of use of property, funds, land, natural resources that are in the communal ownership of territorial communities, villages, settlements, cities, districts, and objects of their common property, which are managed by district and regional councils. It is investigated that the distribution of control powers in the Ukrainian realities is as follows: the State Treasury Service of Ukraine carries out preliminary and current control in treasury servicing of local budgets, and the Accounting Chamber of Ukraine and the State Audit Office of Ukraine - subsequent (retrospective) control during external audits. Taking into account the norms of legislation in the field of control at the local level, the mechanisms of external state financial control (audit) at the local level include: audit carried out by the Accounting Chamber of Ukraine (financial audit and performance audit); state financial audit, which is carried out by the State Audit Office of Ukraine. In turn, budget managers represented by their heads conduct internal control and internal audit at the local level.

Залучення прямих іноземних інвестицій в інфраструктуру України на умовах державно-приватного партнерства

Проаналізовано сучасні тенденції та особливості залучення прямих іноземних інвестицій за умов використання дієвих механізмів державно-приватного партнерства в Україні. Обґрунтовано потреба залучення прямих іноземних інвестицій в сучасних умовах, досліджено головні проблеми і перешкоди для ефективного функціонування проектів державно-приватного партнерства. Оцінено позитивний вплив та визначено пріоритетні принципи впровадження інститутів державно-приватного партнерства у вітчизняну практику реалізації інфраструктурних проектів задля підвищення ефективності та стандартів надання послуг суспільству. Практикою підтверджено, що різноманітність сфер, моделей та інструментів державно-приватного партнерства в галузі залучення прямих іноземних інвестицій робить його універсальним механізмом розв'язання довготермінових завдань і подолання проблем на шляху реалізації соціальних й інфраструктурних проектів загальнодержавного значення та розвитку нових перспективних технологій. Проаналізовано законодавчу базу, зроблено аналіз ефективності чинних законів, обґрунтовано потенційні загрози та можливості для змін, зростання та покращення роботи механізму державної підтримки та стимулювання інвестиційної привабливості, відкритості та легкості співпраці між державою та іноземними інвесторами. Доведено, що ефективне партнерство органів державної влади з приватним бізнесом спрямоване передовсім на забезпечення сталого розвитку та забезпечення стабільних темпів розвитку країни й окремих регіонів. Тому державно-приватне партнерство має стати визнаною альтернативою для фінансування суспільно важливих інфраструктурних проектів в Україні, зокрема способом залучення прямих іноземних інвестицій.

Ideal Corporate Criminal Liability for the Performance and Accreditation of Public Accountant Audit Report in Indonesia

Purpose: The purpose of this study is to examine the true legal answers and the prescriptive legal solutions for the Indonesian public accountant legal liability and how it is included in the audit report. Design/methodology/approach: This study applies the doctrinal method for examining the state asset management obtained from corporate criminal actions. Findings: Several provisions for public accountants in Indonesia, such as public accountant law and accounting standards, have become the legal standing of the corporate area disclosure on audit report, but it has never been applied. However, the scandals of corporate financial manipulation can drag the public accountants on legal issues for their liability in minimizing and preventing the fraud and for strengthening the corrective justice role of the audit report. Practical implications: There is a need for the empirical study to determine the effectiveness and the efficiency level for implementing the corporate disclosure on audit report. However, doctrinal research can be a comparison and can enrich empirical economic law for studying state asset management. Originality/value: The study initiates to renew the audit report framework in Indonesia such as the formulation of vicarious liability explicitly in economic law and to establish an independent board that oversees the quality of audit reports, and assesses the performance and accreditation of public accountants.

TINJAUAN SEWA BARANG MILIK NEGARA BERDASARKAN PERATURAN MENKEU RI NO. 33/PMK-06/2012 PADA KPKNL BOGOR

Article 1 Paragraph (1) and Paragraph (2) of Government Regulation 6 of 2006 on the Management of State Property governing is not just a purely administrative, as well as to handle state assets, by improving the efficiency, effectiveness and create added value in managing assets , Therefore, the scope of the management of state assets include demand planning and budgeting; procurement; use; utilization; security and maintenance; assessment; deletion; alienation; administration; coaching, supervision, and control. Utilization of State Property other than land or buildings that are not being used to support the implementation of the basic tasks performed by the user after obtaining the approval of the manager. Utilization of State implemented based on technical considerations with due regard to the interests of the state or region and the public interest. Shapes or patterns of utilization of state property. form: Lease; Borrow and Use; Utilization of cooperation; To wake up Wake Serah Serah and Guna. Considerations for Lease of State Property State Property Rental done to optimize the utilization of state property that has not been or are not utilized in the implementation of the basic tasks and functions of governance, support the implementation of the basic tasks and functions of the ministry or agency, or prevent the use of state property by other parties illegally.Key word: lease of state

SISTEM INFORMASI MANAGEMEN DAN AKUNTANSI BARANG MILIK NEGARA DALAM PENERAPAN AKUNTANSI BERBASIS AKRUAL

One of mandate from Law No. 17/2003, which is one package of the State Finance Regulation, is the implementation of accrual accounting is believed to contain a better policy planning and a more informative approach to asset management. The reform of accounting practices in the government sector has strongly influenced property asset management. On a global scale, implementation of accrual basis as a way to bring the government believed to be more accountable and transparent in the use of resources and government policies in order to execute and perform the duties of State. Indonesia has implemented an asset management system of the State, namely Information Systems and Management of State Assets (SIMAK-BMN) which is part of the Agency Accounting System (SAI). SIMAK-BMN process acquisition of transaction, changes and removal of BMN to support Financial Accounting System (SAK) to Consolidated Balance Sheet. In addition, this system produces various reports, books, and cards that provide managerial information in the management of BMN. Administration activities and reporting of State Property by SIMAK-BMN is a standard in determining of value asset state which proper, correct and reliable. SIMAK - BMN besides supporting the implementation of the accountability, also provide various informations to the management public goods. One such issue is the relationship between accounting reform and asset management reform. This issue is a bundle of accounting issues: (1) how far should asset valuation on the balance sheet be pushed for real properties the government owns, (2) how does shifting to accrual-based accounting standards affect property accounting and management, and (3) how much importance should asset management policy attach to accounting rules?

Excerpts about Hungarian Economic Policy and State Asset Management in a Historical Perspective with Chinese Cross-talks

Excerpts about Hungarian Economic Policy and State Asset Management in a Historical Perspective with Chinese Cross-talks

IPTEKS ANALISIS HASIL LAPORAN KEUANGAN DAN ASET SULAWESI UTARA

Analysis of financial statements is a study that records financial statements of a company or government in a period and describes the results of performance on the company or government. Excess financial statements know information about financial conditions, financial capacity, and changes in company capital in the previous period. The low quality of financial statements can result in data inaccuracies that are in the company or government.. Financial statements are very important information in economic decision making. By analyzing financial statements, government accountants can determine the right in making a decision so that government goals can be achieved. In the implementation of decentralization and autonomy, regions are given the right to obtain financial resources, which include, in the form of certainty the availability of funding from the government in accordance with government affairs, authority to collect and use regional taxes and levies, the right to obtain proceeds from national resources being in the area and other balancing funds, the right to manage regional wealth and obtain other legitimate sources of income, as well as funding sources. The new paradigm changes in the management of State property / State assets which are marked by the issuance of Government Regulation No. 27 of 2014 which is a derivative regulation of Law No. 1 of 2004 concerning State Treasury, has given rise to new optimism in the arrangement and management of State assets that are more orderly, obligatory and transparent in the future. In the management of regional assets requires legal principles that can be a strong foundation in a regional asset management mechanism to avoid irregularities.Keywords: Financial statements, regional assets, funds, regulations, obligations

ОСОБЛИВОСТІ ФІНАНСОВОГО МЕНЕДЖМЕНТУ НА АВІАБУДІВНИХ ПІДПРИЄМСТВАХ УКРАЇНИ

У статті розглянуто особливості проблематики та здійснення фінансового менеджменту вітчизняними підприємствами авіабудування. Висвітлено особливості стану та перспектив розвитку авіабудівної галузі України та окреслено її проблеми. Серед них: відсутність серійного виробництва, руйнування ринку комплектуючих для авіатехніки, не систематичність державного управління підприємствами, тривала відмова від оновлення основних фондів.Проаналізовано фінансово-економічний стан одного із суб’єктів галузі (Харківського державного авіаційного виробничого підприємства), на основі чого визначено можливі шляхи розвитку літакобудівних підприємств. Зокрема наголошується, що відновлення галузі можливе за умови широкомасштабної модернізації виробничих потужностей та реструктуризації наявних боргів, що погіршує їх інвестиційну привабливість. Одним з проблемних факторів названо вимивання обігових коштів на невиробничі цілі, яке має бути зупинене шляхом виконання завдань фінансового оздоровлення підприємств галузі в рамках єдиної стратегії розвитку.Враховуючи особливості та потреби галузі вітчизняного авіабудування визначено, що стратегія фінансового менеджменту має ґрунтуватись на необхідності забезпечення швидкого переходу до рентабельного виробництва. Серед джерел фінансування, які мають забезпечити антикризову стратегію, названо наступні: іноземні інвестиції та спільне виробництво за наявності державних гарантій.У статті робиться висновок, що причини кризи на підприємствах вітчизняного авіабудування мають системний характер і потребують глибокого переосмислення такої функції держави, як ефективне управління і адекватний розвиток специфічних державних активів, а саме – розвитку високотехнологічних підприємств зі значною часткою інтелектуальної складової. Враховуючи наведені в публікації дані щодо поточного стану підприємств авіабудування, лише дієва реструктуризація з частковим списанням заборгованостей, ріст яких і викликав необхідність здійснення фінансової санації, дозволить почати шлях інноваційного розвитку та ефективного фінансового менеджменту. Невідкладним першим кроком задля виходу із ситуації можна вважати принципову реорганізацію великих підприємств та створення нових, невеликих і компактних, за світовими стандартами, які будуть створювати літаки лише конкретних моделей відповідно до ринкового попиту.

Determinan intensi pelaporan pelanggaran: studi empiris pada Direktorat Jenderal Kekayaan Negara

Penelitian ini bertujuan untuk menguji pengaruh Sistem Pelaporan Pelanggaran, keadilan organisasional dan kepuasan kerja terhadap intensi pelaporan pelanggaran. Sampel dalam penelitian ini adalah 135 pegawai Direktorat Jenderal Kekayaan Negara. Teknik pengumpulan data menggunakan metoda survei. Hasil penelitian ini menunjukkan bahwa Sistem Pelaporan Pelanggaran dan keadilan organisasional memiliki pengaruh positif terhadap intensi pelaporan pelanggaran. Hasil penelitian ini berkontribusi terhadap pengembangan literatur, khususnya teori perilaku yang direncanakan. Secara praktik, temuan penelitian ini juga dapat dipertimbangkan sebagai masukan dalam menyusun dan mengevaluasi kebijakan Sistem Pelaporan Pelanggaran organisasi, khususnya terkait dengan perlindungan, penghargaan dan hukuman dari pelapor pelanggaran di lingkungan organisasi, khususnya di sektor publik.

INSTITUSIONALISASI PARADIGMA REVENUE CENTER UNTUK PENGELOLAAN ASET NEGARA YANG OPTIMAL (STUDI KASUS PADA KANTOR PELAYANAN KEKAYAAN NEGARA DAN LELANG SURABAYA)

To realize good and accountable asset management, the Ministry of Finance as CFO (Chief Financial Officer) sets the revenue center paradigm in asset management. This is a new breakthrough from before that just as an asset administrator turns into asset manager without thinking about the potential revenue from asset management. The Directorate General of State Assets (DJKN) as the state asset manager with vertical institutions is implementing National Working Meeting (Rakernas) as the milestone of the beginning of the birth of this new paradigm with the stipulation of Circular Letter (Surat Edaran) Number 2/KN/2016 about the Following of the National Working Meeting DJKN 2016. Based on the mandate, The State Property and Auction Office of Surabaya (KPKNL Surabaya) continues to internalize this paradigm shift in order to realize the optimization of revenue through the management of state assets. The purpose of this study is to understand how the institutionalization process of this new paradigm by using new institutionalism theory. The methodology used in this research uses qualitative method with case study approach which is discussed with deep descriptive analysis. The results indicate the existence of institutional isomorphism symptoms that occur in the internalization process of this new paradigm, thus providing an overview of the influence and reaction to the establishment of a new paradigm that encourages organizational change.

Public audit of efficiency of sustainable development of public corporations: the development of

The article describes the main directions of the state audit of the sustainability of public corporations. Comparative characteristics of the essence and importance of state audit in the Russian Federation and the Republic of Kazakhstan. The primary objective of the state audit sustainability audit is the efficient use of public resources in terms of preservation and increment of state ownership. This goal is defined in the legislation of the Russian Federation and the Republic of Kazakhstan. In the legislation of these countries focuses on improving the efficiency of management and use of budget funds, state assets and public sector entities.

Taxation in a mixed economy: the case of China

PurposeThe purpose of this paper is to investigate how Chinese firms’ ownership structure is related to their effective tax rate. The People’s Republic of China provides an interesting environment to examine the corporate income tax. Government has significant ownership stakes in the for-profit economy and state-owned enterprises (SOEs) are liable to the corporate income tax. This is very different to most other economies where SOE tends to dominate the not-for-profit economy and pays no corporate income tax. Government ownership also varies between the central government and local government in addition to state asset management bureaus. This provides a rich institutional background to examining the corporate income tax.Design/methodology/approachA panel data analysis approach is used to examine relationship between ownership structure and effective tax rates of all public firms in China from 1999 to 2009.FindingsThe authors report that effective tax rates do appear to vary across the ownership types, but that SOEs pay a statistically higher effective tax rate than to non-state-owned. In addition, local government owned SOE pay higher effective tax rates than central government and SAMB owned SOE. The authors also investigate Zimmerman’s (1983) political cost hypothesis. Unfortunately, these results are econometrically fragile with the statistical significance of those results varying by empirical technique.Originality/valueThis paper provides insight into government ownership and taxation in China.

EFEKTIVITAS SISTEM INFORMASI MANAJEMEN DAN AKUNTANSI BARANG MILIK NEGARA (SIMAK-BMN) TERHADAP PENGELOLAAN ASET NEGARA

Information Systems and Management of State Assets (SIMAK-BMN) is a series of data collection procedures of state property were obtained from the state budget funds to a government entity (satuan kerja) to be processed into information administration of state assets in the balance sheet in Financial Report. This system can meet the managerial and accountability at once. In practice, this system has been formulated in the form of computer-based applications that have been implemented since 2005. Although during this application has gone well, the writing of this paper aims to look at the effectiveness of the system by analyzing the application of SIMAK-BMN application field by scientific literatur related to it. Not only in term of its application tools but also on the user side application, because data collection is done manually by the user application SIMAK-BMN. Effectiveness of Information SIMAK-BMN measure of the level achievement of the objectives the system, namely the administration of state property is good and the high level of accountability in the report of state property and financial report. Because SIMAK-BMN is a subsystem of Institution Accounting System to produce financial statements. The higher the quality of financial statement, meaning the effective implementation of SIMAK-BMN.