State-owned Companies In Indonesia Research Articles

Debt Restructuring and Financial Performance SOEs in Indonesia

This study aims to examine the effect of debt restructuring on the financial performance of state-owned companies in Indonesia. Debt restructuring is carried out to provide support in the form of leeway for companies that are experiencing financial difficulties so that they can get out of the problem within a certain period. The samples taken and selected in this study were based on purposive sampling for SOEs companies listed on the Indonesia Stock Exchange with financial statement data for the period 2018-2022. There are three research models tested using multiple regression analysis. The results showed that there was a decrease in financial performance after the company restructured its debt, both financial performance as measured by profitability, liquidity and sustainable growth rate. The decline in financial performance can be caused, among others, by the use of restructuring methods by extending the maturity of debt payments (rescheduling) which causes a decrease in the amount of short-term debt, including affecting the decline in the company's profit growth.

PENGARUH KINERJA KEUANGAN, KINERJA SOSIAL DAN KINERJA LINGKUNGAN TERHADAP NILAI PERUSAHAAN YANG DIMODERASI OLEH TUJUAN PEMBANGUNAN BERKELANJUTAN PADA PERUSAHAAN BUMN DI INDONESIA

This research aims to analyze the influence of financial performance, social performance and environmental performance on company value in state-owned companies in Indonesia. Apart from that, this research also aims to find out whether sustainable development goals can moderate this model. The research design uses a casual comparative research design, namely investigating possible cause-and-effect relationships using a quantitative approach. The data used is secondary data obtained from state-owned companies for the period 2018 to 2022. The analysis technique used is panel data regression analysis and interaction tests (moderation tests) which are analyzed using the help of the Eviews version 10 application. The results of the research show that financial performance, performance social and environmental performance influence company value. Development objectives moderate environmental performance on company value. However, sustainable development goals cannot moderate financial performance and social performance on company value.

The Effect of Organisational Commitment in Mediating the Relationship between Transformational Leadership and Corporate Competitive Advantage (Study on State-Owned Companies in Indonesia)

This study aims to test and analyze the relationship pattern of transformational leadership, organizational commitment, and corporate competitive advantage. The study was conducted in three Indonesian state-owned enterprises. Data will be collected by distributing a questionnaire to 156 managers. The number of questionnaires that can be used is 120. Data analysis is performed using a HE SEM equipped with AMOS as the data processing application. The results of this study show that: (1) Transformational leadership has a significant positive impact on organizational commitment. (2) Transformational leadership has a significant positive impact on a company's competitive advantage. (3) Organizational efforts have a significant positive impact on a company's competitiveness. (4) Organizational commitment mediates the impact of transformational leadership on a firm's competitive advantage.

The Debt Policy and Performance of State-Owned Companies in Indonesia

The Debt Policy and Performance of State-Owned Companies in Indonesia

Application of Beneish M-Score to Detech Fraudulent Financial Statements in State-Owned Company in Indonesia

Introduction/Main Objectives: This study aims to determine which State-Owned Company are included in the manipulator, non-manipulator, and gray company groups. Background Problems: According to a study conducted in 2016 by the Association of Certified Fraud Examiners, the majority Fraud cases involved 81.2% of government agencies, 8.1% of State-Owned Enterprises, and 2.3% of private companies. The businesses designated by of State-Owned Company caused the most losses to the industrial sector due to fraud at 58.8%. Research Methods: This research uses a quantitative descriptive method. The objects in this study are State-Owned Company companies in Indonesia in 2018-2021. The research sample used a purposive sampling technique. Data analysis was performed using seven types of financial ratios contained in the Beneish M-score method. Finding/Results: The results showed that in 2018 there was 1 company that was included in the manipulator group, 22 companies were included in the non-manipulator group, and no company was included in the gray company group in 2018. Then in 2019 there were 3 companies that were included in the manipulator group, 17 companies are included in the non-manipulator group, and 3 companies are included in the gray company group. In 2020 there were 5 companies included in the manipulator, 16 non-manipulator companies, 2 companies included in the gray company group. And in the last year, namely 2021, there will be 1 company that is included in the manipulator group, 22 non-manipulator companies, and no company that is included in the gray company group in 2021.

Leader Humility and Employee Accountability: Psychological Safety as Mediator and Formalization as Moderator

Employee accountability is significant for every organization. Even though leaders are regarded as essential to increasing employee accountability, the mechanism by which leaders influence employee accountability has not yet been researched comprehensively. Employing the social information processing theory, this study argues that leader humility influences employee accountability through psychological safety, and moderated by formalization. Data collection was carried out by convenience sampling using the time-lagged data collection method from 279 employees in a state-owned company in Indonesia. Accountability, leader humility, psychological safety, and formalization scales were used to measure the variables in this study.This model predicted 38% of the variance of employee accountability, and results of analysis using the Hayes' PROCESS Macro Model 14 show: (1) Leader humility relates directly and positively with employee accountability (2) psychological safety mediates the positive relationship between leader humility and employee accountability; (3) the indirect effect of leader humility on employee accountability is strengthened when formalization increases. The result of this study demonstrates that a leader’s character and formalization in the organizations are the keys to build employee accountability.

INTELLECTUAL CAPITAL VALUE AND DISCLOSURE OF INTELLECTUAL CAPITAL ON FIRM VALUE

The purpose of this study was to determine the effect of the value of intellectual capital and disclosure of intellectual capital on the company value of state-owned enterprises which are listed on the Indonesian stock exchange partially. The type of data used in this study is quantitative data in the form of values or numbers obtained from financial reports. The source of data in this research is secondary data. The population in this study are state-owned companies listed on the Indonesia Stock Exchange during the period 2015 -2019. By using the purposive sampling method, the total sample in this study is 45 data from 9 companies. The data in this study will be tested with several stages of testing, namely descriptive statistical tests, classic assumption tests (normality test, heteroscedasticity test, multicollinearity test, autocorrelation test), and testing all hypotheses through the partial test (t test) and coefficient test determination. The research findings lead to several concrete conclusions. Firstly, the study reveals a significant negative effect of intellectual capital value on firm value for state-owned companies in Indonesia. This suggests that intellectual capital alone does not guarantee an increase in firm value. Secondly, the research demonstrates a significant positive effect of intellectual capital disclosure on firm value. Active disclosure of intellectual capital information positively influences stakeholders' perceptions and builds confidence in the company's potential, ultimately enhancing firm value
 
 Keyword: Intellectual capital; disclosure of intellectual capital; the value of the company

Increasing Investment Effectiveness In State-Owned Companies In Indonesia By Implementing Measurable And Careful Risk Management

State-owned enterprises' (SOEs) performance is currently under increasing pressure. SOEs are businesses that the government controls, at least with a majority stake, in particular fields that typically concern public interests. The purpose of this study is to investigate how investment efficiency in Indonesian state-owned enterprises is affected by the implementation of precise and measurable risk management. The information utilized is board information from 25 non-monetary SOEs recorded on the Indonesia Stock Trade during the 2013-2018 period. The panel regression method is used for testing, and it was found that the joint implementation of risk management has a significant impact on investment efficiency. Linear regression is used in this study's quantitative research approach. Financial reports from non-financial SOEs that were listed on the Indonesia Stock Exchange between 2013 and 2018 were used as the data. The processed data from this study indicate that the implementation of risk management in non-financial SOEs in Indonesia between 2013 and 2018 has a significant impact on investment efficiency. The commitment to execute SOE risk the executives requires the board to deal with having choices to channel business decisions put forth to stay away from unprofitable attempts

Kinerja Keuangan PT. Krakatau Steel Tbk Membaik?: Tinjauan Analisis Laporan Keuangan

Financial reports are an accurate information instrument for assessing company performance for investors, companies and the public. PT. Krakatau Steel (Persero), Tbk, is the only state-owned company in Indonesia's steel industry. Thus, the company's status and performance are highly monitored by the government, investors, and the general public because it is a benchmark for the development of the steel industry. Issues related to the company's poor financial performance in several periods made the researchers aim to analyze the performance of the company's financial statements. This research aims to analyze the performance of the company's financial ratios items such as profitability, solvency, activity, liquidity, and profit growth ratios for the 2018-2021 period. The analytical method used in this study is a descriptive quantitative analysis of the company's financial ratios. The results of the study assume that the profitability ratio is in the unhealthy criteria, the liquidity ratio is assumed to be in the unhealthy criteria, the activity ratio is assumed to be in the unhealthy criteria, the solvency ratio is assumed to be in the reasonably good criteria, the growth ratio is assumed to be in the unfavourable criteria in the study period.

Diversitas Dewan Komisaris dan Pengaruhnya Terhadap Tingkat Pengungkapan Manajemen Risiko Perusahaan

One of the challenges facing the business world today is vulnerability to unwanted risks. For this reason, a comprehensive risk management system is needed to mitigate bad things and increase stakeholder confidence in the company. The leadership structure of Indonesian organizations that adheres to the two-tier concept by separating the roles and responsibilities of Commissioners and directors causes the board of Commissioners and directors to also carry out internal control functions. This leadership structure involves the commissioner's role in terms of risk management disclosure. On the other hand, the issue of diversity in public companies in Indonesia is a factor that affects the complexity of alternative decision-making that affects the disclosure of risk management. This study will examine the effect of diversity of Commissioners such as age, gender, and educational background on the level of disclosure of Corporate Risk Management. This study will take a sample of state-owned companies in Indonesia that are registered as members of the IDX during 2018-2019. This study will use the size of the company as a control variable. The analysis technique used is multiple regression analysis with a significance level of 5%. This study concluded that age diversity had no effect, while gender diversity and educational background diversity of company commissioners had an effect on risk management disclosure. This study shows that in addition to government regulations that have not been fully implemented on risk management disclosure obligations, it also shows that the background of the board of commissioners can affect the level of disclosure of the company's risk management in general. Transparency of risk management information will affect the level of confidence of investors and external stakeholders in the resilience and ability of the company in the face of uncertain situations.

An Analysis Of Factors Affecting The Financial Distress: The Case Of SOEs In Indonesia

The results of company performance can be determined by one of the internal factors of the company, namely the characteristics possessed by the CEO. Echelon theory explains that vision and strategy choices can be influenced by CEO experience and personality which ultimately affect company performance. The motivation for this study is that in Indonesia it is still rare to use a combination of CEO characteristics variables and financial indicators as factors that can affect financial distress in companies. The aim of this study is to examine the impact of CEO characteristics and financial indicators on financial distress in state-owned companies in Indonesia. This study uses state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange as the research population. The research data was tested using Logistic Regression Analysis. The research findings show that CEO age and sales growth have a significant effect on financial distress. While CEO tenure, CEO educational background, and total liabilities to total assets have no significant effect on financial distress.

Mining-based tourism in Sawahlunto National Geopark

Determining post-mining land use is a challenging process for mining cities. The new rapid development of geopark is an alternative solution to how to deal with mined land. The objective of the research is to study potential anthropogenic landforms (mining landforms) or geosite as a tourism object in Sawahlunto national geopark. Sawahlunto in west Sumatra province is the oldest coal mining industry. This mining area mostly belongs to state-owned companies in Indonesia. The potential tourism in geoparks will be assessed using the ABC concepts. The method will be useful information for alternative post-mining land use. Primary data were obtained through field observations at Sawahlunto Regency and in-terviews with the stakeholders. Secondary data were collected through desk study in the form of spatial information and policy documents, especially from The Agency of Local Spatial Plan, and The Agency of Culture, Heritage, and Museum of Sawahlunto Regency. Filed observation activities aim to determine the position of geodiversity, biodiversity, and cultural diversity potential using Global Positioning System (GPS) technology. The results of field observational data are processed using Geographic Information System (GIS) software including data inputting, data plotting, and data analysis. Interviews were conducted with ac-tors directly involved in the tourism development of the Sawahlunto Regency such as The Agency of Spatial Planning and The Agency of Culture, Heritage, and Museum of Sawahlunto Regency. The result of the research shows that there are four mining-based tourism zones in Sawahlunto national geopark. The identification of mining-based tourism is broadly useful for the future development of Sawahlunto geopark. However, since there is complexity in terms of the management of geopark, people need to carefully consider spatial plan for geopark area.

Pengaruh Mekanisme Good Corporate Governance Terhadap Agresivitas Pajak Di Bumn Yang Terdaftar Pada BEI Periode 2016-2020

The aim of this study was to assess and analyze the level of tax aggressiveness that implemented Good Corporate Governance (GCG) mechanism by state-owned companies in Indonesia. Tax aggressiveness was measured by Effective Tax Rate (ETR) and GCG mechanism was measured by independent commissioners, audit committee, board of directors, and institutional ownership. The population that being used was state-owned companies that listed in Indonesia Stock Exchange (IDX) that had shown financial statement from 2016-2020. Data process using regression analysis were used to test interaction between dependent and independent variables. Result showed that GCG mechanism had influenced simultaneously to tax aggressiveness. If they were partially tested, only audit committee and board of director proxies that were influenced to tax aggressiveness because they had been considered to have carried out its function properly so that it was able to suppress actions that are not in accordance with GCG principles.
 Keywords: Good Corporate Governance, Tax Aggressiveness, Effective Tax Rate

The Implication of Digital Organisational Culture on Firm Performance.

Digital technologies have become a major factor for innovation in the business environment. Organisations have taken advantage of digitised data and information to increase performance. However, there is still little research focusing on the effect of digitalisation on organisational culture, which in the end will affect performance. We develop this research by exploring a proposed model involving digital organisational culture with the final goal to enhance organisational performance. The research involved 263 managers of state-owned companies in Indonesia. We analysed the theoretical model by using structural equation modelling and processed the data using the SmartPLS version 3 software. We conclude that digital organisational culture can become an essential factor in improving digital strategy and performance. However, business digitalisation does not really affect digital organisational values.

Impact of Workplace Bullying on Work Performance Moderated by Loneliness: A Case study of Indonesia

The issue of bullying within the workplace is a constant pursuit by scientists. The effect studied regarding the issues varies and has a large list of mediators and moderators. A common result of workplace bullying is its effect on working performance. Being one of the variables that hold a unique position as to cause and cause by, loneliness may introduce an updated perception of what bullying could have. Using a purposive sampling online survey, the data was collected from employees of multiple organizations and state-owned companies in Indonesia, especially West Java and North Sumatera. One hundred twenty-six valid data were gathered and processed for this study. The questionnaire was designed using COPSOQ III to assess the workplace bullying variable, the UCLA loneliness scale for the loneliness variable, and Koopman's individual work performance (IWP) assessment for the work performance variable. The result shows a relationship between workplace bullying and work performance, though it is insignificant, and loneliness elevates bullying's effect on work performance. The implication of these findings is to enrich understanding of work place bullying within the workplace, but further research is still advised.

How Do Social Contribution Value and Ownership Structure Influence Corporate Sustainable Growth in State-Owned Companies in Indonesia?

This study aims to prove empirically social contribution value, ownership concentration, and ownership circulation have a positive influence on corporate sustainable growth which is controlled by leverage and profitability. This study theory focuses on agency theory and stakeholder theory. The study sample focuses on state-owned companies listed on the Indonesia Stock Exchange in the 2014-2019 period. The data of this study’s sample used certain selection criteria with the use of the purposive sampling method to obtain 83 data that became the study sample. Data were analyzed using the multiple regression analysis methods. The results of this study indicate that social contribution value doesn’t influence corporate sustainable growth which is controlled by leverage and profitability. Ownership concentration and ownership circulation don’t influence corporate sustainable growth which is controlled by leverage and profitability. The social contribution value is a form of social and environmental responsibility for the company's operations towards stakeholders that don’t support the corporate sustainable growth of the company in the long term. The spread of the company’s share ownership structures that traded highly and weren’t concentrated on certain parties of shareholders can’t support the implementation of decisions made by management to increase the corporate sustainable growth. Because of its limitations, future studies can reflect the extent to which the assessment of corporate social contributions is carried out by one sector of a company other than state-owned companies.

WHY CSR IS RELEVANT TO ENVIRONMENTAL PROTECTION? A STUDY OF CSR PERFORMANCE ON INDONESIAN LIMITED LIABILITY STATE-OWNED COMPANIES

Nowadays, companies are not only required to provide information on financial accountability but also about corporate performance related to environmental and social activities to promote shareholder values and sustainable practices. In Indonesia, corporate social and environmental responsibility is an emerging and relatively new concept in terms of practices, economic and political aspects. This paper aims to investigate the performance of the social and environmental responsibility of three limited liability state-owned companies in Indonesia and covering the company’s reports, namely annual report, CSR report, and sustainability report. The study concluded that there is a significant relation between CSR activities, social and environmental protection on Indonesian limited liability state-owned companies, both in relation to legal obligation, as well as relating to company’s commitment to show environmentally good behaviour through CSR activities.

Employee External Communication Behavior during the COVID-19 Pandemic Crisis: Case-study of a State-Owned Company

A crisis can trigger employees to engage in external communication behavior. However, the inconsistency of the findings of studies on megaphoning behavior suggests the relationship depends on the type of crisis. With the COVID-19 pandemic crisis, this study aims to examine the influence of employee-organization relations and symmetrical internal communication on employee external communication behavior. Data were collected from 400 employees of a state-owned company in Indonesia and analyzed using PLS-SEM. The result shows that good relations between employees and organization can encourage employees to stand up for the company, reduce employee’s intention to share negative communications, encourage employees to recognize crisis as a serious problem, can make employees feel more involved and less constrained in resolving the problems. Employees who feel that they could recognize the crisis tend to spread positive information and restraint from sharing negative information. Meanwhile, those who feel that they were involved in the crisis and less constrained in solving the problem do not influence their interest in spreading positive or negative information. The study finds that symmetrical communication between employees and their companies may encourage employees to spread positive information, but it did not affect their interest in disseminating negative information. Keywords: Employee-

Faktor yang mempengaruhi retensi karyawan milenial pada saat pandemi Covid-19: Kasus pada sebuah perusahaan BUMN di Indonesia

Employee turnover is one of key factors that can affect a company expenses, such as the increased cost of hiring and training new employees. During Covid-19 pandemic, where companies are facing not only health crisis, but also economic and social crises, the issue of turnover rate becomes more critical. This paper attempts to examine factors that can influence employee retention during the Covid-19 pandemic. In particular, the research will focus on millennial employees in one state-owned company in Indonesia, that unlike other companies, it has a low turnover rate since before until during the pandemic. This study is exploratory in nature, using in-depth interviews and focus group discussions to 13 employees from different positions. This research aims to find out what factors that make the millennial employees chose to stay even when the company was in a difficult situation. The findings suggest both extrinsic and intrinsic factors that have influenced the employees to stay. Extrinsic utilitarians factors found were job security, compensation, work environment, promotion, training, limited opportunities to work in other company, and chances to own a house at a young age. Whereas intrinsic factors were job challenges, work-life balance, job satisfaction, recognition, as well as gratitude and pride. This research contributes to build a better understanding on how to retain millennial employees, particularly in the Covid-19 pandemic.

Effect of Ability on Salesperson Performance Through Adaptive Selling Behavior as an Intervening Variable

This research was conducted at PT PX, which is a state-owned company in Indonesia appointed to produce and distribute subsidized fertilizers. PT PX is facing the risk of being diverted from fertilizer subsidies by the Government. To deal with this risk, PT PX has prepared a strategy that is to increase sales of non-subsidized fertilizers and non-fertilizer products. However, the sales performance of non-subsidized fertilizers and non-fertilizer products did not reach the target as expected. The author wants to examine whether the sales target is not achieved due to salesperson’s ability. In addition to ability, sales performance is also influenced by sales behavior done by salesperson, one of which is adaptive selling behavior. Therefore, this study was conducted to determine the ability possessed by salesperson at PT PX on sales performance through their adaptive selling behavior. This research was conducted using partial least square analysis techniques. The results of this study indicate that the salesperson's ability has a significant effect on salesperson's performance through adaptive selling behavior.