State-owned Companies Research Articles

Developing knowledge protective capacity through retention practices in South African state-owned companies

Developing knowledge protective capacity through retention practices in South African state-owned companies

Returning the Stolen Land (The Current Settlement of the Senamanenek Kampar Indigenous People with PT. Perkebunan Nusantara V)

Conflicts over land between Senamanenek Indigenous Peoples of Kampar Regency and PT. Perkebunan Nusantara V has occurred since the early 1990. While national legislation acknowledges adat (customary) as a legitimate basis for rights, the current legal framework presents significant hurdles for communities seeking to assert their land claims based on adat rights. As an empirical legal research, this study tries to propose a new dispute resolution model to deal with the problem. This research found that government intervention as the owner of State-Owned Company capital determines the resolution of customary land disputes such as the PTPN V and Senamanenek Indigenous Peoples disputes. The settlement was carried out after receiving a presidential order and the United Indonesia Cabinet Limited Meeting results by returning the land and its contents from the PTPN V to the government. Then, the government hands over to individual Senamanenek Indigenous Peoples members who are issued certificates of ownership through the TORA mechanism.

ANALISIS PENGARUH KINERJA LINGKUNGAN DAN BIAYA LINGKUNGAN TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN BUMN YANG TERDAFTAR DI BEI

The aim of this research is to examine the influence of environmental performance and environmental costs on the financial performance of state-owned companies listed on the Indonesia Stock ExchangeThe type of data used is index data in annual reports obtained from company annual reports in the form of. Market data in the form of stock prices, company returns and market returns were obtained from the Indonesia Stock Exchange website (www,jdx.co.id) and the OK Stock website (www,sahamok.com/emiten). The population in this research are publicly traded state-owned companies listed on the Indonesian Stock Exchange (BEI) in 2017-2021. The analytical method used is hypothesis testingBased on the results of the research conducted, it can be concluded that environmental performance in state-owned companies is still not implemented well, as evidenced by the sample selection process in this research which shows the lack of companies, both state-owned and private, that report their environmental performance reports regularly. Apart from that, environmental performance influences financial performance. This proves that environmental performance is able to influence the financial performance of a company and environmental costs have a positive and significant effect on financial performance. This proves that the more environmental costs incurred, the more a company's financial performance will increase.Keywords: environmental performance, environmental costs, financial performance.

The NRRP and the Italian energy transition. Interest groups in implementation, between structural power, insiderness and new coalitions

ABSTRACT Italian energy policy has traditionally been significantly influenced by large state-owned companies, commonly referred to as national champions, as well as by fossil fuel interests. The impact of the energy transition on this situation has been limited, as the adoption of renewables in Italy has not been accompanied by the emergence of a robust green coalition. The National Recovery and Resilience Plan provided an opportunity to address this situation. Through process tracing and interviews with key policy actors, this article examines the implementation of energy transition measures outlined in the plan during the recent administrations of Draghi and Meloni. The analysis underscores the changing role of relevant interest groups and business actors in this sector. It reveals that the structural power of national champions and the influential position of core insiders have not diminished, particularly following adjustments to the recovery plan prompted by the Russia-Ukraine war. Nonetheless, the article notes that green outsiders have, through coalition dynamics, increased their involvement in policy implementation. Additionally, it emphasizes that the unfolding energy transition is driving a reconfiguration of interests that transcends the traditional divide between fossil fuels and renewable energy.

Društva kapitala i obavljanje delatnosti od opšteg interesa

This paper analyses the legal framework for companies which perform activities of general interest. Specifically, the issue of defining companies to which the provisions of the Law on Public Enterprises apply, as well as companies governed by the Law on Management of State-Owned Companies is elaborated. Many rules which govern these companies differ from the general legal framework for companies. The paper pointed out the change of approach regarding the regulation of these entities which resulted in the legal framework becoming even more complex than before. Namely, the change relates only to those companies which are owned by the state in the narrower meaning, since the provisions of the Law on Public Enterprises continue to apply to companies which perform activities of general interest whose owners are local self-government and autonomous province. Finally, the paper analyses the rules which apply to the establishment of companies which perform activities of general interest.

Strengthening the competitiveness of state-owned enterprises

State-owned enterprises (SOE)s tend to be rigid, bureaucratic, and hierarchical, making competition difficult. In addition, the change in fertilizer policy to a free market has suppressed the competitiveness of state-owned fertilizer companies in Indonesia. This research is intended to strengthen the competitiveness of SOE fertilizer companies. It employs Structural Equation Modeling (SEM) to elaborate data from a survey of 344 respondents at the middle-up management level in state-owned fertilizer-producing companies. The research results show that dynamic and marketing capabilities shape a company's competitiveness more strongly than strategic fit or knowledge management. Agility and resilience are vital for measuring a company's competitiveness. Therefore, SOE fertilizer producers must respond quickly and effectively by reconfiguring resources to change by forming an implementation task force for future business transformations. The agility and resilience of a company are the two most vital indicators of competitiveness of a state-owned fertilizer enterprise. Dynamic capabilities and marketing capabilities primarily influence competitiveness. Therefore, state-owned fertilizer enterprises must shift their attention to innovation and market orientation to enhance their future competitiveness.

THE ANALYSIS OF THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE IN IMPROVING COMPANY PERFORMANCE AT SUB-HOLDING PT. PELINDO MULTI TERMINAL

Good business governance (GCG) is essential for the sustainability and development of a company in the future. The principles of implementing GCG, which include transparency, accountability, responsibility, independence, and fairness, are fundamental in managing business, especially in state-owned companies as regulated in the Minister of State for State-Owned Enterprises Regulation Number: PER – 01 / MBU/2011 concerning the Implementation of Governance Good Company (Good Corporate governance).PT. Pelindo Multi Terminal is a sub-holding company of PT Pelabuhan Indonesia (Persero), which manages port business entities in multipurpose terminal operations in Indonesia. The implementation of good corporate governance in the company has not been optimal due to a lack of socialization to communicate, educate, and convey information about GCG to employees by position holders.This research uses qualitative research methods with informants from relevant positions, company employees and service users. The research results show a lack of socialization from office holders so that new employees do not understand GCG, the principles of accountability, starting from the delivery of information and financial reports, have not been carried out promptly, and the principles of responsibility in service sessions have not been maximized, indicated by, among other things, limited internet access and providing comfort and satisfaction to customers.

Pertanggungjawaban Negara Atas Keadaan Persero BUMN Yang Pailit

Bankruptcy is a situation that could occur in a state-owned company. Istaka Karya is one of several state-owned companies. After going through several years with financial conditions that never improved, various news reports about this company with various active participation in the world of construction, finally officially closed due to bankruptcy in 2023, with a series of debts to creditors as well as arrears in salary payments to its employees. This research aims to analyze the legal certainty obtained by creditors, as well as the state's responsibility in the event of the bankruptcy of a state-owned company. The results of this research show the weak position of creditors in obtaining their rights. Therefore, to provide legal certainty, not only based on Law Number 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations, but the directors must also be fully responsible for all debts to creditors using personal assets owned, but not including assets that have been declared bankrupt by the Commercial Court.

Tanggung Jawab Direksi PT Taspen Berdasarkan Hukum Positif Di Indonesia Ditinjau Dengan Prinsip Good Corporate Governance (GCG)

A state-owned company has an obligation to implement the principles of Good Corporate Governance (GCG) in order to realize a company that is clean from Ultra Vires actions. However, over time, there are some parties who are not responsible for implementing the GCG principles. The purpose of this research is to see how the responsibility of the Board of Directors towards the implementation of GCG principles and to examine the extent to which the implementation of GCG principles in PT Taspen is carried out. This research uses a normative research method which in its research uses three (3) approaches, namely; statute approach, conceptual approach, and case approach. The intended results are to determine the responsibility of the Board of Directors for the application of GCG principles and to determine the extent to which GCG principles are applied in PT Taspen.

Analyzing the Interconnected Influence of Profitability and Capital Structure on Firm Value (A Case Study of State-Owned Companies in the Construction Sector TBK From 2016-2020)

Abstract
 
 State-owned companies operating in the construction sector are known to incur substantial and accumulating debt. This is attributed to the use of the capital structure through debt loans or external funding, often from foreign parties with multi-year payment terms. Therefore, this study aimed to identify and comprehensively analyze the reciprocal relationship between profitability and the capital structure, examining its impact on firm value. The array is specifically focused on State-Owned Companies in the Construction Sector over the period from 2016 to 2020. A quantitative approach was adopted in the selected methodology, with financial data extracted from 40 reports. The data analysis used various methods, including the Granger Causality, t-test, and Determination Test. The results showed a significant impact of profitability on the capital structure, and vice versa while showing a substantial influence on firm value. Additionally, the capital structure significantly impacted firm value in State-Owned Companies in the Construction Sector from 2016 to 2020.
 
 Keywords: Profitability, Capital Structure, Firm Value.
 
 Abstrak
 
 Perusahaan BUMN sektor kontruksi terindikasi adanya utang yang besar dan menumpuk. Hal ini disebabkan perusahaan karya menggunakan struktur modalnya dari pinjaman hutang atau pendanaan dari pihak luar atau asing dengan Multi year payment. Penelitian ini bertujuan untuk mengetahui dan menganalisis hubungan timbal balik antara profitabilitas dan struktur modal serta dampaknya terhadap nilai perusahaan (Studi pada perusahaan BUMN Sektor Kontruksi Tahun 2016-2020). Metode yang digunakan adalah kuantitatif dengan menggunakan 40 data laporan keuangan dan Teknik Analisis data yang digunakan adalah Uji Kausalitas Granger, Uji t dan Uji Determinasi. Hasil penelitian menunjukan profitabilitas berpengaruh signifikan terhadap struktur modal pada perusahaan BUMN Sektor Kontruksi Tbk tahun 2016-2020, Struktur modal berpengaruh signifikan terhadap profitabilitas pada Perusahaan BUMN Sektor Kontruksi Tbk tahun 2016-2020, Profitabilitas berpengaruh signifikan terhadap nilai perusahaan pada Perusahaan BUMN Sektor Kontruksi Tbk tahun 2016-2020, Struktur modal berpengaruh signifikan terhadap nilai perusahaan pada Perusahaan BUMN Sektor Kontruksi Tbk tahun 2016-2020.
 
 Kata kunci: Profitabilitas; Struktur Modal; Nilai Perusahaan

Green bond issuance and trade credit access: Evidence from Chinese bond market

The Chinese bond market has achieved rapid development and gained widespread social attention. This study constructed a sample of corporate bonds in China and tested the impact of green bond issuance on trade credit. We found supply chain spillovers from green bonds, with firms that issue green bonds receiving more trade credit than firms that issue credit bonds. Results remain robust after the propensity score matching, entropy balancing, and instrumental variable approaches to mitigate endogeneity issues. Information asymmetry and social trust can enhance the impact of green bonds on trade credit. The spillover effects are more pronounced among unlisted companies, companies with higher bond ratings, non-polluting industries, and state-owned companies. This study provides insights into the role of green bonds in reducing information asymmetry and enhancing mutual trust in the supply chain.

PENGARUH GREEN ACCOUNTING DAN CARBON EMISSION DISCLOSURE TERHADAP NILAI PERUSAHAAN MELALUI MAQASHID SYARIAH

This study aims to analyze direct influence between green accounting, carbon emission disclosure, and maqashid sharia variables on firm value and analyze indirect influence between green accounting and carbon emission disclosure on firm value through maqashid sharia as intervening variable in state-owned companies listed in Indonesian Sharia Stock Index in the 2017-2021 period. This study is a quantitative research with an associative approach. The type of data used is secondary data by using documentation techniques in retrieving data in the form of annual reports and sustainability reports in each company. The data analysis technique used is structural equation modeling (SEM) analysis with the partial least square (PLS) method, then all of which will be processed in the SmartPLS 3 application. The result of this study are there is no significant effect between green accounting and carbon emission disclosure on firm value and maqashid sharia, while maqashid sharia has a significant influence on firm value. Meanwhile, there is no indirect effect between green accounting and carbon emission disclosure on firm value through maqashid sharia.

Influence of Markowitz Method Risk and Return Calculations as a Basis for Investment Decisions in BEI BUMN Shares 20 Period 2019-2022

The aim of writing this scientific article is to determine the influence of the Markowitz Method of risk and return calculations on Investor Rationality for the Security of Investing in 20 BUMN IDX Shares for the 2019-2022 Period. The method used in this research is a descriptive method with a quantitative approach. The type of data used is secondary data which takes data from the official website idx.com and also investing.com. The sample used was 20 state-owned companies. The data collection technique in this research is by using documentation techniques. The data collection process consists of: calculating the expected return for each company, conducting statistical tests using SPSS 24, and finally conclusions. The results of this research are that the Markowitz method of calculating risk & return has a significant effect on investors' rationality in investing in BUMN 20 shares.

Impact assessment of digital transformation on the green innovation efficiency of China's manufacturing enterprises

In the context of the low-carbon transition, enhancing green innovation efficiency (GIE) emerges as a vital pathway for the manufacturing industry to achieve sustainability. However, within the ongoing wave of digital transformation (DT), there is limited research addressing the connection between DT and GIE in manufacturing firms. Drawing from the resource-based view and resource dependency theory, this research aims to evaluate the potential of DT in driving GIE by analyzing data from 682 publicly listed manufacturing firms in China between 2011 and 2021. Our findings indicate that DT exerts a notable and positive influence on GIE. Meanwhile, this study identifies improving management efficiency as the mediating pathway through which DT affects GIE. Additionally, R&D subsidies positively moderate the beneficial impact of DT on GIE. Lastly, state-owned companies derive greater benefits in terms of GIE from the process of DT.

Mitigating Tacit Knowledge Loss in South African State-Owned Companies: HRM Approach

This study is an interdisciplinary research that sought to explore knowledge loss risks interdependently in relation to the knowledge management (KM) and human resource management (HRM) disciplines in South African state-owned companies (SOCs). This study highlighted the significant role of knowledge-based HRM systems, which will naturally enhance the management capacity of tacit knowledge to mitigate risks and assist SOCs to deliver on a developmental mandate, as well as ensure their survival and the economic growth of developing nations. The paper aims to explore the connection between KM and HRM practices for the effective management of enterprise tacit knowledge loss risks using the SOCs of South Africa as a case. This study is a mixed methods research project, using the exploratory sequential design as a research strategy. Data were collected qualitatively through interviews with 20 purposively nominated human resource managers, and survey data was collected randomly from 25% (145 of the 585 responses) of the workers employed in SOCs. Qualitative data were analysed thematically using Atlas.ti and Statistical data were analysed using SAS and exploratory factor analysis. The relationship between HRM and KM practices in lessening the risks inherent in tacit knowledge loss, mainly from voluntary turnover, is underdeveloped in many South African SOCs. The study established that the role of HRM in supporting KM is limited and underdeveloped in many SOCs, largely because they are lagging in key structures and knowledge-centric cultures, behaviours and HRM practices to drive the effective management of company knowledge. This study assists HRM executives and KM practitioners to develop knowledge-driven HRM practices in order to mitigate risks from the loss of tacit knowledge, whilst ensuring sustained performance in public enterprises. The study and proposed strategies seek to influence the discourse, policies, practices and theories on KM and HRM praxis in companies to mitigate the risks associated with the loss of tacit knowledge.

ANALISIS KEMAMPUAN KUALITAS AUDITOR MEMODERASI PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN

The long-term goal of a company is to increase the value of the company. If the company’s financialperformance increases, the value of the company will also increase and vice versa. However, in reality, financial performance does not always move in tandem with company value. As happened in several state-owned companies. This study aims to determine the effect of financial performance on firm value which will then be moderated by auditor quality The objects of this research are 21 non-financial BUMN companies listed on the Indonesia Stock Exchange for the 2018-2021 period. The sampling technique in this study was purposive sampling. Data testing carried out in this study was descriptive analysis test, pooling test, classic assumption test, regression analysis test with Moderated Regression Analysis and hypothesis testing with SPSS version 26 program. The rusults of the research it was concluded that profitability has a positive effect on firm value. Liquidity has a negative effect on firm value. Solvability has no effect on firm value. Auditor quality is not able to strengthen the positive effect of profitability on firm value. Auditor quality is not able to strengthen the negative effect of liquidity and solvency on firm value.

Pengaruh Perceived Organizational Support dan Kepuasan Kompensasi terhadap Kinerja Karyawan dengan Employee Engangement Syariah sebagai Variabel Intervening (Studi pada Karyawan PT. Perkebunan Nusantara IX, Kebun Balong, Kab. Jepara, Jawa Tengah)

Indonesia has a plantation area of 25,302,200 hectares (BPS Data, 2021). One of the business entities that is a source of foreign exchange for the country is PT. Perkebunan Nusantara IX, a state-owned company and a subsidiary of PTPN III (Holding) which owns palm oil, sugar cane, rubber, coffee and tea commodities. PTPN IX has 15 gardens spread throughout Central Java province, one of which is Balong Gardens. Balong Gardens is one of the business units owned by PTPN IX located in the Kab. Jepara, Central Java whose main commodity is rubber plants which produce RSS (Ribbed Smoked Sheet) and Lump. Company goals can be achieved if human resource management is managed professionally so that the company can get employees who work optimally and make a positive contribution to the company. The aim of this research is to analyze the direct and indirect roles in improving employee performance The type used in this research is quantitative. This research has a population, namely workers at PT. Perkebunan Nusantara IX Kebun Balong, Jepara Regency, Central Java, as many as 539 people. Perceived organizational support has a positive and significant effect on employee performance at PT. Perkebunan Nusantara IX, Balong Gardens. The better the PT support. Perkebunan Nusantara IX, Kebun Balong to employees will further improve the quality of performance of all employees. Employee satisfaction also has a positive and significant effect on employee performance at PT. Perkebunan Nusantara IX, Balong Gardens. Compensation practices that have been implemented by PT. Perkebunan Nusantara IX, Kebun Balong is on the right track by carrying out digitalization in the process of distributing employee rights both financially and non-financially. The comfort felt by employees makes employees feel satisfied and tries to improve their performance for the company. The variables examined in this research include perceived organizational support and employee satisfaction. The most influential variable is employee satisfaction compared to perceived organizational support on employee performance at PT. Perkebunan Nusantara IX, Balong Gardens. PT. Perkebunan Nusantara IX, Kebun Balong needs to take strategic steps to increase employee engagement, especially when climate conditions do not allow employees to work. Maintain employee motivation and maintain employee physical fitness so that they are more connected to the company.

Analysis of the Effectiveness of Implementing Internal Control on Doubtful Receivables PT. PLN Persero ULP Belawan

Internal control has an important role in the performance of state-owned companies, one of which is PT. PLN (Persero). The aim of this research is to find out in detail what causes doubtful receivables to occur every month at PT. PLN (Persero) ULP Belawan. To find out whether the role of internal control is effective in collecting doubtful receivables. To find out what obstacles the internal control system faces in minimizing doubtful receivables. Then to find out what efforts must be made so that the collection of doubtful receivables can be carried out optimally. This research approach uses a descriptive approach and uses qualitative research methods. The internal control system for doubtful receivables is implemented at PT. PLN (Persero) ULP Belawan, is quite adequate in terms of the elements of its internal control. Such as the control environment, risk assessment, control activities, information and communication, but the supervision element is still not effective.

Організаційно-правові основи проведення корпоративної реформи в державному секторі економіки в умовах євроінтеграції України

The article analyzes the state and directions of development of the organizational and legal foundations of corporate reform in the state sector of the economy in the context of the tasks defined in the Association Agreement between Ukraine and the EU countries. The normative-legal and organizational principles of the implementation of measures for corporate reform of the activities of state-owned enterprises and companies were studied, the main achievements and limitations in the process of their implementation were highlighted. It is argued that as a result of the creation of supervisory boards at a number of domestic state-owned companies, the organizational model of management decision-making has changed. This made it possible to take a more balanced approach to justifying the necessary decisions and personnel appointments, to form the basis for attracting competent independent directors to participate in the work of supervisory boards, and to initiate a movement towards the implementation of established international standards of corporate governance. However, the implementation of corporate reform in the state sector of the economy of Ukraine is limited due to the fact that the creation of supervisory boards of state unitary enterprises is not accompanied by the elimination of inherent shortcomings of the organizational and legal form of these economic structures, the means of ensuring the control of the performance of the functions entrusted to the members of the supervisory boards and independent directors are not clearly fixed, there are organizational uncertainties during the competitive selection of applicants for relevant positions, the implementation of the institution of supervisory boards of state-owned companies is not consistent with efforts to implement other essential components of modern corporate management – the development of strategic plans for specific economic structures, the use of risk management mechanisms, the clear declaration of ownership policy as state level, as well as at the level of each state enterprise. Taking into account the influence of the mentioned factors, promising directions for the development of the organizational and legal foundations of corporate reform in the state sector of the economy of Ukraine are specified, measures for their implementation in modern economic conditions are outlined.

Differences in business fraud between state-owned and private companies: case of Croatia

Abstract Fraud presents a serious problem and arising issue for all of society at national and global levels. According to global fraud research conducted by the Association of Certified Fraud Examiners, it is estimated that the average company loses about 5% of its annual revenue due to different types of business fraud. Total estimated annual fraud losses according to global ACFE research reaches about 4.7 trillion dollars. Business frauds also present an important issue for the Croatian economy, business community and society as a whole. Thereby, considerable attention should be given to this issue with the aim of raising awareness throughout society on fraud and its negative and destructive impact on all of society. The main purpose of this paper is to examine differences in fraud characteristics between state-owned and private companies in the Republic of Croatia. Research was based on data on business frauds obtained by the Association of Certified Fraud Examiners Croatia which included 124 respondents. Data were related to frauds that occurred in Croatian companies in 2021 and 2020. In this paper we focused on fraud characteristics such as fraud loss, type of fraud, fraud duration and methods of fraud detection in order to determine whether fraud in privately owned companies differs significantly from fraud in state-owned companies. Research results revealed how differences in fraud characteristics among privately and state-owned companies exist. Based on a sample of Croatian companies that were victims of fraud, it is noted how fraud in state-owned companies lasts longer and creates greater loses in comparison to fraud in private owned companies. Moreover, data related to estimated fraud loss and fraud duration were statistically significant in terms of differentiating these two groups of companies. Based on data on discriminatory variables a logistic regression model correctly classified 78.46% of companies in the group of companies that are privately or state-owned.