State-owned Companies Research Articles

Impact of Macroeconomic Variables on the Performance of State-owned Insurance Companies in Bangladesh

The aim of this study is to investigate the impact of some selected macroeconomic variables on the performance of state-owned insurance companies operating in Bangladesh. The state-owned companies are observed from the year of 2013 to 2022. In this study, we have used five performance measures such as Net Profit Margin, Solvency Ratio, Claim/ Loss Ratio, Underwriting/Gross Profit Ratio and Dividend pay-out Ratio as dependent variables. The explanatory variables used in this study are categorized as macroeconomic factors such as GDP growth rate, inflation rate, employment rate and interest rate. Firm-specific factors such as the age of the firms, firm size (measured as total asset), net premium are used as control variables. The research employs Pooled Ordinary Least Square (POLS) Regression to investigate the impact of macroeconomic variables on the performance of the state-owned insurance companies. The results of our study suggest that interest rate has significant impact on the performance of state-owned insurance companies. Also, the size of the company has statistically significant impact on the performance of the companies. So, the interest rate along with firm size have been considered as important determinants of the performance of the state-owned insurance companies in Bangladeshi. The findings of the study are expected to be useful for the investors in making decisions while selecting stocks of insurance companies and policymakers can also use the findings to formulate policies aiming at economic development of the country.

Valuation of State Owned Companies (Based on Energy Sector)

The transition to the market orientation from the centralized economy, which started from 1990s, brought a great deal of important changes in Mongolian economy. Implementation of policies on market liberalization, promotion of free market and fair competition and privatization of state managed assets enabled the development of private sector and creation of legal entities in various forms such as privately owned companies, joint stock and state owned enterprises operating on the market. By February of 2024, there are 26 state owned companies (SOC) operating in energy sector of Mongolia, among over 100 fully or partially state owned companies that are involved in strategic sectors such as energy, mining, communications and transportation. Being fundamental to the national security and overall socio-economic stability of the country, the energy sector is necessarily considered to be developed ahead of other sectors and hence, this research is focused on the comprehensive valuation of performances for state owned energy manufacturing and transmission companies of Mongolia. Main research subjects are 26 State Owned Companies (SOC) operating in energy sector of Mongolia.

Stress and satisfaction at work, as part of the passage of time, among the employees of a state company

This paper presents a study in which a team of specialists analyzed three variables that can influence work relationships, namely stress, emotions and job satisfaction. Through the analysis carried out, it was observed whether there are notable differences regarding the quantitative overload at work, role ambiguity, role conflict and career development as part of the stress felt by employees, respectively on dimensions regarding remuneration (salary), advancement, working conditions and the nature of work as part of the perception of job satisfaction, in close relation with the emotion dimension, in a state-owned company, a decade apart. From the comparative analysis of the results from the two monitored periods: years 2013 and 2023, it emerges as a conclusion the need for psychosocial protection measures for employees that can materialize through: strategies related to professional requirements, strategies related to the employee's abilities and strategies related to the control of difficult situations that to take into account the components of the work system, for better functioning both at the level of the company that was the subject of this study, but by extrapolation they can be useful to other organizations that present similar functioning characteristics.

Importance of shareholders supervision in state-owned companies in the corporate governance system

Importance of shareholders supervision in state-owned companies in the corporate governance system

加强国有融资租赁公司内部经济责任审计的思考

加强国有融资租赁公司内部经济责任审计的思考

On the Protection of the Rights and Interests of Non-State-Owned Capital Investors in State-Owned Capital Holding Companies

On the Protection of the Rights and Interests of Non-State-Owned Capital Investors in State-Owned Capital Holding Companies

Reviewing the Legality of Government Ministries as Shareholders of State-owned Companies - Case Study of National Economic Empowerment Fund (NEEF)

Reviewing the Legality of Government Ministries as Shareholders of State-owned Companies - Case Study of National Economic Empowerment Fund (NEEF)

Granice udziału spółek Skarbu Państwa w społecznej gospodarce rynkowej w świetle art. 20 Konstytucji

The article is an attempt to determine the constitutionally permissible limit of the participation of SOEs in the economy in light of Art. 20 of the Constitution. It begins with an introduction, summarizing current research in economic and legal sciences on the issue of the growing participation of SOEs in the economy and discussing the legal problems that this phenomenon raises. This is followed by a discussion of the relationship of the state to state and private property in light of the social market economy model. The considerations are supported by references to the doctrine of ordoliberalism and the jurisprudence of the Constitutional Court. Possible measures for determining the excessive participation of state-owned companies in the economy in light of Article 20 of the Constitution are then considered. The article is concluded with conclusions for public administration bodies and the doctrine of public law.

Influence of Health Promoting Leadership and Leader Humor on Employee Innovation Performance: The Role Positive Emotions

Understanding how leadership styles conducive to employee innovation performance is one of the main focuses in organizational behavior literature. In this paper, we use broaden-and-build theory to examine how health promotes leadership and leader humor affect employee innovation performance, focusing on positive emotion mediation. By using a survey data consisting of 410 full-time employees from several large state-owned companies in China, the results indicate that both health promoting leadership and leader humor significantly relate to positive emotions among employees, which in turn, enhances their innovation performance. This article makes contributions to the literature by emphasizing the role of leadership styles in creating an environment that encourages creativity and innovation by the mechanism of positive emotions.

Analysis of Entrepreneurial Orientation at Employees of PT. Pertamina Patra Niaga - Bandung Retail Sales Area

Entrepreneurial orientation is a concept that describes a person's attitude or behavior in strategic management and entrepreneurship that emphasizes the company's orientation towards innovation, risk-taking, and proactivity to maximize business opportunities. Therefore, it is crucial for a company, especially a state-owned company, to encourage employees to have an entrepreneurial orientation. The purpose of this study was to determine the Entrepreneurial Orientation of employees at PT Pertamina Patra Niaga - Bandung Retail Sales Area. The research was conducted using quantitative descriptive method. Respondents in the study were 40 people through questionnaires to employees of PT Pertamina Patra Niaga - Bandung Retail Sales Area. The results showed good results in the three dimensions of entrepreneurial orientation: innovativeness, proactiveness, and risk taking. This can be categorized as good because it is in accordance with the value interpretation

Are Medical Records Truly Prepared for Malpractice Liability in Cases of Suicide?

The most common reason for a malpractice claim is suicide or attempted suicide. It is argued that suicide can be prevented if the danger is recognized and proper and timely treatment is provided. Failure to make an informed decision as to whether to admit an individual to a psychiatric unit generally constitutes the initial breach in a claim of negligence. The present study was designed to identify exactly what essential data was missing from files of completed suicides, using 39 medical case records of the risk-management files of the state-owned malpractice insurance company between 2004 and 2022 in Israel. We found that a great deal of important information was missing from those files (e.g., records of previous suicide attempts, documentation of disagreement between the emergency department and the patient as to whether the individual should be hospitalized, and information regarding a history or lack thereof of suicidal tendencies in the individuals immediate family). Our study demonstrates that lacking the proper documentation of vital patient history, allegations of negligence would be very difficult to disprove.

PERANAN PERBANKAN DALAM MENINGKATKAN PEREKONOMIAN INDONESIA

Indonesia as a developing country, has the aim of creating a just and prosperous society materially and spiritually. With the established strategy, Indonesia seeks to implement various steps to strengthen its economy and secure equitable development throughout the archipelago. BUMN is one of the main drivers of the national economy. As part of a state-owned company, the banking sector does not only carry out operational activities to gain profits, but also to support the government's efforts to advance the country's economy. This is clearly confirmed in Article 4 of Law of the Republic of Indonesia Number 7 of 1992 concerning Banking which states that the aim of Indonesian banking is to support national development in order to increase equality, economic growth and national stability for the welfare of the general public.

The influence of working capital and company size on financial performance in SOE Banking Company

This research aims to determine the effect of working capital and company size on the financial performance of state-owned banking companies listed on the IDX. The population of this research is state-owned banking companies registered on the IDX from 2010 - 2019. In this research, 40 samples from 4 companies were taken using the purposive sampling method and observed for ten years. This research uses the e-views ten application. The study results show that working capital with a specification of 0.5830 > 0.05 does not affect financial performance. Company size with a specification of 0.0243 <0.05 affects financial performance. Working capital and company size with a specification value of 0.000000 <0.05 simultaneously affect financial performance

BRANCHES OF BLOCKCHAIN TECHNOLOGY APPLICATION AND PROBLEMS OF ITS LEGAL REGULATION

The article aims to define the concept of blockchain technology as an innovative technology, which is currently actively used in many countries of the world, and the possibilities of its application in various sectors of the economy. The author aims to make sure that it can become an effective tool in the development of the country's economy and a means of improving public administration. Foreign countries that have realized the importance and advantages of blockchain have successfully applied it in the field of public administration in recent years, implementing an economy based on new innovative technologies. In Kazakhstan, blockchain technology will be used in the financial sector by banks and in projects of large state-owned companies. However, blockchain technology has not been widely used in our country. This is due to the fact that there is no knowledge about blockchain technology, information is not disseminated enough, legal relations on the use of blockchain technology are not regulated in the laws, the areas of its application are not fixed, there is no concept defining the legal basis for its functioning, and special rules have not been adopted. Therefore, the authors conclude that for the successful application of blockchain technology in the sectors of the country's economy, in the provision of public services, it is necessary to form a legal framework in a timely manner. The development of industries in which blockchain technology is used necessitates amendments to the current legislation, as well as clarification of legal norms in order to adapt to the prevailing changes.

Analisis Penerapan Sentralisasi Fungsi Akuntansi dan Keuangan dalam Perusahaan Holding: Studi Kasus PT Semen Indonesia (Persero) Tbk

PT Semen Indonesia (Persero) Tbk. (SIG) is one of the state-owned companies that since 2013 has transformed into a Strategic Holding. SIG has 17 Subsidiaries (AP), consisting of 8 Cement Making companies and 9 non Cement Making companies. Of the Cement Making Companies, 3 APs whose share ownership is 99.9% owned by SIG, namely PT Semen Padang, PT Semen Tonasa and PT Semen Gresik. This research was conducted at PT Semen Indonesia (Persero) Tbk. (SIG). The objectives of this study are (1) analyzing the implementation of Policies & SOPs at PT SIG, (2) Effectiveness of the implementation of centralization of Accounting & Finance functions at PT SIG. The basic method used is descriptive with the implementation of case studies. Data collection was carried out by interview, observation, Forum Group Discuss (FGD) and documentation methods. The results showed that the implementation of Holding Policies & SOPs in Subsidiaries (AP) has been implemented well based on periodic reviews and as an effort to create added value for the group, efficiency, and better performance of SOEs.

Pengaruh Fundamental Makro, Kinerja Keuangan, Struktur Kepemilikan, Dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan

The aim of this research is to explore and assess the impact of Macro Fundamentals, Financial Performance, Ownership Structure, and Company Growth on the valuation of state-owned companies that are publicly listed on the Indonesia Stock Exchange between 2020 and 2022. The research employs a quantitative descriptive approach, utilizing secondary data from both independent and dependent variables. The data is sourced from financial statements, annual reports, and various online platforms, including the Indonesia Stock Exchange website (www.idx.co.id). The study encompasses all state-owned companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2022, with a 15-company sample selected through random sampling. The results of hypothesis testing reveal that one independent variable significantly influences the dependent variable, while eight variables show insignificant effects on company value.

PENGARUH PERSISTENSI LABA, KUALITAS AUDITOR, DAN TATA KELOLA PERUSAHAAN TERHADAP BIAYA UTANG BUMN SEKTOR NON-KEUANGAN

This research purposes to ascertain how corporate governance, auditor quality, and profit persistence affect cost of debt. The information used in this study comes from the annual reports of non-financial sector state-owned companies that were included on the IDX between 2017 and 2022. Purposive sampling was used to choose the sample for this investigation, yielding up to 52 data points from a total of 102 data points. Multiple linear regression analysis was employed in this study's data analysis. The findings revealed that corporate governance has a negative impact on the cost of debt whereas earnings persistence has a positive impact. Meanwhile, the quality of auditors has no influence on the cost of debt.

Diversification Strategy and Business Portfolio Development in State-Owned Companies PT. Hutama Karya

This research aims to analyse the business diversification strategy of PT Hutama Karya (Persero) and its subsidiaries, explain their business operations, and explore growth potential. This research tries to identify the company's internal and external environmental factors after business diversification, conduct an analysis of the corporate position and portfolio of business units and subsidiaries, and formulate a new business diversification strategy concept. This research method is descriptive qualitative with the data used in the research including primary data collected through interviews and questionnaires, as well as secondary data such as company financial reports, industry performance reports, and industry attractiveness. PT Hutama Karya's business diversification includes expansion into various business divisions, including Toll Road Business Entity (BUJT), Non-Toll Road Business Entity (Non-BUJT), and the establishment of subsidiaries such as Hutama Karya Infrastruktur (HKI), HAKAAston, HK Realtindo, Hutama Marga Waskita (HAMAWAS), and EPC Energy Singapore Ltd. The main supporting factors for this diversification are the continued economic growth and government support in infrastructure development. The company's internal strengths are the application of technology and adaptation to changes in the construction industry, they also face challenges such as cashflow issues, global economic uncertainty, and changes in political direction. The SWOT analysis shows that the company is in the "Grow and Build" quadrant and needs to pursue aggressive business diversification. The results of the GE Nine Cell Matrix analysis show a diverse position for the company's business units, with some as "Leaders" and others needing to be managed carefully or even divested. The managerial implications of this study are the need for business ecosystem development and business portfolio diversification, technology development across businesses to support competitive advantage, and the creation of new opportunities after the completion of the Trans-Sumatra Toll Road project

Constructing an Optimal Portfolio with a Single Index Model on the Shares of Bumn Companies Listed in the IDXBUMN20 Index on the Indonesia Stock Exchange

This study aims to determine the optimal portfolio using a single index model on the shares of state-owned companies listed in the IDXBUMN20 index on the Indonesia Stock Exchange. The population was 20 issuers and using purposive sampling, 13 issuers were obtained as samples. By using a single index model, the results show that 7 stocks make up the optimal portfolio with the proportion of funds as follows ANTM (27.52%), BBNI (24.02%), PTBA (17.86%), BMRI (15.08%), TINS (7.51%), BBRI (7.45%) and PGAS (0.56%). Measurement of portfolio performance using the Treynor method of 0.17233 is higher than market performance which has a value of 0.01441.

Enhancing the criteria for financial assistance to state-owned companies

Orientation: South African state-owned companies (SOCs) have incurred debt with financial guarantees leading to financial bailouts because of failure to repay lenders.Research purpose: The negative financial impact on South Africa’s fiscus resulted to rising public debt mostly attributed to SOCs that remain unsustainable invigorated the exploration of such financial assistance.Motivation for the study: The government might have to continue guaranteeing SOC debt and give financial bailouts given their solvency and liquidity positions because a considerable amount of the public budget is directed towards the financial rescue of SOCs and not the country’s economic development which is a concern for taxpayers.Research approach/design and method: A qualitative research methodology was implemented using interviews for primary data collection and document analysis for secondary data collection.Main findings: The greed-driven decisions that have been implemented led to the loss of billions of rands because of corruption. This makes funding to SOCs inadequate because the allocated budget is not used for its relevant intent and is thus misappropriated.Practical/managerial implications: Financial guarantees and bailouts to SOCs need enhancing because SOCs have distressed debt which has a significant possibility of falling over to the government to intervene with a financial bailout. An enhanced criteria must be implemented to ensure that funding allocated to SOCs will be appropriated for reform.Contribution/value-add: The provision of an enhanced criteria that disburses funding through three phases will allow public finances and resources to be executed in a way that SOCs can benefit the economy.