The performance of state-owned enterprises (SOE) in Indonesia top of the form
Journal Title: Religación. Revista de Ciencias Sociales y Humanidades - Year 2019, Vol 4, Issue 17
Abstract
This study aimed to evaluate the performance of State-owned enterprises (SOE) in Indonesia. This research focuses on financial performance and the performance of corporate governance implementation. We evaluate the financial performance of SOEs before and after privatization. While corporate governance measured by board characteristics proxy by several variables, namely; board size, the proportion of Independent Commissioner on board, board meeting frequencies, board-member educational background, size of Audit Committees, the proportion of Audit Committee independence, Audit Committee meeting frequencies, and educational background of Audit Committee members. While the financial performance of SOEs measured by and return on equity. The paired sample t-test was employed to test the performance before and after privatization. Secondary data sourced from the officially-published annual report of SOEs were gathered for board-governance characteristics. The study gathered 94 observations of firms-year of SOEs listed on the Indonesia Stock Exchange (IDX), three years before and after privatization until December 31, 2016. The result of this study shows that in Indonesia SOEs implemented CG mechanism although still required to optimized their CG performance. The study indicates that when measured by ROE, SOEs does not show better financial performance after privatization. It is suggested that the government of Indonesia need to selectively choose SOEs for privatization to achieve optimum results of privatization in accordance with priorities imposed by the government as the primary owner.
Authors and Affiliations
Erna Setiany, Nurharjanto , Djoko Suhardjanto, Niki Lukviarman
Keywords
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