Comparative Study: Financial Performance of Indonesia State-Owned Enterprises in Construction and Property Industry for the Period of 2009-2018

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Brazer, Fransiscus X John and Daryanto, Wiwiek Mardawiyah (2019) Comparative Study: Financial Performance of Indonesia State-Owned Enterprises in Construction and Property Industry for the Period of 2009-2018. International Journal of Business, Economics and Law, 19 (1). pp. 1-17. ISSN 2289-1552

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During Mr. Joko Widodo leadership (2014-2019), infrastructure and residential are the main focus of the Indonesian government. In contrast with the previous leadership, Mr. Susilo Bambang Yudhoyono (2009-2013) whose focusing on energy subsidies, public health and education. It’s reflected from Indonesia infrastructure and residential budget that rise from 184 trillion rupiah in 2009 into 415 trillion rupiah in 2019 that will be injected to the Indonesia State-Owned Enterprises (SOE) in construction and residential industry, including PT Adhi Karya (ADHI), PT Pembangunan Perumahan (PTPP), PT Waskita Karya (WSKT) and PT Wijaya Karya (WIKA). This study aims to measure and analyze the impact of the huge injected capital to the SOE financial performance and health condition using Financial Ratio Analysis (FRA) based on SOE Minister’s Decree No. KEP-100/MBU/2002, for period 2009-2018. The eight financial ratios used are return on equity, return on investment, cash ratio, current ratio, collection period, inventory turnover, total asset turnover and total equity to total assets, then validated using the SOE Minister's Decree. The results of companies financial health condition for period 2009-2018 are ; ADHI (AA, AA, AA, AA, AA, AA, A, BBB, A, A), PTPP (AA, AA, AA, AA, AA, AA, AA, A, A, A), WSKT (AA, AA, AA, AA, AA, AA, A, A, A, A), WIKA (AA, AA, AA, AA, AA, AA, AA, A, A, A) respectively. In conclusion the huge injected capital, on the contrary, give a negative impact to the SOE financial performance reflecting from their decreasing performance in period 2014-2019. Therefore, the companies should improve their efficiency, collection method and maintain their cashflow prudently. Keywords: financial ratio analysis, financial health assessment of state-owned enterprises, state-owned companies in construction and property

Item Type: Article
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HF Commerce > HF5601 Accounting
H Social Sciences > HG Finance
Divisions: Research And Community Empowerment > Journals
Depositing User: Rizky Amalia
Date Deposited: 27 Jan 2020 06:49
Last Modified: 19 Feb 2021 05:18

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