Abstract:
This research investigates the repercussions of establishing a State-Owned Enterprise (SOE) holding
within the Oil and Gas and Mining sector on the financial performance of its subsidiaries. Given the
strategic move by the Indonesian government to transform SOEs, aiming to reduce their number from
116 to fewer than 70, the study aims to explore how the restructuring through SOE holdings impacts
the profitability, leverage, and liquidity of subsidiaries. Employing a quantitative approach, the
research analyzes quarterly financial data spanning from 2014 to 2022. The methodology involves
multiple linear regression using SPSS to assess the influence of SOE holding formation on the financial
performance of companies in the oil, gas, and mining sectors. The regression models encompass
dependent variables like Return on Equity (ROE), Profit Margin Debt Equity Ratio (DER), Current
Ratio, and Quick Ratio, affected by independent variables including the formation of SOE holdings,
company size (Size), and managerial ownership (MOW). Hypothesis testing involves the coefficient
of determination (R2), F-test for simultaneous influence, t-test for partial influence, and multiple
correlation. The findings indicate that the establishment of a state-owned holding does not significantly
impact profitability but exerts a positive and significant influence on leverage. Conversely, SOE
holding formation has a negative and significant effect on liquidity. In conclusion, this study sheds
light on the financial performance dynamics post-SOE holding establishment in the Oil and Gas and
Mining sector, offering practical implications for SOE management and stakeholders to optimize
positive effects and mitigate the negative consequences of restructuring.
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Keywords:
SOEs, Holding, Size, Managerial Ownership, Profitability, Leverage, Liquidity |
