The Financial Performance of SOE Holding Cement Company

Authors

  • Ika Widianingsih Magister Manajemen BINUS Business School, Universitas Bina Nusantara, Jl. Hang Lekir INo. 6, Senayan, Kebayoran Baru, Jakarta Selatan, DKI Jakarta, Indonesia
  • Riadi Bakri Magister Manajemen BINUS Business School, Universitas Bina Nusantara, Jl. Hang Lekir I No. 6, Senayan, Kebayoran Baru, Jakarta Selatan, DKI Jakarta, Indonesia
  • Dewi Tamara Magister Manajemen BINUS Business School, Universitas Bina Nusantara, Jl. Hang Lekir I No. 6, Senayan, Kebayoran Baru, Jakarta Selatan, DKI Jakarta, Indonesia

DOI:

https://doi.org/10.53555/ephbms.v6i4.1685

Keywords:

Holding Company, SOE, financial ratio, liquidity ratio, solvability ratio, profitability ratio, activity ratio, current ratio, net profit margin, ROA, ROE

Abstract

The government has a strategic plan to establish a SOE holding company that oversees certain companies by division based on the business sector to create an added value in terms of improvement in business performance, one of which is a state-owned holding company of the cement industry. The purpose of this study was to assess the extent of the effect of the establishment of a state-owned holding company PT. X on company’s performance. This research was applied research, specifically aimed at measuring company’s performance before and after the establishment of a Holding Company. The performance assessment was measured by analyzing the ratio of the Consolidated Financial Statements to the observation period between 2009-2016. The data analysis adopted was the financial ratios including liquidity, solvency, profitability and activities ratios with paired sample t test. The strategy in this study was comparative because this research emphasized on the comparison of financial performance before and after the establishment of the Holding Company PT.X. The research finding as a whole is that the financial ratios tested indicated good value, because in its reality it is positive. However, statistically the Current Ratio, Gross Profit Margin, Net Profit Margin, ROA, ROE and Inventory Turnover showed significant differences before and after the establishment of a holding company, where the six ratios have the better values in the period before the holding company establishment. While, statistically the calculation results revealed that there was no significant differences in the Quick Ratio, Debt to Equity Ratio, Debt to Assets Ratio, Price to Earning Ratio and Dividend Payout Ratio.

Downloads

Download data is not yet available.

References

Bahri, S. (2013). Analisis Rasio Keuangan Untuk Menilai Perbedaan Kinerja Keuangan Perusahaan Semen Di BEI. Management Science & Research Vol. 2 No. 8.

Brigham, E.F., & Joel F.H. (2012). Dasar-dasar Manajemen Keuangan, Book 1, Edition 11, Salemba Empat, Jakarta.

Djohanputro, B. (2017, Juni-Juli). Role of SOE in global era. BUMN Track, 114.

Fahmi, I. (2014). Analisis Kinerja Keuangan. Bandung: Alfabeta.

Ficbauer, D., et al, (2014). Holding Company And Its Performance . ACTA Universitatis Agriculturae Et Silviculturae Mendelianae Brunensis. Volume 62 Number 2, 2014.

Harahap, S. S. (2016). Critical Anaysis to Financial Statements. Jakarta: Rajawali Pers.

Hosseini, S.R., et al (2013). Holding Companies’ Strategies and their Distinction from Large Organizations, Investment, Trust and Merger. European Online Journal of Natural and Social Sciences 2013 Vol.2, No.3 Special Issue on Accounting and Management. ISSN 1805-3602.

Judhanto, A.S. (2018). Establsihment of Holding Company in the Competition Law Perspective. E-Jurnal: Spirit Pro Patria, Volume 4 Nomor 2, 154-169. E-ISSN 2443-1532.

Kasmir, (2016). Anaysis to Financial Statements. Jakarta: Rajawali Pers.

Kiik Ro, A. (2018, April 30). Increase in Funding Capability of Holding by Strategic Holding scheme. Kekayaan Negara Media, 28, 36 - 37.

Lakhwani, V.M., et al, (2017). Mergers And Acquisitions’s Impact On Financial Performance: An Evaluation With Perspective Of Time. J Fundam Appl Sci. 2017, 9(5S), 945-957.

Leepsa, N.M., & Mishra, C.S. (2016). Theory and Practice of Mergers and Acquisitions: Empirical Evidence from Indian Cases. IIMS Journal of Management Science. 7, 179-194.

Moin, A. (2010). Merger, Acquition and Divestment. Yogyakarta: Ekonisia, Edisi 2

Pranoto, T. (2011). Factors Affecting the Success of Privatization of BUMN: Comparative Study Indonesia?Malaysia. Dissertation Post-Graduate Program FISIP UI.

Pranoto, T. & Makaliwe, W.A. (2013). Restructuring BUMN to become Holding Company. Management Research Team of FE Universitas Indonesia.

Pranoto, T. (2018), Establishment of Two Holding BUMN Finished at End Year, quoted via Financialbisnis.com

Pratomo, M. N. (2019). Holding BUMN PPK One Step More: Bisnis Indonesia.

Riantani, Suskim & Hafidz Nurzamzam, (2015). Analysis of Company Size, Financial Leverage, And Profitability and Its Effect to CSR Disclosure. Jurnal Dinamika Manajemen Vol. 6, No.2, 2015, pp: 203-213.

Rokhim, R. (2017). Worry if Holding BUMN Triggers New Problem, quoted via Infobanknews.com

Rustiani, M.E., et al (2017), Financial Ratio as Indicator To Measure Cement Company’s Financial Performance. Akademi Akuntansi Bina Insani.

Setiawan, K. (2017). Holding BUMN is suggested to adopt Work Procedure of Temasek and Khazanah, quoted via economy.okezone.com

Sipayung, J.F., Nasution, B., & Siregar, M. (2013). Juridical Review to Establishment of SOE Holding to Improve Performance from on Company Law Perspective. Transparancy, Economic Law Journal, Volume I Nomor 1.

Soetjipto, D. (2014). Road to Semen Indonesia. Jakarta: PT. Kompas Media Nusantara.

Internet Sources:

http://www.indocement.co.id

http://www.holcim.co.id.

https://www.semenindonesia.com

https://www.bankmandiri.co.id

https://www.khazanah.com.my

https://www.bumn.go.id/berita/0-Statistik-Jumlah-BUMN, 2018

https://databoks.katadata.co.id/datapublish/2017/03/16/berapa-kontribusi-bumn-untuk-indonesia

https://finansial.bisnis.com/read/20181113/309/859266/tantangan-holding-bumn-leadership-fleksibilitas-efisiensi

http://www.infomasyarakat.com, 2017

https://nasional.kontan.co.id/news/kementerian-bumn-menargetkan-setoran-dividen-naik-rp-364-triliun.

Published

2020-04-30

How to Cite

Widianingsih, I., Bakri, R., & Tamara, D. (2020). The Financial Performance of SOE Holding Cement Company. EPH - International Journal of Business &Amp; Management Science, 6(4), 01–19. https://doi.org/10.53555/ephbms.v6i4.1685

Most read articles by the same author(s)

1 2 > >>