PRE AND POST SOE HOLDING INTEGRATION: FINANCIAL PERFORMANCE ANALYSIS
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Abstract
Danareksa SOE Holding was established as a specialist transformation holding to revitalize underperforming state-owned enterprises (SOEs), including PT Balai Pustaka (Persero), which had long experienced financial distress and was integrated in 2022. This study examines differences in the financial performance of PT Balai Pustaka (Persero) before and after its integration into the Danareksa SOE Holding. The study employs a quantitative comparative event-study approach using quarterly financial statement data for 2018–2025, grouped into pre-integration and post-integration periods. Financial performance is measured through nine ratios representing liquidity, solvency, profitability, and activity dimensions. The analysis applies the Shapiro-Wilk normality test and the Wilcoxon Signed-Rank Test at a 5% significance level. The results indicate that 8 of 9 financial ratios differ significantly between the pre- and post-integration periods. However, significant differences do not necessarily imply improved performance, as the direction of change reflects short-term deterioration in liquidity, profitability, leverage, and asset utilization efficiency. The persistence of weak profitability is closely related to cost rigidity, reflected in a much sharper decline in revenue than in operating expense adjustments. At the same time, non-financial benefits were identified through the implementation of a novation mechanism for settling partner receivables and payables, as well as a decline in the proportion of non-personnel operating expenses to 25.6% in 2025. These findings suggest that post-integration benefits initially emerged in governance and internal process improvements before being fully translated into financial indicators.
Keywords:
Financial Performance SOE Holding Danareksa Restructuring Agency TheoryReferences
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