PRE AND POST SOE HOLDING INTEGRATION: FINANCIAL PERFORMANCE ANALYSIS
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
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589–609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
Badan Pemeriksa Keuangan Republik Indonesia. (2020). Laporan hasil pemeriksaan atas laporan keuangan pemerintah pusat tahun 2019. BPK RI.
Barker, V. L., III, & Duhaime, I. M. (1997). Strategic change in the turnaround process: Theory and empirical evidence. Strategic Management Journal, 18(1), 13–38. https://doi.org/10.1002/(SICI)1097-0266(199701)18:1
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Bradley, M., Desai, A., & Kim, E. H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21(1), 3–40. https://doi.org/10.1016/0304-405X(88)90030-X
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Cengage Learning. https://doi.org/10.2307/2327254
Cohen, J. (1988). Statistical power analysis for the behavioral sciences (2nd ed.). Lawrence Erlbaum Associates.
Darapuspa, M., & Soekarno, S. (2023). Financial performance analysis of Indonesian state-owned enterprises after holding consolidation. Jurnal Keuangan dan Perbankan, 27(2), 215–230.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301–325. https://doi.org/10.1086/467037
Field, A. (2009). Discovering statistics using SPSS (3rd ed.). SAGE Publications.
Healy, P. M., Palepu, K. G., & Ruback, R. S. (1992). Does corporate performance improve after mergers? Journal of Financial Economics, 31(2), 135–175. https://doi.org/10.1016/0304-405X(92)90002-F
Hidayat, V., Harsana, L. C., Gabriella, A., & Cahayasari, D. (2025). Analisis kinerja keuangan berdasarkan analisis rasio pada PT Jakarta International Hotels & Development Tbk. AKUA: Jurnal Akuntansi dan Keuangan, 4(1).
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kementerian Badan Usaha Milik Negara. (2021). Laporan tahunan Kementerian BUMN tahun 2020. Kementerian BUMN Republik Indonesia.
King, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G. (2004). Meta-analyses of post-acquisition performance: Indications of unidentified moderators. Strategic Management Journal, 25(2), 187–200. https://doi.org/10.1002/smj.371
Lestari, N. L. E., & Yanti, N. N. S. A. (2025). Analisis perbandingan kinerja keuangan PT Telkom Indonesia (Persero) Tbk dan PT Indosat Tbk tahun 2022–2024. Jurnal Maneksi, 15(1).
MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13–39.
Mubarok, H., Aliudin, M. Y., Maarif, W., & Suyatna, R. G. (2024). Analisis kinerja keuangan perusahaan yang terdaftar di BEI sebelum dan sesudah akuisisi. Maslahah: Jurnal Manajemen dan Ekonomi Syariah, 2(2), 116–122.
OECD. (2015). OECD guidelines on corporate governance of state-owned enterprises (2015 ed.). OECD Publishing.
Pearce, J. A., II, & Robbins, K. (1993). Toward improved theory and research on business turnaround. Journal of Management, 19(3), 613–636. https://doi.org/10.1177/014920639301900306
Permana, T. P., Riyanti, Wahyudi, B., & Ermawati, D. D. (2025). Analisis perbedaan kinerja keuangan sebelum dan sesudah mengakuisisi. ARBITRASE: Journal of Economics and Accounting, 6(1), 109–116.
Rosenthal, R. (1991). Meta-analytic procedures for social research (Rev. ed.). Sage Publications. https://doi.org/10.4135/9781412984997
Subramanyam, K. R. (2014). Financial statement analysis (11th ed.). McGraw-Hill Education.
Trahms, C. A., Ndofor, H. A., & Sirmon, D. G. (2013). Organizational decline and turnaround: A review and agenda for future research. Journal of Management, 39(5), 1277–1307. https://doi.org/10.1177/0149206313478919
Wicaksono, A., et al. (2025). Kinerja keuangan BUMN pasca holdingisasi sektor pertambangan. Jurnal Akuntansi dan Keuangan Indonesia, 22(1).
License
Copyright (c) 2026 Lepi Roikah, Amrie Firmansyah
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
