Government Investment and Capital Participation to State-Owned Enterprises in Indonesia to Mitigate The Impact of The COVID-19 Pandemic: Is It Effective?

Q3 Economics, Econometrics and Finance

WSEAS Transactions on Business and Economics Pub Date : 2024-03-08 DOI:10.37394/23207.2024.21.61

Amdi Veri Darma, N. Setyari, Eka Ardhani Sisdyani, N. Ratnadi

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Abstract

The National Economic Recovery (PEN) Program is set by the government of Indonesia comprehensively regarding the handling of the devastating impact of COVID-19. The target recipients of the PEN program are classified into two, namely: the first group, State-Owned Enterprises (SOEs), and the second group are non-SOEs business units, where for SOEs this is done in the form of State Capital Participation (PMN) and Government Investment (IP). This research aims to analyze the impact of the PEN program on SOE performance. The analysis results show that the PEN Program has a positive impact on SOEs, as seen from SOEs ROA. The PEN program that has been running has not been able to improve significantly. However, it can be said that the PEN Program has been able to protect the operations of SOE recipients of the PEN program. In addition, the PEN Program has had an impact on achieving positive EAT growth in almost all recipient SOESs. The PEN program for SOEs needs to be re-evaluated, especially for SOEs that had the potential to perform poorly before the pandemic.

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政府投资和资本参与印尼国有企业以减轻 COVID-19 大流行的影响：有效吗？

国家经济复苏计划（PEN）是印尼政府为全面应对 COVID-19 的破坏性影响而制定的。PEN 计划的目标对象分为两类，即：第一类是国有企业（SOE），第二类是非国有企业业务单位，其中国有企业以国有资本参股（PMN）和政府投资（IP）的形式进行。本研究旨在分析 PEN 计划对国有企业绩效的影响。分析结果表明，从国有企业的投资回报率来看，"笔计划 "对国有企业产生了积极影响。已实施的笔会计划未能显著改善国有企业的绩效。但可以说，"笔计划 "保护了国有企业的运营。此外，"出口前补贴 "计划还对几乎所有受援国有企业的企业所得税正增长产生了影响。对国有企业的 "笔 "计划需要进行重新评估，尤其是那些在大流行病发生前有可能表现不佳的国有企业。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

WSEAS Transactions on Business and Economics Economics, Econometrics and Finance-Economics and Econometrics

CiteScore

1.50

自引率

0.00%

发文量

180

期刊介绍： WSEAS Transactions on Business and Economics publishes original research papers relating to the global economy. We aim to bring important work using any economic approach to a wide international audience and therefore only publish papers of exceptional scientific value that advance our understanding of finances. The research presented must transcend the limits of case studies, while both experimental and theoretical studies are accepted. While its main emphasis is economic, it is a multi-disciplinary journal and therefore its content mirrors the diverse interests and approaches of scholars involved with the international dimensions of business, economics, finance, history, law, marketing, management, political science, and related areas. It also welcomes scholarly contributions from officials with government agencies, international agencies, and non-governmental organizations.