Harry Z Soeratin
Universitas Pembangunan Nasional "Veteran" Jakarta

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Evaluation of Hybrid Business Models in Indonesian State-Owned Enterprises: A Literature Review of the Reality of Social Entrepreneurship in PNM and Danantara Adrian Bintang Ramadhan; Alfathir Syahendra; Harry Z Soeratin; Munasiron Miftah; Rebecca Yolanda Artha Uli
Jurnal Inovasi Bisnis dan Kewirausahaan Vol 8 No 3 (2026): Business Innovation and Entrepreneurship Journal (August)
Publisher : Entrepreneurship Faculty, Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35899/biej.v8i3.1212

Abstract

The transformation of State-Owned Enterprises (SOEs) toward hybrid business models has become a key strategy in addressing social challenges in Indonesia. However, there is skepticism about whether these initiatives truly create independent social enterprises or simply conventional social assistance programs. This Literature Review Paper (LRP) aims to evaluate the reality of social entrepreneurship at PT Permodalan Nasional Madani (PNM) and PT Daya Anagata Nusantara (Danantara) through a systematic literature review of 15 accredited academic journals covering the years 2014–2024. The analytical method used is matrix synthesis to identify research gaps from a strategic perspective. The findings of this review indicate significant managerial and contextual gaps, where existing programs often face the risk of mission drift due to pressures for financial efficiency overshadowing the social mission. Furthermore, there is a lack of integration of impact measurement metrics such as Social Return on Investment (SROI) into major investment strategies. The implications of this study emphasize the need for a reorientation of KPIs that focus on customer independence and accountability for social impact to ensure the program's transition into a sustainable social entrepreneurship entity. This paper provides a theoretical contribution to the strategic management literature on managing hybrid organizations in the Indonesian public sector.
Strategic Transformation and Social Impact of Ultra Micro Finance: A Systematic Literature Review of PT Permodalan Nasional Madani (PNM) and Social Entrepreneurship Rebecca Yolanda Artha Uli; Maha Surachman; Hani Nurfitri; Harry Z Soeratin; Munasiron Miftah
Jurnal Inovasi Bisnis dan Kewirausahaan Vol 8 No 3 (2026): Business Innovation and Entrepreneurship Journal (August)
Publisher : Entrepreneurship Faculty, Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35899/biej.v8i3.1207

Abstract

Access to formal financing remains a major obstacle for millions of underbanked micro-entrepreneurs in Indonesia. PT Permodalan Nasional Madani (PNM) plays a strategic role as a state policy instrument in poverty alleviation through ultra-micro empowerment. This literature review aims to synthesize recent findings on the strategic management process at PNM and identify research gaps for future research. The method used is a Systematic Literature Review (SLR) of 89 reputable scientific journals from 2004 to 2026 using a thematic analysis approach. The analysis identified four critical gaps: (1) the absence of an integrative theoretical framework between strategic management and social entrepreneurship in the context of social state-owned enterprises; (2) inconsistent empirical evidence regarding the long-term welfare impacts on clients; (3) limited contextual studies on the impact of digitalization and organizational repositioning; and (4) the predominance of cross-sectional qualitative methods. The implications of this review emphasize the need for a shift in policy from needs-based to rights-based, as well as strengthening managerial support for the self-efficacy of field employees. This research provides an academic foundation for more inclusive and sustainable business model innovation in the Indonesian microfinance sector.