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All Journal IJIES (International Journal of Innovation in Enterprise System) Journal Integration of Management Studies
Raden Aswin Rahadi
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Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management

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Study on The Financial Health of State-Owned Construction Companies Based on The Decree of The Minister of State-Owned Enterprises Kep-100/MBU/2002 for The Period 2014-2024 Allenby, Risyad; Raden Aswin Rahadi
Journal Integration of Management Studies Vol. 3 No. 2 (2025): (Special Issue)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i2.347

Abstract

This study assesses the financial stability of four Indonesian state-owned construction firms—PT Adhi Karya (ADHI), PT Pembangunan Perumahan (PTPP), PT Wijaya Karya (WIKA), and PT Waskita Karya (WSKT)—during President Joko Widodo's tenure from 2014 to 2024. The analysis utilizes a dual-method approach by combining the Ministry of State-Owned Enterprises Decree No. KEP-100/MBU/2002 with the Altman Z-Score (2006) model.  This combination provides an evaluation based on regulatory compliance and a predictive analysis of future financial difficulties. This study examines solvency, liquidity, profitability, and activity ratios utilizing longitudinal financial data from audited corporate reports. The results indicate that all four organizations underwent a substantial deterioration in financial stability, especially during the 2020–2024 timeframe, attributed to heightened project demands, inadequate asset use, and the economic repercussions of the COVID-19 pandemic. WSKT exhibited the most pronounced drop, characterized by ongoing financial distress indicators as evidenced by Z-Score data. Conversely, ADHI, PTPP, and WIKA exhibited comparatively superior albeit volatile performance. This study emphasizes the significant financial obstacles encountered by state-owned construction businesses in reconciling development objectives with fiscal sustainability. The findings highlight the necessity for enhanced receivables management, debt reorganization, and strategic supervision to prevent enduring financial instability. The results will assist policymakers, regulators, and investors in evaluating the profitability of state-owned enterprises and formulating future infrastructure financing strategies in Indonesia.
Public Policy and Financial Regulation in Housing Sector (Case Study: One Million Houses and KPR FLPP) Maria Dellarosawati Idawicaksakti; Monica Dianrosawati Itaratnasari; Raden Aswin Rahadi
International Journal of Innovation in Enterprise System Vol. 6 No. 1 (2022): International Journal of Innovation in Enterprise System
Publisher : School of Industrial and System Engineering, Telkom University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25124/ijies.v6i01.127

Abstract

During Jokowi’s tenure, a lot of programs and policies that focusing on housing sector were built byhim. Package of Economic Policy XIII is one of many policy’s package that Jokowi develop formanaged housing of people who have low income (MBR) with target that chosen is built onemillion houses. The lack of availability of housing for low-income people, is one of the reasons forthe policy package. In this research, author used qualitative method to analyst the phenomenon. Theresults of this study are the high rate of housing backlogs, the difficulty of obtaining housing ataffordable prices, and discussing KPR schemes in Indonesia. The existence of these governmentprograms does not significantly eliminate the phenomenon of housing a backlog. In addition, theexistence of the program must be accompanied by high supervision from the government andaccompanied by laws that bind violators.
Hybrid Technology Internalisation Strategies in Industrial Services: The Case of Foam Pigging Levina Marchyani; Raden Aswin Rahadi
Journal Integration of Management Studies Vol. 4 No. 1 (2026): Article In Press
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v4i1.436

Abstract

Technology acquisition in specialised industrial services often fails to translate into internal capability when knowledge remains externalised. In Indonesia, foam pigging technology remains sourced from external actors, despite growing local content requirements and strategic interest in industrial independence. This study examines the case of PT BES by applying the Resource-Based View (RBV) and Knowledge-Based View (KBV) to assess internalisation pathways. Using a mixed-method approach, the study combines SWOT analysis and discounted cash flow modelling—covering Net Present Value (NPV), Internal Rate of Return (IRR), and Cash-on-Cash (CoC) returns—to evaluate two options: talent acquisition (TA) and joint venture (JV). Results show that while both approaches are financially viable, TA enables early control and learning, whereas JV offers long-term expansion with shared risk. The proposed hybrid sequence—TA followed by JV—supports gradual internal capability formation. This case contributes to technology management literature by demonstrating how hybrid strategies can resolve the tension between knowledge dependence and capability development under regulatory constraints.
Co-Authors Allenby, Risyad Levina Marchyani Maria Dellarosawati Idawicaksakti Monica Dianrosawati Itaratnasari