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All Journal Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship
Sahabuddin Nanda
Universitas Muhammadiyah Makassar
Economics, Econometrics & Finance

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Transformasi Kinerja Keuangan BUMN Pasca-Danantara: Pendekatan DuPont Analysis Kurnia Kurnia; Sahabuddin Nanda; Wa Ode Rayyani
Jurnal Maksipreneur Vol 15 No 2 (2026)
Publisher : Universitas Proklamasi 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30588/jmp.v15i2.2593

Abstract

The formation of Danantara is a strategy to transform SOE governance through investment consolidation. This research analyzes changes in the financial performance of nine banking and non-banking SOEs before and after Danantara's integration using the DuPont analysis. The results indicate that Return on Equity (ROE) in both sectors experienced a short-term decline due to transition costs and structural adjustments. ROE patterns differed across sectors, with the banking sector relying more on asset efficiency, while the non-banking sector was influenced by interest expense management and operating margins. These findings suggest that Danantara's impact is sectoral, so performance evaluation and synergy-strengthening strategies need to be adapted to the characteristics of each SOE business.
Co-Authors Kurnia Kurnia Wa Ode Rayyani