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All Journal Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan) Multifinance
R. Rita Avianty
Universitas Sangga Buana YPKP
Economics, Econometrics & Finance

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THE EFFECT OF POLITICAL CONNECTIONS ON FINANCIAL PERFORMANCE: AN EMPIRICAL STUDY OF STATE-OWNED ENTERPRISES LISTED ON THE INDONESIAN STOCK EXCHANGE Anggi Putri Kusuma Wardini; Alia Wulan Febrianti; Erik Nugraha; R. Rita Avianty
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.520

Abstract

This study examines the influence of political connections on the financial performance of state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange. Political connections are considered an external factor that may provide firms with strategic advantages, such as access to government projects, regulations, and financial support, but may also create governance risks. The research employed a quantitative method with a descriptive-associative approach, using panel data from 15 SOEs over the 2020–2023 period. Data were collected from annual reports and financial statements, while financial performance was measured by Return on Assets (ROA). The results of regression analysis indicate that political connections have a positive and significant effect on financial performance, implying that the presence of politically connected individuals within the board of directors or commissioners enhances efficiency and profitability. These findings confirm the hypothesis that political connections play a strategic role in shaping SOEs’ financial outcomes. The study concludes that while political connections can be an intangible asset, their benefits should be balanced with strong corporate governance to minimize risks of political dependency and conflicts of interest.
RETURN ON EQUITY DAN DEBT TO EQUITY RATIO SEBAGAI DETERMINAN NILAI PERUSAHAAN: STUDI EMPIRIS PADA PERUSAHAAN BURSA EFEK Pricillia Putri Sumadi; Tevi Leviany; R. Rita Avianty; Reksha Laksana
Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan) Vol 10 No 2 (2026): April
Publisher : Universitas Sangga Buana

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Abstract

Energy sector companies play a vital role in the Indonesian economy, but face challenges such as fluctuating commodity prices and environmental issues that require increased corporate value to attract investment. This study aims to analyze the impact of profitability (Return on Equity) and solvency (Debt to Equity Ratio) on the value of energy sector companies listed on the Indonesia Stock Exchange for the 2021–2023 period. This study uses secondary data from annual reports with a panel data regression approach, with 69 observations processed using EViews 13 and Microsoft Excel. The results indicate that, partially,Return on Equityhas a significant influence on company value, whereasDebt to Equity Ratiodoes not have a significant effect. However, simultaneously,Return on Equity And Debt to Equity Ratiohas a significant influence on company value. This study concludes that profitability is a major factor in shaping the value of energy sector companies.
Co-Authors Alia Wulan Febrianti Anggi Putri Kusuma Wardini Erik Nugraha Pricillia Putri Sumadi Reksha Laksana Tevi Leviany