Transformasi Kinerja Keuangan BUMN Pasca-Danantara: Pendekatan DuPont Analysis

Kurnia Kurnia (Universitas Muhammadiyah Makassar)
Sahabuddin Nanda (Universitas Muhammadiyah Makassar)
Wa Ode Rayyani (Universitas Muhammadiyah Makassar)

Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship
Vol 15 No 2 (2026)

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.