<![CDATA[More than 52% of non-financial State-Owned Enterprises (SOEs) in Indonesia experienced losses reaching IDR 50 trillion annually. This condition indicates weaknesses in financial management, particularly in relation to investment decisions, capital structure, dividend policy, and liquidity, which may threaten national economic stability. This study aimed to analyze the effects of investment decisions, capital structure, dividend policy, and liquidity on the financial performance of non-financial SOEs for the period 2021–2024. This research used a quantitative approach with secondary data obtained from 17 non-financial SOEs listed on the Indonesia Stock Exchange (IDX). The sample was selected through purposive sampling. Data were analyzed using multiple linear regression and classical assumption tests. The results indicated that, partially, investment decisions (CAPEX), capital structure (DER), dividend policy (DPR), and liquidity (CR) did not have significant effects on financial performance as measured by Return on Equity (ROE). Specifically, CAPEX, DER, and DPR showed positive but insignificant relationships, while liquidity (CR) demonstrated a negative and insignificant relationship with ROE. These findings revealed that the examined financial variables did not dominantly influence the financial performance of non-financial SOEs during the observed period. Further, another external factor or operational efficiency might have had a greater effect. To sum up, companies are encouraged to improve their internal management comprehensively.]]>
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