<![CDATA[Existing studies examine state-owned enterprise (SOE) performance, governance, fiscal risk, and commercialization without sufficiently reconnecting governance to the historical public resources and institutional arrangements that enabled asset formation. This qualitative literature review addresses that gap by developing fiscal genealogy as an analytical perspective on Indonesian SOEs. Drawing primarily on peer-reviewed literature from 2020–2026 and historical financing records, the study examines Telkom, PLN, and PGN as illustrative rather than representative cases and situates them within Indonesia’s restructuring of state ownership under Danantara. The synthesis shows that historical public support does not justify permanent inefficiency, while commercialization does not eliminate public accountability for strategic assets. Centralized ownership may improve management, capital allocation, and risk oversight, but also heightens transparency and governance requirements. The study proposes a literature-derived Public Capital Stewardship Framework integrating historical public capital, public value and mandates, and fiscal and governance risk as an interpretive basis for future empirical evaluation.]]>
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