<![CDATA[Regional-Owned Enterprises (BUMD) serve dual mandates: delivering public services and generating local revenue. However, financial performance varies substantially across entities, raising questions about governance and institutional arrangements. This study evaluates five BUMDs in East Lombok Regency using verified financial statements for 2022–2023 where comparative data are available (PD Agro Selaparang and PT BPR NTB), and 2023 as the reference baseline for the remaining three entities. The analysis applies Agency Theory and Institutional Theory to interpret performance differences across five dimensions: liquidity, solvency, profitability, activity, and operational efficiency, supplemented by the Altman Z‑Score model for emerging markets to validate financial health categorization. Results reveal wide disparities: one entity demonstrates strong and improving performance; two maintain financial safety but show rising costs and underutilized assets; and two exhibit persistent operational inefficiencies and deteriorating margins. The observed patterns are consistent with agency-related mechanisms such as mandate ambiguity, information asymmetry, and monitoring intensity, alongside institutional pressures from public service obligations. This study contributes a theoretically grounded comparative framework for evaluating municipal enterprise performance in decentralized Indonesia.]]>
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