Matchmaking: Establishment of state‐owned holding companies in Indonesia

Kyunghoon Kim

52 citations0/0 files storedAsia & the Pacific Policy Studies

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State Capitalism and Financial Governance Asian Industrial and Economic Development Asian Studies and History

Abstract

Abstract Under the government of President Joko Widodo, Indonesia's state‐owned enterprises (SOEs) have become the driver of the national development strategy. The current administration is actively using SOEs to conduct development projects based on the belief that SOEs are able to fix market failures and support the fiscally constrained government. In order to strengthen the role of SOEs, the Indonesian government is pursuing a medium‐term plan of creating sector‐based holding companies. The government expects that these state‐owned holding companies (SOHCs) will enable SOEs to expand investment and benefit from synergies. However, considering political hurdles in implementing this policy, the process of establishing SOHCs is expected to advance gradually. The government also continues to face challenges clarifying and communicating the rationale behind creating SOHCs. This paper examines the current political economic context of SOE ownership reorganisation in Indonesia and diverse views on the expected consequences of forming SOHCs.

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References

2001Capital Structures in Developing Countries 2010An International Comparison of Capital Structure and Debt Maturity Choices 2008Capital structure around the world: The roles of firm- and country-specific determinants 2014State-owned Enterprises Around the WORLD as Hybrid Organizations 1988Indonesia: The Rise of Capital 2014Reinventing State Capitalism 2011Firm- and country-level determinants of corporate leverage: Some new international evidence 2014Corporate Governance of State-Owned Enterprises: A Toolkit

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