Using partially state-owned enterprises for development in Indonesia

Abstract

The Indonesian government, under Joko Widodo, has begun to actively use partially state-owned enterprises (PSOEs) to achieve its development goals. This government has pursued its plans despite minority shareholders’ dissatisfaction with the shift in PSOEs’ corporate goals towards national development objectives. This paper investigates the state’s influence on PSOEs by analysing the government’s direct and indirect ownership, control of corporate governance and financial systems, and inter-firm relations. The paper demonstrates that the business system, under the government’s strong influence, has enabled Indonesian PSOEs to focus on carrying out development projects and shielded PSOEs from minority shareholders’ demands.

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