Page 193 - SUSTAINABILITY ISSUES & COVID-19

Table 2 Average Ownership of SOEs
Year GOVT PRIVAT FOREIGN PUBLIC
2013 0,6427 0,1127 0,1151 0,1502
2014 0,6579 0,0678 0,0959 0,1356

2015 0,6070 0,0813 0,1372 0,1617
2016 0,5947 0,0767 0,1483 0,1805
2017 0,6196 0,0661 0,1482 0,1436
2018 0,6116 0,1064 0,1463 0,1700
2019 0,6147 0,0763 0,1581 0,1688

Average 0,6211 0,0839 0,1355 0,1586

SOEs that go public are engaged in strategic industries that control the lives of many people, such as telecommunications,
construction, banking, pharmaceuticals, energy, iron and steel, mining, construction, and cement, therefore the
percentage of ownership of the Indonesian government should be maintained to match mandated by the 1945
Constitution. The sustainability of SOEs’ business is meaningless if the performance of SOEs is increasing, but on the
other hand, the percentage of ownership of the Indonesian government is decreasing, and foreign ownership is
increasing. Ownership of private domestic institutions and ownership of the wider community (public) tends to be
stable.

Govt
Privat
Foreign
Public

Year

Figure 1
Trend Average Percentage Government of Indonesia ownership of SOEs

4.3. Descriptive Statistics of SOEs and Non-SOEs
Based on descriptive statistics it is known that the number of observations is 294, consisting of SOEs 140 observation
and non-SOEs 154. Minimum equity to total assets (EAR) is -28.20%, a maximum of 96.35%, and an average of 42.71%.
Debt to assets (DAR) is a minimum of 2.71%, a maximum of 98.20%, and an average of 56.69%. Minimum ROA of -55%,
a maximum of 92.51%, and an average of 5.11%. Minimum ROE of -1.23%, a maximum of 66.59%, and an average of
12.88%.

192 International Conference on Sustainability
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