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SOEs. The DAR and EAR of SOEs and non-SOEs are significantly different as shown in the t-test and the Mann Whitney
Kolmogorov Smirnov test. This means that the DAR of Non-SOEs is not as high as SOEs, and EAR for Non-SOEs is not as
low as SOEs.

DAR
EAR

Year

Figure 3
Average DAR and EAR at Non - SOEs

4.5. The average ROA and ROE at SOEs and Non-SOEs
The average ROA and ROE of SOEs and SOEs can be seen in table 4. Based on table 4, figures 4 and 5, it is known that
the average ROA and ROE have a decreasing trend. The average ROA and ROE of SOEs are higher than that of non-
SOEs.
Table 5
Average DAR and EAR of SOEs and NON SOEs from 2013 to 2019

SOEs NON SOEs
YEAR ROA ROE ROA ROE
2013 0,0865 0,2292 0,0622 0,0619
2014 0,0508 0,1412 0,0595 0,0974
2015 0,0544 0,2061 0,0392 0,0638

2016 0,0442 0,1088 0,0706 0,1044
2017 0,0641 0,1250 0,0382 0,3367
2018 0,0499 0,1235 0,0570 0,0885
2019 0,0371 0,0905 0,0051 0,0756
Average 0,0553 0,1463 0,0474 0,1183

The amount of debt to SOEs increases the monitoring of creditors so that they always have better performance to pay
off their obligations. On the other hand, the amount of debt to SOEs also increases interest costs which will reduce the
company’s net profit.

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