Determinants of BUMD Financial Performance: Implications for Regional Economic Resilience in Indonesia
DOI:
https://doi.org/10.55960/0wrn5209Keywords:
Asta Gatra;, BUMD;, Corporate governance;, Net earnings;, Regional economic resilienceAbstract
Purpose: This study examines the determinants of net earnings among Indonesian regionally owned enterprises (BUMDs) and their implications for regional economic resilience within the Asta Gatra framework.
Design/methodology/approach: A quantitative explanatory design combines cross-sectional ordinary least squares regression of 621 BUMDs in 2022 with provincial fixed effects panel regression involving 170 province-year observations from 2020 to 2024. The models assess regional economic characteristics, corporate resources, governance, fiscal capacity and government policy using secondary financial and official statistical data.
Findings: Gross Regional Domestic Product (GRDP) exhibits a positive association with net earnings in both models. Total assets and supervisory board size show positive associations at the enterprise level, whereas the Human Development Index and financial-sector classification exhibit negative associations. Provincial fiscal capacity is negatively associated with aggregate earnings. Capital participation and government policy lack statistically significant associations at the 5% level. Regional differences indicate heterogeneity, although differences between coefficients remain untested.
Implications: Regional governments should prioritise productive asset management, evaluate capital participation and strengthen corporate oversight while maintaining public service obligations. The findings inform economic resilience policy without establishing a direct causal relationship between BUMD earnings and national resilience.
Originality/value: The study integrates enterprise-level and provincial evidence with the Asta Gatra framework, connecting BUMD financial performance to economic resilience and the geographical, demographic and political dimensions of regional development.
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