Transformasi Kinerja Keuangan BUMN Pasca-Danantara: Pendekatan DuPont Analysis
DOI:
https://doi.org/10.30588/jmp.v15i2.2593Keywords:
Danantara, Financial Performance, DuPont Analysis, BUMN, State-owned enterpriseAbstract
The formation of Danantara is a strategy to transform SOE governance through investment consolidation. This research analyzes changes in the financial performance of nine banking and non-banking SOEs before and after Danantara's integration using the DuPont analysis. The results indicate that Return on Equity (ROE) in both sectors experienced a short-term decline due to transition costs and structural adjustments. ROE patterns differed across sectors, with the banking sector relying more on asset efficiency, while the non-banking sector was influenced by interest expense management and operating margins. These findings suggest that Danantara's impact is sectoral, so performance evaluation and synergy-strengthening strategies need to be adapted to the characteristics of each SOE business.
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