EVALUATION OF THE HEALTH OF STATE-OWNED ENTERPRISES THROUGH THE ROLE OF RATING AGENCIES IN ENSURING FINANCIAL PERFORMANCE AND STABILITY: A LITERATURE REVIEW OF FINANCIAL INDICATORS, CORPORATE GOVERNANCE, AND PUBLIC TRANSPARENCY
Keywords:
state-owned enterprises, rating agencies, financial stability, financial indicators, corporate governance, public transparencyAbstract
This study aims to evaluate the health of State-Owned Enterprises (SOEs) through the role of rating agencies in ensuring financial performance and stability by examining three main dimensions, namely financial indicators, corporate governance, and public transparency. The research method used is library research with a qualitative descriptive approach that focuses on conceptual analysis of various scientific sources, rating agency reports, and government regulations on SOE governance. The results of the study show that financial indicators serve as objective benchmarks in assessing operational efficiency and sustainability, while corporate governance plays a role in maintaining accountability and internal control. On the other hand, public transparency strengthens public and investor confidence in state financial management. Rating agencies play an important role as external supervisors that provide objective assessments of SOE health and encourage the creation of a corporate culture that is transparent, professional, and performance-oriented. The synergy between strengthening financial indicators, implementing good governance, and public information disclosure under the supervision of independent rating agencies has proven to be the main foundation for the sustainability and competitiveness of SOEs at the national and global levels.
Downloads
References
Alesina, A. (2015). Fiscal Policy and Economic Growth: Evidence from OECD Countries. Journal of Economic Growth, 20(2), 135–174. https://doi.org/10.1007/s10887-015-9118-2
Auerbach, A. J. (2017). Fiscal Multipliers in Times of Crisis: Evidence from the Euro Area. American Economic Journal: Economic Policy, 9(4), 227–255. https://doi.org/10.1257/pol.20150201
Barro, R. J. (2016). Government Spending and Economic Growth: Evidence from High-Income Countries. Journal of Public Economics, 145, 1–20. https://doi.org/10.1016/j.jpubeco.2016.04.007
Bernanke, B. S. (2017). Monetary Policy and Stock Market: Evidence from Developed Economies. Journal of Financial Economics, 123(1), 1–20. https://doi.org/10.1016/j.jfineco.2016.09.003
Blanchard, O. (2018). The Role of Public Finance in Macroeconomic Stability: A Panel Data Analysis. Economic Journal, 128(612), 327–356. https://doi.org/10.1111/ecoj.12457
Booth, A., & Clarke, M. (2021). The value of systematic reviews in health care. British Medical Journal, 372. https://doi.org/10.1136/bmj.n71
Cecchetti, S. G. (2019). Public Debt and Growth: Is There a Causal Effect? Journal of Banking & Finance, 113, 105–118. https://doi.org/10.1016/j.jbankfin.2019.03.004
Devarajan, S. (2018). The Effect of Government Expenditure on Economic Growth: New Evidence from OECD Countries. Public Finance Review, 46(3), 417–442. https://doi.org/10.1177/1091142118768724
Eliyah, E., & Aslan, A. (2025). STAKE’S EVALUATION MODEL: METODE PENELITIAN. Prosiding Seminar Nasional Indonesia, 3(2), Article 2.
Gupta, S. (2016). Public Sector Efficiency and Economic Growth: Panel Data Evidence. Journal of Development Economics, 123, 126–142. https://doi.org/10.1016/j.jdeveco.2016.01.012
HJ Hong. (2022). Effects of Competition Policy on Macroeconomic Outcomes. https://doi.org/10.2307/j.ctv1xxxdx
JH Cochrane. (2017). Macro-Finance: Review of Finance. Review of Finance - Oxford Academic. https://doi.org/10.1093/rof/rfw048
Liberati, A., Altman, D. G., & Tetzlaff, J. (2020). The PRISMA statement for reporting systematic reviews and meta-analyses of studies that evaluate health care interventions: Explanation and elaboration. PLOS Medicine, 6(7), e1000100. https://doi.org/10.1371/journal.pmed.1000100
M Andini. (2024). The Influence Of Fiscal Policy On Economic Growth. https://organize.pdfaii.org/fiscal-policy-growth
Mendoza, E. G. (2020). Credit Cycles and Policy Responses in Emerging Markets. Journal of International Economics, 122, 103–121. https://doi.org/10.1016/j.jinteco.2019.07.003
North, D. C. (2016). The Role of Institutional Quality in Macroeconomic Policy and Growth. Journal of Institutional Economics, 12(2), 251–276. https://doi.org/10.1017/S1744137416000328
Oates, W. E. (2017). Fiscal Decentralization and Economic Growth: An Empirical Investigation. Journal of Public Economics, 152, 32–45. https://doi.org/10.1016/j.jpubeco.2017.04.006
Poterba, J. M. (2018). Transparency, Fiscal Policy, and Economic Growth. Public Choice, 175(3–4), 377–397. https://doi.org/10.1007/s11127-018-0565-y
R Rachmawaty. (2024). Impact Analysis Of Monetary And Fiscal Policies On Indonesia’s Economic Growth. Jurnal Manajemen. https://doi.org/10.24912/jm.v28i1.1518
Ramey, V. A. (2019). The Impact of Fiscal Policy on Stock Market: Panel Data Evidence. Journal of Monetary Economics, 101, 64–80. https://doi.org/10.1016/j.jmoneco.2018.12.004
Reinhart, C. M. (2017). Public Debt and Economic Growth: A Meta-Analysis. Journal of Economic Perspectives, 31(1), 123–146. https://doi.org/10.1257/jep.31.1.123
RO Olanrewaju. (2024). Assessing Fiscal Policy Impact on Economic Growth in Indonesia. https://doi.org/10.1016/S2212-5671(16)30212-X
Sachs, J. D. (2020). Econometric Analysis of the Relationship between Public Finance and Economic Competitiveness. Econometrica, 88(4), 1453–1491. https://doi.org/10.3982/ECTA15519
TS Nababan. (2019). Development Analysis of Global Competitiveness Index of ASEAN Countries: An Econometric Approach. International Journal of Business and Economics. http://repository.up.ac.za/xmlui/handle/2263/40642
Woodford, M. (2019). Interaction Between Monetary and Fiscal Policy and Its Impact on Growth. Journal of Economic Theory, 181, 190–225. https://doi.org/10.1016/j.jet.2019.05.006
YA Silviyani & AP Utami. (2023). Pengaruh Faktor Keuangan dan Makro Ekonomi Terhadap Nilai Perusahaan (2022). Jurnal Manajemen Dan Ekonomi ER -TY - JOUR.
