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Exploring good corporate governance and performance in Indonesian state-owned enterprises from a qualitative approach

Nathan Junino Jahja et al.

Qualitative Research in Financial Markets2026https://doi.org/10.1108/qrfm-09-2024-0269article
AJG 1ABDC B
Weight
0.50

What the paper says

Purpose This study aims to gain in-depth insights into good corporate governance (CG) practices in Indonesian state-owned enterprises (SOEs) and to explore how these practices are perceived to influence performance from the lens of institutional theory and Type II agency theory. Design/methodology/approach In all, 16 in-depth interviews were conducted with regulators, directors and top management from listed and unlisted SOEs using a qualitative exploratory research design. Findings Despite efforts to integrate the Anglo–Saxon CG system into the Indonesian context, the findings of this study reveal that, for most respondents, SOEs predominantly fulfil a legitimacy function within the institutional framework rather than fully embracing Good Corporate Governance (GCG) principles. Furthermore, this research found that the current GCG scoring system remains heavily compliance-oriented. This research recommends enhancing SOE performance through targeted educational programmes for directors to clarify the true spirit of CG and the objectives of the GCG scoring system, rather than treating it as a mere compliance exercise. Research limitations/implications This study implicates policymakers and regulators to integrate performance-linked indicators into governance assessments, ensuring governance effectiveness beyond compliance, with lessons applicable to other developing economies seeking stronger governance outcomes. The data scope of this study is limited to the Indonesian context. Future research may explore SOE governance in other developing economies, offering comparative insights and identifying transferable best practices. Originality/value Despite its limitations, this study contributes to the body of knowledge surrounding SOEs, especially in the Indonesian context, from the perspectives of agency and institutional theories.

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https://doi.org/https://doi.org/10.1108/qrfm-09-2024-0269

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@article{nathan2026,
  title        = {{Exploring good corporate governance and performance in Indonesian state-owned enterprises from a qualitative approach}},
  author       = {Nathan Junino Jahja et al.},
  journal      = {Qualitative Research in Financial Markets},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1108/qrfm-09-2024-0269},
}

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Exploring good corporate governance and performance in Indonesian state-owned enterprises from a qualitative approach

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.