This paper looks at managerial diversion and agency theory and how both arguments may be applied to describe the governance practices and performance of state-owned enterprise companies in Indonesia. Managers are the main focus of the approaches, on the assumption that managers tend to expropriate the firms' and shareholders' value for their own benefit instead of looking for ways to maximize shareholders' value and fulfill their stakeholders' needs. Indonesia is selected because it has the highest number of State-Owned Enterprise (SOE) companies among the ASEAN countries. The government holds more than 51 percent of the shares and has a unique governance structure with two-tier boards to manage and run the companies. Besides, most of Indonesia’s SOE companies have a tight connection with Indonesia’s political party. With these characteristics, the agency problem in Indonesia's SOE companies is more prevalent compared to other listed SOE companies. The managerial diversion, which is linked to corruption, might be the principal critical factor that hinders SOE companies from performing well. Thus, even with the introduction of a good corporate governance score by the Indonesian government, which is imposed on SOE companies, it may not be able to improve the overall financial performance of SOEs as well as governance practice in the companies. This paper's objective is to review and examine prior literature on corporate governance and managerial diversion from the perspective of state-owned enterprise companies in Indonesia.

This study analyzes the relationship between Corporate Social Performance and Corporate Financial Performance in State-Owned Enterprise (SOE) and non-SOE companies in Indonesia. The issue of CSR in developing countries is still left behind compared to developed countries in Europe and America. Previous research has shown how CSP can affect CFP is quite positive. the extent of the influence of CSR on financial performance will be measured using regression analysis. This research is a quantitative study using the Ordinary Least Square (OLS) method. Our data sources consist of companies listed on the IDX and have an ESG rating from 2013-2017. Besides, it will be seen the influence of the government in market competition, especially regarding SOE companies. The results show that CSP has a weak influence on the company's financial performance in all samples. In the case of Indonesia, state ownership does not influence the effect of CSP on CFP. In third model, this research show that CSP has a significant negative effect on the competitive industry group, but in concentrated industry shows that CSP has no significant effect on CFP. This study shows different result from many previous studies. This study has limitations because only a few state-owned companies in Indonesia have listed, furthermore too many companies in Indonesia did not have ESG rating during 2013-2017.

Efficient Market Hypothesis states that stock price immediately reflects all available information, but evidence on delay in information absorption gave rise to the idea that current financial ratios may affect future stock price and return. This study aimed to determine whether financial ratios affect stock return in Indonesian market, represented by stocks in LQ45 2019 index, and to study factors that may cause deviation in this regard. We obtained panel data from stocks in LQ45

The purpose of this research is to describe PT XYZ, company engaging in Textile and Product Textile Industry ("TPT Industry") the effect of Global Bond issuance pursuant to the corporate financial performance and value-added creation. TPT Industry face many challenges and obstacles that may lead to company financial distress which already happen in emerging country such as Indonesia. The calculation towards company financial performance are using Economic Value Added ("EVA") method. This research conducted on 2014-2019 period. PT XYZ will be compared with four others TPT Industry company which are the top highest market capitalization company in Indonesia. The result of EVA calculation shows that the EVA score of target company and comparison company are mostly negative. Company in TPT Industry must understand financial policy alternative to avoid financial distress condition. The appropriate and exact financial policy grant the company ability to overcome global economic volatility, international trade, competition, and trade war.

Every company should implement Good Corporate Governance (GCG), hoping by implementing GCG the company will get value-added and achieve sustainability business. Besides that, it is important to see the return for the company if it implements GCG especially for the value of the firm. This paper is an empirical study to investigate the impact of the Corporate Governance Perception Index (CGPI) on a firm's value which is measured by using the Price to Book Value (PBV) ratio. Besides that, this study used the publication of Corporate Social Responsibility (CSR) as moderating variable to see whether CSR could make CGPI's effect stronger in impacting PBV, therefore this study used 2 research model where model 1 uses CGPI and CSR and addition CSR as moderating variable in model 2. The result of research model 1 shows that CGPI has a negative significant impact on PBV and CSR has a negative insignificant impact on PBV. Research model 2 shows that both CGPI and CSR have a negative insignificant impact on PBV while moderating variable has a positive insignificant impact on PBV. This study showed different results from the previous study.