Company Value of Indonesia State-Owned Enterprises during the Pandemic Covid-19

The uniqueness of State-Owned Enterprises is that the ownership of SOE companies is in the hands and regulated by the government and is an attraction for investors to invest. Investors believe that SOE stock prices will provide high value despite economic, political, and social shocks including the COVID-19 pandemic that has hit Indonesia since March 2020 until now and has undermined the performance of company management that has been built since the company was founded. This research is to see how much company value is generated from management performance in managing owner's wealth, investment decisions, and macroeconomic conditions as well as its effect on investors in State-Owned Enterprises. The non-random sampling technique was used in 20 state-owned companies from 25 companies by ignoring the banking SOEs listed on the Indonesia Stock Exchange in 2020. The analysis technique uses Partial Least Square which consists of the Inner model, Outers model, and Weight relation. The results showed that macro fundamentals had a significant and negative effect on financial performance (H3); ownership structure has a positive and significant effect on firm value (H7) and funding decisions have a negative and significant effect on financial performance (H8). The test results on firm value are not only determined from macro fundamental variables, investment decisions, ownership structure, and performance but there are other variables outside of the variables being tested. Keywords: company value, investment decisions, ownership structure, covid-19 pandemi