An Increased on Firm Value: Insight in State Owned Enterprises that Listed on the Indonesia Stock Exchange 2013-2018

In an emerging market, the firm value has become an important variable for raise capital and sustainableperformance within the national economic development that conducted within Indonesian as the most economicallycharged. The purpose of this study is to examine an effects of corporate governace perceptions ındex (CGPI), debt to equity ratio (DER), size of firm, and exchange rate, on state owned enterprises (SOEs) financial performance, and their implication on SOEs values that listed on the Indonesia Stock Exchange in 20132018. Furthermore, the quantitative approach conducted within inquiry this research that used Eviews ver. 9.0 for analysis the panel data. Hence, the SOEs that listed on the Indonesia Stock Exchange in 2013-2018 as the populations. This study found that CGPI, DER, and exchange rate have significant affected on SOEs Financial Performance that listed in Indonesia Stock Exchange and the simultaneously contributions with R-square of 0.975 and except firm size that is not significant. Finally, the results also indicate firms may have to these variables and financial performance was a significant impact on SOEs values, within the R-square of 0.874, even if SOEs are not doing business in our country and sustainability business.


INTRODUCTION
The firm value on state owned enterprises (SOEs) financial performance as an implications within corporate governance and many factors have inquiry in this decade particularly conducted within an emerging markets that its would be the foreign investments as the important channel to raise the capital (Chang et al., 2013;Guiral, 2012;Habib and Jiang, 2015;Macinati and Anessi-Pessina, 2014;Martins and Lopes, 2016;Peter et al., 2017;Pradhan, 2016). Thus, the higher of The firm value on SOEs that reflected the firm's performance could leads many investors with their good perceptions to the corporate-performance and related with the firm price of the stocks. Hence, the height firm value would shows the market positions and it's prospected for the future. Regardless of the important firm value could be impact to the stakeholders that conducted measured within Tobins' Q ratio. (Bell et al., 2013;Chang et al., 2013) (Bontis et al., 2002;Park et al., 2012;Saridakis et al., 2012).
Actually, the corporate governance SOEs should be the priority for some development countries for many decades. The good corporate governance was the basis of the market economic-system; cause within the applied would support and create the good business environment increasing the competitive advantage within the superior situations and avoiding the corruptive behavior. Hence, the related to transference concerns, accountability, the financial reporting quality, the responsibility, independency, and fairness, lack of public service-orientation and also un fair competitions. (Li et al., 2014) (Habib and Jiang, 2015) (Bell et al., 2013;Matei and Drumasu, 2015;Peter et al., 2017). Furthermore, the data of the debt to equity ratio (DER) of the corporate governance SOEs the corporate governance SOEs in Indonesia, as follow Table 1.
Indeed, the graph indicated the DER of BUMN among sector compare within DER Industries 2018, as follow Figure 1.
Recently, since the opening BUMN-index, it could indicated the positively trend, as Figure 2.
The given empirical-data indicated the lack on the value of capitalizations stocks within BUMN -index that achieved in 25%, but in the reality not interrelated to the performance of stock SOEs -BUMN.
The gaps in this inquires and investigated have how increased the financial performance that could impact to attempt firm value that conducted to full fill with the research model with the corporate governance perceptions index, DER, size of firms and an exchange rate on the SOEs financial performance and their implication on SOEs values that listed on the Indonesia Stock Exchange in 2013-2018.

LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT
The researcher was conducted within an Agency theory to develop and explain, controlling and evaluating firms governance of SOEs -BUMN with delineating firms owners as principals that they hire CEO-managers to carry out and handling BUMN business for the operating within sustainable business in emerging markets. Furthermore, the signaling theory would be support in this study within the corporate governance that involved termed the agent that could conveying the great information's about SOEs-BUMN products and the services in emerging markets to another party and the stakeholder and also the principals to pursue the future prospects. Hence, the executives in SOEs-BUMN should state the best information's in their firms to the prospects investors to attempt and increase the stocks-price and the market orientations and also the transaction analysis. (Josh et al., 2016;Song et al., 2015) (Krafft et al., 2004) (Claro and Bortoluzzo, 2015;Kloviene et al., 2015;Thomas, 2015;Wiersma, 2017;Zhang, 1998).
Indeed the signaling model development would explaining the firm-investment structure base on the asymmetric information's-base, that conducted between the managers with well informed and the outsider within poorly informed and also indicated a view the prospects. The model was develop conducted idea-based that the mangers belong the best information's within the firms and would be deliver to new-investors for increase the stocks-price. Hence, the asymmetric information's within the SOEs-BUMN could the managers not be able only provide the entire well information but among managers from other firms could deliver an other information that make the investor not in believe, and waiting within a long-time to proved the trust of information from managers. The signaling have an indicated for the firms managers take an actions within firm management that delivered on an investors how the view some prospects (Brigham and Houston, 2017; Krause et al., 2013;Dutta, 2012;Palmatier et al., 2013).

Proposed the Frame Work and Hypothesis Development
The scholars have develop for the research framework to fulfill the research gap to finding the knowledge that could contributions on the body of knowledge of the theories and    (Chang et al., 2013;Chang et al., 2016;Perin et al, 2016;Pradhan, 2016;Taghieh et al., 2013). Hence, the emerging-market, competitive advantage and performance should be based for making the action plan for run the business. (Castaño et al., 2016;Demirkan and Spohrer, 2014;Kapferer, 2012;Torun and Çicekci, 2007).
As follow in Figure 3.
The hypotheses in these inquiries, therefore:

RESEARCH METHOD
The study attempt some objective conducted within the quantitative-based management research approach and to gain the result to confirmed entire hypothesis also could predicted to the SOEs financial performance, and their implication on SOEs values that listed on the Indonesia Stock Exchange in 2013-2018 (Christopher, 2010;Kloviene et al., 2015;Matei and Drumasu, 2015;Peter et al., 2017).

Sample and Data Collection
The data source for this empirical study that publications intensified, annual growth from the Indonesian Capital Market Directory, an annual report the entire firms and also from website of the BEI.

Measurement Variables
The scholars have the observation forms to gain the secondary data that finding from the report of economic statistical Indonesia-National library (e.g; the report of financial BUMN, Data of the CGPI-BUMN that listing in BEI by The Indonesian Institute for Corporate Governance 2013-2018 and also the data of value exchange -middle curs that published by central Bank-Indonesia.

Data Analysis
The analysis was to publications not entire variable cause the important thing in this investigation to pursues the firm-value SOEs that measure conducted within Tobin's Q ratio, that the one of alternatively for measure the firm value. (Chang et al., 2013). Moreover, the Tobin's Q ratio was calculated factors that could be reflected the shareholder conditions, cause conducted within calculated the financial-market estimations recently and within value of return-money for an incremental investment that form-combined from the assets in place and an option to the financial-investments on the future. The descriptive data of the firm-values in eight SEOs-BUMN that listing in BEI 2013-2018, as follow Table 2.
The data finding on  Figure 4 below: The prediction finding that has the power for predictions within math-equations as follow: The regression conducted with fixed effect model (FEM) and could be utilizing exactly for estimation the first empirical-equations, ROA = 0,364 + 0,562*CGPI + 0,00027*DER + 0,00004* Size -10,516* Kurs + [CX=F] (1) And the second empirical equations that conducted with FEM as follow:

The Hypothesis Testing
The important discovery with strong methodical in this investigate to improve the firm value of SOEs was to delineate of the research hypothesis as follow in Table 3.

CONCLUSIONS, RESEARCH CONTRIBUTION AND DIRECTIONS FOR FUTURE RESEARCH
The pursue of firm value SOEs-BUMN has been affected with an entire independent variables and intervening variables as CGPI, DER, (SIZE), Exchange rate (CURS) and (ROA). (Herrera and Sanchez-Gonzalez, 2012;Oh et al., 2014). (Buchheit et al., 2012;Martins and Lopes, 2016).

Conclusions
The output of entire hypothesis testing indicated the Statistically Significant but only firm size that could not confirmed affected to the financial firm performance (ROA). Furthermore, The regression conducted with FEM and could be utilizing exactly for estimation the first empirical-equations and the second empirical equations that conducted with FEM has more exactly utilize in this investigated.

Research Contributions
The evidence base from this study could be delivering some contributions to develop and to body of knowledge the Signaling theory that conducted to the investments for the future. (Kazlauskienė, 2015;Mavlanova et al., 2012). Moreover, the result of this study will be providing the many financial-information's to leads some investor perceptions (Bell et al., 2013;Bhootra and Hur, 2012;Chang et al., 2013).

Limitations and Future Research
Actually, the data has not enough robust for only at range 5 years to conducted within regression analysis and the outcome would less accurate and power for doing predictions. Hence, the eight SOEs-BUMN that inquiry in this study have listing in BEI only. (Cheng and Coyte, 2014;Iwai and Azevedo, 2016). Furthermore, the study was could improve for the future research that conducted within some other among variables pertains; EPS, CSR, and firm-cash flow and also corporate reputations on competitive advantage, the financial structure, the incentive and also developing relational capital.