Figure 7. Debt-to-equity ratio of Indonesia’s major state-owned construction companies
Adhi Karya
0
1
2
3
4
5
6
2012
2013
2014
2015
2016
2017
2018
2019
2020
Hutama Karya
0
1
2
3
4
5
6
2012
2013
2014
2015
2016
2017
2018
2019
2020
Jasa Marga
0
1
2
3
4
5
6
2012
2013
2014
2015
2016
2017
2018
2019
2020
Pembangunan
Perumahan
0
1
2
3
4
5
6
2012
2013
2014
2015
2016
2017
2018
2019
2020
Waskita Karya
0
1
2
3
4
5
6
2012
2013
2014
2015
2016
2017
2018
2019
2020
Wijaya Karya
0
1
2
3
4
5
6
2012
2013
2014
2015
2016
2017
2018
2019
2020
Source:
Author’s calculation based on data from Indonesia’s Ministry of Finance.