Prioritizing Corporate Turnaround Strategies in Construction State-Owned Enterprises: A Single-Case Study
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Fajar Ariyanto*
Tanti Novianti
Asep Taryana
Indonesia's state-owned construction enterprises must reconcile their public infrastructure role with commercial discipline, particularly after pandemic-related disruption and the accumulation of project-financing pressure. This study identifies the external and internal drivers of performance decline, evaluates corporate performance, formulates turnaround alternatives, and determines strategic priorities for PT Wijaya Karya (Persero) Tbk. (WIKA). A multiphase mixed-method design combined archival analysis of corporate and government documents with structured managerial and expert judgment. Internal resources were assessed through VRIO by three directors; PESTLE findings and the integrated SWOT were validated with three directors and four external experts; performance gaps were evaluated through the Balanced Scorecard; and sixteen SMART alternatives were ranked using a Quantitative Strategic Planning Matrix. The 2023 results showed a net loss of IDR 7.825 trillion, cash and cash equivalents of IDR 3.233 trillion, and equity of IDR 9.572 trillion. WIKA retained durable underlying strengths in reputation, brand value, and organizational knowledge, though the severity of its financial distress raises questions about the extent to which these intangibles remain undiminished, alongside clear weaknesses in liquidity, leverage, digital integration, talent readiness, and portfolio dependence on government projects. The leading priorities were innovation-led lean management (TAS 41.58), acquisition of green and digital infrastructure projects (40.84), financial risk and backlog monitoring (40.78), strict cost and asset-utilization control (40.65), and accelerated process digitalization (40.53). The findings support a sequenced turnaround architecture that stabilizes cash and project economics while converting intangible strengths into diversified, technology-enabled, and sustainable growth.
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