Researcher ORCID Identifier
0009-0001-4177-4390
Graduation Year
2025
Date of Submission
12-2024
Document Type
Campus Only Senior Thesis
Degree Name
Bachelor of Arts
Department
Economics
Reader 1
Murat Binay
Terms of Use & License Information
Rights Information
2024 Kathleen Humato
Abstract
My thesis investigates the impact of Japanese keiretsu-like structures on the financial performance of Indonesian businesses. Using data from publicly listed companies in Indonesia across seven key industries—mining, manufacturing, construction, chemicals, information and communication, financial services, and transportation—this study analyzes financial metrics such as Return on Assets (ROA), Return on Equity (ROE), and Weighted Average Cost of Capital (WACC) across a six-year period. My findings reveal that the keiretsu structure does not necessarily translate into the same benefits in Indonesia as it does in Japan, more specifically they differ between various industries. In capital intensive industries, keiretsu-like firms generally outperform non-keiretsu firms due to operational synergies and more efficient asset utilization, however, non-keiretsu firms perform better in industries requiring adaptability. Overall, my research demonstrates that the effectiveness of the keiretsu structure depends on the context and nature of the industry and local economy.
Recommended Citation
Humato, Kathleen, "The Impact of Keiretsu Structures on Indonesian Businesses" (2025). CMC Senior Theses. 3797.
https://scholarship.claremont.edu/cmc_theses/3797
This thesis is restricted to the Claremont Colleges current faculty, students, and staff.