Evaluation of Hybrid Business Models in Indonesian State-Owned Enterprises: A Literature Review of the Reality of Social Entrepreneurship in PNM and Danantara

Abstract

The transformation of State-Owned Enterprises (SOEs) toward hybrid business models has become a key strategy in addressing social challenges in Indonesia. However, there is skepticism about whether these initiatives truly create independent social enterprises or simply conventional social assistance programs. This Literature Review Paper (LRP) aims to evaluate the reality of social entrepreneurship at PT Permodalan Nasional Madani (PNM) and PT Daya Anagata Nusantara (Danantara) through a systematic literature review of 15 accredited academic journals covering the years 2014–2024. The analytical method used is matrix synthesis to identify research gaps from a strategic perspective. The findings of this review indicate significant managerial and contextual gaps, where existing programs often face the risk of mission drift due to pressures for financial efficiency overshadowing the social mission. Furthermore, there is a lack of integration of impact measurement metrics such as Social Return on Investment (SROI) into major investment strategies. The implications of this study emphasize the need for a reorientation of KPIs that focus on customer independence and accountability for social impact to ensure the program's transition into a sustainable social entrepreneurship entity. This paper provides a theoretical contribution to the strategic management literature on managing hybrid organizations in the Indonesian public sector.