https://ojs.ekuitas.ac.id/index.php/REAS <p>Review of Accounting and Business is a peer-reviewed journal published biannually in June and December by Universitas Ekuitas Indonesia, Bandung, Indonesia. The Reas aims to invite articles that contribute to developing and understanding the role of accounting in business to various academics, researchers, practitioners, regulators, students, and other interested parties. Papers can cover any area of accounting, which is broadly defined and covers specific areas of business research such as corporate governance, corporate finance, capital markets, and banking. The author can take a conceptual or empirical approach, using either quantitative or qualitative methods written in Indonesian. Reas received manuscripts from Indonesian and international authors.</p> en-US reas@ekuitas.ac.id (Tri Widiastuty) reas@ekuitas.ac.id (Reka Tantia Aktrisa) Tue, 09 Dec 2025 08:56:05 +0700 OJS 3.2.1.5 http://blogs.law.harvard.edu/tech/rss 60 https://ojs.ekuitas.ac.id/index.php/REAS/article/view/1078 <p><strong>Introduction/Main Objectives:</strong> The research examines how the structure of assets in Regional Government-Owned Enterprises (BUMDs) in Indonesia reflects their orientation in the sector they operate in. <strong>Background Problems:</strong> The paper addresses the problem of whether asset composition is significantly associated with business sectors and how such distribution patterns reveal the underlying public or commercial orientation of BUMDs in Indonesia. <strong>Novelty:</strong> This paper offers a novel empirical mapping of asset orientation using Correspondence Analysis, a method rarely applied in public sector financial research. <strong>Research Methods:</strong> A descriptive quantitative approach was utilized using secondary data from the report by Statistics Indonesia about BUMDs in 2023. The data were analyzed at the sectoral level of BUMD companies, originally expressed as percentage composition of four types of assets. The original percentage data were then converted into a contingency table format to be utilized for Correspondence Analysis and the Chi-square Test to determine the significance of the relation between various sectors and assets. <strong>Finding/Results:</strong> The study finds a statistically significant relationship between asset types and business sectors, with visual mappings showing that commercial sectors cluster around current assets while public-oriented sectors concentrate on fixed assets. Sectors such as finance, trade, and information emphasize liquidity, whereas construction and health prioritize infrastructure-heavy capital. <strong>Conclusion:</strong> Asset structures of BUMDs align with sectoral mandates and business orientations. These findings offer insights for regulators and enterprise managers to better align financial planning with institutional mission and to encourage the use of multivariate visual tools in public finance research.</p> Hery Syaerul Homan, Sani Susanto Copyright (c) 2025 Hery Syaerul Homan dan Sani Susanto https://creativecommons.org/licenses/by/4.0 https://ojs.ekuitas.ac.id/index.php/REAS/article/view/1078 Thu, 08 Jan 2026 00:00:00 +0700