ABSTRACT

The aim of this research is to analyze the variables that are suspected to be the main factors determining the competitiveness and performance of SOEs holding namely Top Management Team (TMT). This study analyzes the effect of TMT on SOE performance through corporate culture and competitive advantage of SOE. So the novelty in this study, the variable corporate culture serves as a variable consistent of TMT variables at the same time be variable antecedents to competitive
advantage and performance variables. In addition, this study analyzes competitive advantage as an intervening variable between TMT variables and firm performance. Analyzer used in this research is Structual Equation Model (SEM) with Partial Least Square (PLS), while sample used in this research is 46 units of SOEs Holding business in Indonesia.
The results showed that there was no direct influence of TMT diversity on company performance. This shows that the achievement on the performance, the main function of the TMT
in holding SOEs must strengthen corporate culture and competitive advantage. This research proves that corporate culture and corporate performance are the top strategic leaders in producing the performance of SOEs holding.

Keywords: SOEs, TMT, competitive advantage, corporate culture and company performance