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In the era of high uncertainties, all businesses, including state-owned enterprises, are trying to be resilient, be able to absorb the negative impacts caused by the changes, adjust, rebound, and then thrive and success after the disruptions. This study aims to examine to what extent risk management and alliance management capabilities promote enterprise resilience among Indonesian state-owned enterprises using dynamic capability theory. Analysis was done using SPSS and Structural Equation Model – Partially Least Squares on 322 valid questionnaires that were received via an online survey from the boards of directors and senior management of state-owned enterprises and their subsidiaries. The study discovered that alliance management capabilities have a significant positive effect on enterprise resilience and risk management practice. Furthermore, the findings show that risk management contributes significantly to the formation of enterprise resilience and act as a mediator between alliance management capabilities and enterprise resilience. Thus, enterprise resilience can be developed by having the ability to form and manage alliances effectively and efficiently, as well as practicing risk management, which allows a firm to anticipate and plan mitigation actions in the face of an uncertain and disruptive situation.Acknowledgment We acknowledge the Ministry of Higher Education Malaysia for HICoE Research Funding, Accounting Research Institute (ARI), Universiti Teknologi MARA, Malaysia, Universitas Indonesia, Indonesia, for all support and resources.

Risk management practice, alliance management capability, and enterprise resilience: Findings from Indonesian state-owned enterprises