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Indonesia's state-owned enterprises are now on the verge of adopting a new management system called values-based management (VBM) or management by values (MBV) initiated by the Ministry of State-Owned Enterprises (SoE) by introducing a set of core values, namely AKHLAK (abbreviation from Bahasa Indonesia's words: Amanah / Trustworthy, Kompeten / Competent, Harmonis / Harmonious, Loyal, Adaptif / Adaptive, and Kolaboratif / Collaborative). This study uses an inductive/qualitative approach to understand how these core values are measured. The implication of this study will help SoEs to decide whether to use indirect or direct measurement methods in their effort to translate core values into values-based management. The initial finding shows the sample SoEs do not have a solid understanding of the differences between direct and indirect values assessments yet utilize the method of choice quite exclusively and extensively.