AbstractThis text aims to conduct a historical analysis of the development of the Semarang-Joana Tram Company or Stoomtram Maatschappij (SJS) in the railway map of Indonesia from the Dutch Colonial era to the Post-Independence period. The analysis employed historical methods, relying on primary sources obtained from Dutch and Indonesian archives and libraries, as well as interviews, site visits, and focus group discussions. The results showed that historical situation factors significantly determined the culture and performance of SJS companies. During the Dutch Colonial period, this situation strongly supported the growth and development of the company due to being assisted by ‘an open-door policy’ that provided foreign capital. Furthermore, the external factors that benefited the success of the SJS company at the beginning of its development included the following: (1) the ease of processing land for the railway, (2) the establishment of a previously designed railway, (3) the growth of plantation companies, (4) plantations, and (5) urban population improvement. The political changes during the Japanese military occupation led to the integration of SJS management into the government railway management under the Rikuyu Sokkyoku Administration. After Indonesia gained independence, SJS was nationalized and managed under the same administration as the Government Railway Department, which later became PT Kereta Api Indonesia. The shift in management from a private company to a government entity resulted in a decline in SJS performance.