Dampak Privatisasi BUMN Terhadap Kinerja Keuangan BUMN Indonesia
Abstract
This study aims to examine the differences in state-owned companies before privatization and after privatization is conducted in terms of the company’s financial perfomance. The company’s financial performance uses 10 financial of Gross Profit Margin, Operating Profit Margin, Net Profit Margin, Return On Assets, Return on Investment, Current Ratio, Total Debt to Total Asset Ratio, Total Debt to Equity Ratio, Fix Asset Turnover Ratio, Net Asset Turnover Ratio. This study method uses quantitative research. Data analysis uses mann-whitney different test. The sample of state-owned companies with a period consisting of 4 years before privatization and 4 years after privatization. Hypothesis test results show that the financial performance of state-owned companies after privatization is better than before privatization.
Keywords: Privatization; Financial Performance; State-Owned
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References
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Shen, C. H., & Lin, C. Y. (2012). Why government banks underperform: A political interference view. Journal of Financial Intermediation, 21(2), 181–202. https://doi.org/10.1016/j.jfi.2011.06.003
Srimindarti, C. (2004). Balanced Scorecard Sebagai Alternatif untuk Mengukur Kinerja. Fokus Ekonomi : Jurnal Ilmiah Ekonomi, 3(1).
Vickers, J., & Yarrow, G. (1991). Economic Perspectives on Privatization. Journal of Economic Perspectives, 5(2), 111–132. https://doi.org/10.1257/jep.5.2.111
Arocena, P., & Oliveros, D. (2012). The efficiency of state-owned and privatized firms: Does ownership make a difference? International Journal of Production Economics, 140(1), 457–465. https://doi.org/10.1016/j.ijpe.2012.06.029
Bachiller, P. (2012). The impact of privatization on economic performance in European companies. Journal Des Economistes et Des Etudes Humaines, 18(1), 1–20. https://doi.org/10.1515/1145-6396.1252
Bachiller, P. (2017). A meta-analysis of the impact of privatization on firm performance. Management Decision, 55(1), 178–202. https://doi.org/10.1108/MD-12-2015-0557
Barlian, R. S. (2008). No TitleManajemen Keuangan (5th ed.). JAKARTA: Erlangga.
Bovaird, T., & Loeffler, E. (2015). Public Management and Governance. Public Management and Governance. New York: Routledge. https://doi.org/10.4324/9781315693279
Bruton, G. D., Peng, M. W., Ahlstrom, D., Stan, C., & Xu, K. (2015). STATE-OWNED ENTERPRISES AROUND THE WORLD AS HYBRID ORGANIZATIONS The Chinese University of Hong Kong. The Academy of Management Perspectives, 29(1), 92–114.
Christiansen, H. (2013). Balancing Commercial and Non-Commercial Priorities of State-Owned Enterprises. OECD Corporate Working Paper: Balancing Commercial and Non-Commercial Priorities of State Owned Enterprises, (6), 1–53. Retrieved from https://search.proquest.com/docview/1351960088?accountid=14510
Dwidjowijoto, N. R., & Wrihatmolo, R. R. (2008). Manajemen Privatisasi BUMN. JAKARTA: PT Elex Media Komputindo Kelompok Gramedia.
Ghosh, M., & Whalley, J. (2008). State owned enterprises, shirking and trade liberalization. Economic Modelling, 25(6), 1206–1215. https://doi.org/10.1016/j.econmod.2008.03.005
Ho, P. H., Lin, C. Y., & Tsai, W. C. (2016). Effect of country governance on bank privatization performance. International Review of Economics and Finance, 43, 3–18. https://doi.org/10.1016/j.iref.2015.10.028
Hodge, G. A. (2018). No Titleענף הקיווי: תמונת מצב. עלון הנוטע (1st ed., Vol. 66). New York: Routledge.
Iannotta, G., Nocera, G., & Sironi, A. (2013). The impact of government ownership on bank risk. Journal of Financial Intermediation, 22(2), 152–176. https://doi.org/10.1016/j.jfi.2012.11.002
INDONESIA, P. R. UNDANG-UNDANG REPUBLIK INDONESIA NOMOR 19 TAHUN 2003 TENTANG BADAN USAHA MILIK NEGARA (2003). Indonesia.
Jumingan. (2014). Analisis Laporan Keuangan. Bumi Aksara.
Karlaftis, M., & McCarthy, P. (1999). The effect of privatization on public transit costs. Journal of Regulatory Economics, 16(1), 27–44. Retrieved from https://link.springer.com/content/pdf/10.1023/A:1008179629733.pdf
Lamothe, M., & Lamothe, S. (2010). Competing for What? The American Review of Public Administration, 40(3), 326–350. https://doi.org/10.1177/0275074009337621
Liang, H., Ren, B., & Sun, S. L. (2015). An anatomy of state control in the globalization of state-owned enterprises. Journal of International Business Studies, 46(2), 223–240. https://doi.org/10.1057/jibs.2014.35
Mahaputra, A. K. N. I. (2012). Pengaruh Rasio-Rasio Keuangan Terhadap Pertumbuhan Laba Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. Jurnal Akuntansi & Bisnis AUDI, 7(2), 12.
Mahsyar, A. (2015). Public Private Partnership : Kolaborasi Pemerintah Dan Swasta Dalam Pengelolaan Asset Publik Di Kota Makassar. Jurnal Administrasi Publik, 12(April), 71–80.
Marwell, N. P., & Calabrese, T. (2015). A Deficit Model of Collaborative Governance: Government-Nonprofit Fiscal Relations in the Provision of Child Welfare Services. Journal of Public Administration Research and Theory, 25(4), 1031–1058. https://doi.org/10.1093/jopart/muu047
Menteri Badan Usaha Milik Negara. Peraturan Menteri Badan Usaha Milik Negara Nomor : Per - 01/MBU/2010 (2010).
Mulyadi. (1999). Strategic Management System Dengan Pendekatan Balanced Scorecard (Bagian Pertama Dari Dua Tulisan) (1st ed.). JAKARTA: Usahawan.
Obura, D. (2010). Dampak Privatisasi Telekomunikasi Uganda Terhadap Pembangunan Sosio-Ekonomi Di Uganda. Universitas Sebelas Maret Surakarta. Retrieved from https://digilib.uns.ac.id/dokumen/download/14808/Mjk2Nzc=/Dampak-privatisasi-telekomunikasi-Uganda-terhadap-pembangunan-sosio-ekonomi-di-Uganda-abstrak.pdf
Palinda, O. (2016). Analisis kinerja keuangan dan operasional bank tabungan negara sebelum dan sesudah privatisasi melalui initial public offering. Universitas Gadjah Mada.
Rahayu, D. (2017). Analisis Perbandingan Kinerja Keuangan Bumn Sebelum Dan Sesudah Privatisasi Pada Pt. Semen Baturaja Tbk. Sekolah Tinggi Ilmu Ekonomi Perbanas.
Saragih, J. P. (2013). Politics and Economics of Privatization in the State. Jurnal Ekonomi Dan Pembangunan, 22(1), 83–105. Retrieved from http://www.jurnalekonomi.lipi.go.id/index.php/JEP/article/view/27/11
Shen, C. H., Hasan, I., & Lin, C. Y. (2014). The Government’s Role in Government-owned Banks. Journal of Financial Services Research (Vol. 45). https://doi.org/10.1007/s10693-013-0168-0
Shen, C. H., & Lin, C. Y. (2012). Why government banks underperform: A political interference view. Journal of Financial Intermediation, 21(2), 181–202. https://doi.org/10.1016/j.jfi.2011.06.003
Srimindarti, C. (2004). Balanced Scorecard Sebagai Alternatif untuk Mengukur Kinerja. Fokus Ekonomi : Jurnal Ilmiah Ekonomi, 3(1).
Vickers, J., & Yarrow, G. (1991). Economic Perspectives on Privatization. Journal of Economic Perspectives, 5(2), 111–132. https://doi.org/10.1257/jep.5.2.111
Published
2020-01-14
How to Cite
ANNISA, Tapi Omas; KHUSNU ALIF, Jeffits.
Dampak Privatisasi BUMN Terhadap Kinerja Keuangan BUMN Indonesia.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 1, p. 1 - 13, jan. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/53984>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i01.p01.
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