Analisis Kinerja Keuangan Perusahaan BUMN Sebelum dan Sesudah Privatisasi
Abstract
Privatization is one of the steps taken by State-Owned Enterprises (BUMN) in an effort to be able to compete and participate in capital market competition. The purpose of this study is to test whether there are differences in the financial performance of state-owned companies before and after privatization. The purposive sampling method was used in taking samples from BUMN that did privatization and had complete annual financial reports for a period of 3 years before and 3 years after privatization. Data analysis was carried out by analyzing descriptive statistics and inferential analysis which were tested by normality test and then hypothesis testing using STATAMP.15. The test results found that the Current Ratio (CR), Debt to Asset Ratio (DAR), Total Asset Turnover Ratio (TATO), Return on Equity (ROE) and Earning Per Share (EPS) had significant differences before and after privatization. Meanwhile Sales Growth (SG) did not find any difference before and after privatization.
Keywords: BUMN; Privatization; Financial Performance; IPO.
Downloads
Download data is not yet available.
References
Andayani, N. S., Wiksuana, I., & Sedana, I. P. (2017). Kinerja Keuangan Sebelum Dan Sesudah IPO Dan Pengaruhnya Terhadap Nilai Perusahaan PT Garuda Indonesia (Persero) Tbk. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 6(3), 881–908.
Anugrah, A. S., Astuti, & Lau, Elfreda Aplonia, H. (2020). Analisis Likuiditas Dan Profitabilitas PT . Ace Hardware Indonesia , Tbk. 2(2), 14–21.
Armareo, C., Rahayu, P. F., & Basri, H. (2020). Privatisasi Dan Dampaknya Terhadap Kinerja Keuangan Badan Usaha Milik Negara (BUMN) Di Bursa Efek Indonesia. JEMASI: Jurnal Ekonomi Manajemen Dan Akuntansi ISSN 1858-2702, e-ISSN 2684-8732, 16(Juli), 02.
Bramantya, W., Navalino, D. A., & Jupriyanto. (2020). Analisis Kebijakan Privatisasi pada Kinerja Keuangan Perusahaan BUMN Periode 2009-2018. Jurnal Ekonomi Pertahanan, 6(1), 33–60.
Cuevas-Rodríguez, G., Guerrero-Villegas, J., & Valle-Cabrera, R. (2016). Comparison of corporate governance, strategy, control and performance e valuation systems before and after privatization. Revista Internacional de Organizaciones, 16, 99. https://doi.org/10.17345/rio16.99-125
Damayanti, U. R. (2017). Analisis Kinerja Keuangan Perusahaan BUMN Sebelum dan Setelah Privatisasi. Jurnal Al-Iqtishad, II(13).
Diana, K. A., Novitasari, N. L. G., & Saitri, P. W. (2020). Perbandingan Kinerja Keuangan Badan Usaha Milik Negara Sebelum dan Sesudah Privatisasi. Jurnal Kharisma, 2(2), 1–17.
Eforis, C. (2017). Pengaruh Kepemilikan Negara Dan Kepemilikan Publik Terhadap Kinerja Keuangan BUMN. Ultimaccounting : Jurnal Ilmu Akuntansi, 9(1), 18–31. https://doi.org/10.31937/akuntansi.v9i1.585
Husain, T., & Dewi, E. P. (2020). Rasio Keuangan: Studi Komparasi Pada Perusahaan Industri Manufaktur dan Sektor Jasa Yang Melakukan Initial Public Offerings (IPO) Tahun 2018. JIMF (Jurnal Ilmiah Manajemen Forkamma), 3(2), 131–141. https://doi.org/10.32493/frkm.v3i2.3598
Juliana, S. R., & Sumani, S. (2019). Analisis Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Melakukan Initial Public Offering (Ipo). Jurnal Akuntansi, 13(2), 105–122. https://doi.org/10.25170/10.25170/jara.v13i2.476
Kartikasari, D. F., & Syafriont. (2021). Analisis Kinerja Keuangan Sebelum dan Sesudah Initial Public Offering (IPO) di Bursa Efek Indonesia Periode 2015 - 2019. Jurnal Akademika, 19 No. 1. https://doi.org/10.24036/wra.v6i2.102516
Kasmir. (2018). Analisis Laporan Keuangan. PT. Rajagrafindo Persada.
Khamisah, N. (2020). Apakah Perusahaan Bumn Yang Telah Diprivatiasi Memiliki Tata Kelola Perusahaan Yang Lebih Baik Dibandingkan Dengan Perusahaan Swasta? Studi Pada Perusahaan Yang Terdaftar Di Bei. Accounting Global Journal, 4(2), 183–196.
Kriswanto. (2016). Share Price Analyst With PBV, DER, And EPS At Initial Public Offering. The Winners, 17(2), 113. https://doi.org/10.21512/tw.v17i2.1971
Long, H., Lin, X., & Chen, Y. (2021). Why the Operating Performance of Post-IPO Firms Decreases: Evidence from China. Journal of Risk and Financial Management, 14(9), 424. https://doi.org/10.3390/jrfm14090424
Marcelin, I., & Mathur, I. (2015). Privatization, financial development, property rights and growth. Journal of Banking and Finance, 50(March), 528–546.
Miri, S. H., & Aawani, H. (2012). A study to measure the impact of privatized industries. Management Science Letters, 2, 1505–1510.
Munisi, G. H. (2017). Financial Performance of Initial Public Offerings: Companies listed on Dar es Salaam Stock Exchange. Business and Economics Journal, 08(02). https://doi.org/10.4172/2151-6219.1000302
Obeid, H., & Piget, P. (2012). Using IFRS to understand the impact of the privatization on the firm’s performance: Evidence from Europe. Investment Management and Financial Innovations, 9(2), 136–145.
Pham, D. C., & Nguyen, T. X. H. (2019). The influence of privatization on financial performance of Vietnamese privatized state-owned enterprises. Investment Management and Financial Innovations, 16(3), 341–352. https://doi.org/10.21511/imfi.16(3).2019.30
Putri, D. A. J., Chumaidiyah, E., & Zulbetti, R. (2016). Analysis of Earnings Per Share Before And After IPO And The Strategy (Case Study: Companies Perform IPO In Indonesia Stock Exchange Year 2013). Industrial Engineering and Management, Idx, 9.
Rudianto, D. (2021). Measuring the Financial Performance Prior and After the Initial Public Offering (IPO) of Companies Listed in the Indonesian Stock Exchange (IDX). Proceedings of the International Conference on Strategic Issues of Economics, Business and, Education (ICoSIEBE 2020), 163(ICoSIEBE 2020), 231–237. https://doi.org/10.2991/aebmr.k.210220.041
Saragih, J. P. (2013). Milik Negara Politics and Economics of Privatizazion in The State Owned Enterprise. Jurnal Ekonomi Dan Pembangunan, 22(1), 83–105.
Singh, A. K., & Singhania, S. (2018). BFSI sector in India : A study of the post offering performance of IPO. International Journal of Research in Finance and Management, October, 18–23.
Soejono, F., & Heriyanto, H. (2018). Privatization and Firm Performance: a Study of Indonesia’s State-owned Enterprises. Jurnal Dinamika Manajemen, 9(2), 149–158. https://doi.org/10.15294/jdm.v9i2.14970
Sugianto, V. Y. (2016). Analisis Kinerja Keuangan Sebelum dan Sesudah Go Public Pada PT. Garuda Indonesia Tbk Tahun 2007-2014. Jurnal Bisnis Dan Manajemen, 52 No.11.
Sugiyono. (2011). Metode Penelitian Pendidikan : Pendekatan Kuantitatif, Kualitatif dan R&D. Alfabeta.
Sujarweni, V. W., & Jaya, I. M. L. M. (2020). Analisis Profitabilitas BUMN Sebelum dan Sesudah Privatisasi di Indonesia. Jurnal MONEX, 9(2), 198–210.
Ullah Khan, H. A. (2021). Analysis of the Company’s Financial Performance before and after the Company Conducts an Initial Public Offering. Proceedings Ofthe International Conference on Culture Heritage, Education, Sustainable Tourism, and Innovation Technologies, Cesit 2020, 179–184.
Usman, O., & Yakubu, U. A. (2019). An investigation of the post-privatization firms’ financial performance in Nigeria: the role of corporate governance practices. Corporate Governance (Bingley), 19(3), 404–418.
Yuliarni, T., Maryati, U., & Ihsan, H. (2016). Analisis Kinerja Perusahaan Sebelum Dan Sesudah Initial Public Offering (IPO) Di Bursa Efek Indonesia (BEI) (Studi Kasus Pada Perusahaan Non Keuangan yang IPO Di Bursa Efek Indonesia Pada Tahun 2012 Dan 2013). Akuntansi Dan Manajemen, 11(1), 25–37. https://doi.org/10.30630/jam.v11i1.97
Zakaria Hamzah, Z., & Sumiati, S. (2020). Analisis Kinerja Keuangan PT Wijaya Karya Beton, Tbk Sebelum dan Sesudah Initial Public Offering (IPO) Tahun 2014. Economicus, 14(1), 13–24.
Anugrah, A. S., Astuti, & Lau, Elfreda Aplonia, H. (2020). Analisis Likuiditas Dan Profitabilitas PT . Ace Hardware Indonesia , Tbk. 2(2), 14–21.
Armareo, C., Rahayu, P. F., & Basri, H. (2020). Privatisasi Dan Dampaknya Terhadap Kinerja Keuangan Badan Usaha Milik Negara (BUMN) Di Bursa Efek Indonesia. JEMASI: Jurnal Ekonomi Manajemen Dan Akuntansi ISSN 1858-2702, e-ISSN 2684-8732, 16(Juli), 02.
Bramantya, W., Navalino, D. A., & Jupriyanto. (2020). Analisis Kebijakan Privatisasi pada Kinerja Keuangan Perusahaan BUMN Periode 2009-2018. Jurnal Ekonomi Pertahanan, 6(1), 33–60.
Cuevas-Rodríguez, G., Guerrero-Villegas, J., & Valle-Cabrera, R. (2016). Comparison of corporate governance, strategy, control and performance e valuation systems before and after privatization. Revista Internacional de Organizaciones, 16, 99. https://doi.org/10.17345/rio16.99-125
Damayanti, U. R. (2017). Analisis Kinerja Keuangan Perusahaan BUMN Sebelum dan Setelah Privatisasi. Jurnal Al-Iqtishad, II(13).
Diana, K. A., Novitasari, N. L. G., & Saitri, P. W. (2020). Perbandingan Kinerja Keuangan Badan Usaha Milik Negara Sebelum dan Sesudah Privatisasi. Jurnal Kharisma, 2(2), 1–17.
Eforis, C. (2017). Pengaruh Kepemilikan Negara Dan Kepemilikan Publik Terhadap Kinerja Keuangan BUMN. Ultimaccounting : Jurnal Ilmu Akuntansi, 9(1), 18–31. https://doi.org/10.31937/akuntansi.v9i1.585
Husain, T., & Dewi, E. P. (2020). Rasio Keuangan: Studi Komparasi Pada Perusahaan Industri Manufaktur dan Sektor Jasa Yang Melakukan Initial Public Offerings (IPO) Tahun 2018. JIMF (Jurnal Ilmiah Manajemen Forkamma), 3(2), 131–141. https://doi.org/10.32493/frkm.v3i2.3598
Juliana, S. R., & Sumani, S. (2019). Analisis Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Melakukan Initial Public Offering (Ipo). Jurnal Akuntansi, 13(2), 105–122. https://doi.org/10.25170/10.25170/jara.v13i2.476
Kartikasari, D. F., & Syafriont. (2021). Analisis Kinerja Keuangan Sebelum dan Sesudah Initial Public Offering (IPO) di Bursa Efek Indonesia Periode 2015 - 2019. Jurnal Akademika, 19 No. 1. https://doi.org/10.24036/wra.v6i2.102516
Kasmir. (2018). Analisis Laporan Keuangan. PT. Rajagrafindo Persada.
Khamisah, N. (2020). Apakah Perusahaan Bumn Yang Telah Diprivatiasi Memiliki Tata Kelola Perusahaan Yang Lebih Baik Dibandingkan Dengan Perusahaan Swasta? Studi Pada Perusahaan Yang Terdaftar Di Bei. Accounting Global Journal, 4(2), 183–196.
Kriswanto. (2016). Share Price Analyst With PBV, DER, And EPS At Initial Public Offering. The Winners, 17(2), 113. https://doi.org/10.21512/tw.v17i2.1971
Long, H., Lin, X., & Chen, Y. (2021). Why the Operating Performance of Post-IPO Firms Decreases: Evidence from China. Journal of Risk and Financial Management, 14(9), 424. https://doi.org/10.3390/jrfm14090424
Marcelin, I., & Mathur, I. (2015). Privatization, financial development, property rights and growth. Journal of Banking and Finance, 50(March), 528–546.
Miri, S. H., & Aawani, H. (2012). A study to measure the impact of privatized industries. Management Science Letters, 2, 1505–1510.
Munisi, G. H. (2017). Financial Performance of Initial Public Offerings: Companies listed on Dar es Salaam Stock Exchange. Business and Economics Journal, 08(02). https://doi.org/10.4172/2151-6219.1000302
Obeid, H., & Piget, P. (2012). Using IFRS to understand the impact of the privatization on the firm’s performance: Evidence from Europe. Investment Management and Financial Innovations, 9(2), 136–145.
Pham, D. C., & Nguyen, T. X. H. (2019). The influence of privatization on financial performance of Vietnamese privatized state-owned enterprises. Investment Management and Financial Innovations, 16(3), 341–352. https://doi.org/10.21511/imfi.16(3).2019.30
Putri, D. A. J., Chumaidiyah, E., & Zulbetti, R. (2016). Analysis of Earnings Per Share Before And After IPO And The Strategy (Case Study: Companies Perform IPO In Indonesia Stock Exchange Year 2013). Industrial Engineering and Management, Idx, 9.
Rudianto, D. (2021). Measuring the Financial Performance Prior and After the Initial Public Offering (IPO) of Companies Listed in the Indonesian Stock Exchange (IDX). Proceedings of the International Conference on Strategic Issues of Economics, Business and, Education (ICoSIEBE 2020), 163(ICoSIEBE 2020), 231–237. https://doi.org/10.2991/aebmr.k.210220.041
Saragih, J. P. (2013). Milik Negara Politics and Economics of Privatizazion in The State Owned Enterprise. Jurnal Ekonomi Dan Pembangunan, 22(1), 83–105.
Singh, A. K., & Singhania, S. (2018). BFSI sector in India : A study of the post offering performance of IPO. International Journal of Research in Finance and Management, October, 18–23.
Soejono, F., & Heriyanto, H. (2018). Privatization and Firm Performance: a Study of Indonesia’s State-owned Enterprises. Jurnal Dinamika Manajemen, 9(2), 149–158. https://doi.org/10.15294/jdm.v9i2.14970
Sugianto, V. Y. (2016). Analisis Kinerja Keuangan Sebelum dan Sesudah Go Public Pada PT. Garuda Indonesia Tbk Tahun 2007-2014. Jurnal Bisnis Dan Manajemen, 52 No.11.
Sugiyono. (2011). Metode Penelitian Pendidikan : Pendekatan Kuantitatif, Kualitatif dan R&D. Alfabeta.
Sujarweni, V. W., & Jaya, I. M. L. M. (2020). Analisis Profitabilitas BUMN Sebelum dan Sesudah Privatisasi di Indonesia. Jurnal MONEX, 9(2), 198–210.
Ullah Khan, H. A. (2021). Analysis of the Company’s Financial Performance before and after the Company Conducts an Initial Public Offering. Proceedings Ofthe International Conference on Culture Heritage, Education, Sustainable Tourism, and Innovation Technologies, Cesit 2020, 179–184.
Usman, O., & Yakubu, U. A. (2019). An investigation of the post-privatization firms’ financial performance in Nigeria: the role of corporate governance practices. Corporate Governance (Bingley), 19(3), 404–418.
Yuliarni, T., Maryati, U., & Ihsan, H. (2016). Analisis Kinerja Perusahaan Sebelum Dan Sesudah Initial Public Offering (IPO) Di Bursa Efek Indonesia (BEI) (Studi Kasus Pada Perusahaan Non Keuangan yang IPO Di Bursa Efek Indonesia Pada Tahun 2012 Dan 2013). Akuntansi Dan Manajemen, 11(1), 25–37. https://doi.org/10.30630/jam.v11i1.97
Zakaria Hamzah, Z., & Sumiati, S. (2020). Analisis Kinerja Keuangan PT Wijaya Karya Beton, Tbk Sebelum dan Sesudah Initial Public Offering (IPO) Tahun 2014. Economicus, 14(1), 13–24.
Published
2022-04-26
How to Cite
SYADIAH, Halimatus; SISWANTO, Ely.
Analisis Kinerja Keuangan Perusahaan BUMN Sebelum dan Sesudah Privatisasi.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 4, p. 953-967, apr. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/85220>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i04.p10.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
