Analisis Pengaruh Perubahan Kepemilikan terhadap Kinerja Keuangan Perusahaan: studi kasus privatisasi BUMN periode 1997-2003

Masyitha, Melati Sukma, Dr. Agus Setiawan, M.Soc.Sc.

2007 | Skripsi | S1 Management

The general objectives of State-Owned Enterprise (SOE) privatization are to gain revenue for the state, increase economic efficiency, reduce government

interference in the economy, and provide the opportunity to introduce competition. The point is, privatization program is done with the aim to adding value to SOE.

Ideally, SOE privatization result a performance improvement although it is not the main objectives of privatization program. This study analyzes privatization impacts on SOE financial performance. The indicators are return on sales (ROS), return on assets (ROA), return on equity (ROE), debt to assets, and dividend policy. Data used in this study are SOE financial reports that privatized by Initial Public Offerings method (IPO) in 1997-2003 periods. Purposive sampling method is used in sample selection and result in 5 companies that match the criterion. The hypothesis are tested by using method as adopted in Megginson, Nash, and Randenborgh (MNR), that is Z-statistic non-parametric Wilcoxon signed-rank test. The results showed that privatization do not have positive significant impact on SOE"s profitability and dividend payment. This study also found that privatization has some positive significant impact on leverage. Keywords: privatization, profitability, leverage, dividend payment

Kata Kunci : Manajemen Perusahaan; Kepemilikan; Kinerja Keuangan; BUMN