Kebijakan privatisasi dan implikasinya terhadap kinerja Badan Usaha Milik Negara :: Studi kasus PT Telekomunikasi Indonesia, Tbk

PRAWIRASANTOSA, Setyanto, Promotor Prof.Dr. Miftah Thoha

2007 | Disertasi | S3 Antar Bidang

Penelitian ini ditujukan untuk mengevaluasi implikasi kebijakan privatisasi terhadap kinerja Badan Usaha Milik Negara. Perbedaan kinerja BUMN antara sebelum dan sesudah privatisasi diukur dengan menggunakan model yang dikembangkan oleh Megginson, Nash and Radenborgh (1994) . Selain itu, penelitian ini juga ditujukan untuk menguji keterkaitan beberapa faktor yang mempengaruhi kinerja BUMN pasca privatisasi dengan memakai model yang dikembangkan oleh Cuervo and Villalonga (2000). Hipotesis mengenai perbedaan kinerja BUMN antara sebelum dan sesudah privatisasi diuji dengan menggunakan paired t-statistic. Data yang digunakan adalah data rasio keuangan seperti Real Sales (Sales), Return on Sales (ROS), Return on Asset (ROA), Return on Equity (ROE), Debt to Total Asset (Leverage), Earning per Share (EPS) dan Price Earning Ratio (PER) 10 tahun sebelum dan 10 tahun sesudah privatisasi. Hipotesis mengenai beberapa faktor yang mempengaruhi kinerja BUMN pasca privatisasi diuji dengan menggunakan Structural Equation Modeling (SEM) melalui program AMOS. Sebesar 240 sampel diambil dari manajemen PT Telkom, manajemen BUMN, Kementerian BUMN dan Kementerian terkait (Pemerintah), para pengamat ekonomi dan politik, pelaku ekonomi dan pasar modal, serta beberapa profesi Lainnya. Hasil pengujian dengan menggunakan paired t-statistic menunjukkan bahwa kinerja BUMN pasca privatisasi mengalami peningkatan secara positif signifikan, hanya Debt to Total Asset (Leverage) perusahaan mengalami penurunan. Hipotesis pertama yang diajukan dalam penelitian ini secara statistik diterima. Hasil pengujian hipotesis lainnya dengan menggunakan SEM mengindikasikan hasil yang positif dan signifikan. Faktor kontekstual memiliki pengaruh positif dan signifikan terhadap konstruk pergantian dan revitalisasi manajemen. Pergantian dan revitalisasi manajemen memiliki pengaruh positif dan signifikan terhadap perubahan tujuan, insentif dan pengendalian. Pergantian dan revitalisasi manajemen juga memiliki pengaruh negatif dan tidak signifikan terhadap perubahan strategi, struktur dan budaya organisasi, tetapi memiliki pengaruh positif dan signifikan terhadap kinerja BUMN pasca privatisasi. Namun hendaknya disadari bahwa privatisasi hanyalah alat untuk menuju perbaikan kinerja yang lebih baik terutama apabila didukung oleh tata kelola perusahaan yang baik (Good Corporate Governance) yang memiliki pengaruh positif dan signifikan terhadap perubahan tujuan, insentif dan pengendalian; perubahan strategi, struktur dan budaya organisasi; dan kinerja BUMN pasca privatisasi dengan loading factor yang lebih besar jika dibandingkan dengan pergantian dan revitalisasi manajemen. Employee Stock Ownership Plan (ESOP) memiliki pengaruh positif dan signifikan terhadap pelaksanaan GCG. Perubahan tujuan, insentif dan pengendalian memiliki pengaruh positif dan signifikan terhadap perubahan strategi, struktur dan budaya organisasi dan kinerja BUMN pasca privatisasi. Perubahan strategi, struktur, dan budaya organisasi memiliki pengaruh positif dan signifikan terhadap kinerja perusahaan pasca privatisasi. Dalam jangka pendek ESOP sangat membantu proses pelaksanaan Initial Public Offering (IPO).

The objective of this research is to evaluate the privatization policy and its implication to the performance of Stated-Owned Enterprises (SOEs). The difference of the performance of SOEs before and after privatization measured by a model developed by Megginson, Nash, and Radenborgh (1994). Furthermore, this study is intended to examine the relationships of factors which influence the performance of SOE after privatization with adopting a model which was developed by Cuervo and Villalonga (2000). The hypothesis of the difference between the performance of SOE on pre and post of privatization is tested with paired t-statistic. This study is using financial data which comprises of Real Sales (Sales), Return on Equity (ROE), Debt to Total Asset (Leverage), Earning per Share (EPS) and Price Earning Ratio (PER) within period 1 0 years before and after the privatization. The hypothesis of some factors which impact of the performance of SOE after privatization is tested with Structural Equation Modeling (SEM) using AMOS program. The samples with amount of 240 were taken from the PT Telkom's management, SOE's management, Ministry of SOEs and other related ministries (government), observers of economics & politics, practitioners of economic and capital market, and some other professionals. The test result using paired t-statistic shows that the performance of SOE after privatization is growing positively significant but Debt to Total Asset (Leverage) of company decreases slightly significant. The first hypothesis which is proposed in this study is accepted statistically. The other hypothesis with using SEM indicates the positive and significant result. Contextual factors have positive impact and significant on the change of construct and the revitalization of management. The change and the revitalization of management have positive and significant impact on the change of objective, incentive, and controlling. The change and revitalization of management has negative and not significant impact on the change of strategy, structure, and culture of the organization; but it has a positive and significant impact to the performance of SOEs after privatization. It should be aware that privatization is only a tool toward a better performance especially when it is supported by implementing Good Corporate Governance (GCG) which has positive and significant impact on the change of objective, incentive, and controlling ; the change of strategy, structure, and company culture; and the performance of SOE after privatization with wider loading factor compared to the change and revitalization of management. Employee Stock Ownership Plan (ESOP) has positive and significant impact on the implementation of GCG. The change of objective, incentive, and controlling has positive and significant impact on the change of strategy, structure, and culture of the organization; and the performance of SOEs after privatization. The change of strategy, structure, and culture of the organization has positive and significant impact on the performance of the company after privatization. In the short term, ESOP helps the implementation process of Initial Public Offering (I PO).

Kata Kunci : Kinerja BUMN,PT Telekomunikasi Indonesia Tbk,Privatisasi,Privatization, MNR Model, Cuervo and Vi!!alonga Model, Contextual Factor, Change and Revitalization Management, Good Corporate Governance (GCG), Employee Stock Ownership Plan (ESOP), Change of Objec