DOES PRIVATIZATION MEET THE EXPECTATION? CASE OF STATE-OWNED ENTERPRISES (SOEs) SERVICE SECTOR IN INDONESIA STOCK EXCHANGE
Abstract
Privatization is generally aimed at improving the profitability and efficiency of the company. This research aims to find out if the privatization that occurs in service sector SOEs on the Indonesia Stock Exchange has an impact on efficiency and profitability. This type of research is comparative. Data sources use secondary data with data collection techniques using documentation and library studies. The population in this study is the entire SOEs of the service sector on the Indonesia Stock Exchange. The sampling method uses purposive sampling with a sample count of 3 SOEs. Data analysis technique using normality test, independent sample t-test, and Wilcoxon test. The results found that there was a difference in profitability before and after privatization with a significance value of 0.044, but despite differences, this study found that the profitability of post-privatized service sector SOEs was smaller than before privatization. While judging by the level of efficiency based on the ratio of total asset turnover (TAT), it was found that there was no difference in the TAT ratio before and after privatization with a significance value of 0.495. The results show that the goal of privatization is to improve efficiency and profitability in the short term has not been as expected.References
Amalina, N., Amelia, F., and Alfatah, W. 2019. Analysis Effect of Profitability Ratio, Leverage Ratio, Audit Committee and Public Accounting Firm Size on Audit Delay. Indonesian Management and Accounting Research, 17(1), 36-52.
Birch, M. H., and Haar, J. (Eds.). 2000. The impact of privatization in the Americas. North-South Center Press.
Brigham, E.F. and Houston, J.F., 2012. Fundamentals of financial management. Cengage Learning.
Cuervo, A., and Villalonga, B. 2000. Explaining the variance in the performance effects of privatization. Academy of management review, 25(3), 581-590.
Detzer, D., Dodig, N., Evans, T., Hein, E., Herr, H., and Prante, F. J. 2017. Privatisation and Nationalisation Policies and the Financial Sector. In The German Financial System and the Financial and Economic Crisis (pp. 189-208). Springer, Cham.
Fahmi, I. 2014. Analisa Kinerja Keuangan : Cetakan ketiga. Bandung. Alfabeta.
Harper, J. T. 2001. Short‐term effects of privatization on operating performance in the Czech Republic. Journal of Financial Research, 24(1), 119-131.
Hidayat, W. W. 2018. Pengaruh Profitabilitas, Leverage Dan Pertumbuhan Penjualan Terhadap Penghindaran Pajak. Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT, 3(1), 19-26.
Horngren, F. dan Datar. 2000. Cost Accounting : A Managerial Emphasis (10th edition). Upper Saddle River, NJ: Prentice-Hall.
Kasmir. 2012. Analisa laporan Keuangan : Cetakan Ketujuh. Jakarta. PT.Raja Grafindo Persada.
Kusumawati, K. 2007. Analisis Kinerja Keuangan dan Operasional BUMN Sebelum dan Sesudah Privatisasi dan Pengaruh Kepemilikan Pemerintah Terhadap Perubahan Kinerjanya. Surabaya: Magister Manajemen, Universitas Airlangga.
Loc, T. D., Lanjouw, G., and Lensink, R. 2006. The impact of privatization on firm performance in a transition economy: The case of Vietnam 1. Economics of Transition, 14(2), 349-389.
Mahmudin, Y. 2012. Membangun BUMN Berbudaya, Jakarta: Booknesia Rakyat Merdeka Online (RMOL)
Megginson, W. L., and Netter, J. M. 2001. From state to market: A survey of empirical studies on privatization. Journal of economic literature, 39(2), 321-389.
Porter, M. E. 2008. Competitive strategy: Techniques for analyzing industries and competitors. Simon and Schuster.
Ramanadham, V. V. 2019. Privatisation in developing countries. Routledge.
Santoso, S. 2001. SPSS Versi 10 Mengolah Data Statistik Secara Profesional. Jakarta: PT Elex Media Komputindo.
Seto, A. A. 2016. Analisis Penilaian Harga Saham Wajar Pada Saat Kewajiban Divestasi PT. Freeport Indonesia. Jurnal Adminika Volume, 2(1).
Seto, AA. and Basri, Hisbullah. 2018. Perbedaan Kinerja Keuangan PT. Garuda Indonesia Tbk Sebelum dan Sesudah Privatisasi di Bursa Efek Indonesia. Jurnal Ekonomi dan Kewirausahaan Media STIM AMKOP. Januari-April 2018. Hal. 61-77
Setiyono, E., and Amanah, L. 2016. Pengaruh kinerja keuangan dan ukuran perusahaan terhadap return saham. Jurnal Ilmu dan Riset Akuntansi (JIRA), 5(5).
Yaumidin, U. K. 2003. Privatisasi Dalam Sektor Sekunder. Jakarta: Pusat Penelitian Ekonomi Lembaga Ilmu Pengetahuan Indonesia.
