PENGARUH KEPEMILIKAN PEMERINTAH, WORKING CAPITAL EFFICIENCY DAN AGENCY COST TERHADAP TINGKAT PENGEMBALIAN INVESTASI PADA BUMN SEBELUM DAN SESUDAH PRIVATISASI

ZELFI OKTAFIA USNILAM SARI, . (2013) PENGARUH KEPEMILIKAN PEMERINTAH, WORKING CAPITAL EFFICIENCY DAN AGENCY COST TERHADAP TINGKAT PENGEMBALIAN INVESTASI PADA BUMN SEBELUM DAN SESUDAH PRIVATISASI. Sarjana thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Tujuan dari penelitian ini adalah untuk menganalisis apakah ada pengaruh dari kepemilikan pemerintah, working capital efficiency dan agency cost terhadap tingkat pengembalian investasi BUMN dan memastikan apakah ada perbedaan nilai antara sebelum dan sesudah privatisasi. Pengumpulan data dilakukan melalui purposive sampling untuk semua BUMN yang diprivatisasi melalui IPO di Indonesia. Rentang waktu untuk penelitian ini menggunakan tiga tahun sebelum privatisasi dan tiga tahun setelah privatisasi selama periode 2009-2011. Metode statistik yang digunakan adalah regresi linier berganda dan paired sample t-test pada tingkat signifikansi 5%. Pengujian hipotesis dalam penelitian ini menggunakan uji dua sisi. Hasil statistik menunjukkan bahwa secara simultan, kepemilikan pemerintah, working capital efficiency, dan agency cost berpengaruh signifikan terhadap tingkat pengembalian investasi BUMN sebelum dan sesudah privatisasi. Hasil lain menunjukkan pengaruh signifikan dari kepemilikan pemerintah dan working capital efficiency, serta pengaruh negatif dari agency cost terhadap tingkat pengembalian investasi sebelum privatisasi. Setelah privatisasi, seluruh hasilnya menunjukkan pengaruh yang signifikan dari kepemilikan pemerintah, working capital efficiency, dan agency cost terhadap tingkat pengembalian investasi. Hasil paired t-test, menunjukkan bahwa hanya kepemilikan pemerintah yang mengalami perbedaan signifikan. Tingkat pengembalian investasi, working capital efficiency, dan agency cost tidak memiliki perbedaan yang signifikan antara sebelum dan sesudah privatisasi BUMN ***** The purpose of this research is to examine and to analyze whether there are effects on state ownership, working capitalefficiency and agency cost to SOE’s financial performance before and after privatization by using return on investment measurements and to ensure that there’s the difference between before and after privatization. The data collection was done through purposive sampling for all privatized SOEs in Indonesia. The unit of analysis in this research is organizations, that is privatized SOEs through IPO. The time horizon for this research is use three years before privatization and three years after privatization during the period of 2009-2011. The object of the research is the effect of SOE’s ownership-wether is owned by the state, working capital efficiency and agency cost as well as its financial performance to post privatization effects. The statistic methods are multiple linear regression and pired sample t-test at the 5% level of significance. The hypotheses testing is two-tailed test. The statistic result showed that simultaneously, state ownership, working capital efficiency, and agency cost has significant effect to SOE’s return on investment before and after privatization. Meanwhile, partially the result refer to significant effect to state ownership and working capital efficiency, and negative effect to agency cost before privatization. After privatization, the result refer to significant effect to state ownership, working capital efficiency, and agency cost. The results of paired sample t-test, showed that only state ownership has significant increased. Return on investment, working capital efficiency, and agency cost has not significant difference between before and after SOEs privatization.

Item Type:	Thesis (Sarjana)
Additional Information:	1). M. Yasser Arafat, S.E., Akt., M.M. ; 2). Yunika Murdayanti, S.E., M.Si.
Subjects:	Ilmu Sosial > Perdagangan > Akuntansi
Divisions:	FE > S1 Akuntansi
Depositing User:	Users 14651 not found.
Date Deposited:	04 Aug 2022 06:06
Last Modified:	04 Aug 2022 06:06
URI:	http://repository.unj.ac.id/id/eprint/32312

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