Privatisasi penuh apakah lebih baik daripada privatisasi sebagian?
DOI:
https://doi.org/10.32670/fairvalue.v5i3.2471Keywords:
Privatization; Economy Crysis; Financial performance; Covid-19 pandemic; BUMNAbstract
This study aims to analyze the differences in financial performance between a fully privatized company, namely PT Indosat, compared to a partially privatized company, namely PT Telkom. The study uses the difference in differences (DiD) method in relation to looking at the effect of the economic crisis that occurred due to the Covid-19 pandemic on companies that have not been privatized compared to companies that have been privatized. This study uses a comparative analysis method by comparing the financial performance of PT Indosat, Tbk with PT Telkom (Persero), Tbk from 2005 to 2020. The performance of the two companies will be compared by calculating the financial ratios of profitability ratios. between PT Telkom and PT Indosat and found no difference in performance when the economic crisis occurred compared to when the economic crisis occurred.
References
Abramov, A., Radygin, A., Entov, R., & Chernova, M. (2017). State ownership and efficiency characteristics. Russian Journal of Economics, 3(2), 129–157.
Aifuwa, H. O., Saidu, M., & Aifuwa, S. A. (2020). Coronavirus pandemic outbreak and firms performance in Nigeria. Management and Human Resources Research, 6(2), 88–99.
Aprilina, V. (2013). Dampak privatisasi pada kinerja keuangan Badan Usaha Milik Negara (BUMN) di Indonesia. JRAK: Jurnal Riset Akuntansi Dan Komputerisasi Akuntansi, 4(1), 1–12.
Boubakri, N., Cosset, J.-C., & Saffar, W. (2017). The constraints on full privatization: International evidence. Journal of Corporate Finance, 42, 392–407.
Bruton, G. D., Peng, M. W., Ahlstrom, D., Stan, C., & Xu, K. (2015). State-owned enterprises around the world as hybrid organizations. Academy of Management Perspectives, 29(1), 92–114.
Chang, S.-C., & Boontham, W. (2017). Post-privatization speed of state ownership relinquishment: Determinants and influence on firm performance. The North American Journal of Economics and Finance, 41, 82–96.
Cuevas-Rodriguez, G., Guerrero-Villegas, J., & Valle-Cabrera, R. (2016). Corporate governance changes, firm strategy and compensation mechanisms in a privatization context. Journal of Organizational Change Management, 29(2), 199–221. https://doi.org/10.1108/JOCM-01-2015-0006
D’Souza, J., & Nash, R. (2017). Private benefits of public control: Evidence of political and economic benefits of state ownership. Journal of Corporate Finance, 46, 232–247.
Dong, Q., Bárcena‐Ruiz, J. C., & Begona Garzon, M. (2018). Partial privatization of state holding corporations. The Manchester School, 86(1), 119–138.
Gertler, P. J., Martinez, S., Premand, P., Rawlings, L. B., & Vermeersch, C. M. J. (2016). Impact evaluation in practice. World Bank Publications.
Goodman-Bacon, A. (2021). Difference-in-differences with variation in treatment timing. Journal of Econometrics, 225(2), 254–277.
Milosevic, D., Andrei, S., & Vishny, R. W. (2015). A survey of corporate governance. The Journal of Finance, 52, 737–783.
Nahadi, B., & Suzuki, Y. (2012). Partial privatization and performance of privatized SOES: The evidence from Indonesia. Journal of Economics and Sustainable Development, 3(14), 98–109.
Orrange, R. M. (2020). The corporate state: Technopoly, privatization and corporate predation. Routledge.
Radić, M., Ravasi, D., & Munir, K. (2021). Privatization: Implications of a shift from state to private ownership. Journal of Management, 47(6), 1596–1629.
