SARI, ZELFI OKTAFIA USNILAM (2013) PENGARUH KEPEMILIKAN PEMERINTAH, WORKING CAPITAL EFFICIENCY DAN AGENCY COST TERHADAP TINGKAT PENGEMBALIAN INVESTASI PADA BUMN SEBELUM DAN SESUDAH PRIVATISASI. S1 thesis, Universitas Negeri Jakarta.
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Abstract
Oktafia U.S., Zelfi. 2013: The Influence of State Ownership, Working Capital Efficiency and Agency Cost On Return On Investment Of SOEs Before And After Privatization. Advisors: (I) M. Yasser Arafat, SE, Akt., MM ; (II) Yunika Murdayanti, SE, M.Si 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. Keywords: return on investment, state ownership, working capital efficiency, agency cost, State-Owned Enterprise (SOE)
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