WIBISONO, R. YUSUF (2021) PENGARUH PRIVATISASI BUMN TERHADAP KINERJA KEUANGAN DAN IMPLIKASINYA PADA PENERIMAAN NEGARA BUKAN PAJAK. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This study aims to determine whether there is an effect of privatization on the financial performance of SOEs and its implications for state revenues derived from the allowance for profits of SOEs in the form of non-tax state revenues. The sample was selected using the purposive sampling method and collected as many as 10 BUMN companies listed on the Indonesia Stock Exchange, especially LQ45 during 2015 - 2019. The data used in this study is secondary data in the form of data on the number of Indonesian government shares, return on equity, return on assets, dividends obtained from the Indonesia Stock Exchange. This research is a panel data study with an observation period of 5 years, from 2015 to 2019. Before testing the hypothesis, a panel data regression model was selected using the Chow test, Haussman test, and Lagrange Multiplier test. After obtaining the regression model, then hypothesis testing is carried out using the coefficient of determination test, model feasibility test, and significance test. Based on the results of this study, it was found that there is a positive and significant effect of public share ownership in state-owned companies on return on equity and return on assets, but there is no significant effect of return on equity and return on assets on non-tax state revenues. Keywords: BUMN, Public share ownership, Return on Equity, Return on Assets, PNBP Penelitian ini bertujuan untuk mengetahui apakah terdapat pengaruh privatisasi terhadap kinerja keuangan BUMN serta implikasinya terhadap pendapatan negara yang berasal dari penyisihan laba perusahaan BUMN berupa pendapatan negara bukan pajak. Sampel dipilih dengan menggunakan metode purposive sampling dan terkumpul sebanyak 10 perusahaan BUMN yang tercatat di Bursa Efek Indonesia khususnya LQ45 selama tahun 2015 - 2019. Data yang digunakan dalam penelitian ini adalah data sekunder berupa data jumlah saham pemerintah Indonesia, return on equity, return on assets, dividen yang diperoleh dari Bursa Efek Indonesia. Penelitian ini merupakan penelitian data panel dengan periode pengamatan selama 5 tahun yaitu dari tahun 2015 sampai 2019. Sebelum pengujian terhadap hipotesis dilakukan pemilihan model regresi data panel menggunakan uji Chow, uji Haussman serta uji Lagrange Multiplier. Setelah didapatkan model regresinya kemudian dilakukan pengujian hipotesis menggunakan uji koefisien determinasi, uji kelayakan model dan uji signifikasi. Berdasarkan hasil penelitian ini ditemukan bahwa terdapat pengaruh kepemilikan saham publik di perusahaan BUMN yang positif dan signifikan terhadap return on equity dan return on assets, namun tidak terdapat pengaruh return on equity dan return on assets yang signifikan terhadap penerimaan negara bukan pajak. Kata Kunci: BUMN, Kepemilikan saham publik, Return on Equity, Return on Assets, PNBP
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