Impact of Partial Privatization on Financial and Operating Performance of Stated-Owned Enterprises in Indonesia

Annisa, Dewi Syafrina (2018) Impact of Partial Privatization on Financial and Operating Performance of Stated-Owned Enterprises in Indonesia. Diploma thesis, Universitas Andalas.

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Abstract

The purpose of this study is to examine the impact of partial privatization on financial and operating performance of State-Owned Enterprises (SOEs) in Indonesia. It compares three years before and after privatization financial and operating performance of 13 SOEs in Indonesia that have been partially privatized during 1995-2013 and uses Wilcoxon signed- rank test to determine the significant changes. The results document significant changes in operating efficiency, output (inflation- adjusted sales) and leverage — and insignificant changes in profitability, capital investment spending, employment, and dividend payouts following privatization. The study suggests that the government should continue to privatize the SOEs, in partial privatization particularly and the government should efficiently manage the firms before come into privatization program by preparing well-trained human resources, especially the firms’ managers that will manage the newly privatized firm. Keywords: Privatization, Performance, State-Owned Enterprises (SOEs)

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