FINANCIAL HEALTH AND FIRM PERFORMANCE: EVIDENCE FROM INDONESIA’S LISTED STATE-OWNED ENTERPRISES

Reynaldi Hermansjah, Sugiarto Sugiarto, Gracia Shinta S. Ugut, Edison Hulu
| Abstract views: 113 | views: 7

Abstract

KEP-100 / MBU / 2002 yang diterbitkan oleh kantor Kementerian Badan Usaha Milik Negara (BUMN) pada bulan Juni 2002 (yang selanjutnya akan dituliskan sebagai “KEP-100 / MBU / 2002”)  disusun untuk mengevaluasi kesehatan keuangan BUMN. Tujuan penelitian ini ada dua, pertama untuk menganalisis skor kesehatan keuangan BUMN yang terdaftar di Bursa Efek Indonesia, dan kedua untuk mengevaluasi hubungan antara skor kesehatan keuangan dan kinerja perusahaan dari semua BUMN yang terdaftar. Hasil penelitian menunjukkan bahwa skor kesehatan keuangan BUMN memiliki hubungan yang signifikan dengan kinerja perusahaan yang diukur dengan skor Tobin's Q masing-masing BUMN. Dari hasil tersebut dapat disimpulkan bahwa SK KEP-100 / MBU / 2002 yang dikeluarkan oleh Kementerian Badan Usaha Milik Negara (BUMN) dapat digunakan untuk mengukur skor kesehatan keuangan perusahaan, dan skor kesehatan keuangan dari BUMN yang terdaftar di Indonesia memiliki pengaruh yang signifikan dan berdampak positif terhadap kinerja perusahaan yang diukur dengan log dari Tobin's Q.Pada aplikasinya, penggunaan perhitungan tingkat kesehatan keuangan BUMN berdasarkan KEP-100 / MBU / 2002 diharapkan akan dapat membantu BUMN untuk memprediksikan nilai market di pasaran menggunakan nilai tingkat kesehatan keuangan tersebut.

 

KEP-100/MBU/2002 of the Indonesia Ministry of State-Owned Enterprises (SOEs) (which later on will be reffered as “KEP-100/MBU/2002” ) are constructed to evaluate the financial health of SOEs. This study purposes is two-folds, firstly to analyze the financial health score of listed SOEs in Indonesian Stock Exchange, and secondly to evaluate the relationship between the financial health score and firm performance of all listed SOEs. The results show that SOE’s financial health score has a significant relationship with firm performance, measures by each SOEs’ Tobin’s Q score. From the results we can conclude that KEP-100/MBU/2002 is applicable to measure firm’s financial health score, and financial healh score of Indonesia’s listed SOEs have a notable impact to firm performance measured by the log of Tobin’s Q. In the real world application, the use of state-owned enterprise financial health score calculations based on KEP-100 / MBU / 2002 is expected to be able to assist SOEs in predicting market value in the market using this financial health score value.

Keywords

BUMN, kesehatan keuangan, kinerja perusahaan, Tobin's Q

Full Text:

PDF

References

Ahmed, N., & Hadi, O. A. (2017). Impact of Ownership Structure on Firm Performance in the MENA Region: An Empirical Study. Accounting and Finance Research, 6(3), 105. https://doi.org/10.5430/afr.v6n3p105

Armereo, C., Fitri Rahayu, P., & Basri, H. (2020). Privatisasi dan Dampaknya Terhadap Kinerja Keuangan Badan Usaha Milik Negara (BUMN) di Bursa Efek Indonesia. Jemasi: Jurnal Ekonomi Manajemen Dan Akuntansi, 16(2), 48–60. https://doi.org/10.35449/jemasi.v16i2.143

Arosa, B., Iturralde, T., & Maseda, A. (2009). Ownership Structure, Insiders Ownership and Firm Performance in Spanish Non-Listed Firms. SSRN Electronic Journal. Published. https://doi.org/10.2139/ssrn.1505308

Daryanto, W. M., & Hestiwati, P. O. (2020). FINANCIAL PERFORMANCE ANALYSIS OF CONSTRUCTION INDUSTRY: CASE STUDY OF PT. NINDYA KARYA (PERSERO) IN PERIOD OF 2011 - 2015. Emerging Markets : Business and Management Studies Journal, 7(2), 97–111. https://doi.org/10.33555/ijembm.v7i2.128

D’Souza, J., Megginson, W. L., & Nash, R. C. (2000). Determinants of Performance Improvements in Privatized Firms: The Role of Restructuring and Corporate Governance. SSRN Electronic Journal. Published. https://doi.org/10.2139/ssrn.243186

Giovanis, E., & Ozdamar, O. (2014). Determinants of Profitability: Evidence from US Firms. SSRN Electronic Journal. Published. https://doi.org/10.2139/ssrn.2606691

Hossain, M., Prevost, A. K., & Rao, R. P. (2001). Corporate governance in New Zealand: The effect of the 1993 Companies Act on the relation between board composition and firm performance. Pacific-Basin Finance Journal, 9(2), 119–145. https://doi.org/10.1016/s0927-538x(01)00003-8

Jackling, B., & Johl, S. (2009). Board Structure and Firm Performance: Evidence from India’s Top Companies. Corporate Governance: An International Review, 17(4), 492–509. https://doi.org/10.1111/j.1467-8683.2009.00760.x

Li, M., Wong, YY. (2003). Diversification and Economic Performance: An Empirical Assessment of Chinese Firms. Asia Pacific Journal of Management 20, 243–265

Malik, A. D., & Handono, W. A. (2019). FINANCIAL PERFORMANCE ANALYSIS OF SOE AND FOREIGN CAPITAL CEMENT COMPANIES IN INDONESIA. PEOPLE: International Journal of Social Sciences, 5(1), 267–294. https://doi.org/10.20319/pijss.2019.51.267294

Masri, Z. A. H. (2020). ANALYSIS OF FINANCIAL HEALTH, STATE-OWNED ENTERPRISES (Case Study at PT Aneka Tambang Tbk). JABE (Journal of Applied Business and Economic), 6(4), 287. https://doi.org/10.30998/jabe.v6i4.6416

Nureny, N. (2020). Financial Performance and Share Prices of Banks of State-Owned Enterprises in Indonesia. Jurnal Ilmiah Ilmu Administrasi Publik, 9(2), 315. https://doi.org/10.26858/jiap.v9i2.12335

Panasian, C., Prevost, A. K., & Bhabra, H. S. (2008). Voluntary Listing Requirements and Corporate Performance: The Case of the Dey Report and Canadian Firms. The Financial Review, 43(1), 129–157. https://doi.org/10.1111/j.1540-6288.2007.00189.x

Priyadi, A., Maupa, H., & Rasyid, W. (2019). Analysis of the Financial Performance of PT Garuda Indonesia from the Period 2012 to 2018. HASANUDDIN JOURNAL OF BUSINESS STRATEGY, 1(3), 1–14. https://doi.org/10.26487/hjbs.v1i3.249

Tobin, J. (1956). The Interest-Elasticity of Transactions Demand For Cash. The Review of Economics and Statistics, 38(3), 241. https://doi.org/10.2307/1925776

Tobin, J. (1969). A General Equilibrium Approach To Monetary Theory. Journal of Money, Credit and Banking, 1(1), 15. https://doi.org/10.2307/1991374

Wibisono, Dermawan. (2011). Manajemen Kinerja Perusahaan. Jakarta: Erlangga.

Widyastuti, A., Irianto, G., & Achsin, M. (2017). Privatisasi: Kinerja Keuangan dan Distribusi Laba (Analisis Kritis Pada Pt Garuda Indonesia (Persero) Tbk). Jurnal Reviu Akuntansi Dan Keuangan, 5(1). https://doi.org/10.22219/jrak.v5i1.4990

Zain, I., & Akbar, Y. R. (2020). Bank Dan Lembaga Keuangan Lainnya. Deepublish.

Copyright (c) 2021 Jurnal Muara Ilmu Ekonomi dan Bisnis
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Refbacks

  • There are currently no refbacks.