| The purpose of this research is to compare BUMN financial performance before and after privatization. Financial ratio that used in this research are profitability, efficiency and investment. Ratio that used to measure profitability are Return On Sales (ROS), Return on Total Asset (ROA) and Return on Equity (ROE). Ratio that used to measure efficiency are Efficiency and Net Income Efficiency and for investment are measured by Capex per Sales and Capex per Total Asset. This research examine 9 BUMN non bank that are listed on Jakarta Stock Exchange for 3 years before and after privatization. Data are collected from Jakarta Stock Exchange and Indonesia Capital Market Directory. The research answered the following questions: does BUMN financial performance after privatization are different than before privatization. SPSS is used to find out if BUMN performance, generally and with each ratio, after privatization are more better than before privatization. Normality test are used to BUMN financial data. Wilcoxon Signed Rank Test are used to data analysis. The results of this research are BUMN financial performance are same between after privatization and before privatization. |