The influence of privatization on financial performance of Vietnamese privatized state-owned enterprises

This research evaluates the differences in financial performance of enterprises before and after privatization aiming to find out the influence of privatization on the enterprises’ performance. The study is based on the audited financial statements of 105 Vietnamese privatized enterprises privatized in the period from 2005 to 2016. Applying the Wilcoxon signed-rank test, the obtained results prove that after privatization profitability and outputs of investigated firms are significantly higher than prior privatization. However, there is no significant change of leverage. Applying a regression model to evaluate the factors affecting financial performance of firms in the research model, it was found out that the proportion of state ownership, economic growth, operating period, enterprise`s size, and business risk have positive influence on the financial performance of research firms. However, the leverage of these firms has a negative impact on the financial performance. In accordance with the obtained results, this study suggests that the privatization process should be continued regardless of firm size or business type. The government should create fair competition environment, remove incentives and supports for State-Owned Enterprises (SOEs), manage changes in privatized firms, and enforce the legal system.

Download Full-text

PERBEDAAN FINANCIAL PERFORMANCE PASCA SECONDARY OFFERINGS

Wahana ◽

10.35591/whn.v22i1.148 ◽

2019 ◽

Vol 22 (1) ◽

pp. 41-49

Author(s):

Djaja Perdana ◽

Herbowo Herbowo

Keyword(s):

Financial Performance ◽

Stock Exchange ◽

Hypothesis Test ◽

Poor Performance ◽

Rank Test ◽

Growth Ratio ◽

Significant Difference ◽

Before And After ◽

Signed Rank Test ◽

Asset Turnover

This study aims to examine the differences in corporate financial performance before and after secondary offerings. The financial performance is proxied by WCR, DER, Solvency, ROA, ROE, Asset Turnover (ATO) and Growth ratio which representing the value of liquidity, financing, activity, performance and growth of the firm. The study involved 67 samples of the companies listed on the Indonesia Stock Exchange conducting secondary offerings during 2008-2013 period and selected through purposive random sampling method and using Financial Statement data from 2005-2016 period. Hypothesis test is performed using Wilcoxon Signed Rank test. The results of this study indicate that there is no significant difference in the ratio of Solvency, ROA and ROE between before and after secondary offerings, but there are significant differences in the ratio of WCR, DER, Asset Turnover and Growth. WCR ratio after secondary offerings increased, while DER ratio after secondary offerings decreased, the condition of both ratios showed better performance. While the indication of poor performance seen in decreasing asset turnover ratio and growth ratio.Keywords : agency theory, financial performance, secondary offerings

Download Full-text

Impact of Dividend Tax Change on the Payout Policy of Indian Companies

Global Business Review ◽

10.1177/0972150919846814 ◽

2019 ◽

Vol 20 (5) ◽

pp. 1282-1291

Author(s):

Sanjay Dhamija ◽

Ravinder Kumar Arora

Keyword(s):

Negative Impact ◽

Payout Policy ◽

Tax Law ◽

Dividend Payout ◽

Inside Ownership ◽

Regulatory Changes ◽

Before And After ◽

The Government ◽

The Impact ◽

Dividend Tax

The article examines the impact of regulatory changes in the tax on dividends on the payout policy of Indian companies. The tax law was recently amended to levy tax on dividends received by large shareholders. As the promoters group is the largest shareholder, this is expected to have a negative impact on the payout policy of companies. Furthermore, companies with larger promoter holdings have a higher motivation to reduce their payout. The study covers 370 companies present in the BSE 500 Index and compares the dividend payout of the companies before and after the introduction of tax levy. The study finds that the newly introduced tax indeed caused a shift in the dividend policy of companies, particularly those companies which have high levels of inside ownership. The findings have significant implications for companies, investors and the government.

Download Full-text

Analisis Kinerja Keuangan Bank Umum Syariah Sebelum dan Sesudah Pengalihan Dana Haji pada Bank Syariah

Journal of Applied Islamic Economics and Finance ◽

10.35313/jaief.v1i2.2467 ◽

2021 ◽

Vol 1 (2) ◽

pp. 309-331

Author(s):

Lisa Erliana Marwan ◽

Iwan Setiawan ◽

Ine Mayasari

Keyword(s):

Financial Performance ◽

Rank Test ◽

Positive Contribution ◽

Islamic Banks ◽

Fund Management ◽

Financial Report ◽

Signed Rank ◽

Before And After ◽

Signed Rank Test ◽

Conventional Banks

Government policy through UU No 34 Thn 2014 about Hajj Fund Management said that the Hajj Fund Management should with the principle of sharia. Then in 2014, there was a transfer Hajj Fund from Conventional banks to Islamic banks. Hajj Fund that transferred to Islamic banks have a large value so it can give positive contribution to the financial performance such as DPK.The aim of this study was to find out the financial performance of 6 BPS BPIH before and after the transfer of Hajj Fund from conventional banks to Islamic banks. Taking case studies at PT. Bank Syariah Mandiri, PT. Bank BRI Syariah, PT. Bank BNI Syariah, PT. Bank Mega Syariah, PT. Bank Panin Dubai Syariah, and PT. Bank Muamalat. The Data that used in this study is Return On Assets (ROA) and Financing to Deposit Ratio (FDR) in Quarterly Financial Report of 6 BPS BPIH,4 years before the transfer of hajj fund that started 2010 until 2013, and 4 years after the transfer of hajj fund that started from 2015 until 2018. The method of data analysis in this study uses a different samples in non parametrik, which is Wilcoxon Signed Rank Test. The result of this study shows us that there was a difference in ROA and FDR of BPS BPIH before and after the transfer of hajj fund from conventional banks to Islamic banks.

Download Full-text

Pengeluaran Pemerintah dan Pertumbuhan Ekonomi di Indonesia : Analisis Panel Seemingly Unrelated Regression

E-Jurnal Ekonomi dan Bisnis Universitas Udayana ◽

10.24843/eeb.2019.v08.i01.p01 ◽

2018 ◽

pp. 1

Author(s):

Bayu Kharisma ◽

Adji Pratikto

Keyword(s):

Economic Growth ◽

Negative Impact ◽

Industrial Sector ◽

Positive Influence ◽

Seemingly Unrelated Regression ◽

The Other ◽

Security Sector ◽

The Government ◽

Level Of Significance ◽

Almost All

The paper aims to examine how the growth impact of government spending in Indonesia, with a focus on several expenditure sectors, namely defense, education, health, agriculture, transport and communications, and manufacturing sectors. Based on the 17 sectors studied, only 6 sectors significantly influence economic growth, namely industrial sector, agriculture and irrigation sector, transportation and transportation sector, environment and spatial sector, political sector and mass media lighting, and security of order. Meanwhile, of the six sectors, only the security sector of order has a positive effect on economic growth, while the other five sectors negatively affect economic growth. If not paid attention to the level of significance, almost all sectors of development expenditure have a negative impact on economic growth, only 5 sectors that have a positive influence that is the labor sector, education sector, national culture, trust in God YME, youth and sports, housing and residential sector , the science and technology sector, as well as the security and order sectors. However, only the security sector of order has a significant effect, while the other four sectors have no significant effect. This result differs from previously conclusions, where their overall conclusion of the government development spending sector has a significant effect, the effect being positive. However, the same conclusions are generated for the security and order sectors, where the results are positive and significant.

Download Full-text

Is a Corruption Crackdown Really Good for the Economy? Firm-Level Evidence from China

The Journal of Law Economics and Organization ◽

10.1093/jleo/ewaa014 ◽

2020 ◽

Author(s):

Zhiyuan Chen ◽

Xin Jin ◽

Xu Xu

Keyword(s):

Negative Impact ◽

Foreign Firms ◽

Private Firms ◽

Firm Level ◽

Personal Connections ◽

Before And After ◽

Short Run ◽

The Government ◽

Negative Impacts ◽

The Impact

Abstract We study the impact of anticorruption efforts on firm performance, exploiting an unanticipated corruption crackdown in China’s Heilongjiang province in 2004. We compare firms in the affected regions with those in other inland regions before and after the crackdown. Our main finding is an overall negative impact of the crackdown on firm productivity and entry rates. Furthermore, these negative impacts are mainly experienced by private and foreign firms, while state-owned firms are mostly unaffected. We present evidence concerning two potential explanations for our findings. First, the corruption crackdown may have limited bribery opportunities that helped private firms operate. Second, the corruption crackdown may have interfered with personal connections between private firms and government officials to a greater extent than institutional connections between state-owned firms and the government. Overall, our findings suggest that corruption crackdowns may not restore efficiency in the economy, but instead lead to worse economic outcomes, at least in the short run (JEL L2, M1, O1).

Download Full-text

A Study on Psychological Well-Being among Employees of I.T Companies

Asian Social Science ◽

10.5539/ass.v13n8p59 ◽

2017 ◽

Vol 13 (8) ◽

pp. 59 ◽

Cited By ~ 1

Author(s):

M. Rajeswari ◽

R. Magesh

Keyword(s):

Negative Impact ◽

Well Being ◽

Organizational Structures ◽

Project Work ◽

Organizational Environment ◽

Financial Policies ◽

Psychological Well Being ◽

Factors Affecting ◽

The Government ◽

And Function

Liberalization of the Indian organizational environment through modification in the industrial, trade and financial policies by the government has brought in change and competition of a magnitude that was previously unknown to Indian business. In the present scenario, where multinationals and other global players are competing in the domestic market with the monopoly players, the management of organizations is expected to be more productive and efficient for survival in India. More than a decade ago, the western countries faced similar conditions. A flow of changing organizational structures and changing expectations has forced various departments of the organization to alter their perspectives on their role and function overnight. In this context, it would be important to identify the factors in the organizational environment that have the most positive as well as negative impact on their performance in the organization in order to facilitate the positive and impede negative factors at job setting. Hence, the present research was undertaken to find out, how occupational stress and human resource practices can contribute to psychological well-being among employees of I.T companies.The main factors affecting the job satisfaction of the I.T. employees are based on Age, Gender, Educational qualification, Marital status, Experience, Salary, Nature of employment. The data collected will be analyzed with the usage of the statistical tools like one way ANOVA, factor analysis and independent t- test. The major findings are reported at the completion of the project work and on the basis of the study, suitable suggestions will be given to the company.

Download Full-text

Analisis Perbandingan Kinerja Keuangan Bank Umum BUMN Dan Bank Umum Swasta Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011 - 2015

JRB-Jurnal Riset Bisnis ◽

10.35592/jrb.v1i1.7 ◽

2019 ◽

Vol 1 (1) ◽

pp. 27-40

Author(s):

Hotman Fredy ◽

Yetty Murni ◽

Muhidin

Keyword(s):

Financial Performance ◽

Stock Exchange ◽

Sample Selection ◽

Rank Test ◽

Private Bank ◽

Signed Rank ◽

Significant Difference ◽

Private Banks ◽

Signed Rank Test ◽

The Government

The purpose of this research is to determine whether there are significant differences in the CAR, NPL, ROA, ROE, NIM, BOPO, and LDR between government bank compared to private banks in Indonesia Stock Exchange (IDX) the periode of 2011-2015. Method of sample selection was done by purposive sampling, the samples obtained from government banks such as BNI, BRI, BTN, and Mandiri bank, while from private banks such as BCA, CIMB Niaga, Danamon, and Permata bank. Data analysis methods is hypothesis testing using two different test mean (paired sample t-test) and wilcoxon signed rank test. The results showed that the financial performance of the ratio for CAR, NPL, ROA, NIM, BOPO, and LDR there is no significant difference between the government banks and private bank. While the financial performance of the ROE ratio there are significant differences between the government banks and private banks

Download Full-text

APAKAH PEMBENTUKAN HOLDING MENINGKATKAN KINERJA PERUSAHAAN ? ANALISIS PERBANDINGAN KINERJA ANAK PERUSAHAAN ABC BUMN HOLDING SEBELUM DAN SETELAH HOLDINGISASI DAN FAKTOR YANG MEMPENGARUHINYA

MIX JURNAL ILMIAH MANAJEMEN ◽

10.22441/mix.2019.v9i2.001 ◽

2019 ◽

Vol 9 (2) ◽

pp. 251

Author(s):

Bambang Utoyo

Keyword(s):

Financial Performance ◽

Commodity Prices ◽

Poor Performance ◽

The Poor ◽

Before And After ◽

Sugar Mills ◽

The Government ◽

The Cost ◽

Better Than ◽

Non Parametric

Abstract: The government has established ABC BUMN Holding, with the hope that the performance of its subsidiaries' performance after holding has increased sharply. Unfortunately the financial performance of its subsidiaries is no better than before the holding. This study is intended to analyze the performance of ABC BUMN subsidiaries before and after holding and look for factors that affect their performance, with non-parametric statistical methods and discussions with experts. The results showed that the poor performance of subsidiaries was partly due to the focus of the holding Directors still on restructuring the debt of subsidiaries which were carried out before the establishment of holding, the low productivity of plantations as a result of late replenting, fertilization and maintenance that are not in accordance with the standard, the cost of revitalizing sugar mills has not been able to be prepared by the holding, the synergy between the parent company and its subsidiaries has not gone well, and there has been a tendency to decline in plantation commodity prices. Keywords: Holding, financial performance, low productivity of plantation, statistic non parametric. Abstrak :Pemerintah telah membentuk ABC BUMN Holding, dengan harapan kinerja anak perusahaan setelah dilakukan holding meningkat secara tajam. Sayangnya kinerja keuangan anak perusahaannya tidak lebih baik dari sebelum holding. Penelitian ini dimaksudkan untuk menganalisis kinerja anak perusahaan ABC BUMN sebelum dan setelah holding dan mencari faktor yang memengaruhi kinerjanya, dengan metode statistic non parametric dan diskusi dengan pakar. Hasil penelitian menunjukkan bahwa belum baiknya kinerja anak perusahaan antara lain disebabkan fokus Direksi holding masih pada restrukturisasi hutang anak perusahaan yang terbawa dari sebelum pembentukan holding, rendahnya produktivitas perkebunan sebagai dampak terlambat replenting, pemupukan dan pemeliharaan yang tidak sesuai standar, besarnya biaya revitalisasi pabrik gula yang belum mampu disiapkan oleh holding, sinergi antara perusahaan induk dan anak perusahaan belum berjalan dengan baik, dan adanya kecenderungan turunnya harga komoditas perkebunan. Kata kunci: Holding, Kinerja keuangan, rendahnya produktivitas perkebunan, statistic non parametric.

Download Full-text

The The Impact of Liquidity, Credit, and Financial Leverage Risks on Financial Performance of Islamic Banks: A Case of Sudanese Banking Sector

Risk and Financial Management ◽

10.30560/rfm.v2n2p59 ◽

2020 ◽

Vol 2 (2) ◽

pp. p59

Author(s):

Ahmed Nourrein Ahmed Mennawi

Keyword(s):

Credit Risk ◽

Financial Performance ◽

Banking Sector ◽

Negative Impact ◽

Liquidity Risk ◽

Positive Influence ◽

Islamic Banks ◽

Financial Leverage ◽

Loan Financing ◽

The Impact

This study aims to investigate the impact of liquidity, credit, and financial leverage risks on the financial performance of Islam banks in Sudan during the period of 2008 - 2018. Panel dataset of 143 observations from (13) banks has been used in this study. Two models of ROA and NPM have been constructed using robust random effects estimates for testing the study hypotheses. The independent variables consist of liquidity and credit risks plus the financial Leverage ratio. Credit risk that measured by nonperformance of loan (financing) and provision of loan (financing) loss ratios; while the liquidity risk measured by cash to deposits ratio, liquid assets to total assets ratio and total loan (financing) to total deposits ratio. The financial performance of Islamic banks in Sudan measured by the ratios of return on assets and net profit margin. The results reveal that the credit risk and financial leverage have significant and negative impact on the financial performance of Islamic banks in Sudan, whereas the liquidity risk generally found to be insignificant. Despite that, the liquidity risk in term of liquid assets to total assets ratio provides a significant and positive influence on the financial performance of Sudanese banks. Finally, the importance of this study is that it touches the most significant types of risks that Sudanese Islamic banks face during their operational cycles.

Download Full-text

ANALISIS EFEKTIFITAS PROGRAM BANTUAN KEUANGAN KHUSUS (BKK) GERBANGSADU MANDARA DI KABUPATEN KARANGASEM TAHUN 2017 (STUDI KASUS PADA 18 DESA KAWASAN RAWAN BENCANA ERUPSI GUNUNG AGUNG)

JMM UNRAM - MASTER OF MANAGEMENT JOURNAL ◽

10.29303/jmm.v9i1.488 ◽

2019 ◽

Vol 9 (1) ◽

Author(s):

Komang Agus Rudi Indra Laksmana ◽

I Ketut Merta

Keyword(s):

At Risk ◽

Financial Performance ◽

Return On Investment ◽

Financial Institution ◽

Poverty Rate ◽

Measurement Instruments ◽

Coverage Ratio ◽

Significant Difference ◽

Before And After ◽

The Government

Karangasem Regency is one of the regencies in Bali which has the highest poverty rate in Bali, The Gerbangsadu Mandara program in 2016 has been distributed in 54 villages with an average budget of 1 billion rupiah per village. However, in mid 2017 the eruption of Mount Agung erupted causing economic paralysis in 22 affected villages in Karangasem Regency. Among them 18 villages are disaster prone areas (KRB) are recipients of the Gerbangsadu Mandara program. Indicators in measuring effectiveness used are performance measurement instruments for 2016-2018 in the form of CCR, ROI, LAR financial ratios aimed at measuring health and its relation to the readiness of citizens to receive further intervention from the government for the following year. The problems to be solved in this study are: How is the effectiveness of Gerbangsadu Mandara Special Financial Assistance (BKK) in 18 villages of Mount Agung Eruption in Karangasem Regency as seen from Cost Coverage Ratio (CCr), Return on Investment (ROI), and Loan at Risk (LAR). The results showed that during the period 2016-2018, the average performance of 18 Bumdes in Karangasem Regency for a Cost Coverage Ratio (CCr) ratio of 183% (very satisfying), Return on Investment (ROI) of 7% (quite satisfactory), and Loan at Risk (LAR) of 19% (minimum). Paired T-test shows that Sign.2-tailed value is greater than 0.05, it means that financial performance before and after the eruption of Mount Agung did not occur a significant significant difference. The conclusion is that the Bumdes financial performance in Karangasem Regency is not affected by the risk of the eruption of Mount Agung. The limitation of the research lies in the object of research at one financial institution that is Bumdes, further research this concept can be tested at other financial institutions such as Village Credit Institutions, Banks and Cooperatives.

Download Full-text