KINERJA KEUANGAN PERUSAHAAN BADAN USAHA MILIK NEGARA SEBELUM DAN SESUDAH PRIVATISASI

The main purpose of this study was to find out the effects of public ownership as the result of privatization by initial public offering (IPO) on financial performance in private state owned enterprises (SOE). Target populations of this research were 9 private SOEs during the period 1988-2007.The finding of this study showed that public ownership, as the result of privatization, might improve financial and operational performance only at leverage decrease and profitability increse. Testing the hypothesis in this study using the analysis of the Wilcoxon Signed Rank Test. The population is then privatized SOEs conducted sampling with purposive sampling method. Collecting data using secondary data documentation report annual financial stade-owned enterprises. Key words : privatization, initial public offering, financial performanc