Adam, Helmi (2021) Comprehensive Research on Financial and Stocks Performance of SOE in Infrastructure Sector in Indonesia and Their Comparison to Non-SOE in Infrastructure Sector Before and During Pandemic Covid-19 Era. Undergraduate thesis, IPMI Business School.

Text Comprehensive Research on Financial and Stocks Performance Of SOE in Infrastructure Sector in Indonesia and Their Comparison to Non-SOE in Infrastructure Sector Before and During Covid19 Era - Helmi Adam.pdf Restricted to Registered users only Download (3MB)

Abstract

In recent years, the Indonesian government has continued to actively develop the infrastructure sector, even during the COVID-19 pandemic. The government's role includes ownership of several infrastructure sector companies and government-financed projects. However, until now no research has been found on the financial performance and shares of government-owned infrastructure companies covering aspects of government ownership and government projects, including during the COVID-19 pandemic. So the purpose of this study is to analyse the financial performance of SOE of infrastructure sector listed in Indonesian Stock Exchange, to compare the financial performance position against non-SOE in infrastructure sector, and to analyse factors that affect stock return as well as to analyse factors that affect profitability of SOE in infrastructure sector, some selected ratios has been used. The factors are Debt to Equity ratios, Current ratios, Total Asset Turnover ratios, Return On Capital Employed, Government Share, Government Project, Market Return and Stock Return. This research also analyse effect of Covid-19 pandemic. The research is using quantitative research method which is comparisontest, effect test, and also purposive sampling. The samples consist of 440 quarterly financial reports of the company (from 2011 up to 2020) from 11 companies which is five companies are SOE and six companies are non-SOE. Based research finding on analysing the financial performance, SOE in infrastructure sector have a relatively good financials performance compared to non-SOE in infrastructure sector, that SOE in infrastructure sector is more capable to optimize its leverage and liquidity to generate a higher level of profitability than non-SOE in the infrastructure sector. In term of analysing factors that affect ROCE of SOE, this study found that Current Ratios, Total Asset Turnover, Government Share have a high significant effect on ROCE. Total Asset Turnover has positive effect, while Current Ratios and Government share have negative effect. In term of analysing factors that affect Stock Return of SOE,from all the selected independent variables, this study found that only Government Project has a marginally significant and Market Return and Dummy Covid-19 have a high significant for Stock Return of State Owned Enterprise in infrastructure sector. This study revealed that covid-19 pandemic has positive effect on market return, but does not have effect on profitability of SOE in infrastructure sector. This study also revealed that government share has negative effect on profitability but does not have effect on market return of SOE in infrastructure sector, while government project has no significanly effect on profitability but become marginally significant on stock return of stated owner company in infrastructure sector.

Item Type:	Thesis (Undergraduate)
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance
Divisions:	Thesis > Master of Business Administration
Depositing User:	Dede Faujiah
Date Deposited:	15 Dec 2021 06:28
Last Modified:	16 Dec 2021 07:58
URI:	http://repository.ipmi.ac.id/id/eprint/1330

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