[ABSTRAKPenelitian ini membahas mengenai analisis kinerja dan masalah keagenan BUMN pada periode sebelum dan setelah privatisasi. Penelitian yang dilakukan menggunakan metode yang dkembangkan oleh Megginson, Nash dan Randenborgh (MNR). Variabel kinerja keuangan yang digunakan yaitu profitabilitas operasi, efektivitas aset, daya saing manajemen, dan leverage. Agency problem diukur melalui dua proksi, yaitu rasio asset turnover dan rasio selling and general administrative. Hasil penelitian menunjukkan bahwa profitabilitas mengalami peningkatan dan leverage mengalami penurunan sesudah privatisasi. Dan tidak terjadi perubahan pada agency problem BUMN sesudah periode privatisasi.

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ABSTRACT

, This thesis is focusing on the analysis of the State Owned Enterprises’ (SOE)

performance and agency problem before and after privatization period. This

research uses Megginson, Nash and Randenborgh’s method (MNR). Operation

profitability, asset effectivity, management’s competitiveness, and leverage are

used for SOE’s performance variable. Agency problem variable is measured

through two proxies, asset turnover ratio and selling & general administrative

ratio. The results showed that after privatization, profitability has increased and

leverage has decreased. Moreover, there is no changes in agency problem after

privatization.]