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"Skripsi ini mencoba membuktikan keefektifan privatisasi dengan metode penjualan saham dalam meningkatkan kinerja BUMN. Skripsi ini juga ingin membuktikan kebenaran teori Stackelberg First-Mover Advantage dalam kasus privatisasi, dimana BUMN yang melakukan privatisasi lebih awal diharapkan akan memiliki kinerja lebih baik dibandingkan BUMN yang melakukan privatisasi belakangan. Sampel yang digunakan adalah 12 BUMN yang melakukan privatisasi pada periode 1991-2003, dengan metode Pooled Least Square Regression untuk analisis regresi dan Uji Peringkat Bertanda Wilcoxon untuk analisis deskriptif. Indikator yang digunakan dalam menganalisis perubahan kinerja sebelum dan setelah privatisasi adalah profitabilitas, efisiensi, output, jumlah tenaga kerja, dan rasio hutang (leverage). Sementara indikator yang digunakan untuk menganalisis kebenaran teori Stackelberg First-Mover Advantage adalah profitabilitas, rasio hutang, dan intensitas tenaga kerja.Hasil penelitian menunjukkan bahwa proses privatisasi dengan metode penjualan saham BUMN di Indonesia tidak terbukti secara signifikan mampu meningkatkan kinerja BUMN dalam hal profitabilitas, efisiensi operasional, dan jumlah tenaga kerja; namun terbukti secara signifikan mampu meningkatkan output BUMN dan mengurangi rasio hutang BUMN. Sementara teori Stackelberg First-Mover Advantage mampu dibuktikan kebenarannya dimana BUMN yang melakukan privatisasi lebih awal akan memiliki kinerja lebih baik dilihat dari indikator profitabilitas yang lebih tinggi dan rasio hutang yang lebih rendah dibandingkan dengan BUMN yang melakukan privatisasi belakangan. Namun teori tersebut tidak terbukti kebenarannya pada kinerja BUMN jika dilihat dari indikator intensitas tenaga kerja.

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The focus of this study is to prove the effect of share issue privatization on the performance of State Owned Enterprises (SOE?s). This study also wants to prove the truth of Stackelberg First-Mover Advantage theory in privatization cases, where SOE?s who did privatization earlier will gain better performances than SOE?s that did privatization lately. This study use 12 SOE?s as the sample in 1991-2003 period, with Pooled Least Square Regression method for regression analysis and Wilcoxon Sign Rank Test for descriptive analysis. The indicators used to analise performance changes before and after privatization are profitability, efficiency, output, employment number, and leverage. Meanwhile, the indicators used to analise the truth of Stackelberg First-Mover Advantage theory are profitability, leverage, and labor intensity.

The result of this study show that share issue privatization is not significantly affect the performance of SOE?s in Indonesia from the the profitability, operational efficiency, and employment number but significantly increase SOE?s output and decrease SOE?s leverage. Meanwhile, the truth of Stackelberg First-Mover Advantage theory can be proven where SOE?s that did earlier privatization will have better performance that is higher profitability and lower leverage than SOE?s that did privatization lately. But this theory can not be proven in SOE?s performance from labor intensity indicator."

"The purpose of this research is to know the relation of Capital dequacy Ratio, Loan to Deposit Ratio, Non Performing Loan, Net Interest Margin, and Operational Cost to Operational Income to profitability of commercial banks that listed in Indonesia Stock Exchange by using Return on Asset and Return on Equity as indicators. The data being used in this research is secondary data from audited financial report. While the sample being used is Bank Financial Report period 2003-2007 from 23 public banks. This research using linear regression method with pooled data. The result from this research indicate that NIM and BOPO have significant relationship with ROA but CAR, LDR, and NPL have unsignificant relationship with ROA. While LDR, NPL, NIM, and BOPO have significant relationship with ROE but CAR have unsignificant relationship with ROE.

The focus of this research is analyzing effect of formal strategic planning (FSP) to financial performance both directly and through moderating variable. Researcher used exploratory research to determine moderating variable that might affect the relationship between formal strategic planning and financial performance, which is environmental turbulence. The result of the exploratory research is used as an input in conclusive (descriptive) research. The sample is one of the State company, which adopt formal strategic planning. The result of this research shows that there isn?t a positive and direct relationship between formal strategic planning and financial erformance. Environmental turbulence also doesn?t affect the relationship between formal strategic planning and financial performance of the organization."