STATE AND REGIONAL OWNED ENTERPRISES : HEAD TO HEAD FINANCIAL PERFORMANCE COMPARISON AT THE YEARS OF 2017-2021

The performance of State-Owned Enterprises (BUMN) and Regional-Owned Enterprises (BUMD) is currently the main hope regarding state revenues and one source of regional income, because BUMN and BUMD are national assets and regional assets which are very important as a source of funds for economic recovery. nationally, especially the Covid-19 pandemic that has just passed. The aim of this research is to determine the performance of BUMN compared to the performance of BUMD. Logically, the very large resources of BUMN compared to BUMD should make BUMN's performance better than BUMD and the results are expected to be very different. The data used is BUMN and BUMD financial performance data for five years, namely the 2017-2021 period. In this research, financial performance assessment uses financial ratio indicators, Current Ratio (CR), Debt To Equity Ratio (DER), Debt To Total Asset Ratio (DTA), Net Profit (NPM), Return On Assets (ROA) and Return On Equity (ROE) Test the hypothesis using the Kolomogorov-Sminov for normality-test and t-sample independent-test. The results of this research show that the financial performance of BUMN determined by the Current Ratio (CR), Debt To Equity Ratio (DER), Debt To Total Asset Ratio (DTA), Return On Assets (ROA) and Return On Equity (ROE) are not significantly different compared with the financial performance of BUMD for the 2017-2021 period.


INTRODUCTION
In 2021, there will be 95 state-owned companies in Indonesia (91 companies under the Ministry of BUMN and 4 companies under the Ministry of Finance), operating in all business sectors, a reduction of 16 companies compared to 2020.This reduction is due to the restructuring of BUMN through the formation of holdings, mergers and acquisition of BUMN, as one of the government's efforts to increase the efficiency, productivity and competitiveness of BUMN.According to Law no.19 of 2003, BUMN consists of Public Companies (Perum) and limited liability companies (PT Persero).Perum is a BUMN whose entire capital is owned by the state and is not divided into shares, which aims for public benefit in the form of providing goods and/or services.Meanwhile, Persero is a state-owned company in the form of a limited liability company whose capital is divided into shares.Persero is divided into two categories, namely a) Public Company (PT.Persero Tbk.) whose capital is owned by the government and also the public through the issuance of shares traded on the stock exchange; b) PT Perusahaan is a company that is 100% owned by the government (BPS-RI) Table 1.Increase in BUMN profits in the service sector highest financial performance compared to others with a profit of IDR 75 trillion in 2021 or growing 72 percent compared to the previous profit of IDR 44 trillion in 2020.The state-owned companies in the financial services sector include PT Bank Negara Indonesia (Persero) Tbk or BNI, PT Bank Rakyat Indonesia ( Persero) Tbk or BRI, PT Bank Tabungan Negara (Persero) Tbk or BTN, PT Bank Mandiri (Persero) Tbk, Republic of Indonesia Money Printing Public Company (Perum Peruri), and PT Bank Syariah Indonesia Tbk or BSI.This was followed by the telecommunications sector with profits of 34 trillion in 2021, the mining sector also jumped sharply, reaching 683 percent.The increase in profits in each sector is a positive impact of the BUMN transformation process.Restructuring and refocusing on core businesses resulting in a reduction in BUMN, previously there were 108 business entities and now there are 41 business entities.(www.katadata.com) .
Regionally Owned Enterprises (BUMD) are one of the economic supports and contributors to Original Regional Income (PAD) for the Provincial Government (Pemprov) or Regency/City Government (Pemkab/Pemkot).Based on data from the Central Statistics Agency (BPS), in 2021 there will be 829 BUMDs throughout Indonesia.A total of 114 BUMD shares are owned by the Provincial Government and 715 BUMD shares are owned by the Regency/City Government.According to data from the Central Statistics Agency (BPS), there were 286 BUMD companies that did not make a profit or experienced losses in 2020.This number is equivalent to 33.72% of the total BUMD companies in Indonesia, namely 848 companies.Based on the business field category, the percentage of BUMD companies that experienced losses in 2020 was highest in the corporate services category, namely 71.42%.It was recorded that there were 10 companies that lost money out of a total of 14 companies in this category.Then, followed by the construction category with the percentage of companies experiencing losses of 60%.Furthermore, in the category of providing food and drink accommodation, information and communication, 53.84% of companies experienced losses.Meanwhile, the percentage of BUMD companies that suffered losses in 2020 was the lowest, namely in the financial services and insurance category, namely 12.9%.In this category, 28 companies recorded losses out of a total of 217 companies.

LITERATURE REVIEW
Based on the definition used by the Indonesian Accountants Association, financial reports are highly structured records of financial position reports and financial performance reports of a company or organization (IAI, 2015).From the definition above, it can be interpreted that financial reports are very systematic, neat, complete records of a company which is a profitbased organization or non-profit organization whose form is referred to as a balance sheet, profit and loss report, capital change report, cash flow report and other supporting reports.resulting from transactions or operational activities of the organization which shows the organization's achievements which are really needed to be known by interested parties (Stakeholders).Financial reports, in order to have information that can be utilized optimally, must be analyzed first, which is known as financial report analysis activities.According to (Harahap, 2011) financial report analysis is explained in detail and systematically in the form of interconnected information units, which are based on data, both qualitative data and quantitative data with the aim of making decisions regarding the organization's performance.From the analysis of the financial statements, the financial condition and performance of the company can be known historically and from previous data and also compared with current data and industry average data, then it can be concluded that the company's performance is in good or bad condition and What decisions must be taken to improve the company's performance.
According to (Jumingan, 2006).Financial performance is a description of a condition company finances in one accounting period regarding various receipts and expenditures of funds which are usually measured by various indicators of capital adequacy, liquidity and profitability.Financial performance is the result that has been achieved by company management in managing company assets effectively.Meanwhile, according to (Rudianto, 2013), financial performance is needed to determine the level of success of the company based on the activities that have been carried out.Financial ratio analysis is a calculation using ratios that use financial reports, which function as a tool to measure and determine the condition of a company's financial performance (Maulana, 2018) From the explanation of several definitions above, it can be said that financial performance is a financial con dition that is reflected in financial data produced from financial reports which are the result of the company's daily activities.These daily activities include various receipts and expenditures which are recorded systematically based on the accounting cycle that occurs.The financial report must be audited first before an analysis is carried out which includes analysis of liquidity, solvency, activity and profitability.If all of this is done correctly then it can be ensured that the financial reports can be analyzed correctly and the results truly reflect the company's performance.According to (Bastian, 2006) financial performance is a prediction of the performance that has been achieved, which is a description of the achievement of the vision and mission of a company or organization.
According to the Indonesian Accountants Association ( 2007) in (Wahyuni, 2006) financial performance shows a company's ability to optimize existing economic resources effectively and

CONCLUSION
Based on the test, there is no significant difference regarding financial performance between SOE (BUMN) and ROE (BUMD)for all financial performance.
Number of State-Owned Enterprises by Industry Category, 2017 -2021 Source: Central Bureau of Statistics (BPS)-RI The performance of a number of State-Owned Enterprises (BUMN) increased rapidly in the 2021 financial year.Based on data from the Ministry of BUMN, the increase in BUMN profits https://jurnal.umt.ac.id/index.php/dmj/indexrose to IDR 90 trillion in 2021, or almost 600 percent from the previous IDR 13 trillion in 2020.

Table . 2
Number of Regional-Owned Enterprises (REO) /BUMD by theOwnership, 2017Ownership,  -2021Source: Central Bureau of Statistics (BPS)-RI The Total Asset, Equity and Earning After Tax of State Owned Enterprises (BUMN)are much more higher than Regional Owned Enterprises (BUMD)commonly 10 times higher.It means The State Owned Enterprises (BUMN) is much more stronger in financial performance than Regional Owned Enterprises (BUMD).Central Bureau of Statistics (BPS)-RI From Table.4,Return On Assets (ROA) of State Owned Enterprises (BUMN) are commonly higher than Regional Owned Enterprises (BUMD).It means The State Owned Enterprises (BUMN) are better in effectivity to use their total assets than Regional Owned Enterprises (BUMD).Return On Equity (ROE) of State Owned Enterprises (BUMN) are lower than Regional Owned Enterprises (BUMD).It means The State Owned Enterprises (BUMN) are weaker in effectivity to use their equity than Regional Owned Enterprises (BUMD). https://jurnal.umt.ac.id/index.php/dmj/index

Dynamic Management Journal Volume 7 No. 4 Tahun 2023 DOI: http://dx.doi.org/10.31000/dmj.v7i4 ISSN (Online) 2580-2127
In Table11, the results show that the samples observed were 25 samples which ROE (BUMD) data from 5 performance indicators from 2017 -2021 and the Asymp Sig (2tailed) value was 0.086, which means ROE (BUMD) performance data is normally distributed, so it can be continued to test the next hypothesis Hypothesis testing.Researchers conducted a t test for free samples or t-independent test to find out whether the 5 financial performance indicators, namely CR, ROA, ROE, DTA and DER from SOE (BUMN) from the year of of 2017 -2021 and from ROE (BUMD) are significantly different. https://jurnal.umt.ac.id/index.php/dmj/index

Table 12 .
Results of the t-All Ratio Test for SOE (BUMN) and ROE (BUMD)Because the Sig (2-tailed) value is 0.364 > 0.05, Ho is accepted, meaning there is no significant difference between SOE (BUMN) and ROE (BUMD) for all financial performance