<![CDATA[ABSTRACT This study analyzed the differences market performance of BUMN between the reign of President SBY and Jokowi. This research applies a quantitative comparative method approach. The study involved 4 companies with observation from 2005-2024. The data analyzed by Wilcoxon Signed Rank Test. The results indicate that there are differences in the market performance of BUMN measured by Price Earning Ratio, Price to Book Value and Trading Volume between the reign of President SBY and Jokowi. Meanwhile, no differences were found. The results of this study indicate that the president plays an important role in the performance of the BUMN market as reflected by investor responses, so it is important for the president to formulate and appoint competent BUMN managers in order to create good corporate governance. Keywords: Stock Return, Price Earning Ratio, Price to Book Value, Price to Sales Ratio, Trading Volume, BUMN ABSTRAK Penelitian ini menganalisis perbedaan kinerja pasar BUMN antara masa pemerintahan Presiden SBY dan Jokowi. Penelitian ini menerapkan pendekatan metode komparatif kuantitatif. Penelitian ini melibatkan 4 perusahaan dengan periode observasi 2005-2024. Data dianalisis dengan Wilcoxon Signed Rank Test. Hasil penelitian menunjukkan bahwa terdapat perbedaan kinerja pasar BUMN yang diukur dengan Price Earning Ratio, Price to Book Value dan Trading Volume antara masa pemerintahan Presiden SBY dan Jokowi. Sementara itu, tidak ditemukan perbedaan. Hasil penelitian ini menunjukkan bahwa presiden memegang peranan penting dalam kinerja pasar BUMN sebagaimana tercermin dari respon investor, sehingga penting bagi presiden untuk merumuskan dan menunjuk pengelola BUMN yang kompeten guna menciptakan tata kelola perusahaan yang baik. Kata kunci: Pengembalian saham, Rasio harga terhadap laba, Rasio harga terhadap nilai buku, Rasio Harga terhadap Penjualan, Volume Perdagangan, BUMN]]>
