Preliminary

The COVID-19 pandemic has had a major impact on the economy, not only in Indonesia but also worldwide. One of the impacts of the COVID-19 pandemic on the Indonesian economy is the decline in the budget for tax revenues, the largest source of state revenue, from 1,865.7 trillion to 1,462.6 trillion. Revenue tax is the main source of state revenue, or 84.4% (1.332.06 trillion) in 2019. The reduction in the state target in 2020 for income derived from the provision of tax incentives for taxpayers and business actors as regulated in Minister of Finance Regulation No.44 PMK 03/2020 concerning Tax Incentives for Taxpayers Affected by the 2019 Corona Virus Disease (COVID-19) Pandemic. spread on April 27, 2020. The government has analyzed that the economic crisis due to the COVID-19 pandemic will undoubtedly have an impact on decreasing profits and financial performance in various types of businesses. Therefore, implementing tax incentives is the government's first step to run a rescue economy that touches sectors that most affected, especially the real sector which absorbs a lot of labor. It is hoped that this sector will be able to survive in the midst of the economic crisis due to the COVID-19 pandemic. Tax incentives are not only given to MSMEs but also large-scale public companies.

The provision of tax incentives is also a rescue effort made by the government so that companies do not terminate employment relationships with employees as a result of the company's financial difficulties, as in Australia during the 2008 economic crisis, which led to an increase in unemployment [1]. Conveyed by the Ministry of Energy and Mineral Resources (ESDM) that the corona virus or covid 19 is recognized as having an impact on the national mining sector, especially SOEs and BUMS, if this pandemic continues until the end of 2020 it will affect state revenues to fall by 20% because it is influenced by the decline in commodity prices Minerba, in addition to decreasing revenues from the production process, will also stop the smelter project which will result in the operation being delayed until 2024.

PT Antam will also be hampered by gold exports abroad because gold refining activities stop operating. This research is very important to do to provide relevant information for potential investors in the mining sector BUMN and BUMS in the midst of the state's financial difficulties during the current COVID-19 pandemic. Research related to company performance during the COVID-19 pandemic was also carried out by [2], using a qualitative phenomenological approach. The results show that the most affected business sectors depend on the crowd, such as tourism and tourism supporting businesses including mass transportation, hotels and tertiary product businesses whose sales depend on public savings funds, property and institutional lending. The energy sector is also under tremendous pressure due to a drastic decline in business activities, with the exception of PLN (State Electricity). 

The economic crisis can have an impact on the decline in sales of products produced by the company. The decrease in total sales undoubtedly has an impact on the company's financial performance an increase in DER can also be caused by increasing total debt but with a fixed total or decreasing equity Brothers went bankrupt shortly after Merrill Lynch acquired. The balance sheets of companies experienced shocks including the level of leverage and decreased asset values [3,4].

Sales of food and beverage products have also continued to increase during the COVID-19 pandemic. [5], showed that the COVID-19 pandemic had a significant negative impact on the listed performance of Chinese companies due to a decrease in the value of total revenue, which also affected a decrease in ROA. According to Nottaa and Vlachveib [6], testing whether there is a significant difference in profitability between pre-crisis and during the crisis occurred in the case of Greek dairy companies. market, liquidity and leverage have a significant effect on earnings and explain differences in profitability between companies.

According to Violandani [7], regarding the impact of Covid-19 on stock prices and company financial performance in LQ45 with profitability ratio variables namely Return On Assets (ROA), Operating Profit Margin (OPM) and Net Profit Margin (NPM), it shows that the pandemic This Covid-19 has had an impact on LQ45's financial performance which decreased in terms of Return On Assets (ROA) and Operating Profit Margin (OPM) as well as a decrease that was not in Net Profit Margin (NPM). Meanwhile, research conducted by Roosdiana [8], regarding the impact of the COVID-19 pandemic on the performance of property and real estate companies listed on the IDX with the liquidity ratio variable, namely the current ratio, the solvency ratio, namely the debt ratio, the profitability ratio, namely the net profit margin and the ratio activity, namely the total asset turnover ratio. shows the results that there are no differences in the liquidity ratios and profitability ratios and there are differences in the solvency ratios and activity ratios. and Profitability Ratios.

Study of Literature

Differences in Firm Financial Performance using the Liquidity ratio as proxied by the Current Ratio of State-Owned Enterprises (BUMN) and Private-Owned Enterprises (BUMS) in the Mining Sector during the Covid-19 Pandemic.

According to Roosdiana [8], regarding the impact of the COVID-19 pandemic on the performance of property and real estate companies listed on the IDX with the liquidity ratio variable, namely the current ratio, the solvency ratio, namely the debt ratio, the profitability ratio, namely the net profit margin and the activity ratio, namely the turnover ratio. total assets. shows the results that there is no difference in the ratio of liquidity and profitability ratios and there are differences in the ratio of solvency and activity ratio. Research conducted by Nurhidayah et al. [9], states that by partially using the Independent Sample T-test, there is a significant average difference in the Current Assets Ratio between State-Owned Enterprises (BUMN) and Private-Owned Enterprises (BUMS) in the comparison period. While the research conducted by Kindangen and Claudia [10] stated that based on the paired sample t-test using the Current Ratio (CR) ratio, it can be concluded that there is a significant difference between PT.Telekomunikasi and PT. XL Axiata in the comparison period. From the results of this study, it can be concluded that the research hypothesis:

• H1: There is a difference in Firm Financial Performance using the Liquidity ratio proxied by the Current Ratio of BUMN and BUMS in the Mining Sector during the Covid-19 Pandemic

Differences in Firm Financial Performance using the activity ratio proxied by (Total Assets over) State-Owned Enterprises (BUMN) and Private-Owned Enterprises (BUMS) in the Mining Sector during the Covid-19 Pandemic.

According to [5], financial data of Chinese companies studied the impact of COVID-19 on company performance. We point out that COVID-19 has had a negative impact on company performance. The negative impact of COVID-19 on company performance is more pronounced when the scale of investment or company sales income is smaller. that the negative impact of COVID-19 on company performance is more pronounced in areas and industries that have a serious impact. These findings are among the first empirical evidence on the relationship between panic and firm performance. Focusing on firm-level performance, this paper discusses it comprehensively.

According to Devi et al. [11], The results showed that there was an increase in the leverage ratio and short-term activity ratio, but there was a decrease in the liquidity ratio and profitability ratio of public companies during the COVID-19 pandemic. There are no significant differences in liquidity ratios and leverage ratios, but there are significant differences in profitability ratios and short-term activity ratios in public companies between before and during the COVID-19 pandemic.

• H2: There is a difference in Firm Financial Performance using the ratio of activities proxied by (total asset turnover) State-Owned Enterprises (BUMN) and Private-Owned Enterprises (BUMS) in the Mining Sector during the Covid-19 Pandemic

Differences in Firm Financial Performance using the Solvency ratio proxied by (DER) State-Owned Enterprises (BUMN) and Private-Owned Enterprises (BUMS) in the Mining Sector during the Covid-19 Pandemic.

According to Yudanto and Santoso [12], stated that the monetary crisis in 1998 did not affect the real sector's financial performance. Meanwhile, financial performance in the consumer goods industry sector was affected by the monetary crisis when viewed from the value of the debt to equity ratio (DER), indicating a decline in capacity debt payments. An increase in DER can also be caused by an increase in total debt but with a fixed total or a decrease in equity. The global economic crisis in 2008 also caused the manufacturing sector to experience financial difficulties to its lowest point.

Research conducted by Nurhidayah et al. [9], states that by partially using the Independent Sample T-test, there is an average difference between State-Owned Enterprises (BUMN) and Private-Owned Enterprises (BUMS). Research conducted by Wibowo [13], states that the results of testing using the Mann-Whitney test using Debt to equity show differences in financial performance between government-owned pharmaceutical companies (BUMN) and private pharmaceutical companies listed on the Indonesia Stock Exchange (IDX). From the results of this study, it can be concluded that the research hypothesis:

• H3: There are differences in Firm Financial Performance using the Solvency ratio proxied by the Debt to Equity Ratio of State-Owned Enterprises (BUMN) and Private-Owned Enterprises (BUMS) in the Mining Sector during the Covid-19 Pandemic

Differences in Firm Financial Performance using the Profitability ratio proxied by (ROA) State-Owned Enterprises (BUMN) and Private-Owned Enterprises (BUMS) in the Mining Sector during the Covid-19 Pandemic.

According to Violandani [7], regarding the impact of Covid-19 on stock prices and company financial performance in LQ45 with profitability ratio variables namely Return On Assets (ROA), Operating Profit Margin (OPM) and Net Profit Margin (NPM), it shows that the pandemic This Covid-19 has had an impact on LQ45's financial performance which decreased in terms of Return On Assets (ROA) and Operating Profit Margin (OPM) as well as a decrease that was not in Net Profit Margin (NPM). Research conducted by Nurhidayah et al. [9], states that by partially using the Independent Sample T-test test, there is a significant average difference in the Total Assets Turnover Ratio between State-Owned Enterprises (BUMN) and Private-Owned Enterprises (BUMS). While research conducted by Wibowo [13], stated that the results of testing using the Mann-Whitney test using Total asset turnover showed differences in financial performance between government-owned pharmaceutical companies (BUMN) and private pharmaceutical companies listed on the Indonesia Stock Exchange (IDX). From the results of this study, it can be concluded that the research hypothesis:

H4: There is a difference in Firm Financial Performance using the Profitability ratio proxied by (ROA) State-Owned Enterprises (BUMN) and Private-Owned Enterprises (BUMS) in the Mining Sector during the Covid-19 Pandemic

This research was conducted on BUMN and BUMS mining companies listed on the Indonesia Stock Exchange in Quarter II, III, IV of 2020 using financial reports and annual reports. The data sources of this research use financial reports and annual reports obtained from the website www.idx.co.id, Data analysis techniques use descriptive statistics and classical assumption tests, hypothesis testing with Independent Sample T-test if the data is not normal using non-parametric test (Mann Whitney test).

Population and Sample

The population is the entire individual, event or thing that will be the object of research and has the same nature [14]. There are 4 mining BUMN companies and 42 BUMS companies on the IDX in Quarter II, III, IV of 2020 using financial statements and annual report.

Classical Assumption Test

Normality Test: In this study using the non-parametric Man-Whitney U test, because in the normality test, the data in this study were not normally distributed. So it does not use the Independent Sample T-test parametric test and must use the non-parametric Man-Whitney U test.

Table 1: Descriptive Data of Liquidity Ratio

Table 2: Descriptive Data of Activity Ratio

Table 3: Descriptive Data Solvency Ratio

Table 4: Descriptive Data Profitability Ratio

Table 5: Normality Test Current Ratio

a: Lilliefors Significance Correction

Table 6: Normality Test for Total Assets Turnover

a: Lilliefors Significance Correction

Table 7: Debt to Equity Ratio Normality Test

a: Lilliefors Significance Correction

Table 8: Normality Test of Return On Assets

a: Lilliefors Significance Correction

Table 9: Mann-Whitney Test Results Rank Current Ratio

a: Grouping Variable: The type_company

Table 10: Mann-Whitney Test Results Rank Total Assets Turnover

a: Grouping Variable: The type company

Table 11: Mann-Whitney Test Results Rank Debt to Equity Ratio

a: Grouping Variable: The type company

Table 12: Mann-Whitney Test Results Rank Return On Equity

a: Grouping Variable: The type_company

Liquidity Ratio Current Ratio (CR)

From the table above shows that the Asymp. Sig (2-tailed) for Mining SOEs and Mining BUMS shows a significance level or probability value of more than 0.05 (0.407>0.05). It can be concluded that H0 is Accepted and H1 is Rejected, or in other words there is no significant difference between State-Owned Mining Enterprises (BUMN) and Mining Private-Owned Enterprises (BUMS).

Total Assets Turnover (TATO) Activity Ratio

From the table above shows that the Asymp. Sig (2-tailed) for Mining SOEs and Mining BUMS shows a significance level or probability value of less than 0.05 (0.014<0.05). It can be concluded that H0 is Rejected and H1 is Accepted, or in other words there is a significant difference between State-Owned Mining Enterprises (BUMN) and Mining Private-Owned Enterprises (BUMS).

Solvency Ratio Debt to Equity Ratio (DER)

From the table above shows that the Asymp. Sig (2-tailed) for Mining SOEs and Mining BUMS shows a significance level or probability value of more than 0.05 (0.661>0.05). It can be concluded that H0 is Accepted and H1 is Rejected, or in other words there is no significant difference between State-Owned Mining Enterprises (BUMN) and Mining Private-Owned Enterprises (BUMS).

Profitability Ratio Return On Assets (ROA)

From the table above shows that the Asymp. Sig (2-tailed) for Mining SOEs and Mining BUMS shows a significance level or probability value of more than 0.05 (0.535>0.05). It can be concluded that H0 is Accepted and H1 is Rejected, or in other words there is no significant difference between State-Owned Mining Enterprises (BUMN) and Mining Private-Owned Enterprises (BUMS).

Liquidity Ratio Current Ratio (CR)

Based on the results of the Mann-Whitney test, it shows that in Asymp. Sig (2-tailed) for Mining SOEs and Mining BUMS shows a significance level or probability value of more than 0.05 (0.407>0.05). meet its short-term obligations. Or it can be said that BUMN and BUMS mining companies are classified as liquid. In the Descriptive Statistical test, the Mean value shows that mining SOEs are superior to Mining BUMS. The results of this study are in line with research conducted by Kristandi which states that there is a significant average difference in the Liquidity Ratio as proxied by the Current Ratio which affects financial performance company.

Activity Ratio of Total Assets Turnover (TATO)

Based on the results of the Mann-Whitney test, it shows that in Asymp. Sig (2-tailed) for Mining SOEs and Mining BUMS shows a significance level or probability value of less than 0.05 (0.014<0.05). This indicates that state-owned mining companies are in better condition than BUMS companies in indicating fixed assets. Or it can be said that the company uses a large amount of assets to boost sales during the covid-19 pandemic, compared to mining BUMS companies. The results of this study are in line with research conducted by According to Devi et al. [11], The results showed that there was an increase in the leverage ratio and short-term activity ratio, but there was a decrease in the liquidity ratio and profitability ratio of public companies during the COVID-19 pandemic.

Solvency Ratio Debt to Equity Ratio (DER)

Based on the results of the Mann-Whitney test, it shows that in Asymp. Sig (2-tailed) for Mining SOEs and Mining BUMS shows a significance level or probability value of more than 0.05 (0.661>0.05).

This shows that state-owned mining companies have good performance compared to mining enterprises. This means that the company has a debt that is smaller than the company's equity. The results of this study are in line with those conducted by Aprilita et al. which states that from the test results, it is found that there is no significant average difference in the Solvency Ratio proxied by the Debt to Equity Ratio in the comparison period.

Profitability Ratio Return On Assets (ROA)

Based on the results of the Mann-Whitney test, the significance level or probability value is more than 0.05 (0.535>0.05).

This shows that each company has a good performance, but Mining BUMS has a good performance compared to Mining SOEs. The results of this study are in line with research conducted by Kristandi which states that from the test results using the independent sample t-test test, it states that there is no significant average difference in Profitability Ratios proxied by Return on assets that affect the company's financial performance.

Based on the research conducted, there is no significant difference between State-Owned Mining Enterprises (BUMN) and Mining Private-Owned Enterprises (BUMS) during the covid -19 pandemic which are listed on the Indonesia Stock Exchange in 2020 using the Liquidity Ratio proxied by Curent. Ratio, Solvency Ratio proxied by Debt to Equity Ratio, Profitability Ratio proxied by Return On Assets and There is a significant difference in Activity Ratio proxied by Total Assets Turnover.

Suggestion

It is hoped that further research will extend the research period and add samples, not just one company but all companies listed on the Indonesia Stock Exchange that have state-owned companies so that they can strengthen the results of the study. In addition, further researchers can add variables EVA, MVA and CAPM.

1. Jetter, M. et al. "Becoming sensitive: Males’ risk and time preferences after the 2008 financial crisis." European Economic Review, vol. 128, 2020.

2. Hadiwardoyo, W. "Kerugian Ekonomi nasional akibat pandemi covid-19." Baskara: Journal of Business and Entrepreneurship, vol. 2, no. 2, 2020, pp. 83-90.

3. Armansyah, R.F. and M.B. Effendi. "Modeling the financial crisis in Indonesia." Ventura: Journal of Economics, Business and Accountancy, vol. 20, no. 2, 2017, pp. 125-135.

4. Carlson, M. and M. Macchiavelli. "Emergency loans and collateral upgrades: How broker-dealers used federal reserve credit during the 2008 financial crisis." Journal of Financial Economics, vol. 137, no. 3, 2020, pp. 70-85.

5. Shen, H. et al. "The impact of the covid-19 pandemic on firm performance." Emerging Markets Finance and Trade, vol. 56, 2020.

6. Notta, O. and A. Vlachvei. "the impact of financial crisis on firm performance in case of Greek food manufacturing firms." International Conference on Applied Economics (ICOAE) 2014. Elsevier, 2014.

7. Violandani, D.S. "Analisis Komparasi Rasio Keuangan Sebelum dan Selama Pandemi Covid-19 pada Perusahaan Terbuka yang Terdaftar pada Indeks LQ45." Accounting Department, Faculty of Economics and Business, Brawijaya University, 2021.

8. Roosdiana. "Dampak Pandemi Covid-19 terhadap Kinerja perusahaan property dan real estate yang terdaftar di BEI." Ikraith-Ekonomika, 2020. https://journals.upi-yai.ac.id/index.php/ikraith-ekonomika/issue/view/60.

9. Nurhidayah, M.R.M. and M.A.S. "Analisis Perbandingan Kinerja Keuangan Antara Perusahaan Farmasi Milik Pemerintah (BUMN) dengan Perusahaan Farmasi Milik Swasta yang Terdaftar di Bursa Efek Indonesia (BEI) Periode Tahun 2014-2016." E-Jurnal Riset Manajemen Fakultas Ekonomi Unisma, 2017, pp. 22-29.

10. Kindangen, Claudia F. "Analisis Perbandingan Kinerja Keuangan pada Perusahaan Telekomunikasi yang Terdaftar di Bursa Efek Indonesia Periode 2011-2014 (Studi Kasus pada PT Telekomunikasi Indonesia Tbk dan PT XL Axiata Tbk)." Jurnal Berkala Ilmiah Efisiensi, 2016.

11. Devi, S. et al. "The Impact of COVID-19 pandemic on the financial performance of firms on the Indonesia stock exchange." Journal of Economics, Business and Accountancy Ventura, vol. 23, 2020, pp. 226-242.

12. Yudanto, N. and M.S. Santoso. "Dampak Krisis Moneter terhadap Sektor Riil." Buletin Ekonomi Moneter dan Perbankan, vol. 1, no. 2, 2003, pp. 131-140.

13. Wibowo, A.T. "Analisis Perbandingan Kinerja Keuangan Antara Perusahaan Farmasi Milik Pemerintah (BUMN) dengan Perusahaan Farmasi Swasta di Bursa Efek Indonesia." Skripsi, Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Surakarta, 2013.

14. Sekaran, Uma and R.B. Bougie. Research Method for Business: A Skill Building Approach. 2010.