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"Industri migas merupakan industri strategis bagi bangsa Indonesia. Selain industri migas menyumbang sekitar 30% untuk APBN, Indonesia juga dikenal sebagai negara dengan cadangan minyak terbesar di kawasan asia tenggara. Cadangan minyak ini menjadi aset yang sangat berharga bagi bangsa Indonesia untuk melakukan pembangunan. Tentunya aset berharga ini tidak akan menghasilkan apa-apa jika pengeleloaan terhadap aset ini tidak dilakukan dengan baik. Kegiatan eksplorasi dan eksploitasi migas memiliki karakteristik yang sangat berbeda dengan kegiatan investasi yang lain karena Industri migas merupakan industri yang pada modal (high cost), padat teknologi (high technology), padat resiko (high risk) dan membutuhkan eksplorasi secara terus menerus untuk mempertahankan produksi.Untuk itu dalam setiap Kontrak Kerja Sama Migas di Indonesia memuat klausul pengembalian setiap biaya operasi yang dikenal dengan Cost Recovery yang diberikan dalam bentuk In-Kind. Pemberian pengembalian biaya dalam bentuk In-Kind ini menarik untuk dikaji dengan menggunakan Pasal 33 ayat 3 UUD 1945 yang mengamanatkan kepada Negara untuk memanfaatkan sumber daya alam Indonesia untuk sebesar-besarnya kemakmuran rakyat. Pada akhirnya disimpulkan bahwa Cost Recovery menghilangkan penguasaan Negara terhadap minyak bumi yang dihasilkan dari perut bumi Indonesia karena dengan bagian dari Cost Recovery mutlak menjadi milik kontraktor yang tidak dapat diintervensi pemerintah penggunaannya. Untuk itu penulis menyarankan perlunya dibuat suatu formulasi baru untuk kontrak kerja sama migas yang memuat klausula pengembalian dalam bentuk tunai atau memberikan kontrak kerja sama dengan Cost Recovery hanya untuk lapangan minyak yag tidak mampu dikelola oleh BUMN.Oil and gas industry is a strategic industry for the nation of Indonesia. In addition to oil and gas industry accounted for about 30% to the state budget, Indonesia is also known as the country with the largest oil reserves in the region southeast asia. Oil reserves is becoming a valuable asset for Indonesia to carry out the development. Surely these valuable assets will not produce anything if pengeleloaan against this asset is not done well. Oil and gas exploration and exploitation activities have characteristics very different from other investment activities due to oil and gas industry is an industry that in the capital (high cost), technology-intensive (high technology), solid risk (high risk) and requires constant exploration to maintain production . For it is in any Oil and Gas Contract in Indonesia includes a clause returns any operating expenses, known as cost recovery given in the form of In-Kind. Giving a refund in the form of In-Kind is interesting to examine the use of Article 33, paragraph 3 of the UUD 1945 which mandates the State to exploit Indonesia's natural resources for the greatest prosperity of the people. Ultimately concluded that Cost Recovery eliminating control of Indonesian government on oil which produced from the bowels of the Earth Indonesia because the of split that conractor gain from Cost Recovery is absolutely belongs to a contractor who cannot interfered by government. According to the conclusion authors suggest that Indonesian government need created a new formulation for the oil and gas cooperation contracts which contain clauses of return in the form of cash or providing a cooperation contract with Cost Recovery only in oil field that cannot be able to be managed by the BUMN."

"International environmental issues are so important at recent year. We need a global responsibility to solve the trans boundary environmental proble . Indonesia, one of country that has a large forest in the world, hold the main role to support the environmental sustainability. The answer is how we care the world through our green ,foresfiy. This paper, "Cost Benefit Analysis in The Carbon Trading Through Clean Development Mechanism (CDM) To Support Indonesia's Reforestation," gives us the picture of Indonesia's forestry, the beneficial of forest's project and the finding of global responsibilities to make a better for mankind. Our perspective about the utility q fforest is so important to determine the decision we choose. The global environmental issues rise awareness and responsibilities, in developed and development countries. Likely global warming issues as the impact of higher carbon dioksida concentration in the atmosfer. The impact is so large among the countries. According that, each developed court.'y that has a concerned to environment, builds a commitment to reduce the emission-carbon dioksida. As developing countries, they have duties to maintain their forest, likely doing reforestation. To remind, that CDM has recognized a plantation of forest since 1990. So, we do not calculate the natural forest in carbon trading. Through CDM, forest produce certification-we called "Certified Emission Reduction" as a material in carbon trading. That certifications show how much pollution could be generated by country. Its over the rate of pollution can be tolerated by environment. Through cost benefit analysis-in the context of Indonesia, reforestation is so beneficial from economic and environmental perspective. The focus of this research is East Kalimantan in 10.000 area of forest. This paper compares the worthwhile of forest -such biodiversity, the fresh air, the clean water, woods and other forest product-with the cost doing reforestation. We use net present value to show us that reforestation activity so benefit. Time period of project is 28 years- based on other research, the reforestation project through CDM is feasible and beneficial. From the analysis-benefit and cost-the net present value of reforestation project is US $ 73.805.675. It shows us how much benefit that we earn from this activity. The potential income that would be received is US $ 2.890.500 based on the assumption that certifications could be sold in the price US $ 5.875 each carbon ton. Indonesia has a large chalice to be one of participant in CDM program. So, the cooperation between central and region is so important to create the success of this program. We need the clear law to make everything so easy to implement."

"Undang-Undang Migas Tahun 2001 menjelaskan Negara (Pemerintah) turut terlibat dalam penyelenggaraan kegiatan usaha hulu migas. Negara diberikan kewenangan mengusahakan hulu migas dalam bentuk Kontrak Production Sharing (KPS) yang didukung filosofis amanat Pasal 33 ayat (3) UUD 1945. Metode penelitian ini adalah penelitian hukum normatif. Hasil penelitian menunjukkan posisi Negara (Pemerintah) dalam KPS menurut analisis KUHPER adalah seimbang. Negara (Pemerintah) menurut KUHPER diakui sebagai subjek hukum perdata yang dapat turut serta dalam hubungan privat. Adanya keseimbangan posisi berkontrak antara Negara (Pemerintah) dengan kontraktor menurut analisis KUHPER karena KPS tidak bisa terlepas dari syarat subjektif sahnya perjanjian menurut Pasal 1320 KUHPER. Walaupun konsep KPS dikembangkan dari perjanjian bagi hasil menurut hukum adat secara nasional untuk kegiatan usaha hulu migas dari hukum perjanjian dengan pemikiran asas kebebasan berkontrak Pasal 1338 ayat (1) KUHPER tetapi ketika Negara (Pemerintah) hendak ikut terlibat menjadi pengusaha dalam usaha hulu migas maka asas kebebasan berkontrak tidak sepenuhnya diberlakukan bagi Negara (Pemerintah) karena prosedur dan pembuatan KPS tidak bisa lepas dari aspek kepentingan publik. Sedangkan jika melihat posisi Negara (Pemerintah) dalam KPS menurut Undang-Undang Migas No. 22 Tahun 2001 adalah tidak seimbang karena KPS bersifat khusus yang persyaratan formalitasnya tidak bisa lepas dari amanat Pasal 33 ayat (3) UUD 1945 dan karena objek yang diperjanjikan adalah bagi hasil produksi migas. Pembuatan KPS didahulukan pengaturannya secara khusus karena melekatnya tanggungjawab Negara (Pemerintah) terhadap pengusahaan aset publik. Negara (Pemerintah) juga memiliki kapasitas untuk menandatangani KPS karena Negara (Pemerintah) merupakan subjek hukum yang dapat mengembang hak dan kewajiban sama seperti halnya manusia. Negara (Pemerintah) dapat menutup KPS dimana syarat unsur kapasitasnya diukur dari kewenangannya yang melekat pada pengurus yang mewakili badan hukum tersebut. Kepentingan tindakan privat Negara (Pemerintah) diwakili oleh alat-alat atau organ pengurusnya yang mempunyai kewenangan sebagaimana diatur dalam peraturan perundang-undangan. Apabila pengurus yang mewakili kepentingan Negara itu mempunyai kewenangan untuk menandatangani KPS maka Negara mempunyai kapasitas untuk membuat dan menandatangani kontrak.

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The Law No. 22/2001 Concerning Natural Oil And Gas defines the State (Government) involved in the operation of oil and gas upstream activities. The State has the authority to exploit the oil and gas in the form of Production Sharing Contract (PSC) which is based by the philosophical mandate of Article 33 (3) The 1945 Constitution. The research method of this study is using a normative legal research. The results of this study indicates that the position of the State (Government) in the PSC by analysing according to the Civil Code has an equal standing. The State (Government) according to the Civil Code is approved by the law as a legal entity and could be bound in a legal relationship. Indicating there is an equal standing between the State (Government) and the contractor in the contract according to Civil Code is wherefore the PSC obliged to fulfill the subjective requirements for the validity of contract under Article 1320 Civil Code. Although the PSC concept was evolved from the sharing agreement under customary law nationally for the upstream oil and gas activities pursuant to the contract law by the principle of freedom of contract Article 1338 (1) Civil Code however when the State (Government) would perform its role as entrepreneur in the upstream oil and gas activites, the principle of the freedom of contract is not fully applicable to the State (Government) since the PSC has also within the aspects of public interest. Whereas the position of the State (Government) in PSC according to the Law No. 22/2001 has not an equal standing since of the special nature of PSC requirements prohibited to contravene the mandate of Article 33 (3) The 1945 Constitution. The PSC's substance is specifically regulated by reason of the State (Government) bear of the responsibility over natural resources. The State (Government) has the capacity to sign the PSC by reason of the State (Government) is also a legal subject has the same rights and obligations as well as natural person. The State (Government) could close the PSC where the State's legal capacity is measured from the public official authorization in representing the State's private acts wherein stipulated accordance to the legislations. When the public official has the authority to represent the State's private act therefore the State holds the legal capacity to enter and bound in a contract."

"Tujuan dari penelitian yang dilakukan dalam karya akhir ini adalah untuk menguji pengaruh variabel agregat ICC (Implied Cost of Capital) tehadap pergerakan agregat return yang berupa market return dan portfolio return. Nilai dari agregat ICC dihitung sesuai dengan metode yang diajukan oleh Li, Ng, dan Swaminatan (2013) dimana ICC untuk tiap perusahaan akan dibobot berdasarkan kapitalisasi pasarnya. Pengujian hipotesis dalam penelitian ini dilakukan dengan menggunakan model regresi dari 120 observasi pada nilai agregat ICC bulanan selama sepuluh tahun dari periode Januari 2003 sampai Desember 2012. Hasil dari penelitian ini membuktikan bawah agregat ICC berpengaruh secara positif dan signifikan terhadap pergerakan agregat return, bahkan setelah dikontrol dengan beberapa variabel valuation ratio seperti agregat dividend yield, agregat market to book ratio, dan agregat price to earning ratio.

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The objective of this research is to analyze the influence of aggregate implied cost of capital toward the movement of aggregate return which are market return and portfolio return. The construction of aggregate ICC is based on the method of Li, Ng, and Swaminatan (2013) which the ICC of each firm are weighted by its market capitatlization. Hypotesis testing is conducted using regression models with 120 observations of ten-year period of montly aggregate ICC from January 2003 to December 2012. The empirical result from this research shows that the aggregate ICC has a significant positive influence toward aggregate return, even after being controlled by several aggregate valuation ratio such as aggregate dividend yield, aggregate market to book ratio, and aggregate price to earning ratio."

"ABSTRAKPenelitian ini bertujuan untuk mendapatkan bukti empiris mengenai sumber pendapatan apa saja yang dapat mempengaruhi belanja modal pemerintah daerah dan bagaimana pengaruhnya. Objek penelitian adalah Pemerintah Daerah tingkat Kabupaten/Kota di Indonesia periode penelitian 2008-2012. Hasil pengujian membuktikan bahwa satu-satunya sumber pendapatan yang berpengaruh positif terhadap belanja modal hanyalah DAK. Sementara PAD, DAU, dan DBH berpengaruh negatif terhadap belanja modal. Di samping itu belanja pegawai juga berpengaruh negatif terhadap belanja modal. Kesimpulan penelitian ini adalah bahwa pemerintah daerah cenderung menggunakan dana yang bersifat block grant lebih besar untuk kepentingan operasionalnya daripada membiayai belanja modal.

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ABSTRACTThis study aims to obtain empirical evidences about what source of income that may affect capital expenditure of local government. Object of this study is regencies/municipalities in Indonesia for period 2008-2012. The result of the calibration proves that the only source of income which has positive effects to capital expenditure is Special PurposeGrant (DAK), when Local Own Source Revenue (PAD), General Purpose Grant (DAU), and Shared Fund(DBH) affects negatively. In addition, personnel expenditure also holds negative effects to capital expenditure. The conclusion of this study is that local governments tend to use greater block grant funds for the benefit of its operations rather than for funding capital expenditure."

"Penelitian ini bertujuan untuk menganalisis pengaruh perubahan cash flow terhadap perubahan cash holding, khususnya untuk melihat ada atau tidak adanya perubahan cash holding yang asymmetric pada perusahaan yang sedang menghadapi cash flow positif maupun negatif. Sampel yang digunakan adalah perusahaan non-keuangan yang tercatat di Bursa Efek Indonesia pada periode 2003-2012. Hasil penelitian menunjukkan bahwa ketika cash flow positif, maka cash holding perusahaan akan meningkat. Sedangkan ketika cash flow negatif maka cash holding perusahaan akan menurun. Sehingga tidak adanya perubahan cash holding yang asymmetric ketika cash flow positif maupun negatif.

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This research aims to analyze the impact of incremental cash flow to incremental cash holding, specifically in regards to the possible asymmetric change of cash holding in positive and negative cash flow situation. Samples are taken from nonfinancial companies listed in Indonesian Stock Exchange between 2003-2012. The result shows that when cash flow is positive there is an increase in cash holding. Moreover, in the event of negative cash flow, cash holding will decrease. Therefore, there is no asymmetric change of cash holding when cash flow positive or negative."

"ABSTRAKTesis ini membahas pengaruh belanja modal dan belanja barang dan jasa terhadap partisipasi angkatan kerja dan bukan angkatan kerja. Penelitian menggunakan data panel metode fixed effect dengan menggunakan data sejumlah 33 pemerintah daerah sejak tahun 2006 hingga 2011. Hasil penelitian menunjukkan bahwa belanja modal memberi pengaruh negatif pada partisipasi angkatan kerja dan pengaruh positif pada bukan angkatan kerja. Belanja barang dan jasa memberi pengaruh positif pada partisipasi angkatan kerja dan pengaruh negatif pada bukan angkatan kerja. Terdapat perpindahan akibat belanja modal dari kelompok bekerja ke kelompok mencari kerja pengaruh sebaliknya terlihat akibat pengaruh belanja barang dan jasa.

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ABSTRACTThe paper discusses the effect of government capital expenditure on In The Labor Force and Not In The Labor Force. This research uses panel data with fixed effect method by using data of 33 local governments since 2006 until 2011. The result show that capital expenditure have a negative effect on In The Labor Force and positive effect on Not In The Labor Force. Meanwhile, consumption expenditure enhance positive effect on In The Labor Force and negative effect on Not In The Labor Force. Apparently, there is a movement between employed and the unemployed due to the capital expenditure and consumption expenditure."