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"Penelitian ini bertujuan untuk mengetahui pengaruh co-insurance effect terhadap biaya utang. Pada peneletian ini co-insurance effect diteliti melalui hubungan kelompok usaha dan biaya utang.Penelitian ini menggunakan metode generalized least square, dengan jumlah observasi 770 titik observasi dari tahun 2008-2012. Hasil penelitian menunjukkan bahwa perusahaan yang tergabung dalam kelompok usaha memiliki biaya utang yang lebih tinggi dibandingkan dengan perusahaan Independen. Dengan demikian co-insurance effect tidak terbukti membuat biaya utang menjadi lebih murah. Penelitian ini juga menemukan bahwa tidak terdapat perbedaan co-insuance effect diantara perusahaan di dalam kelompok usaha. Hal ini mungkin dikarenakan terjadinya tunneling diantara perusahaan dalam kelompok usaha yang disebabkan oleh pemisahan pengendalian dan kepemilikan.

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The purpose of this study is to examine the co-insurance effect on cost of debt. The research conducted by analayzing the relationship between group and the cost of debt. There are 770 firm-year observations in this research from 2008-2012. The results suggest that firms that join business group have significant higher cost of debt, compared wih their counterparts. This means that the co-insurance effect has no significant positive effect on cost of debt. Moreover this research shows that there is no significant difference of co-insurance effect among the firms in business group. it maybe due to the probability of the existence of tunneling activities in business group which caused by the divergence of controlling right and cash flow right."

"Disertasi ini mempelajari hubungan antara posisi perusahaan di dalam piramida dan biaya utang perusahaan di pasar keuangan suatu negara berkembang di Asia dengan karakteristik pasar antara lain: terdapat banyak perusahaan piramida, sistem perlindungan hukum yang lemah, dan ketergantungan pada utang bank. Kami menganalisa topik ini dengan menggunakan sampel kontrak utang bank di Indonesia selama periode 2006-2016. Kami menemukan bahwa bank menetapkan suku bunga lebih rendah pada perusahaan yang berada pada lapisan bawah dalam rantai piramida, bahkan setelah kami mengontrol berbagai faktor termasuk expropriation risk. Penemuan ini mengindikasikan bahwa bank menganggap perusahaan di lapisan bawah menerima co-insurance effect yang lebih besar daripada perusahaan di lapisan atas karena terdapat lebih banyak group internal resources yang dapat diakses oleh perusahaan di lapisan bawah yang dapat digunakan untuk menurunkan credit risk.

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This dissertation empirically tests the relationship between the position of a firm in a pyramidal business group and the firm rsquo;s bank loan spread, in an Asian emerging market with a high incidence of pyramidal firms, a weak legal system, and high corporate dependency on bank loans. We use a data set of bank loan contracts for Indonesian pyramidal firms from 2006 to 2016. We find that banks charge lower loan prices to firms that are located in lower layers of a pyramidal chain, even after we control for many factors including expropriation risk. The finding suggests that banks consider that lower-layer firms receive a greater co-insurance effect than upper-layer firms because more internal resources are available down the ownership chain to lower credit risk. "

"[Penelitian ini bertujuan untuk menganalisis pengaruh peringkat corporate governance terhadap kinerja keuangan periode 2008-2012. Pengujian ini dilakukan menggunakan metode regresi data panel, dimana variabel dependen adalah kinerja keuangan yang diproksikan oleh earning per share, Return on Assets, dan Return on Equity sedangkan peringkat corporate governance sebagai variabel independen. Terdapat tiga model dalam penelitian ini, yaitu menggunakan nilai dari masing-masing variabel dependen. Hasil penelitian pada model pertama menunjukkan bahwa peringkat corporate governance tidak memiliki pengaruh yang signifikan terhadap kinerja keuangan perusahaan. Model kedua dan ketiga memiliki pengaruh yang signifikan terhadap kinerja keuangan.

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The aim of this study is to analyze the effect of the corporate governance rating on firm performance in 2008-2012. Hypotheses were tested using the estimation

method of panel data whereby the dependent variable is the firm performance, which uses earning per share, return on assets, and return on equity as indicator, while the corporate governance rating as the independent variable. There are three models in this study, which uses the value of each variable dependent. The results of the study on the first model indicate that the corporate governance rating do not have an influence on the firm performance while on the second and third models indicate that the corporate governance rating have an influence on the firm

performance.;The aim of this study is to analyze the effect of the corporate governance rating on

firm performance in 2008-2012. Hypotheses were tested using the estimation

method of panel data whereby the dependent variable is the firm performance,

which uses earning per share, return on assets, and return on equity as indicator,

while the corporate governance rating as the independent variable. There are three

models in this study, which uses the value of each variable dependent. The results

of the study on the first model indicate that the corporate governance rating do not

have an influence on the firm performance while on the second and third models

indicate that the corporate governance rating have an influence on the firm

performance., The aim of this study is to analyze the effect of the corporate governance rating on

firm performance in 2008-2012. Hypotheses were tested using the estimation

method of panel data whereby the dependent variable is the firm performance,

which uses earning per share, return on assets, and return on equity as indicator,

while the corporate governance rating as the independent variable. There are three

models in this study, which uses the value of each variable dependent. The results

of the study on the first model indicate that the corporate governance rating do not

have an influence on the firm performance while on the second and third models

indicate that the corporate governance rating have an influence on the firm

performance.]"

"Penelitian ini menganalisis pengaruh karakteristik perusahaan terhadap struktur dewan komisaris dan direksi pada perusahaan non keuangan dan non utilitas yang terdaftar di Bursa Efek Indonesia tahun 2008-2012, menggunakan pendekatan ordinary least square (OLS). Penelitian ini menggunakan data panel perusahaan Indonesia tahun 2008-2012, dipilih 101 perusahaan sebagai sampel. Karakteristik perusahaan terdiri dari kompleksitas perusahaan, biaya monitoring dan advising serta insentif kepemilikan saham. Penulis menemukan bahwa kompleksitas perusahaan memberikan pengaruh positif terhadap board size. Biaya monitoring dan advising tidak berpengaruh signifikan terhadap board independence dan insentif kepemilikan juga tidak berpengaruh signifikan terhadap board independence.

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This study investigates the effect of firm characteristics on board structure of Indonesian Listed Companies 2008-2012 employing ordinary least square (OLS) approach. This study is used a panel of Indnesian firms between 2008-2012, 101 firms were selected as a sample. Firm characteristics consists of its complexity, the costs of monitoring and advising, and ownership incentives. This empirical results show that firm complexity on board size is positive. The costs of monitoring and advising is not significant on board independence and ownership incentives is not significant too on board independence."

"Penelitian ini bertujuan untuk menganalisis pengaruh karakteristik perusahaan dan board size terhadap cash holding. Model analisis penelitian menggunakan Fixed Effect Model (FEM). Variabel independen dalam penelitian ini adalah market-to-book ratio, cash flow, net working capital, firm size, leverage, dividend payment dan board size. Dan variabel dependen yaitu cash holding. penelitian ini menggunakan data panel dari 1420 data pengamatan perusahaan yang telah listing di Bursa Efek Indonesia pada periode 2008-2012. Hasil penelitian menunjukan bahwa 1) market-to-book ratio. Cash flow, net working capital, dan leverage tidak memiliki pengaruh yang signifikan terhadap corporate cash holding 2) firm size, dividend payment dan board size memiliki pengaruh yang signifikan terhadap corporate cash holding.

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This research aim to analyze the influence of firm characteristic and board size to cash holdings. This model research are analyze with Fixed Effect Model (FEM). The Independent variables in this research are the market-to-book ratio, cash flow, net working capital, firm size, leverage, dividend payment and board size. The dependent variabel is cash holding. This study use panel data, the data used in this research come from the annual financial statements and sustainability reports of non financial companies listed on the Indonesia stock exchange for the period 2008-2012, there were 1420 observations of the research sample. the results showed that : 1) market-to-book ratio, cash flow, net working capital, and leverage doesn’t have significant effect on corporate cash holding 2) firm size, dividend payment and board size have significant effect on corporate cash holding. "

"Penelitian ini bertujuan untuk menganalisis pengaruh corporate governance struktur kepemilikan dan struktur modal terhadap agency cost pada perusahaan sektor non keuangan yang terdaftar di Bursa Efek Indonesia periode 2008 2012 Corporate governance diproksikan dengan board of commissioner size dan proporsi dewan komisaris Struktur kepemilikan diproksikan dengan kepemilikan manajerial dan kepemilikan institusional Sedangkan struktur modal diproksikan dengan debt to asset ratio Agency cost pada penelitian ini diproksikan dengan asset utilisation ratio Penelitian ini merupakan penelitian kuantitatif dengan menggunakan regresi data panel dengan uji analisis Random Effect Model REMHasil penelitian ini menunjukan bahwa secara simultan corporate governance struktur kepemilikan dan struktur modal berpengaruh secara signifikan terhadap agency cost Selanjutnya secara parsial hasil penelitian ini menunjukan bahwa board of commissioner size kepemilikan manajerial kepemilikan institusional dan debt to asset ratio memiliki pengaruh yang negatif signifikan terhadap agency cost Kata Kunci Agency cost corporate governance struktur kepemilikan dan struktur modal.

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This study aims to analyze the effect of corporate governance, ownership structure, and capital structure on agency cost of non-financial companies listed on the Indonesia Stock Exchange in 2008-2012. Corporate governance is proxied by board of commissioner size and proportion of independent commissioners. Ownership structure is proxied by managerial ownership and institutional ownership. Whereas, capital structure is proxied by debt-to-asset ratio. In this study, agency cost is measured by asset utilisation ratio. This research is a quantitative research by using panel data regression. This research is analyzed with Random Effect Model (REM).

The result shows that corporate governance, ownership structure, and capital structure simultaneously have significant effect on agency cost. Furthermore, board of commissioner size, managerial ownership, institutional ownership, and debt-to-asset ratio significantly affect agency cost and have negative correlation with agency cost."

"Penelitian ini bertujuan untuk menganalisa hubungan tipe pertumbuhan perusahaan dengan pengambilan keputusan struktur modal. Terdapat tiga tipe pertumbuhan yang diklasifikasi berdasarkan market-to-book ratio dan tangibilitas; tipe pertumbuhan rendah (G1), tipe pertumbuhan campuran (G2), dan tipe pertumbuhan tinggi (G3). Dengan market leverage sebagai variabel dependen, variabel independen yang digunakan adalah market-to-book ratio, tangibilitas, profitabilitas, log natural dari total aset, median industrial leverage, dan status pembayaran dividen. Hasil dari penelitian ini menunjukkan bahwa tiap tipe pertumbuhan memiliki karakteristik yang berbeda sehingga besar efek dan arah hubungan antar variabel dependen dan variabel independen dapat berbeda antar tipe pertumbuhan.

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This study aims to analize the relationship between firm growth type and capital structure decision. There are three firm growth type classified by firms’ tangibility and market-to-book ratio; low growth type (G1), mixed growth type (G2), and high growth type (G3). With market leverage as dependent variabel, the independent variables are market-to-book ratio, tangibility, profitability, log natural of total asset, median industrial leverage, and dividend payment status. The result of this study shows that each growth type has different characteristic therefore have different result of the relationship between dependent and independent variable in each growth type."

"Penelitian ini bertujuan untuk menguji return saham, dengan menggunakan Fama French Three Factor Model yang ditambahkan dengan variabel pertumbuhan total aset. Penelitian ini menggunakan regresi linier berganda pada 48 sampel saham di Bursa Efek Indonesia. Diperoleh bahwa penambahan variabel pertumbuhan total aset pada Fama French Three Factor Model membuat model memiliki kekuatan lebih baik dalam menjabarkan return saham, serta membuat seluruh variabel independen lainnya berpengaruh signifikan terhadap return saham.

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This study aims to test stock returns by using Fama French Three Factor Model Augmented Asset Growth. This study is using multiple linear regressions on 48 samples of stocks in Indonesia Stock Exchange. From the results, we can conclude that Fama French Three Factor Model Augmented Asset Growth has more power to explain stock returns compared to Fama French Three Factor Model. Moreover, asset growth?s contribution to Fama French Three Factor Model causes all independent variables significantly affects the stock returns."

"Penelitian ini bertujuan untuk menguji pengaruh efektivitas dewan komisaris dan komite audit terhadap return saham perusahaan manufaktur dimediasi oleh tingkat efisiensi perusahaan. Pengukuran efektivitas dewan komisaris dan komite audit menggunakan skor penilaian yang dikembangkan oleh Hermawan (2009). Skor efektivitas dewan komisaris diukur berdasarkan karakteristik independensi, aktivitas, ukuran, dan kompetensi, sedangkan skor efektivitas komite audit diukur berdasarkan karakteristik aktivitas, ukuran, dan kompetensi. Perhitungan nilai efisiensi menggunakan metode data envelopment analysis model Charnes Cooper Rhodes (CCR), dengan asumsi constant return to scale. Pengujian hipotesis dilakukan dengan menggunakan metode data panel model efek tetap dengan 381 data observasi (firm year) industri manufaktur yang tercatat di Bursa Efek Indonesia periode 2008-2012. Hasil penelitian menunjukkan bahwa efektivitas dewan komisaris dan komite audit berpengaruh positif signifikan terhadap return saham perusahaan baik secara langsung maupun melalui tingkat efisiensi perusahaan, akan tetapi hubungan antara tingkat efisiensi dan return saham perusahaan masih lemah. Ketika dilakukan pengujian terhadap masing-masing karakteristik efektivitas dewan komisaris dan komite audit, tingkat efisiensi menjadi tidak berpengaruh terhadap return saham perusahaan. Hal ini menunjukkan bahwa masing-masing karakteristik efektivitas dewan komisaris dan komite audit tidak berpengaruh terhadap return saham perusahaan apabila dimediasi oleh efisiensi perusahaan. Walaupun demikian, peranan dewan komisaris dan komite audit sangat penting bagi peningkatan performa perusahaan baik efisiensi maupun return saham perusahaan.

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This paper examines the association between the effectiveness of board of commissioners and audit committee and the manufacturing companies? stock return, which is mediated by firm efficiency. Board of commissioners and audit committee effectiveness are measured by assessment scores developed by Hermawan (2009). Board of commissioners? scores are measured by their characteristics, namely independence, activity, size, and competence. On the other hand, audit committee?s scores are measured by their characteristics, namely activity, size, and competence. The efficiency value was calculated using data envelopment analysis (DEA) method, Charnes Cooper Rhodes (CCR) model, in which the assumptions used are constant returns to scale. The hypotheses are tested using panel data fixed effects model with 381 firm-year observations of manufacturing industries listed in the Indonesia Stock Exchange between 2008-2012.

The findings of the study show a positive association between the effectiveness of board and audit committee and the company stock returns, both directly and through the company's level of efficiency, although the relation between the level of corporate efficiency and stock returns is weak. When we testing the effectiveness of each characteristic commissioners and audit committee, the firm efficiency has no effect to the companies? stock return, it shows that the effectiveness of each characteristic commissioners and audit committee does not affect the companies? stock return if mediated by firm efficiency. Nevertheless, the roles of the audit committee and the board of commissioners are important to the improvement of both firms? efficiency and performance."

"ABSTRAK

Skripsi ini membahas tentang pengaruh direktur independen, komisaris independen dan pejabat eksekutif tertinggi nonkeluarga terhadap nilai perusahaan pada perusahaan yang tergabung dalam grup afiliasi di Indonesia. Selain itu, penelitian juga menggunakan ukuran dewan direksi, auditor independen big four, ukuran perusahaan, usia perusahaan, rasio utang dan pertumbuhan sebagai variabel kontrol. Hasil penelitian menemukan bahwa tidak terdapat pengaruh yang signifikan dari direktur independen dan komisaris independen terhadap nilai perusahaan, namun ditemukan bahwa pejabat eksekutif tertinggi nonkeluarga berpengaruh signifikan terhadap nilai perusahaan.

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ABSTRACT

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This study discusses the impact of independent director, independent commissioner and non-family CEO on firm value of group-affiliated firms in Indonesia. This study also uses board size, independent auditor Big Four, firm size, firm age, debt ratio and growth as control variables. The result of this study found that independent director and independent commissioner has no significant impact on firm value, but non-family CEO significantly affect firm value.

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