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"This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders? free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985).Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White?s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders? free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf?s pecking order hypothesisbut unsupportive of Jensen?s free cash flow hypothesis."

"Penelitian ini bertujuan untuk menganalisis pengaruh kompetisi pasar dan hak arus kas pemegang saham pengendali akhir terhadap transaksi pihak berelasi Penelitian ini dilakukan dengan menggunakan sample perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada tahun 2008 dan 2009 Penelitian ini menunjukkan bahwa kompetisi pasar mempengaruhi secara negatif transaksi pihak berelasi normal perusahaan Penelitian ini pun menunjukkan bahwa jumlah pelaku pasar mempengaruhi secara negatif transaksi pembelian dari pihak berelasi.

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The Objectives of this research is to examine the effect of product market competition and cash flow right of ultimate shareholder to related party transactions This research used manufacture industries that listed in Indonesia Stock Exchange on 2008 and 2009 as research sample

The result of this research shows that product market competition gives negative incentive for companies to do related party transactions in their operational activities This research also shows that number of competitor gives negative incentive for companies to do purchasing from related parties "

"A dividend decision of a firm is an outcome of various considerations. These considerations differacross time and industry. Based on asymetric information – agency theory thought, this study re-examinesvarious variables that have a bearing on the dividend decision of a firm. In addition to examiningthe impact of corporate fundamentals on dividend policy, this study also analyzes the effect ofexpropriation trigger variables (family ownership, cash funds, the level of diversification and RelatedParty Transaction/RPT) on a dividend policy. The results of panel logistic regression indicate thatCash Funds, RPT, Profitability, Size, Growth, Debt and Macroecomics variables are the determinantsof the dividend policy for Indonesian listed public companies, observed during 2002 to 2010."

""With its inception at the end of the nineteenth century as a means of consolidation and reorganization, mergers and acquisitions (M&A) have since become quasi-institutionalized as one of the primary strategic options for organizations, as they seek to secure their position in an ever more competitive and globalizing market place. Despite the optimism surrounding M&A as strategic moves, research on post-merger company performance suggests that most firms engaging in M&A activity do not achieve the sought-after performance targets, either immediately or in the years following the deal. What is it that drives M&A activity when research results do not support the performance expectations of these undertakings? Alternatively, have M&A scholars got it all wrong in the way that M&A performance is measured? Is the topic too complex, enduring, and multifaceted to study? The handbook argues that the field of M&A is in need of a re-rooting: past research needs to be critically reviewed, and fundamental assumptions revisited. A key issue preventing efforts in the practice and study of M&A from achieving dynamic syntheses has been the disciplinary gulf separating strategy, finance, and human relations schools. The handbook aims to bridge the hitherto separate disciplines engaged in the study and practice of M&A to provide more meaningful results. Toward this end, the handbook brings together a set of prominent and emerging scholars and practitioners engaged in the study of M&A to provide thought-provoking, state of the art overviews of M&A through four specific ’lenses’ - strategic, financial, socio-cultural, and sectoral approaches. By summarizing key findings in current research and exploring ways in which the differing approaches could and should be ’synthesized’, it aims to highlight the key issues facing M&A practitioners and academics at the dawn of the third millennium"-- Provided by publisher."The handbook bridges hitherto separate disciplines engaged in research in mergers and acquisitions (M&A) to integrate strategic, financial, socio-cultural, and sectoral approaches to the field. It examines the management processes involved, as well as valuations and post-acquisition performance, and considers international and sectoral dimensions"-- Provided by publisher."

"The chapters published in this volume provide cutting edge ideas by leading scholars, and help to inform mergers and acquisitions research around the world."

"Advances in Mergers and Acquisitions stands out from the competition due to its focus on three key characteristics: studies from scholars in different countries, with different research questions, relying on different theoretical perspectives. Such a broad and inclusive approach to mergers and acquisitions is not easily replicated in academic journals, with much narrower mandates and metrics. The papers published in this volume provide cutting edge ideas by leading scholars, and help to inform mergers and acquisitions research around the world. "

"Completely updated for today's market, the classic guide to mergers and acquisitions, "Mergers and Acquisitions from A to Z", demystifies the entire process. The book provides extensive information on the entire transaction, and covers the latest trends and best practices. For those already involved in M&A deals or simply considering a move in that direction, this book is a must-have resource."

"ABSTRAKBerdasarkan indikator makro ekonomi seperti pertumbuhan ekonomi, nilai tukar Rupiah terhadap Dollar Amerika, tingkat bunga, inflasi dan pergerakan Indeks Harga Saham Gabungan (IHSG) diprediksi kondisi ckonomi nasional akan scmakin baik. Seiring dengan prediksi tersebut, kondisi industri penerbangan nasional juga diprediksi akan semakin baik dan tetap tumbuh. Berlakunya Undang-Undang No.1 Tahun 2009 tentang Penerbangan akan membuat industri penerbangan nasional semakin tcrtata dengan baik. PT Garuda Indonesia bemsaha menangkap pcluang yang ada baik di industri nasional maupun intemasional. Rencana ekspansi didukung oleh pendanaan mclalui IPO di tahun 2010. Sehubungan dengan rencana IPO tersebut maka dilakukan valuasi terhadap nilai saham Garuda dengan menggunakan 2 metode yaitu fi-ee cash flow to equity dan abnormal earning. Valuasi kedua metode terscbut memberikan hasil yang berbeda. Bagi Garuda hasil valuasi menjadi harga minimum saham yang akan ditawarkan melaui IPO, sedangkan bagi investor hasil Valuasi menjadi harga maksimum yang akan dibeli pada saat IPO. Disarankan kepada Garuda dan investor untuk memilih hasil valuasi di antara keduanya scsuai dengan metode dan asumsi yang paling relevan bagi masing-masing pihak.

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ABSTRACTUsing Free Cash Flow to Equity and Abnormal Eaming Methods Based on macro economy indicators such as Growth Domestic Product (GDP), exchange rate, interest rate, inflation, IHSG, it is predicted that Indonesian economy will be better in few years. In line with Indonesian economy, domestic airline industry also predicted better and continues to grow. Implementation of Undang-Undang No.1 Tahun 2009 about Penerbangan hoped that domestic airlines industry will be govemed in a better way. PT Garuda Indonesia will catch on all opportunities in domestic and intemational market. Planning to expand will be funded by IPO which planned in 2010. Due to this IPO plan, it is interesting to calculate the value of Garuda?s equity. This valuation uses 2 methods, free cash flow to equity and abnormal eaming. These 2 methods give diiTerent results. For Garuda, the result of valuation treated as the minimum price ofthe shares to be offered in IPO and for thc investors this result will be the maximum price of shares to be purchased. It is suggested that Garuda and investor should choose one of two methods based on the method and assumptions which more relevant to each parties."

"ABSTRAKTujuan penulisan karya akhir ini adalah untuk melakukan perhitungan untuk mengestimasi nilai wajar saham PT Arwana Citra Mulia Tbk (ARNA) dengan metode analisis Discounted Cash Flow melalui pendekatan Free Cash Flow to The equity dan metode Relative Valuation melalui pendekatan Price to Earning Ratio. Kemudian membandingkan hasil estimasi nilai wajar dengan harga pasar untuk menentukan apakah harga saham over, fair atau undervalued. Dan tujuan terakhir adalah untuk melakukan analisis kualitatif dan kuantitatif untuk mendapatkan informasi yang memadai mengenai kinerja masalalu dan prospek perusahaan.

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ABSTRACTThe purpose of writing this thesis is to perform calculations to estimate the fair value of the shares of PT Arwana Citra Mulia Tbk (ARNA) with the method of Free Cash Flow to the equity and Relative Valuation Price to Earning Ratio. Then compare the results of the estimated fair value at market prices to determine whether the stock price over, fair or undervalued. And the final goal is to perform qualitative and quantitative analysis to obtain adequate information about the past performance and prospects of the company."

"ABSTRAKThis article aimed at expressing ideas on a legal construction of competition merger review (CMR) on Cross-border Mergers and Acquisitions (CBM&A) that have Indonesian legal dimension. The problem has been triggered by the lack of CMR guidelines for CBM&A to nurture a fair and sustainable business competition (FSBC). Consequently, the existing guideline is inadequate for reviewing CBM&A proposals which have a multi-jurisdiction dimension character. As a result, merging (gigantic) companies doing business in Indonesia have enormous opportunities to engage in anti-competitive behavior in the domestic market. In its turn, it brings the impact of reducing competition itself whereby national companies become easily marginalized and find themselves in a vulnerable situation. To seek solutions to this problem, this research has been conducted through a normative approach, starting from the formulation of the problem up to an in-depth analysis and drawing conclusions. In order to achieve the said purpose, a literature study was conducted to explore and collect related law information on CBM&A, including CMR methods, namely: Market Dominance Test, Substantial Lessening of Competition/SLC Test, Public Interest Test, and four hybrid Tests: i) Hybrid Test One=SIEC Test; ii) Hybrid Test Two; iii) Hybrid Test Three; and Hybrid Test Four). Out of these seven methods of CMR, I consider to choose the SLC Test as the method for reviewing CBM&A proposal. At the end, this study concludes as follows: 1) there is an urgent need for CMR in the methods of SLC Test for cross-border merger and acquisition proposals in order to fill the absence of a merger review guideline that contains a multi-jurisdiction dimension and to nurture a fair and sustainable business competition in Indonesia; 2) the substantive norms for constructing CMR in the methods of SLC Test for CBM&A transactions in Indonesia should take into account the national law regime: company law, merger law, investment law including the existing public interest. In addition to that, the principles of certainty, efficiency, transparency, and proportionality should also be considered. Thus, I recommend to enact a SLC Test Guideline in order to strengthen the legal review of CBM&A proposals for supporting FSBC, to maintain dynamic, secure, and stable national economy and development."