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"Hubungan diversifikasi, inside blockholder ownership (blok kepemilikan saham manajer atas atau direksi) dan nilai perusahaan telah diteliti di berbagai negara. Hasil yang diperoleh menunjukkan adanya pengaruh negatif signifikan dari inside blockholder ownershqs terhadap level diversifikasi dan pengaruh negatif signifikan dari level diversiflkasi terhadap nilai perusahaan.Penelitian terhadap 141 perusahaan manufaktur yang tercatat di Bursa Efek Jakarta menunjukkan adanya pengaruh negatif signifikan dari inside blockholder ownership dan outside blackholder ownership (blok kepemilikan saham di luar manajemen dan publik) terhadap level diversitikasi. Ini berarti manajer yang diberi porsi saham lebih besar akan cenderung mengurangi tindakan diversifikasi dan outside blackholder ownership melakukan pengawasan yang efektif terhadap tindakan diversifikasi manajer. Penelitian ini juga menunjukkan bahwa perusahaan yang size-nya Iebih besar cenderung untuk melakukan diversifikasi. Sementara umur perusahaan tidak berpengaruh terhadap level diversifikasi.Akan tetapi, penelitian ini tidak menemukan pengaruh signifikan dari level diversifikasi dan inside blockholder ownership terhadap nilai perusahaan yang diukur dengan PER. Sementara variabel profitability berpengaruh positif signifikan terhadap PER, sedangkan Ieverage, dividen dummy, ourside blockholder ownership dan size berpengaruh negatif signifikan terhadap PER.

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The relationship between diversification, inside blockholder ownership and value of the firm has been researched in different countries. The studies have concluded that inside blockholder ownership has negative impact on the level of diversification and level of diversification has negative impact on the value of the firm.

Using 141 manufacturing companies listed in the Jakarta Stock Exchange, this research provides evidence on the level of diversification and the value of the firm. Level of diversification is negatively affected by inside blockholder ownership and outside blockholder ownership, but positively affected by size. Meanwhile, age does not have significant impact on the level of diversification. Hence managers with higher ownership stakes in the firm are associated with reduced levels of diversification and outside blockholder provides ejective monitoring on managers diversification efforts.

However, we find that level of diversification and inside blockholder ownership do not have significant impact on the value of the firm measured by price earning ratio (PER). While profitability has signyicant positive impact on PER, leverage, dummy dividend, size, and outside blockholder ownership have significant negative impact on PER."

"This research analyses about how and how far the transformation of agricultural production system and agrarian structure within cacao-base peasant community imply to social differentiation. The research uses a "multiple case study" approach in four cocoa peasant communities, i.e.:two communities in Central Sulawesi and the other two in Nangroe Aceh Darussalam (NAD). The result shows that capitalism enters the communities by permeating (not eliminating) through various new activities, and than produced a transitional agricultural production (particularly takes form as temporary holding), has resulted in a social differentiation in peasant community called as unequal stratification of cocial structure of peasant community. This social is differentiated in many layers from a single status layer (land owners, tillers and labor) to combination of layers (of those three statuses). Moreover, this emerging social structure is also accompanied by a further inequality in agrarian resource ownership."

"ABSTRAKPenelitian dilakukan terhadap 3 tingkat utama divcrsitikasiz diversyiedfirm,hybrid firm dan paused firm. Secara umum Lingkat diversiiikasi menunjukkanhubungan positif dengan projitabilitv dan sales growth namun tidak menunjukkanpola pengaruh yang jclas terhadap risk perusahaan. Hubungan positif tcrhadapprofitability perusahaan temtama terlihat jelas pada kelornpok perusahaan trading &service dan kelornpok perusahaan non rnanufaktur, trathng & service. Sedangkanhubungan positif tingkat divcrsiiikasi terhadap sales growth perusahaan tidak terlalusignifikan. Untuk risk diketahui bahwa sccara umum diversyiedjirm mempunyai riskyang lebih baik daripadajncusedprm walaupun perbedaanya tidak signifikan.Kedua membagi hybrid _/Frm menjadi 3 kelompok :focused Io diversified firm,real hybrid firm dan diversyied to focused firm. Menemukan hubungan positif antaratingkat diversifikasi terhadap profitabiligf walaupun hasilnya tidak signiiikan, danhubungan ncgatif terhadap sales growth walaupun hasilnya juga tidak signiiikan.Penelitian ketiga dilakukan tcrhadap 3 kelompok utama stratcgi diversitikasi:related diversyiedfirm, neutra! diversifiedjirm dan unrelated diversified firm. Secararata-rata jenis slrategi diversifikasi tidak mempunyai hubungan dengan kinenjaperusahaan, baik dari segi projitabiligq risk dan juga growth. Tidak ditemukan antarakincqia related ¢£verst)??cdj}rm dengan unrelated diversgfiedjimz dan bahwa tingkatprofitabiiigi, risk dan growth neutrai diversgfiedjirm lebih rendah dari pada kelompoklainnya

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ABSTRACTThree major of diversification level of firms are examinea? diversified firm,lybrid _firm and focused firm. Commonha, divemification levels have a positiverelationship with profitability and sales growth but not show clear relationship withthe compargr risk. Positive relationship in profitability clear showed in trading &service firm and non manufacture, trading & service firm. And the positiverelationship in sales growth is not signgficant. For risk, find that the diversgfied firmhave a risk better than focused firm, but the dWerent is not signyicant.Second divided hybrid firm to three classes: focused to diversyied firm, realhybrid firm and divensi/ied to foeusedfirm. Find the positive relationship betweenlevel of diversification and prtjitability, even the result not significant. And _find thenegative relationship with sales growth, even the result not signyicant too.Third three major of diversification strategy fy' firms are examined: relateddiversified firm, neutral diversified firm and unrelated divemyiedjrm. In average,diversification stratega show unclear relationship with firm performance:profitability, risk and growth. There is no dW¢rent performance between relateddiversified firm and unrelated aiversyied firm but showing that neutral diversifiedfirm have a lower performance than the others.

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"ABSTRAKUsaha menjamin keamanan pasokan dan mewujudkan kemandirian energi telahdilakukan pemerintah dengan mengeluarkan kebijakan target minimal penggunaanbahan bakar nabati (biofuel) pada tahun 2025 sebesar 20% konsumsi energinasional (Permen ESDM No.12/2015). Salah satu yang dikembangkan sebagaibahan bakar nabati alternatif adalah bioetanol. Seiring daya saing ekonomi prosesfermentasi bioetanol harus ditingkatkan untuk mempromosikan penerapannya yanglebih luas. Studi ini meninjau penggunaan produk samping fermentasi dalamanaerobic digestion menjadi biogas dan produk samping lignin sebagai bahan bakardan lignosulfonat. Metode yang digunakan ialah melakukan pengumpulan data daribeberapa penelitian sebelumnya dan disimulasikan dengan SuperPro Designer.Data dari simulasi flowsheeting digunakan sebagai data simulasi ekonomimenggunakan Microsoft Excel. Hasil studi ini menunjukan bahwa pengolahanbiogas dan limbah lignin sebagai bahan bakar dan lignosulfonat dapatmeningkatkan nilai ekonomi dari proses bioetanol. Nilai ekonomi yang paling baikadalah proses bioetanol dengan pemanfaatan biogas dan lignin sebagai bahan bakarPLTBm dengan nilai keekonomian NPV Rp1.646.965.100.591,-; IRR 15,75%;PBP (POT) 5,8 tahun.

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ABSTRACTThe effort to guarantee the security of supply and realize the energy independencehas been done by the government by issuing the policy of minimum target of biofueluse in 2025 by 20% of national energy consumption (Permen ESDM No.12 / 2015).One that is developed as an alternative biofuel is bioethanol. As the economiccompetitiveness of the bioethanol fermentation process must be increased topromote its wider application. This study reviews the use of fermented by-productsin anaerobic digestion into biogas and lignin by-products as fuel and lignosulfonate.The method used is to collect data from some previous research and simulated withSuperPro Designer. Data from flowsheeting simulation is used as economicsimulation data using Microsoft Excel. The results of this study show that theprocessing of biogas and lignin waste as fuel and lignosulfonate can increase theeconomic value of the bioethanol process. The best economic value is bioethanolprocess with the utilization of biogas and lignin as fuel of PLTBm with economicvalue of NPV Rp 1.646.965.100.591, -; IRR 15,75%; PBP 5.8 years."