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ABSTRAK
Penelitian ini bertujuan untuk melihat pengaruh Asset Growth Rate terhadap future stock return di mana dalam penelitian terdahulu diketahui bahwa asset growth rate memiliki kekuatan dalam memprediksi keuntungan masa depan dari sebuah saham. Penelitian ini juga menggunakan dua variabel kontrol yaitu, size dan book-to-market ratio. Penelitian ini menggunakan regresi data panel pada 309 perusahaan yang tercatat di Bursa Efek Indonesia (BEI) selama periode 2014-2018. Diperoleh bahwa Asset growth rate tidak memiliki pengaruh pada future stock return pada perusahaan yang tercatat di BEI namun variabel kontrol yang berupa size memiliki pengaruh pada future stock return

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ABSTRACT
This study discusses the impact of asset growth rate on future stock return of listed companies in Indonesia Stock Exchange (IDX). Asset growth rate is one of the strongest predictors to predict future stock returns. Furthermore, this study also used two control variabels which has been proved to be one of the best predictors for future stock return such as size and book-to-market ratio. This study is quantitative research study with multiple regression method for data panel with 309 listed companies during the period 2014-2018 for the sample. The result of this study provides evidence that independen variabel included in the model (asset growth rate) show no significant impact to future stock return of listed companies in IDX. On the other hand, the control variabels which is size gave a positive and significant impact to stock return.

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Penelitian ini bertujuan untuk mengetahui keberadaan volatility effect di Bursa Efek Indonesia tahun 2011-2013. Metode yang digunakan dalam penelitian ini mengacu pada penelitian Ang, Hodrick, Zing, dan Zhang (2006) dengan membandingkan return dan alpha (CAPM dan model tiga faktor Fama-French) antara portofolio high volatility dengan low volatility. Hasil penelitian menunjukkan bahwa tidak terdapat volatility effect di Bursa Efek Indonesia. Walaupun demikian, penelitian ini menemukan adanya return premium pada low volatility stock. Adanya return premium pada low volatility stock tersebut terjadi sebagai akibat dari premium atas kinerja perusahaan dan limit to arbitrage.

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ABSTRACT
The objective of this study is to show the volatility effect in Indonesia Stock Exchange for the period 2011-2013. This study is using the method from Ang, Hodrick, Zing, and Zhang (2006) by comparing return and alpha (CAPM and Fama-French three factors model) between high and low volatility portfolio. The results do not find volatility effect in Indonesia Stock Exchange. Nevertheless, this study shows that low volatility stock has a return premium. The return premium on low volatility stock is the result of premium on firm?s performance and limit to arbitrage.;The objective of this study is to show the volatility effect in Indonesia Stock Exchange for the period 2011-2013. This study is using the method from Ang, Hodrick, Zing, and Zhang (2006) by comparing return and alpha (CAPM and Fama-French three factors model) between high and low volatility portfolio. The results do not find volatility effect in Indonesia Stock Exchange. Nevertheless, this study shows that low volatility stock has a return premium. The return premium on low volatility stock is the result of premium on firm?s performance and limit to arbitrage., The objective of this study is to show the volatility effect in Indonesia Stock Exchange for the period 2011-2013. This study is using the method from Ang, Hodrick, Zing, and Zhang (2006) by comparing return and alpha (CAPM and Fama-French three factors model) between high and low volatility portfolio. The results do not find volatility effect in Indonesia Stock Exchange. Nevertheless, this study shows that low volatility stock has a return premium. The return premium on low volatility stock is the result of premium on firm?s performance and limit to arbitrage.]

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Penelitian ini bertujuan untuk mengetahui pengaruh penerapan Penutupan Kode AB terhadap kualitas pasar saham di Bursa Efek Indonesia (BEI). Penerapan penutupan Kode AB diukur dengan indikator dummy atas periode sebelum dan setelah penutupan Kode AB. Pengukuran kualitas pasar terdiri dari volatilitas high low saham, bid-ask-spread, total depth Value dan volume transaksi. Pengujian hipotesis dilakukan dengan menggunakan model regresi Fixed Effect Ordinary least squares (OLS) dan Fixed Effect Two-Stage Least Square (2SLS) dan menggunakan sampel seluruh saham yang aktif bertransaksi selama periode 04 Desember 2020 s.d. 06 Desember 2022. Hasil penelitian memberikan bukti empiris bahwa Penutupan Kode AB berpengaruh positif atau meningkatkan volatilitas 330 saham teraktif, berpengaruh negatif terhadap bid-ask-spread Volume atau bid-ask spread kecil. Di sisi lain, penerapan penutupan kode AB berpengaruh positif atau meningkatkan Total depth Value akan tetapi berpengaruh negatif sangat kecil pada volume transaksi. ......This study aims to determine the effect of the implementation of Anonymity Broker ID on the quality of the stock market on the Indonesia Stock Exchange (IDX). The application of Anonymity Broker ID is measured by dummy indicators over the period before and after Anonymity Broker ID. Market quality measurement consists of high low volatility of stocks, bid-ask-spread, total depth Value and volume. Hypothesis Testing was carried out using Fixed Effect Ordinary least squares (OLS) and Fixed Effect Two-Stage Least Square (2SLS) regression models and using a sample of all stocks that were actively transacting during the period 04 December 2020 to 06 December 2022. The results provide empirical evidence that Anonymity Broker ID has a positive effect on the volatility and Total depth Value of the 330 most active stocks, negatively effects on Bid Ask Spread and Volume. It can generally be concluded that Anonymity Broker ID can effectively dampen excessive market reaction during enactment.

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Penelitian ini bertujuan untuk melihat adanya pengaruh pengungkapan kinerja corporate social responsibility (CSR) menurut pedoman Global Reporting Initiative (GRI) terhadap asimetri informasi. Pengungkapan kinerja CSR diukur berdasarkan informasi pengungkapan kinerja CSR dengan pedoman GRI G4 didalam laporan keberlanjutan dan laporan tahunan perusahaan. Hipotesis diuji menggunakan model regresi linear dengan sampel 38 perusahaan yang menerbitkan laporan perusahaan dan terdaftar di Bursa Efek Indonesia selama tahun 2014. Hasil penelitian ini memberikan bukti empiris bahwa pengungkapan kinerja tanggung jawab sosial memiliki pengaruh negatif dan signifikan terhadap asimetri informasi. Temuan ini sejalan dengan penelitian Cho et al. (2013) yang menyatakan bahwa terdapat hubungan negatif dan signifikan antara kinerja tanggung jawab sosial dengan asimetri informasi.

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This research is conducted to prove if there is any effect of performance corporate social responsibility disclosure based on Global Reporting Initiative (GRI) on asymemetric information. Corporate social responsibility perfomance disclosure is measured by GRI G4 guidelines in company?s sustainability reports and annual reports. Hypothesis is tested using multiple regression analysis with 38 companies of listed in Indonesia Stock Exchange in 2014 which published sustainability reports and annual reports. The results of this research give empiric evidence that CSR performance disclosure have negative significant effect on asymmetric information. This result is consistent with Cho et al. (2013) findings which indicate that there is a negative significant effect between CSR performance with asymmetric information.

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Edukasi pasar modal menjadi prioritas regulator dalam melakukan pengembangan pasar modal di Indonesia. Penelitian dalam skripsi ini dilakukan dengan mempelajari perilaku mengikut herding yang dilakukan oleh 18 tipe investor detail melalui pengamatan terhadap pola aliran investasi bersih dalam transaksi perdagangan ekuitas saham di Bursa Efek Indonesia dengan pembentukan model Vector Autoregression VAR . Berdasarkan pengamatan data bulanan pada periode Januari 2010 s.d. Oktober 2016, diperoleh kesimpulan bahwa perilaku herding terdapat pada jenis investor asing dan investor domestik. Adapun fokus edukasi pasar modal sebaiknya dilakukan pada jenis investor domestik dana pensiun LPF , karena memiliki hubungan kausalitas dengan tingkat pengembalian IHSG, investor domestik individual LID dan investor domestik investment banking LIB karena menunjukkan pola herding terhadap investor asing.

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Capital market education has become the focus of Indonesian Capital Market Regulator in recent years. This study take focus on the analysis of herding behavior between 18 investor types in Indonesian Stock Exchange. During the observation through monthly data of Nett Investment Flow during January 2010 up until October 2016, this study concludes several outputs. Herding behavior exist between foreign investor and domestic investor type. Domestic capital market educations could give attention to domestic Pension Fund LPF due to its causality relationship to IHSG return. The focus could also be on domestic individual investor LID and domestic investment banking LIB investors since the forementioned types shows herding behavior towards foreign investors rsquo type.

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Tujuan utama dari penulisan studi ini adalah untuk melakukan pengujian hubungan simultan antara aktivitas pengawasan dewan komisaris dan kinerja perusahaan dengan menggunakan sampel sebanyak 156 perusahaan. Penelitian ini menemukan bukti bahwa aktivitas pengawasan perusahaan dapat mempengaruhi kinerja perusahaan, begitu juga sebaliknya, kinerja perusahaan dapat mempengaruhi aktivitas pengawasan perusahaan yang dilakukan oleh dewan komisaris. Pengujian tambahan juga dilakukan terhadap 47 perusahaan untuk meneliti apakah hubungan simultan ini dimoderasi oleh nilai dari praktek corporate governance. Ditemukan bukti bahwa praktek corporate governance mempengaruhi kinerja perusahaan, tetapi tidak mempengaruhi aktivitas pengawasan. Studi ini juga menemukan bahwa jumlah kepemilikan keluarga, dan tingkat hutang mempengaruhi frekuensi aktivitas pengawasan yang dilakukan oleh dewan komisaris.

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ABSTRACT
The primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner.;The primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner.;The primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner., The primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner.]

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[ABSTRAK
Tesis ini membahas mengenai pengaruh koneksi politik terhadap kinerja perusahaan dengan berdasarkan pada teori resource dependence. Kinerja perusahaan pada penelitian ini diukur menggunakan dua pengukuran yaitu return on sales (ROS) dan return on assets (ROA). Penelitian ini dilakukan dengan meneliti seluruh perusahaan yang terdaftar di Bursa Efek Indonesia pada periode 2004-2013. Hasil dari penelitian ini menunjukkan bahwa dengan dibangunnya koneksi politik, terdapat pengaruh positif terhadap kinerja perusahaan yang terdaftar di Bursa Efek Indonesia. Hasil dari penelitian ini mendukung teori resource dependence.;

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ABSTRACT
This thesis discussed about the affect of political connection on firms' performance based on resource dependence theory. Firm performance on this research using two ratios that is return on sales (ROS) and return on assets (ROA). The research observed listed companies on Indonesia Stock Exchange on 2004-2013. The evidence shows that political connection had significant and positive impact on listed companies' performance. In addition, this research supports the resource dependence theory., This thesis discussed about the affect of political connection on firms' performance based on resource dependence theory. Firm performance on this research using two ratios that is return on sales (ROS) and return on assets (ROA). The research observed listed companies on Indonesia Stock Exchange on 2004-2013. The evidence shows that political connection had significant and positive impact on listed companies' performance. In addition, this research supports the resource dependence theory.]

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Tujuan penelitian ini adalah menganalisis pengaruh insider ownership serta konsentrasi kepemilikan terhadap nilai perusahaan. Populasi penelitian adalah semua perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode tahun 2010-2013 yang memiliki laba positif dan laporan keuangan yang lengkap. Sampel penelitian terdiri dari 61 perusahaan manufaktur yang terdaftar di BEI periode tahun 2010-2013 atau 244 observasi. Analisis data dilakukan dengan analisis regresi data panel dengan bantuan program software EViews versi 7.0. Hasil penelitian menunjukkan bahwa insider ownership memiliki pengaruh signifikan positif terhadap nilai perusahaan, namun penelitian ini tidak berhasil menguji pengaruh konsentrasi kepemilikan terhadap nilai perusahaan. ......The purpose of this research is to analyze the influence of insider ownership and ownership concentration on firm value. The study population is all manufacturing companies listed on the Indonesia Stock Exchange (IDX) period 2010-2013 which has a positive profit and complete financial statements. The sample of this research is 61 manufacturing companies listed on the IDX period 2010-2013 or 244 observations. Data analysis was done by regression analysis of panel data with the help of software program EViews version 7.0. The results show that insider ownership has a significant positive influence on firm value, but this research did not successfully test the effect of ownership concentration on firm value.

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ABSTRAK
Tujuan utama dari penelitian ini adalah menguji hubungan simultan antara nilai perusahaan, praktek corporate govenance, dan struktur kepemilikan dengan 114 perusahaan yang terbuka di Bursa Efek Jakarta pada tahun 2003. Variabel struktur kepemilikan adalah Cash flow rights, wedge (control rights - cash flow rights), persentase kepemilikan blockholders oleh pihak asing namun diduga sebenarnya orang Indonesia (atau disingkat Asing Tapi Indonesia, (ASTINDO)). Nilai perusahaan akan diukur dengan proksi Tobin?s Q dan praktek corporate governance diukur dengan corporate governance index (CGI) yang dikembangkan oleh Arsjah (2005). Karena hubungan endogen antar variabel, metode two stage least squares dipakai.

Hasil menunjukkan bahwa praktek corporate governance tidak berpengaruh signifikan kepada nilai perusahaan, tetapi nilai perusahaan menjadi prediktor positif untuk praktek corporate governance. Hasil ini menunjukkan bahwa perusahaan yang mempunyai nilai perusahaan yang tinggi memilih praktek corporate governance yang baik untuk meningkatkan nilai perusahaan. Namun, perusahaan belum tentu dapat memberi signal tentang kualitas perusahaan dengan menerapkan praktek corporate governance yang baik. Hasil ini mungkin terjadi karena implementasi praktek corporate governance merupakan hal yang baru di indonesia dan karena pasar masih sulit mencerminkan pengaruh praktek corporate governance kepada nilai perusahaan sebab kekurangan informasi yang memadai tentang praktek corporate governance.

Ketika wedge perusahaan tinggi, pengaruh praktek corporate governance kepada nilai perusahaan melemah. 'Wedge adalah variabel yang mengukur insentif pemegang saham mayoritas akhir untuk mengekspropriasi pemegang saham minoritas. Dengan demikian dapat disimpulkan bahwa efektivitas praktek corporate governance dipengaruhi oleh insentif untuk melakukan ekspropriasi dari pemegang saham pengendali akhir.

Struktur kepemilikan dan nilai perusahaan tidak mempunyai hubungan sistematik. Hasil ini mendukung bahwa struktur kepemilikan ditentukan secara endogen, sehingga struktur kepemilikan tersebar maupun terkonsentrasi masing-masing membawa masalah keagenan, tetapi sekaligus memberikan kuntungan yang dapat menjadi kompensasi masalah keagenan masing-masing.

ASTINDO dalam struktur kepemilikan perusahaan ternyata tidak mengurangi nilai perusahaan atau tidak mengekspropriasi kekayaan pemegang saham minoritas. Tetapi persentase kepemilikan ASTINDO berpengaruh negatif kepada praktek corporate governance. Tidak terdapat perbedaan pengaruh dari kepemilikan ASTINDO dan kepemilikan blockholders benar-benar asing (BLOCKA) kepada nilai perusahaan dan praktek corporate goverance. Dengan asumsi ASTINDO diukur dengan benar, hasil tersebut meragukan argumen bahwa kepemilikan BLOCKA berpengaruh positif kepada kinerja perusahaan dan praktek corporate governance.

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Abstract
The primary objective of this study is to test simultaneous relationships among the value of the firm, the practice of corporate govemanee, and the ownership structure on a sample of 114 companies quoted in the Jakarta Stock Exchange (JSX) for the year 2003. The ovmership structure variables include cash flow rights, wedge (control rights - cash-flow rights), and percent of ownership by foreign bloclcholders that presumably are Indonesian blockholders (FBIB). The value of the firm is measured by proxy of Tobin's Q and the practice of corporate governance is measured by corporate govemance index (CGI) developed by Arsjah (2005). Because of the endogeneity among the variables, the two stage least squares are employed. The study finds that practice of corporate govemance fails to affect value of the firm, but value of the firm is a positive predictor of practice of corporate governance. These results suggest that highly valued firms adopt the practice of the good corporate govemance because they believe that the practice of the good corporate governance will further raise fimr value. However, adopting the practice of good corporate governance may not translate to higher fimi value. This may due to the fact that implementation of the practice of the corporate govemance is something new in Indonesia and that market may have difficulty in reflecting the effects of the practice of thecorporategovemanceonthevalueofthefirmbecauseofthelackofproper information. Further, the influence ofthe practice ofthe corporate governance on the value ofthe firm becomes less, when the wedge of the firm becomes higher. Wedge is the variable that estimates incentives of ultimate majority shareholders to expropriate minority shareholders. Therefore, I conclude that effectiveness of the practice of the corporate govemance is influenced by the expropriation incentives of the ultimate majority shareholders. Ownership structure and the value of the firm have no systematic relation. This result supports that the ownership structure of a firm is the endogenous outcome of decisions. In other words, ownership structure is chosen so as to maximize the value of the firm, and that greater diffuseness in ownership, although it makes the agency problemmoresevere,conveyscompensatingadvantagesonfirmsthatchoosetorelyon a difiiise ownership structure. FBIB does not extract private benefits for themselves or do not expropriate the wealth of the minority shareholders. But, percent of ownership by FBIB has negative effectsonthepracticeofthecorporategovernance.Thereisno differencebetweenthe influence of percent of ownership by foreign bloekholders and of percent of ownership by PBIB on the value of the firm and the practice of the corporate governance. Assuming that percent of ownership by FBIB are accurately measured, this result casts some doubt on the argument that ownership by foreign bloclcholders has positive effects on the performance and the practice of the corporate governance.

Abstrak :
Pertumbuhan pasar modal dan ekonomi di Indonesia telah menarik banyak pihak untuk berinvestasi dan mengembangkan pasar. Peningkatan investasi memberikan peluang bagi perusahaan dan investor untuk meningkatkan keuntungan. Dengan persaingan yang semakin ketat serta kondisi pasar yang berubah-ubah, strategi investasi menjadi hal yang sangat penting. Prediksi performa perusahaan terutama di Indonesia menjadi hal yang dibutuhkan untuk mengimbangi perkembangan pasar. Metode Artificial Neural Network merupakan metode yang mulai populer dipakai untuk peramalan yang bersifat kompleks, menggunakan banyak variabel, dan bersifat nonlinear. Oleh karena itu metode ini sangat cocok untuk diterapkan dalam prediksi performa perusahaan di bursa saham yang termasuk kedalam bidang finansial. Dalam penelitian ini neural network juga dipakai untuk mengintegrasikan analisis teknikal dan analisis fundamental dari perusahaan. Hasil penelitian ini memperlihatkan bahwa neural network mampu melewati tingkat minimal pengembalian secara signifikan ...... As the economy and financial market keep growing in Indonesia, The interest to invest and develop the market are increasing. The increasing investment provide opportunity for company and investor to get more profit. With the ever competitive market and always changing market, Strategy to utilize investment become important. The ability to forecast company performance in financial sector become needs to counterbalance the ever-growing market. The Artificial Neural Network is one of the method that get more popular lately to be use as a forecasting method that require more complex model, using more variabel, and tend to be nonlinear. Hence the method really suit to be adapted in financial sector especially in stock market. In addition this study also discuss about integrating technical analysis and fundamental analysis. This study shows that neural network as a predictive model could significantly outperform the minimum return.