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Abstrak :
Penelitian ini bertujuan untuk menguji secara empiris pengaruh non linear (kuadratik) struktur modal terhadap nilai perusahaan, pengaruh Multiple Large Shareholder Structure (MLSS) dan kepemilikan institusional terhadap nilai perusahaan (Tobin`s q dan ROA). Sampel penelitian adalah perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia (BEI) dengan periode penelitian 2009-2012. Penelitian menemukan bahwa struktur modal yang diproksikan dengan debt to equity ratio dan long term debt to equity ratio berpengaruh secara kuadratik (concave) terhadap Tobin`s q, tetapi tidak berpengaruh secara kuadratik (concave) terhadap ROA. Penelitian ini menemukan bahwa keberadaan multiple large shareholder structure (MLSS) berpengaruh negatif dan signifikan terhadap Tobin`s q, tetapi tidak berpengaruh secara signifikan terhadap ROA, sedangkan kepemilikan institusional berpengaruh positif dan signifikan baik terhadap Tobin`s q maupun ROA.

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The objective of this research is to empirically examine non-linear (quadratic) effect of capital structure on firm value (Tobin`s q & ROA) and also the effect of Multiple Large Shareholder Structure (MLSS) and institutional ownership on firm value (Tobin`s q and ROA). Using a sample of Indonesia`s non-financial listed companies for the period 2009-2012. The results find that the capital structure (debt to equity ratio and long term debt to equity ratio) has a non-linear/ quadratic significant effect (concave) on Tobin`s q, but insignificant effect on ROA. It also finds that multiple large shareholders structure (MLSS) has a negative and significant effect on Tobin's q, but insignificant effect on ROA, while institutional ownership has positive effect and significant on Tobin's q and ROA.

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Penelitian ini bertujuan untuk melihat pengaruh struktur kepemilikan perusahaan dan independensi Dewan Komisaris terhadap tingkat pengungkapan tanggung jawab sosial. Teori-teori utama yang digunakan dalam penelitian ini adalah teori tata kelola perusahaan (Corporate Governance), teori kepemilikan (Ownership Theory), dan teori pemangku kepentingan (Stakeholder Theory). Sampel yang digunakan dalam penelitian ini adalah delapan belas (18) perusahaan yang bergerak di sektor pertambangan dan terdaftar di Bursa Efek Indonesia (BEI) selama rentang waktu 2010 hingga 2012. Hasil uji statistik menggunakan metode Pooled Least Square menunjukkan bahwa struktur kepemilikan memberikan pengaruh yang berbeda-beda terhadap tingkat pengungkapan tanggung jawab sosial perusahaan.

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ABSTRACT

The objective of this study is to observe the effect of corporate ownership structure and board independence on the level of corporate social responsibility (CSR) disclosure. The main theories used in this study are corporate governance theory, ownership theory, and stakeholder theory. Samples taken for this study are eighteen mining companies which are listed on Bursa Efek Indonesia (BEI) period 2010 to 2012. The result of statistic test using Pooled Least Square shows us that ownership structure affect the level of CSR disclosure in a different way.

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[Penelitian ini bertujuan untuk meneliti pengaruh Ownership Structure, dan Asymmetric Information terhadap Leverage, serta Feedback Effect Leverage dengan Asymmetric Information di Indonesia. Dimana pengujian ini dilakukan pada 136 perusahaan manufaktur pada periode 2009-2013. Hasil penelitian ini membuktikan bahwa adanya pengaruh struktur kepemilikan terhadap leverage perusahaan, dan adanya hubungan feedback effect antara leverage dengan asimetrik informasi., The purpose of this research is to find the effect of Ownership Structure, and Asymmetric Information on Leverage, and also the Feedback Effect between Leverage and Asymmetric Information in Indonesia, with 136 manufacturing company on 2009 until 2013. The result of this research is there is an effect of Ownership Structure on leverage, but that is a feedback effect between leverage and asymmetric information.]

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[ABSTRAK
Penelitian ini bertujuan untuk mengetahui pengaruh faktor keuangan yaitu rasio imbal hasil atas aset dan rasio perputaran aset, serta faktor non keuangan yaitu spesialisasi audit, struktur kepemilikan, dan perubahan abnormal jumlah karyawan terhadap probabilitas fraud. Metode yang digunakan dalam penelitian ini adalah analisis regresi logistik dengan sampel penelitian terdiri atas 39 perusahaan fraud yang dikenakan sanksi oleh Bapepam-LK dan 39 perusahaan non fraud pada periode 2004-2012. Berdasarkan hasil pengujian, ditemukan bahwa rasio perputaran aset, kepemilikan institusional, dan perubahan abnormal jumlah karyawan merupakan faktor yang memengaruhi probabilitas fraud. Semakin besar rasio perputaran aset pada periode sebelum fraud maka semakin kecil kemungkinan perusahaan untuk melakukan fraud. Kepemilikan institusional ditemukan memiliki pengaruh positif terhadap probabilitas fraud, yaitu semakin besar proporsi kepemilikan saham oleh institusional pada periode sebelum fraud maka semakin tinggi probabilitas perusahaan untuk melakukan fraud. Semakin besar perubahan abnormal jumlah karyawan pada tahun fraud maka semakin kecil kemungkinan bahwa terdapat fraud dalam laporan keuangan. Sedangkan, rasio imbal hasil atas aset, spesialisasi audit, dan kepemilikan keluarga tidak berpengaruh terhadap probabilitas fraud.

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ABSTRACT
The purpose of this study is to investigate the effect of financial factors which are return on asset ratio and total asset turnover ratio, and non financial factors which are auditor industry specialization, ownership structure, and abnormal employees change on the probability of fraud. This study use logistics regression to test it?s hypothesis with a sample consisted of 39 fraudulent companies that received sanction from Bapepam-LK and 39 non fraudulent companies in year 2004-2012. The result shows that total aset turnover, abnormal employees change, and institutional ownership have significant influence on probability of fraud. The higher total aset turnover ratio in the year preceding the year in which the fraud was reported to have occurred, the lesser the probability of firm to commit fraudulent financial statement. Institutional ownership has positive and significant effect on probability of fraudulent financial statement, that is the higher the proportion of institutional ownership in the year preceding the year in which the fraud was reported to have occurred, the higher the probability of firm to commit fraudulent financial statement. The higher abnormal employees change in the year of fraud, the lesser the probability of fraudulent financial statement. There is no significant effect of return on asset ratio, auditor industry specialization, and family ownership on probability of fraud. , The purpose of this study is to investigate the effect of financial factors which are return on asset ratio and total asset turnover ratio, and non financial factors which are auditor industry specialization, ownership structure, and abnormal employees change on the probability of fraud. This study use logistics regression to test it’s hypothesis with a sample consisted of 39 fraudulent companies that received sanction from Bapepam-LK and 39 non fraudulent companies in year 2004-2012. The result shows that total aset turnover, abnormal employees change, and institutional ownership have significant influence on probability of fraud. The higher total aset turnover ratio in the year preceding the year in which the fraud was reported to have occurred, the lesser the probability of firm to commit fraudulent financial statement. Institutional ownership has positive and significant effect on probability of fraudulent financial statement, that is the higher the proportion of institutional ownership in the year preceding the year in which the fraud was reported to have occurred, the higher the probability of firm to commit fraudulent financial statement. The higher abnormal employees change in the year of fraud, the lesser the probability of fraudulent financial statement. There is no significant effect of return on asset ratio, auditor industry specialization, and family ownership on probability of fraud. ]

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Penelitian ini menguji pengaruh struktur kepemilikan keluarga dan keputusan investasi terhadap jumlah kompensasi Direksi. Selain itu, penelitian ini juga menguji bagaimana struktur kepemilikan keluarga dan keputusan investasi secara bersama-sama mempengaruhi kompensasi Direksi perusahaan. Rata-rata jumlah kompensasi digunakan untuk menunjukkan tingkat kompensasi yang diterima oleh Direksi. Penelitian ini menggunakan 988 observasi yang terdiri dari 150 perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2008 sampai dengan tahun 2014. Metode penelitian yang digunakan adalah metode efek tetap (MET). Hasil dari penelitian menemukan bahwa perusahaan yang dimiliki oleh sebuah keluarga akan memberikan kompensasi kepada Direksinya lebih tinggi dibandingkan perusahaan non-keluarga. Keputusan investasi perusahaan tidak terbukti signifikan terhadap jumlah kompensasi Direksi. Namun, struktur kepemilikan keluarga terbukti memperkuat hubungan positif antara keputusan investasi dengan jumlah kompensasi Direksi. ......This study examined the influence of family ownership structure and investments decision to the Board of Directors compensation. In addition, this study also examines how family ownership structure and investments decision jointly affect the Directors compensation. The average amount of compensation is used to show the level of compensation received by the Board of Directors. This study consist of 988 observations from 150 manufacturing companies listed in Indonesia Stock Exchange (BEI) in 2008 to 2014. The method used is the fixed effects methods (FEM). The results of the study show that firms owned by a family would provide higher compensation than non-family firms. Investments decision was not proven significantly to the Board of Directors compensation. The family ownership structure proved strengthen the positive relationship between investments decision and the Board of Directors compensation.

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Penelitian ini membahas mengenai ekspropriasi. Ekspropriasi pada pemegang saham minoritas (berupa pemegang saham tradable) dapat dikatakan terjadi jika kekayaan pemegang saham mayoritas (berupa pemegang saham nontradable) meningkat seiring dengan menurunnya kekayaan pemegang saham tradable. Penelitian menggunakan teknik regresi berganda. Hasil dari penelitian ini menunjukan bahwa ketika rights issue, perubahan kekayaan pemegang saham nontradable (disimbolkan ‘NTWC = nontradable wealth change’) berkorelasi negatif dengan abnormal return saham sebagai proksi dari kekayaan pemegang saham tradable, walaupun hasilnya tidak signifikan (sig. >5%). Kemudian dikatakan bahwa meningkatkan hak voting pemegang saham nontradable dapat memperburuk ekspropriasi yang dialami pemegang saham tradable. Penelitian ini menunjukan hasil bahwa besarnya hak voting yang dimiliki oleh pemegang saham pengendali kedua (SCS) tidak berpengaruh signifikan terhadap abnormal return saham, yang kemungkinan besar disebabkan karena adanya perbedaan struktur kepemilikan saham di Cina dengan di Indonesia.

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ABSTRACT
This research examined the expropriation effect; the wealth of minority shareholder transferred to the majority’s. The expropriation of minority shareholder (mentioned as tradable shareholder) occurs when the wealth of majority shareholder (mentioned as nontradable shareholder) increase while the wealth of tradable shareholder is decreasing. This research is using cross sectional regression method. The result of this research shows when a company announces rights issue, the wealth change of nontradable shareholder (NTWC) is negatively correlated with the wealth change of tradable shareholder although the result is not significant (sig. >5%). And then, previous researches said that the increase of majority shareholder’s voting rights will exacerbates expropriation effect. This research shows the large voting rights of second-controlling shareholder (SCS) not significantly influenced the abnormal return of stock, the biggest possibility is that is caused by the differences of ownership structure in China and Indonesia.