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ABSTRAK
Globalisasi dalam dunia bisnis merupakan suatu fenomena yang tidak dapat dielakkan oleh semua pelaku-pelaku bisnis. Kondisi ini meinberi kesempatan seluas-luasnya kepada perusahaan untuk berkembang, tetapi sekaligus menimbulkan ancaman dengan semakin terbukanya kemungkinan munculnya pesaing-pesaing baru yang akan menawarkan produk dengan teknologi yang lebih baik.

Bagi perusahaan yang turut serta dalam globalisasi dengan mengembangkan usahanya ke luar dari negara basisnya, aspek yang paling terpengaruh dengan kondisi ini adalah aspek manajemen dalam perusahaan itu sendiri. Hal ini timbul karena masing-masing negara mempunyai karakter yang berbeda-beda, seperti sosial budaya, sistem pemenntahan, sistem hukum, sistem perbankan, mata uang dan lain sebagainya yang tentunya menyebabkan manajemen manghadapi permasalahan yang lebih kompleks.

Uang merupakan salah satu sumberdaya dalam perusahaan yang memegang peranan sangat penting dalam perekonomian modern. Kemampuan suatu perusahaan dalam mengelola keuangannya turut menentukan keberhasilan perusahaan tersebut dalam menjalankan dan mengembangkan usahanya. Pengelolaan keuangan; khususnya cash management (cash inflow dan cash outflow); bagi perusahaan yang melakukan ekspansi usahanya ke luar negeri membutuhkan penanganan yang khusus mengingat perbedaan-perbedaan tersebut di atas dapat menimbulkan resikoataupun keuntungan, diantaranya yangditimbulkan dari exchange rate dan floating time.

Tujuan penulisan ini adatah mempelajari keadaan cash management yang sedang dijalankan oleh manajemen PT Garuda Indonesia, berikut Sistem Informasi Keuangan serta melihat permasalahan-permasalahan yang dihadapinya. Pemilihan PT Garuda Indonesia dalam tulisan ini didasarkan atas wilayah usaha PT Garuda Indonesia yang cukup luas mencakup wilayah domestik dan internasional. Dalam menyusun lulisan ini, penulis juga mempelajari literatur serta bahan-bahan kuliah yang berkaitan dengan topik yang diambil, sehingga diharapkan dari tulisan ini dapat diambil suatu manfaat yang dapat dipakai oleh manajemen PT Garuda Indonesia dalam menentukan kebijakan di masa datang. Di akhir penulisan ini, penulis berusaha mengambil beberapa kesimpulan dan membuat beberapa saran yang mungkin dapat dilaksanakan guna penyempurnaan cash management di PT Garuda Indonesia.

Abstrak :
Penelitian ini bertujuan untuk melihat pengaruh pemberian distributor financing bagi pengelolaan kas dari 6 perusahaan ditinjau dari days of inventory DOI days sales outstanding DSO days payable outstanding DPO dan cash conversion cycle CCC Jangka waktu penelitian adalah sebelum perusahaan mendapatkan distributor financing 2004 2008 dan sesudah perusahaan mendapatkan distributor financing 2009 2013 sehingga data yang diteliti adalah merupakan data Panel Dari hasil penelitian ini dapat dilihat bahwa pemberian distributor financing ini belum mempengaruhi secara signifikan pengelolaan kas perusahaan ditinjau dari DOI DSO DPO CCC Hal ini disebabkan beberapa faktor seperti berlebihnya persediaan yang diakibatkan kelebihan produksi yang tidak sebanding dengan penjualan yang rendah Kondisi perekonomian Indonesia yang mengalami resesi karena melemahnya nilai mata uang rupiah terhadap mata uang asing khususnya dollar Amerika turut berkontribusi terhadap kenaikan harga barang yang menyebabkan penjualan rendah Selain itu adanya komitmen perusahaan untuk melunasi hutangnya serta memperpanjang term of payment menyebabkan pengelolaan kas juga tidak bagus.

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This research aims to analyze if there is effect of giving the distributor financing to cash management of 6 company from the view of days of inventory DOI days sales outstanding DSO days payable outstanding DPO and cash conversion cycle CCC The time series of this research is before company gets the distributor financing 2004 2008 and after getting the distributor financing 2009 2013 and type of data are panel data From this research know that the distributor financing not effect significantly cash management from the view of of inventory DOI days sales outstanding DSO days payable outstanding DPO and cash conversion cycle CCC It caused some factors such as over production that cause over inventory that not followed by the low sales The economic condition of Indonesia that held recession because the weakness rupiah currency especially dollar USD is contributed the increase of price product that cause low sales Beside that the commitment of company to pay the debt and to extend the term of payment of receivable caused the cash management not good.

Abstrak :
Penelitian ini bertujuan untuk mengevaluasi fenomena berupa idle cash yang relatif signifikan di rekening daerah dan motivasi yang mendasarinya. Jumlah tersebut antara lain berasal dari transfer dari pemerintah pusat untuk membiayai belanja daerah. Penelitian ini menggunakan pendekatan kualitatif dengan teknik pengumpulan data menggunakan pengarsipan, observasi, dan wawancara. Unit analisis berupa multiple embedded unit analysis pada tiga pemerintah daerah di Pulau Jawa dengan kepemilikan kas yang relatif cukup signifikan dan besaran nilai transfer dana perimbangan. Institutional Logics dijadikan landasan untuk mengetahui logika yang memengaruhi kebijakan kepemilikan kas menganggur pada sektor publik dan dikombinasikan dengan Expected Comparative Utility Theory dalam rangka menggali tindakan risk aversion atas proses pengambilan kebijakan tersebut. Hasil penelitian menunjukkan bahwa adanya logika yang berkompetisi (competing logics) antara regulasi dengan Standard Operating Procedures dan rutinitas kegiatan dalam mengelola kas berakibat pada posisi kas berlebih yang signifikan dalam rekening. Pemerintah daerah dihadapkan pada situasi di mana kas yang dihimpun dari pendapatan dapat disalurkan segera untuk membayar tagihan yang timbul dengan tetap mematuhi peraturan. Logika dominan (overarching logics) atas kondisi tersebut adalah aktivitas rutin pengelolaan kas yang dilakukan pemerintah daerah dengan menitikberatkan pada aspek likuiditas. Pemahaman regulasi yang kurang komprehensif disertai perencanaan kas yang kurang akurat dan pengajuan tagihan belanja oleh SKPD yang cenderung dilakukan di akhir periode menjadi faktor utama terjadinya kelebihan kas yang kemudian ditempatkan dalam deposito. Berdasarkan kondisi tersebut, pemerintah daerah dapat mengimplementasikan suatu sistem yang dapat meningkatkan akurasi perencanaan kas yang pada akhirnya dapat mengubah perilaku SKPD. Lebih lanjut, penempatan kas berlebih dalam deposito pada Bank BUMN/BPD dengan sistem tanpa penalti dan tidak menggunakan instrumen investasi jangka pendek lainnya merupakan kebijakan rasional yang diambil dan berpedoman kepada regulasi guna menghindari risiko kesalahan pengelolaan kas. Dengan demikian, tindakan risk aversion tersebut dapat melindungi pemerintah daerah dari adanya risiko kerugian daerah maupun sanksi. ...... The study aims to assess the phenomena of relatively considerable idle cash in regional accounts, as well as the underlying motive. This sum is derived, among other things, from transfers from the federal government to fund regional spending. This research takes a qualitative method, collecting data through archiving, observation, and interviews. The unit of study is a multiple embedded unit analysis conducted in three local governments in Java Island with considerable cash holdings and balancing fund transfers. Institutional Logics is utilized as the foundation for determining the logic that influences the public sector's idle cash policy, and it is paired with Expected Comparative Utility Theory to investigate the impact of risk aversion measures on the policy-making process. According to the findings, the existence of competing logics between regulations and ordinary cash management actions leads in a considerable excess cash position in the account. Local governments are in a position where cash gathered from taxes can be transferred quickly to cover bills as they arise while remaining compliant with rules. Routine cash management actions carried out by local governments with an emphasis on liquidity considerations are the overarching logics for this state. Excess cash is typically deposited in time deposits due to a lack of understanding of restrictions, improper financial planning, and the submission of spending bills by working unit (SKPD), which tends to be done at the end of the period. Local governments are expected to develop a system in order to increase cash planning accuracy, which in turn can modify SKPD behavior, based on these conditions. Furthermore, depositing excess cash at SOE/ROE Banks without penalty via the Automatic Roll Over system is a prudent approach directed by regulations to reduce the danger of cash mismanagement. Local governments also do not invest their extra cash in other short-term investment instruments. As a result, risk aversion can shield local governments from regional losses and punishments.

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ABSTRAK
Penelitian ini bertujuan untuk menginvestigasi tren sekuler cash holding pada 852 perusahaan manufaktur antarnegara ASEAN 5 (Filipina, Indonesia, Malaysia, Singapura, dan Thailand) pada periode 2007-2011 serta menganalisis pengaruh faktor-faktor perubahan karakteristik perusahaan diantaranya cash flow yang semakin volatil, penurunan net working capital, penurunan capital expenditure, penurunan leverage, dan tingkat lagged cash holding dengan dikontrol variabel ukuran perusahaan, market to book ratio, cash flow, dan dividen. Hasil penelitian menunjukkan bahwa perubahan karakteristik perusahaan berkontribusi besar dalam menjelaskan tren cash holding yang sekuler. Hasil berbeda antara negara satu dengan negara yang lain dikarenakan perbedaan kebijakan tingkat pemegangan kas, struktur finansial negara, dan karakteristik masing-masing negara.

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ABSTRACT
This research is conducted to investigate secular cash holding trend of corporate cash holdings of 852 firms across ASEAN 5 countries (Philippines, Indonesia, Malaysia, Singapore, and Thailand) during period 2007-2011 and analyzing the impact of changes in firms characteristic such as cash flow volatility increases, less net working capital, capital expenditure declines, leverage declines, level of lagged cash holding and controlled by size, market to book, cash flow, dividend. The results find that changes of firm characteristics contribute greatly in explaining secular trend of cash holding. The results vary across countries because different cash policies, financial structure and characteristic of each country.

Abstrak :
Penelitian bertujuan untuk menganalisis pengaruh arus kas dan kesempatan investasi terhadap investasi perusahaan. Penelitian yang dilakukan terhadap 94 perusahaan manufaktur yang terdaftar di BEI juga menganalisis perbedaan tingkat pengaruh arus kas terhadap investasi pada masa sebelum dan sesudah krisis Subprime Mortgage serta perusahaan dengan tingkat konstrain finansial yang berbeda. Hasil penelitian menunjukkan arus kas berpengaruh signifikan terhadap investasi, sebaliknya kesempatan investasi dengan proxy Tobin?s Q tidak terbukti berpengaruh signifikan terhadap investasi. Sedangkan pengaruh arus kas terhadap investasi terbukti mengalami penurunan pasca krisis keuangan dan lebih rendah untuk perusahaan yang tidak membagikan dividen dan perusahaan berukuran besar.

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Research is conducted to analyze the effect of cash flow and investment opportunities on corporate investment. Research which is conducted on 94 manufacturing companies which are listed on IDX also compares the level of cash flow?s influence on investment prior to and following Subprime Mortgage and companies grouping based on financial constraints degree. The result shows cash flow is proven significantly but Tobin?s Q (investment opportunities) is not proven significantly influence corporate investment, while the level is proven to be decreased following financial crisis and smaller for big size companies and companies with no dividend payment.

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Penelitian ini menganalisis bagaimana arus kas bersih, rasio total utang, marjin laba bersih, market to book ratio, dan ukuran perusahaandalam mempengaruhi investasi aset tetap, dengan sampel perusahaan?perusahaan manufaktur yang terdaftar di BEI dari tahun 2007?2011. Keseluruhan variabel tersebut diregresi dengan metode generalized least square (GLS) dengan data panel. Hasil yang ditemukan adalah adanya pengaruh yang signifikan antara arus kas bersih, rasio total utang, marjin laba bersih, market to book ratio, dan ukuran perusahaan terhadap keputusan kegiatan investasi aset tetap baik berpengaruh positif maupun negatif. ......This research aims to analyze normalized cash flow, total debt ratio, net income margin, market to book ratio, and total asset size in affecting investment in property, plant, and equipment of BEI-listed manufacturing companies from 2007?2011. All variables measured by using generalized least square (GLS) method and data panel. And the result of this research is normalized cash flow, total debt ratio, net income margin, market to book ratio, and total asset size significantly affecting the investment in plant and equipment with positive or negative effects.

Abstrak :
[ABSTRAK
Laporan magang ini membahas mengenai cara melakukan valuasi menggunakan metode relative valuation yang penulis pelajari pada PT Bahana Securities dan discounted cash flow valuation yang penulis pelajari pada saat penulis berkuliah pada Fakultas Ekonomi Universitas Indonesia terhadap PT Ace Hardware Indonesia Tbk. Relative valuation mempunyai tingkat sensitifitas yang lebih rendah terhadap asumsi pada akun-akun kunci yang digunakan untuk melakukan proyeksi dan valuasi apabila dibandingkan dengan discounted cash flow valuation. Tantangan yang dihadapi oleh para analis di PT Bahana Securities ketika melakukan valuasi menggunakan discounted cash flow valuation yaitu data yang diperlukan lebih banyak apabila dibandingkan dengan data yang dibutuhkan ketika melakukan relative valuation, Sempitnya waktu yang dimiliki oleh para analis pada PT Bahana Securities sehingga lebih sulit bagi mereka untuk melakukan valuasi menggunakan metode discounted cash flow valuation, kurangnya pengetahuan yang dimiliki oleh analis mengenai metode dan tempat mencari data yang diperlukan ketika melakukan valuasi menggunakan metode discounted cash flow valuation.ABSTRACT
This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities.;This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities.;This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities.;This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities.;This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities., This internship report discusses about how to do a valuation using relative valuation methods that the author learned in PT Bahana Securities and discounted cash flow valuation, the author learned during the author enrolled in the Faculty of Economics, University of Indonesia to PT Ace Hardware Indonesia Tbk. Relative valuation has a lower level of sensitivity to the assumptions on key accounts that are used to make projections and valuations when compared to the discounted cash flow valuation. The challenge faced by analysts at Bahana Securities when doing valuation using the discounted cash flow valuation, is that it required more data when compared with the data required when making relative valuation, limited time that analyst at PT Bahana Securities have is making it more difficult for them to do a valuation using the discounted cash flow method of valuation, the lack of knowledge held by the analysts regarding the method and find the necessary data when doing valuation using the discounted cash flow method of valuation is also one of the challenge faced by analyst at PT Bahana Securities.]

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ABSTRAK
Telah banyak penelitian dilakukan untuk melihat faktor apa saja yang mempengaruhi risiko dari reksa dana. Penelitian dalam tesis ini melihat apakah ada hubungan antara biaya manajemen dan dana kelolaan terhadap risiko reksa dana saham yang ada di Indonesia. Data yang digunakan adalah data harian nilai aktiva bersih per unit dari semua reksa dana saham di Indonesia serta data total dana kelolaan dan biaya manajemen dari masing-masing reksa dana untuk periode bulan Januari 2010 hingga bulan Desember 2012. Untuk menilai risiko dari masing-masing reksa dana digunakan volatilitas menggunakan metode EWMA. Hasil yang didapatkan bahwa dana kelolaan dan biaya manajemen tidak berpengaruh terhadap risiko dari reksa dana saham di Indonesia.

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ABSTRACT
There have been many studies done to see what factors affect the risk of mutual funds in many countries. Research within thesis to see whether there is a relationship between cost of management and funds under management against risk of stock mutual funds who exist in Indonesian. The data which used is the daily data asset value net per unit of all mutual fund shares of in Indonesia as well as the data total asset under management and management fee respectively for the the period of month of January 2010 until month of in December 2012. To assess the risk of each fund is used volatility using EWMA. The results showed that the funds under management and management fees do not have a significant relationship to the risk of stock mutual funds in Indonesia.