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Abstrak :
Tesis ini membahas mengenai peran Divisi Audit Internal dalam penerapan Good Corporate Governance (GCG) pada perusahaan berbasis syariah yang bergerak di sektor perasuransian. Divisi Audit Internal juga merupakan komponen penting dalam Governance Structure. Penerapan GCG dalam perusahaan menggunakan prinsip Transparency, Accountability, Responsibility, Independence dan Fairness (TARIF) dan Shiddiq, Amanah, Tabligh, dan Fathonah (STAF). Terkait dengan perannya dalam penerapan GCG, Divisi Audit Internal telah berupaya berperan aktif dalam penerapan GCG pada PT. STI. Divisi Audit Internal juga berupaya berperan meminimalisir terjadinya agency problem pada perusahaan. Divisi Audit Internal berperan dalam berbagai aktivitas yang tercakup dalam srtandar SPAI. Dalam penerapan Shariah Corporate Governance (SGC), peran Divisi Audit Internal memantau pelaksanaan rapat rutin Dewan Pengawas Syariah (DPS), melakukan audit dengan konsep syariah (self assessment atau audit lapangan), melakukan check list peraturan syariah dan melakukan performance appraisal syariah. Untuk dapat menjalankan fungsinya secara optimal pada perusahaan, Divisi Audit Internal harus melaksanakan perannya secara efektif dengan menggunakan beberapa kriteria, di antaranya: independensi; memiliki job description dan Internal Audit Manual (IAM); dukungan dari top management; kemampuan profesional; serta kemampuan untuk bekerjasama dengan akuntan publik. Peran yang terdapat pada Divisi Audit Internal meliputi peran sebagai watchdog, konsultan dan katalis. Hasil studi kasus pada PT Syarikat Takaful Indonesia (PT. STI) menyimpulkan bahwa Divisi Audit Internal PT. STI telah menjalankan perannya sebagai watchdog, konsultan dan katalis serta telah berupaya menjalankan fungsinya dengan efektif. Namun, terdapat batasan terhadap perannya dalam pengawasan internal. Divisi Audit Internal telah berperan serta dalam penerapan GCG atau GSG PT. STI. Program Whistlebower belum berjalan sebagaimana mestinya. Namun, Divisi Audit Internal tetap mengupayakan perannya sebagai pelaksana whistleblower pada PT. STI

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This thesis concerns about the role of internal audit division in applying Good Corporate Governance (GCG) towards shariah insurance company. Internal Audit Division is also an important component in Governance Structure. GCG?s application towards company is using some principles such as: TARIF which stands for transparency, accountability, responsibility, independence, and fairness; and also STAF which stands for shiddiq, amanah, tabligh, and fathonah. Based on its role in applying GCG, Internal Audit Division has been actively contributed towards GCG application in PT. STI. Besides, Internal Audit Division has also been tried to minimize the happening of agency problem in company. Internal Audit Division works in some activities within SPAI standard. In applying Sharia Corporate Governance (SGC), Internal Audit Division acts to observe the execution of routine meetings of Sharia Supervision Council (DPS), to do audit with sharia concept (self assessment or field audit), to do check list in sharia lists, and to do sharia performance appraisal. For doing its role comprehensifely towards company, internal audit division has to do its jobs effectively by using some criterias, such as: independency, having job description, internal audit manual (IAM), supporting from top management, profesional abilities, and skill in working together with public accountant. The role of internal audit division is included in role as watchdog, consultant, and catalyst. The result of this case-study towards PT Syarikat Takaful Indonesia concludes that the internal audit division in PT STI has ben tried to do its roles as watchdog, consultant, and catalyst; besides, it has also done its function effectively. However, there are still some restrictions which relate to its role in internal watch. Internal audit division has done some works in applying GCG or GSG PT. STI. Meanwhile, whistlebower program has not applied properly, but internal audit division is still working its role as the whistlebower executor in PT. STI.

Abstrak :
Pendahuluan kepentingan pribadi dibandingkan kepentingan orang lain (self-interested behavior) merupaka salah satu sifat dasar yang dimiliki manusia. Sifat inilah yang memicu timbulnyua masalah keagenan (agency problem) manakala perusahaan perseorangan berkembang lebih besar sehingga kepemilikan dan pengelolaan dilakukan secara terpisah. Oleh karena masalah keagenean dapat timbul antara berbagai pihak di dalam persahaan (stakeholders) maka masalah tersebut dipilah dalam tiga bentuk: pertama masalah keagenan antar manajer dengan pemegang saham; kedua masalah keagenan antara pemegang saham dengan kreditur; dan ketiga masalah keagenen antara perashaan dengan konsumen. Guna memninimisasi masalah keagenan maka perusahaan harus menanggung biaya keagenenan (agency cost) seperti pembuatan kontrak atau biaya pengawawan (audit). Beberapa solusi lain yang dapat diterapkan adalah strip financing dan mezzanine financing go public, corporate governance, security analysis dan multilevel organization

Abstrak :
Penelitian ini bertujuan untuk menganalisis mengenai pengaruh dari bank terhadapprofitabilitas perusahaan non keuangan yang tercatat dalam indeks LQ45 pada periode2012-2016. Penelitian ini menggunakan metode Ordinary Least Square atau yangdikenal dengan istilah OLS dengan menggunakan data yang bersifat data panel. Padapenelitian ini variable dependen yang digunakan adalah ROA dan juga denganmenggunakan beberapa variable independen dan control seperti bank debt, bankportion, firm age, dan firm size. Penelitian ini menggunakan 22 perusahaan nonkeuangan yang telah terdaftar dalam indeks LQ45 selama lima tahun dengan melihatkepada perusahaan yang paling banyak terdaftar dalam jangka watu tersebut untukindeks ini. Berdasarkan dengan penelitian ini maka dapat dilihat bahwa tidak terdapatpengaruh dari bank terhadap profitabilitas perusahaan yang telah tercatat dalam indeksini yang dilihat disebabkan karena masalah agensi. ......This study aims to analyze the influence of banks on the profitability of non financialcompanies listed in the LQ45 index in the period 2012 2016. This study was usesOrdinary Least Square method or known as OLS and using data panel. In this study thedependent variable used is ROA and by using some independent and control variablessuch as bank debt, bank portion, firm age, and firm size. This study uses 22 nonfinancialcompanies listed in the LQ45 index for five years looking at the most listedcompanies in the term for this index. Based on this research, it can be seen that there isno influence from bank to profitability of company which have been recorded in thisindex which is seen due to agency problem.

Abstrak :
Studi yang dilakukan dalam penelitian ini untuk melihat pengaruh kepemilikan institusional terhadap kebijakan pembayaran dividen pada perusahaan sektor non keuangan di Indonesia pada periode 2016-2018. Penelitian lebih mendalam terhadap kepemilikan institusional dilakukan dengan membagi institusi asing dan domestik terhadap variabel yang sama. Selain itu, kepemilikan domestik keluarga pun dilihat terhadap kebijakan pembayaran dividen. Variabel lain yang terkait kebijakan dividen pun turut diuji didalamnya. Hasil penelitian menunjukan bahwa kepemilikan institusional memiliki hubungan positif dan signifikan dalam memengaruhi kebijakan pembayaran dividen perusahaan di Indonesia. Kepemilikan institusi asing dan domestik tidak signifikan dalam memengaruhi kebijakan pembayaran dividen perusahaan di Indonesia. Terakhir, kepemilikan domestik keluarga tidak signifikan dalam memengaruhi kebijakan pembayaran dividen perusahaan di Indonesia. ...... This study was conducted by researchers to look at the effect of institutional ownership on dividend payment policies on non-financial sector in Indonesia on the 2016-2018 period. Further research into institutional ownership is carried out by dividing foreign and domestic institutions on the same dependent variable. In addition, the family's domestic ownership is also seen from the dividend payment policy. Other variables related to dividend policy were also tested in. The results showed that institutional ownership has a positive and significant relationship in influencing company dividend payment policies in Indonesia. The ownership of foreign and domestic institutions has an insignificant relationship in influencing the company's dividend payment policy in Indonesia. Finally, domestic family ownership has an insignificant relationship in influencing the company's dividend payment policy in Indonesia.

Abstrak :
Tujuan utama dari penelitian ini adalah untuk mengetahui pengaruh dari stuktur kepemilikan saham pada kebijakan utang perusahaan. Penelitian ini menggunakan 32 perusahaan yang terdaftrar di Bursa Efek Indonesia dengan periode penelitian dari tahun 2005-2007. Variabel terikat penelitian yang digunakan adalah rasio utang yang merupakan proksi terhadap kebijakan utang perusahaan sementara itu variabel struktur kepemilikan dan variabel karakteristik perusahaan seperti volatilitas pendapatan (ERNVOL), non-debt tax shields (DEPR), pengeluaran pada aset tidak berwujud (RDAD), pertumbuhan total aset (GROWTH), dan ukuran perusahaan (TA) adalah variabel bebas penelitian. Pengujian dilakukan dengan menggunakan metodologi data panel, dari hasil uji menunjukkan bahwa kebijakan utang perusahaan dipengaruhi oleh struktur kepemilikan institusi (INSTL) dan berperan penting untuk mengurangi terjadinya konflik keagenan. Variabel lain yang menjukkan pengaruh yang signifikan seperti non-debt tax shields (DEPR), pertumbuhan total aset (GROWTH), dan ukuran perusahaan (TA).

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The objective of this study is to identify the impact of ownership structure on corporate debt policy. This study, use 32 companies from Indonesia Stock Exchange from 2005 to 2007 explores the impact of ownership structure (INSTL and MGROWN) and companies haracteristic variables such as earnings volatility (ERNVOL), non-debt tax shields (DEPR), expenditures in intangible assets (RDAD), asset growth (GROWTH), and size of the firm (TA) on debt policy in an integrated framework by using Panel Data equations estimation procedure. The findings show that there are significant impact of institutional ownership which serves effective control mechanism on corporate debt policy as hypothesized and insiders ownership which serve as effective bonding mechanism. Findings of such evidence suggest that institutional holding and insider ownership thus have played an important role in managers' strategic management decision and reduce agency conflict. Other significant variable such as -debt tax shields (DEPR), asset growth (GROWTH), and size of the firm (TA).

Abstrak :
Tesis ini membahas pengaruh political connections terhadap cost of equity dengan menggunakan analisis regresi data panel model pooled least square. Sampel yang digunakan sebanyak 141 data observasi periode 2005, 2008 dan 2011. Cost of equity diukur dengan menggunakan pendekatan CAPM dengan modifikasi beta Dimson. Sedangkan political connections menggunakan variabel dummy yaitu nilai 1 jika perusahaan teridentifikasi memiliki political connections dan nilai 0 jika teridentifikasi tidak memiliki political connections. Hasil penelitian menunjukkan bahwa political connections terbukti memiliki pengaruh positif signifikan terhadap cost of equity yang berarti bahwa perusahaan harus menanggung cost of equity yang lebih tinggi atas political connections yang dimilikinya.

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This thesis discusses influence of political connections on the cost of equity using panel data regression analysis with pooled least square model. 141 samples were used as observation data period 2005, 2008 and 2011. Cost of equity measured using the CAPM approach with Dimson beta modification. While political connections using a dummy variable, given 1 if company have political connections identified, and 0 if it does not have political connections identified. The results show that political connections have proven significant positive effect on the cost of equity, which means that the company must bear higher cost of equity for the company`s political connections.

Abstrak :
Penelitian ini mencoba membuktikan adanya hubungan antara free cash flow dan overinvestment dengan menggunakan sampel sebanyak 208 perusahaan yang terdaftar di Bursa Efek Indonesia BEI pada tahun 2013-2015. Hasil penelitian menunjukkan bahwa terdapat hubungan positif dan signifikan antara free cash flow dan overinvestment pada perusahaan di Indonesia. Selain itu, penelitian ini juga menemukan bahwa beberapa faktor tata kelola dapat mempengaruhi terjadinya overinvestment pada perusahaan. Proporsi Komisaris Independen ditemukan dapat memitigasi terjadinya overinvestment secara umum, sementara jumlah anggota Direksi justru berpotensi menimbulkan overinvestment. Kepemilikan saham Dewan Komisaris dan jumlah anggota Direksi dapat memitigasi terjadinya overinvestment akibat free cash flow, sementara kepemilikan saham Direksi ditemukan dapat memperkuat hubungan antara free cash flow dan overinvestment. ......This research is trying to test the relationship between free cash flow and overinvestment using 208 Indonesian listed firms during the period 2013 2015.The result shows that there is a positive and significant relationship between free cash flow and overinvestment in Indonesian firms. The evidence indicates that certain corporate governance factors are related to overinvestment. I find that the existence of Independent Commissioner can mitigate overinvestment, while the size of the BOD boosts overinvestment in general. The shares ownership of the Commissioners and the size of the BOD can mitigate overinvestment of free cash flow, while the shares ownership of the Directors can boost overinvestment caused by free cash flow.

Abstrak :
Penelitian ini memiliki tujuan untuk menganalisis pengaruh free cash flow terhadap overinvestment dengan mekanisme corporate governance sebagai variabel interaksi. Dalam penelitian ini, overinvestment dan free cash flow diukur dengan model perhitungan yang dirumuskan oleh Richardson (2006). Free cash flow merupakan uang tunai berlebih dari suatu perusahaan setelah perusahaan tersebut memenuhi seluruh kebutuhannya. Berikutnya, overinvestment dapat didefinisikan sebagai pengeluaran investasi yang lebih besar dari yang diperlukan untuk mengelola aset perusahaan dan mendanai investasi baru yang diharapkan memiliki net present value (NPV) positif. Hubungan antara free cash flow dipicu oleh adanya agency problem. Kehadiran corporate governance dinilai dapat mengatasi agency problem. Penelitian ini menggunakan sampel perusahaan-perusahaan yang terdaftar pada Bursa Efek Indonesia selama periode 2017-2021 dengan teknik penarikan sampel purposive sampling dan pendekatan kuantitatif. Hasil dari penelitian ini menunjukkan adanya pengaruh signifikan positif yang diberikan oleh free cash flow terhadap overinvestment. Selain itu, penelitian ini juga menemukan beberapa mekanisme corporate governance dapat memperkuat hubungan antara free cash flow dan overinvestment, yaitu ukuran dewan direksi, dan konsentrasi kepemilikan, dan status perusahaan sebagai BUMN, sementara ukuran dewan komisaris dapat memperlemah hubungan antara free cash flow dan overinvestment. ......This research aims to analyze the influence of free cash flow on overinvestment with corporate governance mechanisms as interaction variables. In this study, overinvestment and free cash flow are measured using a calculation model formulated by Richardson (2006). Free cash flow represents the excess cash of a company after meeting all its needs. Subsequently, overinvestment can be defined as investment expenditures greater than necessary to manage the company's assets and fund new investments expected to have a positive net present value (NPV). The relationship between free cash flow is triggered by the existence of an agency problem. The presence of corporate governance is considered to address the agency problem. This research uses a sample of companies listed on the Indonesia Stock Exchange during the period 2017-2021 with purposive sampling technique and a quantitative approach. The results of this study indicate a significant positive influence of free cash flow on overinvestment. Additionally, the research also found that several corporate governance mechanisms can strengthen the relationship between free cash flow and overinvestment, namely the size of the board of directors, ownership concentration, and the company's status as a state-owned enterprise (BUMN), while the size of the board of commissioners can weaken the relationship between free cash flow and overinvestment.

Abstrak :
Agency problem impties the need of an independent profession(external auditor) to assure agent(management) act on behalf of principle.....

Abstrak :
Agency problem implies the need of an independent profession (external auditor) to assure agent (management) act on behalf of principle. Unfortunately we can't fully rely any longer on the profession because of financial reporting scandals. It means that board of commissioner has to more actively acts to oversight the corporate governance. This oversight tasks is almost impossible to be carried by the board it self, mainly concerned to its competence limitation, so the board need to form a committee that have competence and full commitment to 'make sure' the corporate always on the right track. The committee's main responsibilities are concerned with financial reporting, risk management and control, and corporate governance. Regulators require listed companies, banks and other financial service companies, and certain state owned companies to have an audit committee. However, whether the committees exist just to fulfill this requirement or fully act as arm length of the board to improve good corporate governance is still questioned.