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Abstrak :
ABSTRACT
The purpose of this thesis is to analyze capital ownership structure and the position of business groups in Indonesia by the use of a company data file the author compiled, and through the analysis, to describe the development path and the changing nature of Indonesian business groups.

In line with this purpose, first of all, the background and the scope of this study is defined in Chapter 1, where I stress the importance of micro-economic studies in Indonesia.

Chapter 2 is devoted to analysis of capital ownership structure in the Indonesian national economy. First, I introduce my company data file as one of the best sources of company analyses, and clarify its significance and limitations(2.2). Then, I describe overall capital ownership structure and prove that domestic private capital constitutes the most significant component in the national economy(2.3). The next section (2.4) focuses on the position of business groups by two measures, that is, their total equity capital accumulated during the last two decades and the scale of present economic activities. Further, I compare the results with some cases of other developing economies and draw implication that Indonesian business groups have developed conspicuously but the level is still less than the upper levels in the international perspective. Lastly, I close this Chapter with some combined conclusions with the results from other data sources (2.5).

Chapter 3 is a historical illustration of the development process of Indonesian business groups. The period from 1967 to 1986 is divided into three sub-periods, and the environmental conditions and reactions of business groups are described with some examples. Throughout the period, I set the analytical focus on development strategies of business groups, and find a consistent tendency that business groups which much depended on exogenous growth factors have come to exhibit endogenous growth abilities, with rationalizing their group formation (3.4.3).

In the last chapter, I examine findings from the above two chapters, through analysis of new development of business groups after deregulation. I attempt two reexaminations ; one is concerning obvious irrelevance of the patronage framework where business groups are viewed from political connection (4.1.2), and the other is concerning the still consistent changing nature of business groups, which suggests that the recent performance of business groups should be viewed in the historical perspective. Lastly, by discussing the recent conglomerate controversy, I clarify my conclusion : business resources accumulated in business groups and their actualized merits at present must be effectively utilized for the future development in Indonesia.

Abstrak :
Penelitian ini fokus pada implemenlasi Program Pengembangan Kelompok Usaha Pemuda Produktif (KUPP}(Studi pada empat KUPP di Kabupaten Bekasi}. Selain itu diteliti pula pemberdayaan yang tetjadi pada empat KUPP tersebut. Dari analisis yang dilakukan, disimpulkan bahwa implementasi program pengembangan KUPP pada tahun 2009, sudah betjalan blrik dalam aspek komunikasi, namun kurang berbasil dalam aspek sumber-sumber, disposisi atau sikap, dan s!rektur birokrasi. Hal tersebut adalah salah satu yang menyebahkan kurang berhasilnya 3 KliPP yang memperoleb bantuan dana untuk dapat tumbuh menjadi kelompok yang survive. Upaya pemberdayrum pada 3 KUPP yang kurang optimal dari pemerintah daerah disehabkan minimnya sumber-sumber, yaitu dana, sumber daya manusia, dan fasilitas. Untuk pelaksanaan program pengembangan KUPP pada 2010, dapa!dikatakan sudah lebih baik dari masa sebelumnya, karena pemorintah daerah Ielah melaksanakan kegiatan-kegiatan yang mendnkung keberlangsungan program pengembangan KUPP. Pemberdayaan dan pengembangan masyarakat adalah knnci dari sukaesnya salah satu KUPP yang diteliti, yaitu KUPP Mekar Bahagia, yang terlctak di daerah pesisir dan bergerak dalam usaha hudidaya rumput !aut dan bandeng. KUPP ini memperoleh pendnmpingan dari Kementerian Kelautan dan Perikanan dan Dinas Perikanan Kabupaten Bekasi sejak sekilllr tahun 2008. KUPP Mekar Bahagia berbasil survive dan ketuanya dapat dikatakan memiliki kara.kter entrepreneur, antara lain: sifat inovatif, sifat inslrumental, sifat prestatif dan pengambilan resiko.

Abstrak :
ABSTRAK
Penelitian ini bertujuan untuk mengetahui apakah afiliasi perusahaan dalam grup bisnis di Indonesia memiliki pengaruh terhadap volatilitas laba operasi yang diukur melalui standar deviasi laba operasi. Hasil penelitian menunjukkan bahwa afiliasi perusahaan grup bisnis di Indonesia berpengaruh secara positif dan signifikan terhadap standar deviasi laba operasi, sehingga perusahaan yang terafiliasi dengan grup bisnis tergolong lebih volatile dibandingkan dengan non grup bisnis. Penelitian ini juga bertujuan untuk mengetahui apakah terdapat perbedaan kinerja antara perusahaan terafiliasi grup bisnis dengan non grup bisnis, dengan melihat nilai Tobin?s Q dan ROA. Hasil penelitian menunjukkan bahwa perusahaan terafiliasi grup bisnis memiliki kinerja yang berbeda jika dilihat dari nilai Tobin?s Q, menandakan bahwa pasar lebih mengapresiasi secara positif perusahaan grup bisnis, namun tidak terdapat perbedaan kinerja antara perusahaan terafiliasi grup bisnis maupun non grup bisnis jika dilihat kinerjanya secara akuntansi yang diukur oleh ROA.

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ABSTRACT
The objective of this research is to study whether an affiliation with a Business Group would affect to operating profit volatility which measured by standard deviation of operating profit. The result in this research support the hypothesis that an affiliation with a Business Group would have positive and significant effect to operating profit volatility, so the company that affiliated with Business Groups in Indonesia will be more volatile compared to non Business Groups. Another purposes of this research is to study the significant differences between Business Group affiliated companies and non-Business Group companies in terms of their performance measured by Tobin?s Q and ROA. The result of the study suggest that the markets are more attracted to Business Group affiliated companies which reflected by higher Tobin?s Q score. But the differences result has been occured when we used ROA as a based of firm performances. There is no differences significant performance result between companies that affiliated in Business Group and non-Business Group.

Abstrak :
Disertasi ini mempelajari hubungan antara posisi perusahaan di dalam piramida dan biaya utang perusahaan di pasar keuangan suatu negara berkembang di Asia dengan karakteristik pasar antara lain: terdapat banyak perusahaan piramida, sistem perlindungan hukum yang lemah, dan ketergantungan pada utang bank. Kami menganalisa topik ini dengan menggunakan sampel kontrak utang bank di Indonesia selama periode 2006-2016. Kami menemukan bahwa bank menetapkan suku bunga lebih rendah pada perusahaan yang berada pada lapisan bawah dalam rantai piramida, bahkan setelah kami mengontrol berbagai faktor termasuk expropriation risk. Penemuan ini mengindikasikan bahwa bank menganggap perusahaan di lapisan bawah menerima co-insurance effect yang lebih besar daripada perusahaan di lapisan atas karena terdapat lebih banyak group internal resources yang dapat diakses oleh perusahaan di lapisan bawah yang dapat digunakan untuk menurunkan credit risk. ...... This dissertation empirically tests the relationship between the position of a firm in a pyramidal business group and the firm rsquo;s bank loan spread, in an Asian emerging market with a high incidence of pyramidal firms, a weak legal system, and high corporate dependency on bank loans. We use a data set of bank loan contracts for Indonesian pyramidal firms from 2006 to 2016. We find that banks charge lower loan prices to firms that are located in lower layers of a pyramidal chain, even after we control for many factors including expropriation risk. The finding suggests that banks consider that lower-layer firms receive a greater co-insurance effect than upper-layer firms because more internal resources are available down the ownership chain to lower credit risk.

Abstrak :
Tujuan dari dilakukannya penelitian ini adalah untuk menganalisis pengaruh investment-cash flow sensitivity pada Grup Bisnis Di Indonesia. Penelitian ini dilakukan terhadap seluruh perusahaan seluruh perusahaan non-keuangan dan non-BUMN yang terdaftar di Bursa Efek Indonesia secara konsisten pada periode 2005-2012. Metode analisis yang digunakan dalam penelitian ini adalah menggunakan analisis data panel. Hasil yang didapatkan dari penelitian ini adalah grup bisnis yang ada Di Indonesia cenderung lebih memiliki kendala keuangan dibandingkan dengan perusahaan independen. ...... The purpose of this study was to analyze the effect of investment-cash flow sensitivity in the Business Group in Indonesia. This study was conducted on all companies throughout the non-financial companies and non-state-owned enterprises listed on the Indonesia Stock Exchange in the period 2005-2012 consistently. The method of analysis used in this study is to use panel data analysis. The results obtained from this study is that there is a business group in Indonesia tend to have more financial constraints than independent companies.

Abstrak :
Studi tentang praktik manajemen stratejik dan pengaruhnya terhadap kewirausahaan pada perusahaan keluarga terus berkembang akhir-akhir ini. Namun demikian, masih sedikit studi yang mengkaji hubungan tersebut pada family business groups, yang memiliki kareakteristik unik yaitu adanya corporate center yang mengelola strategi korporasi dalam sebuah kelompok usaha, dan adanya manajemen keluarga yang berpengaruh terhadap proses pengambilan keputusan stratejik termasuk tentang kewirausahaan dan inovasi baik di level korporat maupun di level unit bisnis. Tujuan studi ini adalah untuk mengakaji dan menganalisis pengaruh dari penerapan corporate parenting role oleh corporate center dalam bentuk pendekatan kinerja di unit bisnis yaitu melalui pengaruh terhadap tingkat EO dan inisiatif strategis. Pendekatan strategic planning yang dijalankan oleh corporate center berpengaruh positif terhadap tingkat EO dan inisiatif strategis di unit bisnis. Sementara pendekatan strategic control berpengaruh positif terhadap tingkat EO tetapi tidak berpengaruh terhadap inisiatif strategis di unit bisnis. Sedangkan penerapan pendekatanfinancial control berpengaruh negative terhadap tingkat EO dan tidak berpengaruh terhadap inisiatif strategis di unit bisnis. Selain itu, family influence berpengaruh positif terhadap tingkat EO dan inisiatif strategis di unit bisnis. Pada level unit bisnis, ditemukan bahwa, tingkat EO tidak berhubungan langsung dengan kinerja, tetapi pengaruhnya akan positif terhadap kinerja apabila EO sudah diwujudkan dalam bentuk inisiatif strategis. ......The number of studies on strategic management practices and their influence on entrepreneurship in family business has been on the rise lately. And yet, there have been few studies that investigate their relationships on large family business groups, having unique characteristics, i.e., the presence of a corporate center that handles corporate strategy in a business groups, and the presence of family management that affects strategic decision making processes including the ones on entrepreneurship and innovation both at the corporate level and at the business unit level. This study aims to examine and analyze the influence of corporate parenting role implementation by the corporate center in the form of strategic planning, strategic control and financial control, and family influence factors on business unit entrepreneurial orientation (EO) and business unit strategic initiatives, which in turns, affects the business unit performance. The study uses Structural Equation Model (SEM) involving 106 respondents of CEO and senior management officers in business units run by 16 corporate centers of family business groups in Indonesia. The study result shows that the presence of corporate centers and family influence affect business unit performances through the influences on the EO levels and strategic initiatives. Corporate centers that run strategic planning approach have positive influence on the EO level and strategic initiatives in business units. Meanwhile, strategic control approach has positive influence on the EO levels but not on strategic initiatives in business units. On the other hand, financial control approach has negative influence on the EO levels but not on strategic initiatives in business units. Moreover, family influence has positive influence on the EO level and strategic initiatives in business units. At the business unit level, it is found that EO level does not have a direct relationship with the performance, but its influence will be positive on the performance whenever EO has been implemented in the form of strategic initiativess.