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"ABSTRAKPenelitian ini menguji pengaruh tingkat undervaluation dan ketersediaan kasterhadap pelaksanaan kebijakan pembelian kembali saham dengan menggunakandata perusahaan terbuka Indonesia pada tahun 2009 ? 2015. Berbeda denganpenelitian sebelumnya, tingkat undervaluation pada penelitian ini diukurberdasarkan residual dari regresi persamaan Ohlson (1995) yang dilakukan perperiode dan secara panel. Hasil penelitian ini menujukkan bahwa tingkatundervaluation dan ketersediaan kas meningkatkan kemungkinan perusahaanmelakukan pembelian kembali saham. Selain itu, penelitian juga menemukanbahwa ketersediaan kas memperkuat pengaruh tingkat undervaluation terhadapkemungkinan perusahaan melakukan pembelian kembali saham. Penelitianselanjutnya disarankan untuk menghindari penggunaan langsung dari price to bookratio sebagai proksi terhadap tingkat undervaluation karena memiliki kesalahandalam pengukuran. Hasil penelitian ini dapat diterapkan dalam strategi investasidan pembuatan regulasi yang mendukung kebijakan pembelian kembali saham

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ABSTRACTThis study investigates the effect of undervaluation and cash holdings on likelihoodof share repurchase decision using Indonesian listed companies? data from 2009 ?2015. Contrast to previous studies, this study measures the undervaluation usingresidual of Ohlson (1995) models based on yearly and panel regression. The resultof this study shows that undervaluation and cash holding increase the likelihood ofshare repurchase decision. Furthermore, this study also found that cash holdingstrengthen the effect of undervaluation on likelihood of share repurchase decision.The study suggests that future research avoid direct application of price to bookratio as a measure of undervaluation since it contains measurement error. Findingof this research can be applied in investment strategies and developing condusiveregulation for stock repurchase policy."

"Penelitian ini bertujuan untuk mengetahui pengaruh dari kesehatan bank dan kondisi makroekonomi terhadap profitabilitas (yang diukur dengan ROA) bank domestik, bank campuran dan bank asing di Indonesia, perbedaan signifikan dari profitabilitas dan perbedaan signifikan dari faktor determinan. Variabel yang digunakan adalah ROA, risiko kredit, risiko operasional, GCG, BOPO, CAR, PDB dan inflasi. Di dalam penelitian ini, dijelaskan bahwa terdapat perbedaan faktor determinan profitabilitas dan perbedaan yang signifikan dari ROA antara bank domestik, bank campuran dan bank asing di Indonesia. Perbedaan faktor determinan yang signifikan terlihat pada determinan GCG, BOPO dan CAR. Meskipun demikian, terdapat kemiripan faktor determinan profitabilitas antara bank domestik dan bank campuran. Hasil dari penelitian ini menjelaskan bahwa risiko kredit, risiko operasional, GCG, BOPO, PDB dan inflasi berpengaruh negatif dan signifikan terhadap ROA bank domestik. Sedangkan untuk bank campuran, semua faktor determinan berpengaruh signifikan terhadap ROA. Risiko kredit, risiko operasional, GCG, BOPO, PDB dan inflasi memiliki pengaruh negatif, sedangkan CAR berpengaruh positif terhadap ROA. Untuk bank asing faktor determinan yang berpengaruh negatif dan signifikan terhadap ROA adalah risiko kredit dan risiko operasional, dan yang berpengaruh positif dan signifikan adalah CAR.

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This research aims to reveal the influence of bank soundness and macroeconomic conditions on the profitability (measured by ROA) of domestic, mix-owned and foreign commercial banks in Indonesia, significant different on the ROA, and significant different on the determinant factors of profitability. Determinant factors tested in this research are, credit risk, operational risk, GCG, BOPO, CAR, GDP and inflation.

In this study, there are significant different on the determinant factors of profitability and significant different on the ROA of domestic banks, mix-owned banks and foreign banks in Indonesia. Significant different of the determinant factors are appear on GCG, BOPO and CAR. Nevertheless, there are some similarities between the determinant factors of profitability of domestic banks and mix-owned banks.

Also, the results of this study explain that credit risk, operational risk, GCG, BOPO, GDP and inflation negatively significant influence the ROA of domestic banks. As for the mix-owned banks, all determinant factors have significant influence on the ROA. Credit risk, operational risk, GCG, BOPO, GDP and inflation are negatively significant influence the ROA, while the CAR positively significant influences the ROA. For the foreign banks, determinant factors that negatively significant influences the ROA are credit risk and operational risk, and the positive significant influence is only for the CAR."

"Tujuan umum dari penelitian ini adalah untuk meneliti kointegrasi dan dinamika jangka pendek, dan untuk mencari portofolio optimal antara indeks saham gabungan pada enam negara emerging market di ASEAN pada rentang waktu penelitian 1 Januari 2011- 31 Desember 2013 untuk mengetahui apakah masih terdapat peluang diversifikasi internasional. Setelah dilakukan uji unit root terhadap data time series index harga saham harian menggunakan uji Augmented Dickey-Fuller (ADF) dan Phillips-Perron (PP), kemudian dilanjutkan dengan uji kointegrasi menggunakan model Johansen dan Juselius, penelitian ini menemukan bahwa terdapat satu kointegrasi antara indeks saham gabungan pada enam negara ASEAN, hal ini menunjukan adanya peluang diversifikasi portofolio internasional. Selain itu, dengan menggunakan metode mean-variance dengan mean-lower partial moment untuk mencari portofolio optimal, didapatkan bahwa berinvestasi pada kawasan ASEAN pada ketiga periode di atas masih memiliki daya tarik karena dapat memberikan return yang lebih besar dari risk free assets pada tingkat risiko tertentu.

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The general objective of this study is to examine cointegration and shortterm dynamics, and to find the optimal portfolio between composite stock index among six emerging market countries in ASEAN during the period of January 1, 2011 to December 31, 2013 to determine whether there is chance for international diversification. After testing the unit root problem on daily stock price index time series data using Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP), and then proceed with the cointegration test using Johansen and Juselius models, the study find that there is a cointegration between composite stock index among six ASEAN countries, which indicate the chance of international portfolio diversification. And, by using the mean-variance and mean-lower partial moment method to find the optimal portfolio, the result shows that investing in the ASEAN region during the research period still attractive, because it provides larger return compare to invest in risk free assets at a certain level of risk."

"Tesis ini membahas kinerja reksa dana syariah dan non-syariah berdasarkan Jensen Alpha dan Market Timing pada periode 2007-2013. Perhitungan kinerja Jensen Alpha dan Market Timing menggunakan model multifaktor Carhart. Setelah dihitung kinerja masing-masing reksa dana, dilakukan uji beda dua mean untuk melihat apakah terdapat perbedaan terhadap kinerja reksa dana syariah dan non-syariah, serta melihat apakah kinerja reksa dana syariah lebih baik daripada reksa dana non-syariah.Hasil penelitian menunjukan pada periode 2007-2013, terdapat 2 reksa dana syariah dan 18 reksa dana non-syariah yang memiliki superior selection skill, berdasarkan Jensen Alpha. Sedangkan, berdasarkan kinerja market timing, terdapat 7 reksa dana non-syariah yang memiliki kemampuan market timing pad a periode 2007-2013.Berdasarkan uji beda dua mean, terdapat perbedaan kinerja reksa dana syariah dan non-syariah berdasarkan Jensen Alpha pada periode 2007-2013. Selain itu, kinerja reksa dana non-syariah secara signifikan, lebih baik dibandingka reksa dana syariah. Berdasarkan uji beda dua mean, tidak terdapat perbedaan kinerja reksa dana syariah dan non-syariah berdasarkan Market timing pada periode 2007-2013.

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The objective of this thesis is to analyze the performance of Islamic mutual fund and non-islamic mutual fund using Jensen Alpha and Market Timing ability in 2007-2013. Jensen Alpha and Market Timing ability are calculated using Carhart multifactor model. Two mean difference test is being used to analyze the difference between the performance of Islamic mutual fund and non-islamic mutual fund.This thesis finds that, there are 2 islamic mutual funds and 16 nonislamic mutual funds that have superior selection skill, based on Jensen Alpha. Meanwhile, there are 7 non-islamic mutual funds that have market timing ability in 2007-2013. Using the two mean difference test, on Jensen Alpha, there?s significance difference between islamic and non-islamic mutual fund performance in 2007-2013.In addition, non-islamic mutual fund performance, is significantly, better than Islamic mutual fund based on Jensen Alpha. Based on two mean difference test, on Market Timing ability, there?s no difference between islamic and non-islamic mutual fund performance in 2007-2013."

"Tujuan dari penelitian ini adalah untuk mengkaji hubungan antara Corporate Governance dengan environmental performance dan environmental disclosure. Penelitian ini juga mengkaji hubungan antara environmental performance dengan environmental disclosure. Penelitian ini menggunakan skor Good Corporate Governance indeks dari IICD sebagai proksi variabel corporate governance. Sampel penelitian ini adalah 72 perusahaan yang terdaftar di Bursa Efek Indonesia pada tahun 2013 dan memiliki skor good corporate governance indeks dari IICD, tidak termasuk industri sektor keuangan. Hasil empiris menunjukkan bahwa mekanisme corporate governance berpengaruh positif signifikan terhadap environmental performance dan environmental disclosure. Hasil penelitian juga menunjukkan bahwa environmental performance memiliki pengaruh positif signifikan terhadap environmental disclosure.

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The objective of this study is to examine the influence of corporate governance on environmental performance and disclosure. This study also examines the influence of environmental performance on environmental disclosure. The proxy of corporate governance mechanism is good corporate governance index score published by IICD. This study using a sample of 72 firms listed in Indonesia Stock Exchange in 2013, exclude financial industry, which has good corporate governance index score published by IICD. The empirical results give evidence that corporate governance mechanism has positive significant effect on environmental performance and environmental disclosure. Environmental performance also found has a positive significant effect on environmental disclosure."

"Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi keputusan pemilihan metode nilai wajar untuk mengukur aset properti investasi setelah diimplementasikannya standar adopsian IAS 40 di negara Malaysia (2006), Singapura (2007), Indonesia (2008), dan Thailand (2011). Faktor-faktor yang diprediksi mempengaruhi keputusan penggunaan metode nilai wajar yaitu metode akuntansi yang diterapkan pada pra adopsi IFRS, ukuran perusahaan, leverage, praktik perataan laba, asimetri informasi, dan jenis auditor. Dengan menggunakan 356 sampel perusahaan, hasil penelitian menunjukkan bahwa metode revaluasi yang diterapkan perusahaan pada pra adopsi IFRS memiliki pengaruh positif signifikan sedangkan praktik perataan laba berpengaruh negatif signifikan terhadap keputusan penggunaan metode nilai wajar.

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This paper aims to examine factors that motivate companies in selecting fair value method to measure investment properties at the first time IAS 40 became effective in Malaysia (2006), Singapura (2007), Indonesia (2008), and Thailand (2011). The predicted factors are: accounting method chosen in the pre-IFRS adoption period, size, leverage, income smoothing, asymmetric information, and auditor. By using 356 sample companies, the results indicate that revaluation method used before IFRS adoption have significant positive influence toward the choice of fair value method for investment properties. In addition, this paper also gives evidence that companies with income smoothing practice are less likely to choose fair value method. "

"[ABSTRAKPenelitian ini meneliti : a) Pengaruh kepemilikan mayoritas terhadap kinerja perusahaan penerbangan, dan b) Pengaruh adanya hubungan keluarga dalam jajaran direksi terhadap kinerja perusahaan penerbangan. Penelitian ini menggunakan Revenue Passenger Kilometre (RPK) dan keuntungan operasional. Hasilnya menunjukan bahwa adanya hubungan keluarga dalam jajaran direksi berpengaruh terhadap kinerja perusahaan penerbangan yang di ukur dengan RPK, sedangkan kepemilikan mayoritas berpengaruh terhadap kinerja perusahaan penerbangan yang di ukur dengan keuntungan operasional.

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ABSTRACTThis study discuss about : a. The influence of majority ownership to the performance of the airline, and b. The influence of family relationship in the Board of Directors to the performance of the airline. This study used Revenue Passenger Kilometre (RPK) and operating profit as proxies on airline performance. The result shows that the family relationship in the Board of Directors effect on the airline performance which is measured by RPK, while the majority ownership effect on the airline performance which is measured by operating profit..;This study discuss about : a. The influence of majority ownership to the performance of the airline, and b. The influence of family relationship in the Board of Directors to the performance of the airline. This study used Revenue Passenger Kilometre (RPK) and operating profit as proxies on airline performance. The result shows that the family relationship in the Board of Directors effect on the airline performance which is measured by RPK, while the majority ownership effect on the airline performance which is measured by operating profit.., This study discuss about : a. The influence of majority ownership to the performance of the airline, and b. The influence of family relationship in the Board of Directors to the performance of the airline. This study used Revenue Passenger Kilometre (RPK) and operating profit as proxies on airline performance. The result shows that the family relationship in the Board of Directors effect on the airline performance which is measured by RPK, while the majority ownership effect on the airline performance which is measured by operating profit..]"

"Tujuan dari penelitian ini adalah untuk menguji dampak dari tata kelola perusahaan dalam hal board characteristics terhadap kinerja perusahaan dalam industri penerbangan. Secara khusus, penelitian ini menguji efek dari busy directors dan background of directors terhadap revenue passenger kilometers dan operating profits sebagai dua ukuran kinerja perusahaan penerbangan. Terlepas dari apakah perusahaan penerbangan menerapkan one-tier board system atau twotier board system, penelitian ini menggunakan analisis data panel dari 15 perusahaan selama kurun waktu 10 tahun (2004-2013) dari Asia dan Eropa yang sebagian besar sampel merupakan pembawa bendera negara mereka.Hasil penelitian menunjukkan bahwa busy directors secara signifikan mempengaruhi kinerja maskapai dengan efek negatif, terhadap revenue passenger kilometers dan operating profits. Background of directors, di sisi lain terbukti memiliki efek positif dan signifikan terhadap kinerja maskapai.

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The aim of this research is to examine the impact of corporate governance in terms of board characteristics towards firm performance in the airline industry. Specifically, this thesis tests the effects of busy directors and background of directors on revenue passenger kilometers and operating profits as the two measures of airline performance. Regardless of whether the airline companies practice one-tier board system or two-tier board system, this study uses panel data analysis of 15 companies for a period of 10 years (2004-2013) from Asia and Europe that are mostly flag carriers of their countries.

The results shows that busy directors are significant that affect airline performance negatively, in terms of revenue passenger kilometers and operating profits. Board of directors background on the other hand is proven to have a positive effect and significantly influence airline performance."

"[ABSTRAKTesis ini ingin memperlihatkan scoring strategi pemilihan saham yang manakeputusan investasi yang baik berbasis pada perbandingan Price to Book Value,Return of Equity, Cost of Equity dan Corporate Governance. Dimana padahasilnya saham yang terpilih adalah saham-saham yang tidak terlalu populernamun berprospek menurut hasil penelitian ini. Adapun penambahan studiempiris dalam penelitian ingin menunjukkan pengaruh praktek tata kelolaperusahaan serta dummy perusahaan keluarga terhadap nilai perusahaan. Datayang digunakan berasal dari BEI, ICMD, Datastream, Bloomberg, laporantahunan serta data Corporate Governance Scorecard yang didapatkan darioutsourcing tim Hibah Kompetensi yang mana diketuai oleh Prof. SiddhartaUtama. Hasil regresi dengan data panel fixed effect model menunjukkan bahwaterdapat tidak terdapat pengaruh antara praktek tata kelola perusahaan dengannilai perusahaan. Hasil penelitian lainnya menunjukkan terdapat pengaruh positifantara dummy variabel perusahaan keluarga dengan nilai perusahaan. Hasilregresi menggunakan tingkat konsentrasi dengan 5%.

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ABSTRACTThe focus of this research is to show that stock selection strategies scoring wheregood investment decisions based on a comparison of Price to Book Value, Returnon Equity, Cost of Equity and Corporate Governance. Where the result is selectedstocks are stocks that are not too popular yet prospected by the results of thisstudy. The addition of empirical studies are find the influence of corporategovernance practices as well as dummy family company to value of the firm. Thedata used came from BEI, ICMD, Datastream, Bloomberg, annual reports, andCorporate Governance Scorecard as well as data obtained from outsourcing teamCompetence Grant which is chaired by Prof. Siddharta Utama. Results ofregression with panel data fixed effect models indicate that there is no effectbetween corporate governance practices with the value of the company. And theresults show there is a positive influence between the dummy variable familycompany to value of the firm. Regression results using the confidence level of5%., The focus of this research is to show that stock selection strategies scoring wheregood investment decisions based on a comparison of Price to Book Value, Returnon Equity, Cost of Equity and Corporate Governance. Where the result is selectedstocks are stocks that are not too popular yet prospected by the results of thisstudy. The addition of empirical studies are find the influence of corporategovernance practices as well as dummy family company to value of the firm. Thedata used came from BEI, ICMD, Datastream, Bloomberg, annual reports, andCorporate Governance Scorecard as well as data obtained from outsourcing teamCompetence Grant which is chaired by Prof. Siddharta Utama. Results ofregression with panel data fixed effect models indicate that there is no effectbetween corporate governance practices with the value of the company. And theresults show there is a positive influence between the dummy variable familycompany to value of the firm. Regression results using the confidence level of5%.]"

"Laporan ini membahas pengendalian internal pada prosedur pelaporan pelaksanaan Authorization for Expenditure (AFE) di Perusahaan A dan Pedoman Tata Kerja (PTK) 074 tahun 2010. Analisis dilakukan dengan mengacu pada teori COSO Enterprise Resource Management (ERM) dan regulasi yang berlaku. Analisis pengendalian internal pada Perusahaan A didasari oleh risiko yang teridentifikasi pada setiap tahap dalam prosedur pelaporan pelaksanaan AFE. Selain itu, hasil analisis menunjukkan bahwa prosedur AFE yang tertuang di dalam PTK 074 tahun 2010 telah sesuai dengan teori pengendalian internal pada COSO ERM.

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This report aims to describe internal control in Company A‟s Authorization for Expenditure (AFE) reporting procedure and Operating Guideline (PTK) 074 year 2010. The analysis was conducted through applying COSO Enterprise Resource Management (ERM) theory and corresponding regulations. Analysis of internal control in Company A is based on identified risks of AFE reporting procedure. In addition, the result suggested that AFE procedure in PTK 074 year 2010 was in accordance with the COSO ERM internal control theory."