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Abstrak :
Abstract. This study aims to analyze the influence of corporate governance structure on underpricing when firms perform an Initial Public Offering (IPO). This study is based on the signaling theory, stating that the existence of proper corporate governance structure at the time the firm conducting IPO will give the firm a high quality signal to potential investors. The corporate governance structure tested includes the size of Board of Commissioners (BOC), the level of independence of the Board of Commissioners, and the existence of an audit committee. The hypothesis testing is done using a multiple regression model with a sample of 95 observations from firms doing IPOs listed on the Indonesia Stock Exchange during the period of 2005-2012. The results of this study provide empirical evidence that: (1) the size of Board of Commissioners is negatively correlated and affects underpricing, (2) the level of independence of the Board of Commissioners has no effect on underpricing, (3) the existence of an audit committee has no effect on underpricing, (4 ) corporate governance structure (the BOC size, the independence of the Board of Commissioners, and the existence of audit committees) simultaneously has a positive and significant correlation to underpricing.

Abstrak. Penelitian ini bertujuan untukmenganalisis pengaruhstruktur corporate governance terhadap underpricing pada saat perusahaan melakukan Initial Public Offering (IPO). Penelitian ini didasarkan pada teori sinyal (signaling theory) yang menyatakan bahwa keberadaan struktur corporate governance yang baik pada saat perusahaan melakukan IPO akan memberikan sinyal kualitas perusahaan yang tinggi kepada investor potensial. Struktur corporate governance yang diuji meliputi jumlah anggota dewan komisaris, tingkat independensi dari dewan komisaris, dan keberadaan komite audit. Pengujian hipotesis dilakukan menggunakan model regresi berganda dengan sampel 95 observasi dari perusahaan yang melakukan IPO yang tercatat di Bursa Efek Indonesia selama periode 2005-2012. Hasil penelitian ini memberikan bukti empiris bahwa: (1) jumlah anggota dewan komisaris berkorelasi negatif dan berpengaruh terhadap underpricing, (2) tingkat independensi dari dewan komisaris tidak memiliki pengaruh terhadap underpricing, (3) keberadaan komite audit tidak memiliki pengaruh terhadap underpricing, (4) struktur corporate governance (jumlah anggota dewan komisaris, independensi dewan komisaris, dan keberadaan komite adit) secara simultan memiliki korelasi positif dan signifikan terhadap underpricing.

Abstrak :
Abstract. Ownership structure has a direct relationship with company’s capital structure where the cost of capital is the main component in the calculation of economic value added to measure the value of the firm. This research aims to analyze the effect of ownership structure that consists of managerial ownership, public ownership, institutional ownership, and government ownership on economic value added, used as a measurement of the firm value. This research uses an unbalanced panel data of 182 observations data of all listed companies in the period of 2007-2011 that issued dividend regularly every year during the research’s year. The result shows: (1) managerial ownership has no significant effect on economic value added, (2) public ownership has a significant positive effect on economic value added, (3) institutional ownership has a significant positive effect on economic value added, (4) government ownership has no significant effect on economic value added, (5) ownership structure (managerial ownership, public ownership, institutional ownership, government ownership) simultaneously has a significant positive effect on economic value added.

Abstrak. Ownership structure memiliki keterkaitan secara langsung dengan struktur modal perusahaan dimana biaya modal merupakan komponen utama dalam penghitungan economic value added guna mengukur nilai perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh struktur kepemilikan yang terdiri dari kepemilikan manajerial, kepemilikan publik, kepemilikan institutional, dan kepemilikan pemerintah terhadap economic value added yang digunakan sebagai sebuah pengukuran nilai perusahaan. Penelitian ini menggunakan unbalanced panel data sejumlah 182 data observasi dari sampel seluruh perusahaan yang listed selama periode 2007-2011 dan menerbitkan dividen secara rutin setiap tahunnya selama tahun penelitian. Hasil penelitian menunjukkan bahwa: (1) kepemilikan manajerial tidak memiliki pengaruh signifikan terhadap periode economic value added, (2) kepemilikan public memiliki pengaruh positif secara signifikan terhadap economic value added, (3) kepemilikan institusional memiliki pengaruh positif secara signifikan terhadap economic value added, (4) kepemilikan pemerintah tidak memiliki pengaruh signifikan terhadap economic value added, (5) struktur kepemilikan (kepemilikan manajerial, kepemilikan publik, kepemilikan institusional, kepemilikan pemerintah) secara simultan memiliki pengaruh positif secara signifikan terhadap economic value added.

Abstrak :
Abstract. There is an increasing trend among investors to consider Good Corporate Governance (GCG) in determining company incentives are to be invested in. Obviously, investors would prefer to make INVESTMENTS in companies that adopt Good Corporate Governance rather than otherwise. This view has eventually led to a belief that GCG can give added values not only to the adopting company, but also to the stakeholders. This research analyzes the impacts of family ownership and founding CEO/chairperson on a company?s costs of debt. This topic is chosen in consideration that there are still a lot of family-owned companies in Indonesia. The research uses a positivist-quantitative paradigm and the samples are 64 family-owned companies listed at the Indonesia Stock Exchange from 2007 to 2009. The research also uses a random effect model. The results of the research indicate that family ownership has positive but insignificant impacts, while founding CEO/chairperson has no impacts on a company?s costs of debt.

Abstrak :
Abstract. The aim of this study is to find out if the concentration of the biggest shareholder, the control rights and the ratio of cash flow rights-control rights of the controlling shareholders contributed to profitability. This study uses purposive sampling technique in collecting the data and linear panel regression in analysing the panel data. The result of this study shows that the ownership concentration of the biggest shareholders has positive impact to company profitability as big shareholders have bigger incentive and thus better chance to do supervision upon the management. The study also found that the control rights concentration of controlling shareholders have negative effect to profitability since more concentrated power of the controlling shareholders made the shareholders position stronger and may incline them to gain individual profit which in turn will reduce the company’s profit. On the contrary, higher ratio of cash flow rights to-control rights contributed positively to profitability because higher cash flow rights will tend to prevent the controlling shareholders from expropriating the company’s assets.

Abstrak :
Di Kawasan Perbatasan Nusa Tenggara Timur (NTT), pembangunan infrastruktur listrik belum terlaksana secara optimal. Selain sebagai provinsi dengan rasio elektrifikasi terendah, pendanaan dari Pemerintah terbatas, serta ada terlalu banyak pihak dalam pembuatan dan implementasi kebijakan di Kawasan Perbatasan yang mengakibatkan perlunya koordinasi ekstra. Untuk itu riset ini diawali dengan mempertanyakan bagaimana kondisi pembangunan infrastruktur di sana. Ditemukan bahwa kondisinya belum optimal karena koordinasi dan komunikasi antar lembaga pemerintah sendiri masih belum berjalan baik, anggaran terbatas, dan tidak menarik bagi investor. Padahal ada keinginan, termasuk dari masyarakat untuk menumbuhkan ekonomi lokal yang jelas membutuhkan stabilitas pasokan listrik. Menghadapi problematika tersebut, skema blended finance ditawarkan sebagai alternatif dengan perspektif collaborative governance sebagai dasar mengingat sudah pasti ada kolaborasi dalam menjalankan blended finance. Di samping mengkonstruksi skema yang dapat dijadikan alternatif tersebut, desain kolaborasi yang sesuai dengan sistem konteks blended finance juga dikonstruksi berdasarkan tiga teori collaborative governance, yaitu dari Donahue & Zeckhauser, Emerson & Nabatchi serta Ansell & Gash. Hasilnya, penelitian ini mengusulkan bahwa untuk pembangunan infrastruktur di Kawasan Perbatasan Darat, dapat digunakan skema blended finance untuk level usaha kecil yang terdiri dari dua tahapan, yaitu feasibility study dan joint venture. Skema ini kemudian direplikasi dan diagregasi untuk menarik dana katalis dengan skala yang lebih besar. Dalam skema ini, sejumlah hal yang harus diperhatikan adalah para pemangku kepentingan, jenis dan peran setiap investor, sumber dana dari publik atau swasta, instrumen pendanaan, serta jangka waktu kerjasamanya. Dalam menjalankan skema blended finance ini, kolaborasi dilakukan dengan memadukan ketiga model kolaborasi yang telah disebutkan. Para aktor kolaborasi harus memperhatikan sejumlah prasyarat serta pendorong yang akan mempengaruhi jalannya proses kolaborasi. Skema blended finance dan desain kolaborasi ini diharap dapat diaplikasikan dalam meningkatkan kerjasama di pemerintahan dan pihak terkait untuk mengakselerasi pembangunan di Kawasan Perbatasan Darat di NTT dan menjadi solusi ketika pembangunan terhambat karena permasalahan pendanaan. ......At the border of Nusa Tenggara Timur (NTT), the development of electricity infrastructure has not been implemented optimally. Apart from being the province with the lowest electrification ratio, funding from the Government is limited, and there are too many parties in policy-making and its implementation at the border which results in the need for extra coordination. Therefore, this research begins by questioning the condition of infrastructure development there. It was found that conditions were not optimal because coordination and communication between government agencies themselves were still not running well, the budget was limited, and it was not attractive to investors. Whereas they, including the local community, desire to grow the local economy, which clearly requires a stable supply of electricity. Facing these problems, a blended finance scheme is offered as an alternative with a collaborative governance perspective as a basis considering that there is definitely collaboration in carrying out blended finance. In addition to constructing the alternative scheme, collaboration with blended finance as its system context is also constructed based on three collaborative governance theories, i.e. from Donahue & Zeckhauser, Emerson & Nabatchi, and Ansell & Gash. As a result, this study proposes that for infrastructure development at the border, a blended finance scheme can be used is in the small business level which consists of two stages, namely a feasibility study and a joint venture. This scheme is then replicated and aggregated to attract catalyst funds on a larger scale. In this scheme, a number of things that must be considered are the stakeholders, the type and role of each investor, sources of funds from the public or private sector, funding instruments, and the period of cooperation. In adopting this scheme, collaboration is carried out by combining the three collaboration models that have been mentioned. Collaborative actors must pay attention to a number of prerequisites and drivers that will affect the course of the collaboration process. It is hoped that this blended finance scheme and collaborative design can be implemented to increase cooperation in government and related parties to accelerate development at the border of NTT and become a solution when development is hampered due to funding problems.

Abstrak :
Inovasi penelitian di perguruan tinggi merupakan topik yang sangat penting untuk diteliti mengingat saat ini baik pemerintah maupun perguruan tinggi sedang memusatkan perhatiannya untuk meningkatkan hasil penelitian perguruan tinggi agar mampu mencapai peringkat tertinggi baik di Asia maupun di tingkat dunia serta mampu menghasilkan penelitian yang bermanfaat untuk pengembangan ilmu pengetahuan maupun penerapannya. Universitas Indonesia adalah universitas yang memiliki ranking tertinggi di Indonesia dalam bidang inovasi penelitian, sehingga layak dijadikan tempat untuk melakukan studi inovasi penelitian agar dapat dijadikan contoh bagi universitas lainnya yang akan meningkatkan hasil inovasi penelitiannya. Disertasi ini bertujuan untuk menganalisis hubungan sebab akibat antar variabel pembentuk inovasi penelitian yang berasal dari individu peneliti dalam ekosistem inovasi dengan menggunakan konsep systems thinking dan sistem dinamik. Selanjutnya penelitian ini akan mengidentifikasi loop dan variabel yang memiliki leverage terbesar dalam membentuk kreativitas dan inovasi penelitian di Universitas Indonesia. Atas dasar dua tujuan penelitian tersebut, disertasi ini akan menentukan keberadaan dan pembentukan momentum inovasi penelitian yang terjadi di Universitas Indonesia. Penelitian ini menggunakan system thinking dan sistem dinamik dengan pendekatan paradigma post positivism untuk melihat realitas penelitian dari berbagai sumber. Oleh karena itu dibutuhkan metode kualitatif dan kuantitatif untuk memproses serta menganalisis hasil penelitian ini. Dalam pembentukan model tersebut terjadi perintegrasian model mental dengan data aktual sehingga membuat analisis sistem inovasi penelitian lebih tajam dan lebih hidup. Hubungan antar variabel pembentuk inovasi diidentifikasi sesuai dengan proses inovasi, yaitu: pembentukan ide dan inovasi penelitian serta produksi penelitian. Variabel yang mempengaruhi pembentukan ide dan inovasi penelitian berasal dari variabel individu yang terdiri dari: thriving, kreativitas mindset dan mood. Kemudian, variabel ekosistem inovasi penelitian terdiri dari: kerjasama tim, lingkungan kerja fisik, standard dan clarity, iklim kerja, intensitas dan beban kerja. Selanjutnya, variabel produksi penelitian terdiri dari hasil produksi penelitian, reward, dana hibah dikti, dana hibah UI dan bimbingan mahasiswa. Hasil simulasi yang dilakukan di Universitas Indonesia menunjukkan bahwa loop produksi penelitian mampu memberi leverage terbesar terhadap produksi invasi penelitian melalui pembentukan proses pembelajaran yang efektif yang diberikan kepada mahasiswa yang sedang menulis karya ilmiah, tesis dan disertasi. Disamping itu, ekosistem inovasi penelitian juga mampu menciptakan kondisi iklim organisasi yang mempengaruhi kemampuan peneliti untuk berkreasi dan berinovasi guna meningkatkan hasil penelitian yang dapat dipublikasikan. Momentum inovasi di Universitas Indonesia hampir tercapai karena dengan meningkatkan 10% dari variabel individu, variabel ekosistem dan variabel produksi penelitian, produksi thriving, kreativitas serta hasil penelitian akan mencapai titik optimum. Untuk dapat menghasilkan penelitian yang memiliki dampak terhadap sustainable development bangsa, maka Universitas Indonesia perlu merubah kebijakan inovasi penelitiannya agar para penelitinya tidak hanya mampu untuk menghasilkan penelitian publikasi, namun juga mampu menghasilkan inovasi sosial dan inovasi produk yang bermafaat bagi masyarakat.

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Research innovation nowadays is an important topic in Indonesia especially for universities in Indonesia which are competing in research innovation to improve their position internationally, particularly in Asia. Universitas Indonesia is a renown university in research innovation so that it is suitable to be used as a location to conduct research innovation. The objectives of these research are: to analyze causal relationships among variables to produce research innovation by using systems thinking and systems dynamic; to identify loops and variables which give the highest leverage on the research innovation production and to identify the existance of research and innovation momentum in the University of Indonesia. The systems thinking is used to analyze causal relationships among variables and the system dynamics is used to test and identify the research innovation momentum. Post positivism paradigm is chosen to enable the researchers to see the reality from different perspectives. In the proses of formulating model, there is an integration between mental model and the reality in order to make the analysis alive and effective. The relationships among variables are presented based on the research innovation stages in the University of Indonesia, which are: idea generation, research innovation ecosystem and research innovation production process. The variables affecting research idea and innovation creation consist of : thriving, creativity, mindset and mood. Meanwhile, the research innovation ecosystem variables consist of : teamwork, phisical working environment, standard and clarity, work climate, work intencity and workload. Furthermore, the production variables consist of research production output, reward, Hibah Dikti fund, Hibah UI fund, student advisory and reward. The simulation result shows that the research production loop is able to produce the highest leverage to the research production through the effective learning on the student thesis consultation process. Besides that, the research innovation ecosystem is also able to create a good organization climate for producing the research and innovation publication. Innovation momentum in the University of Indonesia can be reached by increasing 10% individual variables, ecosystem variables and research production variables because by doing so the optimum points for thriving, creativity and research output will be achieved. In order to produce a research which can bring impact on the nation sustainable development the University of Indonesia has to change its research and innovation policy so that the researchers are not only able to produce research publication, but also able to produce social innovation and product innovation which bring benefit to the society.

Abstrak :
Penelitian ini bertujuan untuk menganalisis proses perkembangan entrepreneurial ecosystem sebuah wirausaha dari Stam dan Spigel (2016) dengan mendasarkan pada entrepreneurial human capital yang dijelaskan Skuras dkk. (2005). Penelitian ini menggunakan metode kualitatif untuk menggali perkembangan entrepreneurial ecosystem yang digerakkan oleh entrepreneurial human capital yang dimiliki oleh seorang individu wirausaha perempuan, yaitu pemilik bisnis Martha Tilaar Group (MTG). Penelitian menunjukkan bahwa perkembangan entrepreneurial ecosystem dari MTG dapat terjadi karena interaksi dari elemen-elemen yang ada dalam ekosistem. Interaksi antar elemen ini dapat terjadi karena peran sentral dari pemilik MTG ini. Pemilik MTG memiliki entrepreneurial human capital yang mendukungnya untuk bergerak membesarkan wirausahanya. Entrepreneurial ecosystem berkembang dari sederhana dengan keterbatasan ketersediaan elemen hingga menjadi kompleks sesuai dengan ukuran wirausaha yang terus berkembang. Inovasi hadir dalam setiap aspek di entrepreneurial ecosystem. Pemilik MTG berperan sebagai activators, browsers dan creators dalam entrepreneurial ecosystem.

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The objective of this research is to analyze the development process of entrepreneurial ecosystem of an entrepreneurship which is based on the theory of entrepreneurial human capital. This research uses qualitative method to analyze the development of entrepreneurial ecosystem that is influenced by the entrepreneurial human capital owned by the owner of Martha Tilaar Group (MTG). This research reveals that the development of entrepreneurial ecosystem occurs because of the interaction among elements in the ecosystem. The interaction among elements is materialised as the result of the role of the entrepreneurial human capital owned by the owner of Martha Tilaar Group (MTG). The entrepreneurial ecosystem is developing from the simple one and is reaching its complex form as the elements in the ecosystem is also enlarged. Innovation exist in every aspect of entrepreneurial ecosystem. The owner of MTG has role as activators, browsers and creators in entrepreneurial ecosystem.