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"Penelitian ini menguji pengaruh managerial ability terhadap nilai State-Owned Enterprises (SOEs), serta pengaruh friendship ties dan board capital terhadap hubungan tersebut. Perbedaan tujuan negara (sebagai pemilik SOEs) dari tujuan pemilik perusahaan pada umumnya, menyebabkan managerial ability yang unik pada SOEs. Walaupun SOEs memiliki keunggulan sumber daya, manfaat ekonomi, dan akses informasi dibandingkan dengan perusahaan non-SOE, masih terdapat banyak SOEs yang belum mampu menunjukkan kinerja yang memuaskan. Terlebih lagi, masih ditemui fenomena friendship ties di dalam SOEs tersebut. Dengan mengambil data 5 tahun terakhir dari SOEs yang terdaftar di bursa saham Indonesia, Malaysia, Singapura, Thailand, Korea Selatan, Jepang, dan Tiongkok sebagai sampel, penelitian ini membuktikan bahwa managerial ability di SOEs berpengaruh positif terhadap nilai SOEs tersebut. Hubungan positif dimaksud diperlemah dengan hadirnya friendship ties antara executive dengan non-executive director pada SOEs. Hasil tersebut tidak berubah ketika dilakukan pengujian dengan metode pengukuran nilai yang berbeda dan pengujian sub sample. Akan tetapi, penelitian ini belum mampu membuktikan bahwa board capital dapat memperkuat hubungan positif managerial ability dengan nilai SOEs. Penelitian ini berkontribusi dengan menguji peran managerial ability pada peningkatan nilai perusahaan di tengah fenomena friendship ties yang kental pada SOEs.

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This study examines the impact of managerial ability on the State-Owned Enterprises’ (SOEs) value, as well as the effect of friendship ties and board capital on that relationship. The difference between the objective of the government (the owner of SOEs) from the private company owners, causes a unique managerial ability in SOEs. Even though the SOEs have more advantages of resources, economic benefits, and access to information compared to non-SOE, many of them still failed to show the expected performance. Moreover, friendship ties are still found in SOEs. Using the last 5 years data from listed SOEs on the Indonesia, Malaysia, Singapore, Thailand, South Korea, Japan, and China stock exchanges, this study proves that managerial ability in SOEs has positive effect on the firm value. This positive relationship is weakened by the friendship ties between executives and non-executive directors. These results did not change when we use different measurement methods and do the sub-sample testing. However, this research has not be able to prove that board capital can strengthen the positive relationship between managerial ability and SOEs’ values. This study contributes by examining the role of managerial ability on increasing firm value in the midst of friendship ties in SOEs."

"Penelitian ini bertujuan untuk meneliti pengaruh karakteristik dewan komisaris dan dewan direksi terhadap laba perusahaan. Sampel yang diambil dalam penelitian ini berjumlah 175 perusahaan BUMN pada tahun 2010-2014 dengan metode pengambilan sampel menggunakan metode purposive sampling. Karakterisik yang dicakup dalam penelitian ini adalah Usia, Gender, Tingkat Pendidikan, Kesesuaian Pendidikan, Ukuran Dewan, dan Masa Jabatan. Sedangkan kinerja perusahaan dilihat dari Marjin Laba Operasi (MLO) dan Margin Laba Bersih (MLB). Bukti empiris bagi dewan komisaris menunjukkan : (i) karakteristik yang berpengaruh positif terhadap kinerja : Ukuran Dewan, sedangkan yang berpengaruh positif secara parsial bila kinerja diukur dengan MLB adalah Tingkat Pendidikan; (ii) karakteristik yang secara parsial berpengaruh negatif terhadap kinerja bila diukur dengan MLB adalah Masa Jabatan; (iii) karakteristik yang tidak berpengaruh terhadap kinerja : Usia, Keberadaan Gender Perempuan dalam Dewan dan Kesesuaian Pendidikan. Bagi Dewan Direksi, bukti empiris menunjukkan : (i) karakteristik yang secara parsial berpengaruh positif terhadap kinerja bila diukur dengan MLB adalah Usia; (ii) karakteristik yang berpengaruh negatif terhadap kinerja : Keberadaan Gender Perempuan dalam Dewan serta Kesesuaian Pendidikan, sedangkan Ukuran Dewan berpengaruh secara parsial bila kinerja diukur dengan MLO; (iii) karakteristik yang tidak berpengaruh terhadap kinerja : Tingkat Pendidikan dan Masa Jabatan.

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This study aims to analyze the effects of the characteristics of Board of Commissioners and Boards of Directors on State Owned Enterprises Company Profit. The samples of this research are 175 SOEs companies for period 2010-2014 with using purposive sampling method for the sampling method.. Characteristics that are covered in this study are Age, Gender, Education Level, Fitness of Education, Board Size and Tenure. While the company's performance seen from Operating Profit Margin (MLO) and Net Profit Margin (MLB). The empirical evidences for commissioners show: (i) the characteristic which has positive effect on performance is Board Size, while Education Level has partial positive effect only when firm performance is measured by MLB; (ii) the characteristics which has partial negative effect is Tenure only when performance is measured by the MLB; (iii) characteristics which have no effect on performance are : Age, the Existence of Women as Board Member, and Fitness of Education. For the Board of Directors, the empirical evidences show: (i) the characteristics which has partial positive effect is Age only when performance is measured by the MLB; (ii) the characteristic which have negative effect on performance are the Existence of Women as Board Member and Fitness of Education, while Board Size has partial negative effect only when firm performance is measured by MLO; (iii) characteristics which have no effect on performance are Education Level and Tenure."

"ABSTRAKBUMN Indonesia masih memiliki tantangan untuk menerapkan mekanisme tata kelola perusahaan karena pengaturan kelembagaan masih lemah. Tujuan dari penelitian adalah memberikan analisis yang mendalam tentang bagaimana hubungan konsentrasi kepemilikan, kepemilikan institusi, kepemilikan asing dan ukuran direksi terhadap kinerja BUMN. Subjek dari riset ini merupakan BUMN publik yang terdaftar di Bursa Efek Indonesia periode 2013-2018, yang menghasilkan total observasi sebanyak 120. Regresi data panel dilakukan untuk menguji hipotesis penelitian dan hasilnya ditemukan bukti bahwa konsentrasi kepemilikan, kepemilikan institusional, kepemilikan asing dan ukuran dewan direksi memiliki pengaruh yang beragam terhadap kinerja perusahaan. Penelitian ini memberikan kontribusi terhadap literatur dengan objek penelitian pengaruh tatakelola perusahaan terhadap kinerja BUMN.

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ABSTRACTIndonesian State-Owned Enterprises still have challenges to implement corporate governance mechanisms due to weak institutional arrangements. The purpose of the study is to provide an in-depth analysis of how the relationship of ownership concentration, institutional ownership, foreign ownership and board size on the performance of State-Owned Enterprises. The subject of this research is public State-Owned Enterprises listed on the Indonesia Stock Exchange for the period 2013-2018, which produced a total of 120 observations. Panel data regression was conducted to test the research hypothesis and the results found evidence that ownership concentration, institutional ownership, foreign ownership and board size has mixed results towards firm performance. This research contributes to thecorporate governance literature by adding the State-Owned Enterprises as the research object."

"Tujuan penelitian adalah untuk mengetahui bagaimana pengaturan dan pelaksanaan pemberian pinjaman modal kerja di BUMN berdasarkan Peraturan Menteri Negara BUMN Nomor: PER-05/MBU/2007 dan bagaimanakah perlindungan hukum yang diberikan bagi pihak BUMN jika terjadi wanprestasi. Tipe penelitian hukum yang digunakan adalah normatif empiris, dengan metode yang digunakan yaitu mengkaji peraturan perundang-undangan yang terkait dengan permasalahan dan menghubungkannya dengan kenyataan yang terjadi di lapangan. Dalam pengaturannya pada Permen BUMN Nomor: PER-05/MBU/2007 tentang program kemitraan BUMN dengan usaha kecil tidak diatur mengenai adanya jaminan, namun pada praktiknya pihak BUMN meminta jaminan sebagai salah satu syarat pada perjanjian pinjaman modal kerja. Dengan tidak diaturnya jaminan dalam Permen BUMN Nomor: Per-05/MBU/2007 maka jika terjadi wanprestasi maka jaminan tersebut tidak memiliki kekuatan hukum sehingga tidak dapat dilaksanakan eksekusi terhadap jaminan. Pengalihan resiko jika terjadi wanprestasi sangatlah lemah pada perjanjian pinjaman modal kerja, selain itu perlindungan hukum bagi pihak BUMN dilakukan melalui pengamanan represif. Adapun kesimpulan dari penelitian adalah dalam hal pengaturan, tidak diatur mengenai jaminan yang menyertai perjanjian, namun pihak BUMN tetap mengambil jaminan sebagai tindakan preventif guna mengamankan pinjaman modal kerja yang diberikan bagi mitra binaan meskipun jaminan tersebut tidak memiliki kekuatan hukum dan tidak dapat dieksekusi. Adapun rekomendasi yang diberikan adalah jaminan perlu diatur secara tegas dalam Permen BUMN Nomor: PER-05/BUMN/2007.

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The purpose of the study is to determine how the regulate and the conduct of lending working capital in state-owned enterprises based on ministerial stateowned enterprises regulation number: PER-05/MBU/2007 and how the legal protection to state-owned enterprises if there is any event of default. The type of legal research that used is empirical normative, with method that used is reviewing legislation related to the issue and to the fact that occur in the field. In regulate on ministerial state-owned enterprises regulation number: PER-05/MBU/2007 about Partnership Program between state-owned enterprises with small enterprises not set about the guarantee, but in practice, guarantee is need as a condition for the capital loan agreement. With no guarantee arrange in ministerial state-owned enterprises regulation number: PER-05/MBU/2007, if there is any event of default happen then the guarantee do not have the force of law that can not be carry out executions of guarantees. The risk transfer in the event of default is very low in the capital loan agreement, the legal protection to state-owned enterprises with represif secure. For the conclusion of the study is in terms of setting, no set of guarantee agreement, but the state-owned enterprises still take guarantee as preventif act to secure the capital loan which given to small enterprises, despite of the guarantee have no legal force and can not be executed. For the recommendations, the guarantee needs to be regulate on ministerial stateowned enterprises regulation number: PER-05/MBU/2007 clearly and decisively."

"Penelitian ini bertujuan untuk menganalisis pengaruh kepemilikan pemerintah, independensi Dewan Komisaris, dan efektivitas Komite Audit terhadap kinerja keuangan BUMN. Sampel penelitian ini adalah 34 BUMN yang namanya terdaftar pada situs Kementerian BUMN dan mempublikasikan Laporan Tahunan (Annual Report) untuk periode tahun 2012 hingga tahun 2014, dengan total observasi sebanyak 102 firms-years dengan data balanced panel.Hasil penelitian menunjukkan bahwa kepemilikan pemerintah memiliki pengaruh yang positif dan signifikan terhadap kinerja keuangan BUMN, sementara independensi Dewan Komisaris memiliki pengaruh negatif dan tidak signifikan terhadap kinerja keuangan BUMN, serta efektivitas Komite Audit memiliki pengaruh positif namun tidak signifikan terhadap kinerja keuangan BUMN.

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This research aims to analyze the effect of government ownership, Board of Commissioners independence, and Audit Committee effectiveness on state-owned enterprises? (SOEs/BUMNs) financial performance. Samples taken for this research are 34 BUMNs which names are listed on The Ministry of SOE?s website, all of which have published their Annual Reports for the periods starting from 2012 to 2014. There are 102 firms-years observations in total with balanced panel data.

Results show that government ownership has a positive and significant effect on BUMNs financial performance, while Board of Commissioners independence has a negative yet insignificant effect on BUMNs? financial performance, and Audit Committee effectiveness also has a positive yet insignificant effect on BUMNs? financial performance."

"Tujuan dari penelitian ini adalah untuk mengetahui pengaruh Penyertaan Modal Negara (PMN) terhadap kinerja keuangan Badan Usaha Milik Negara (BUMN) tahun 2015-2021. Model penelitian dibangun dengan menempatkan PMN sebagai variabel independen, kinerja keuangan yang diukur dengan Return on Assets (ROA) sebagai variabel dependen, dan beberapa variabel kontrol yang meliputi Net Profit Margin, Total Asset Turnover, Debt to Equity Ratio, persentase kepemilikan saham pemerintah (Government percentage), dan ukuran (size) perusahaan. Penelitian dilakukan pada 2 (dua) kelompok BUMN, yaitu Kelompok 1 yang terdiri dari seluruh BUMN pada tahun 2015-2021 sebanyak 809 perusahaan dan Kelompok 2 yang terdiri dari kumpulan BUMN yang mendapatkan tambahan PMN pada tahun 2015-2021 sebanyak 84 perusahaan. Hasil penelitian menunjukkan bahwa PMN tidak berpengaruh signifikan terhadap kinerja keuangan seluruh BUMN pada tahun 2015-2021. PMN juga tidak berpengaruh signifikan terhadap kinerja keuangan BUMN yang mendapatkan tambahan PMN tahun 2015-2021.

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The purpose of this study is to determine the effect of State Capital Injection (SCI) on the financial performance of State-Owned Enterprises (BUMN) in 2015-2021. The research model is built by placing SCI as an independent variable, financial performance measured by Return on Assets (ROA) as the dependent variable, and several control variables including Net Profit Margin, Total Asset Turnover, Debt to Equity Ratio, government percentage, and company size. The research was conducted on 2 (two) groups of SOEs, namely Group 1 consisting of all SOEs in 2015-2021 as many as 809 companies and Group 2 consisting of a collection of SOEs that received additional SCI in 2015-2021 as many as 84 companies. The results showed that SCI had no significant effect on the financial performance of all SOEs in 2015-2021. SCI also has no significant effect on the financial performance of SOEs that received additional PMN in 2015-2021."

"Demi kemajuan ekonomi bangsa, setiap kegiatan perekonomian harus diatur dengan benar dan sesuai dengan prinsip-prinsip yang berlaku. Peraturan kegiatan ekonomi yang dibahas di dalam skripsi ini adalah Prosedur Privatisasi Badan Usaha Milik Negara melalui Pasar modal. Oleh karena itu, tujuan dari penelitian ini adalah untuk memberikan informasi mengenai pengaturan dalam prosedur Privatisasi beserta hambatan dari salah satu prosedur tersebut. Penelitian dengan metode Juridical Normative ini akan memberikan prinsip-prinsip yang harus dipenuhi dalam melakukan privatisasi. Penelitian ini juga mengkorelasikan peraturan yang mengatur dengan kesuksesan program dari Kepemerintahan 2014-2019. Penelitian ini pada akhirnya akan memberikan kesimpulan terkait permasalahan yang sering terjadi pada Privatisasi Badan Usaha Milik Negara melalui Pasar modal, serta akan pula memberikan saran demi kelancaran privatisasi tersebut.

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For the sake of economic progress of the nation, every economic activity must be regulated properly and in accordance with principles that apply. The regulations of economic activity discussed in this thesis are Privatization Procedures of State Owned Enterprises through Capital Market. Therefore, the purpose of this thesis is to provide information on the arrangements in the privatization procedures along with any barriers of the procedures. Using Juridical Normative method, this research will provide principles that must be fulfilled in privatization. This study also correlates the rules governing the success of the program from Government 2014 2019. This study will ultimately provide conclusions regarding the problems that often occur on the Privatization of State Owned Enterprises through capital market, and will also provide advice for smooth privatization. "

"Similar to many other countries in the world, Indonesia has been experiencing the increasing number of women workers participation both in formal and informal sectors. While in formal sector the number of female employees has increased from around 10 millions in 2008 to nearly 13 millions in 2011; in informal sector the figure is even doubled: more than 28 millions in 2008 to more than 30 millions in 2011. However to date, women workers are associated with low-skilled, lowwage workers who work in precarious working environment. Women are seldom hold managerial position both in public and private sector. The proportion of women in Indonesia who sit in the board of directors is only 6% from the entire women workers. Thus, this research aims to explore their development experience along the way. In order to obtain initial information, interviews with nine women managers from State-Owned Enterprises (SOEs) were conducted. SOEs were chosen for convenience reason. The research indicates the low ratio number of women in SOEs management team although there is an optimism that the number would increase. Key point discovered in this research is that development experience is mainly done by the participants own initiatives whereas organisational supports are found very limited. This findings will be further explored and confirmed by involving more women managers from various sectors."