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"ABSTRAKPenelitian ini bertujuan untuk meneliti efisiensi asuransi kesehatan di Indonesia akibat dari adanya regulasi BPJS di tahun 2014. Penelitian ini mengukur efisiensi dengan metode Data Envelopment Analysis DEA dengan menggunakan orientasi output, di 18 perusahaan asuransi public pada periode 2009-2016. Hasil dari penelitian ini menemukan bahwa tidak terjadi perubahan efisiensi yang signifikan setelah berlakunya undang-undang BPJS. Namun ketika pengukuran efisiensi dibedakan atas kepemilikannya, didapatkan bahwa nilai efisiensi pada perusahaan asuransi kesehatan joint venture mengalami penurunan, sedangkan asuransi kesehatan lokal mengalami peningkatan efisiensi. Hal ini kemungkinan besar disebabkan oleh adanya penurunan hasil investasi yang cukup besar pada perusahaan asuransi kesehatan joint venture di tahun 2015.

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ABSTRACTThis study aims to examine the efficiency performance of Indonesian private health insurance due to the application of BPJS regulation in 2014. This study compares the level of efficiency using Data Envelopment Analysis DEA output oriented. This study uses financial statements from 18 private insurance firms in 2009 to 2016. Result of this study show that there is no significant different of firms rsquo efficiency before and after the application of BPJS regulation. In addition, we find that the efficiency of the joint venture health insurance companies decreased, while local health insurance efficiency increased during the observation periods. This is due to a significant decline in investment returns of the joint venture health insurance companies in 2015."

"[ABSTRAKPenelitian ini bertujuan untuk menguji dampak perusahaan yang termasuk dalam indeks syariah terhadap struktur modal perusahaan. Pengukuran tingkat leverage menggunakan proksi debt to equity ratio (DER), dan jangka waktu utang dengan proksi short term debt (STD). Kemudian dilihat pengaruhnya pada kinerja perusahaan dengan proksi return on equity (ROE), dan market to book ratio (MBR). Penelitian ini menggunakan data 640 perusahaan non finansial yang terdaftar di Bursa Efek Indonesia (BEI) dan Bursa Malaysia dengan priode tahun 2011 hingga 2014. Model regresi yang digunakan dalam penelitian ini adalah data panel melalui metode OLS Pooled dengan Generalized Least Square (GLS). Penelitian menghasilkan dua kesimpulan yang pertama, jenis perusahaan berbasis syariah merupakan faktor yang dapat mempengaruhi pemilihan struktur modal perusahaan yang kedua pada akhirnya faktor determinan struktur modal ini juga mempengaruhi kinerja perusahaan.

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ABSTRACTThe purpose of this study to examine the impact of the companies include in the index shariah on firm capital structure. Measuring the level of leverage using proxy debt to equity ratio (DER), and short-term debt (STD). Then see the effect on the performance of companies with proxy return on equity (ROE), and market-to-book ratio (MBR). This study uses data 640 non-financial companies listed on the Indonesian Stock Exchange (BEI) and Bursa Malaysia from 2011 to 2014. The regression model in this research is panel data and Pooled OLS method with Generalized Least Square (GLS). There are two conclusions first, of sharia-based company is a factor that can influence the selection of the company's capital structure at the end of this capital structure determinant factors also affect the firm performance;The purpose of this study to examine the impact of the companies include in the index shariah on firm capital structure. Measuring the level of leverage using proxy debt to equity ratio (DER), and short-term debt (STD). Then see the effect on the performance of companies with proxy return on equity (ROE), and market-to-book ratio (MBR). This study uses data 640 non-financial companies listed on the Indonesian Stock Exchange (BEI) and Bursa Malaysia from 2011 to 2014. The regression model in this research is panel data and Pooled OLS method with Generalized Least Square (GLS). There are two conclusions first, of sharia-based company is a factor that can influence the selection of the company's capital structure at the end of this capital structure determinant factors also affect the firm performance, The purpose of this study to examine the impact of the companies include in the index shariah on firm capital structure. Measuring the level of leverage using proxy debt to equity ratio (DER), and short-term debt (STD). Then see the effect on the performance of companies with proxy return on equity (ROE), and market-to-book ratio (MBR). This study uses data 640 non-financial companies listed on the Indonesian Stock Exchange (BEI) and Bursa Malaysia from 2011 to 2014. The regression model in this research is panel data and Pooled OLS method with Generalized Least Square (GLS). There are two conclusions first, of sharia-based company is a factor that can influence the selection of the company's capital structure at the end of this capital structure determinant factors also affect the firm performance]"

"[ABSTRAKTesis ini membahas intellectual capital disclosure yang dilakukan olehPerusahaan dapat mempengaruhi tingkat risiko yang diterima oleh para investoryang berdampak terhadap tingkat pengembalian (required rate of return) yangdiharapkan oleh para investor atau cost of equity bagi perusahaan. Intellectualcapital disclosure diukur berdasarkan metode content analysis yangdikembangkan oleh Li et al. (2008). Sedangkan cost of equity diukur denganmetode Capital Asset Pricing Model. Hasil dari penelitian ini menunjukkanbahwa pengungkapan intellectual capital memiliki pengaruh yang negatifterhadap cost of equity perusahaan sehingga penelitian ini menyarankan agareksekutif perusahaan lebih banyak melakukan voluntary disclosure untukmengurangi informasi asimetris yang diterima oleh investor.

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ABSTRACTThis thesis focuses on the how intellectual capital disclosure may affect perceivedrisk by the investor thus it will impact to the required rate of return required by theinvestor or Company?s cost of equity. Intellectual capital disclosure was measuredusing content analysis method which was developed by Li et al. (2008). Cost ofequity was calculated using Capital Asset Pricing Model. The result from thisresearch showed that intellectual capital disclosure has a negative correlation withCompany?s cost of equity and suggestion to the Company?s executive to increasevoluntary disclosure to reduce asymmetrical information received by theinvestors., This thesis focuses on the how intellectual capital disclosure may affect perceivedrisk by the investor thus it will impact to the required rate of return required by theinvestor or Company’s cost of equity. Intellectual capital disclosure was measuredusing content analysis method which was developed by Li et al. (2008). Cost ofequity was calculated using Capital Asset Pricing Model. The result from thisresearch showed that intellectual capital disclosure has a negative correlation withCompany’s cost of equity and suggestion to the Company’s executive to increasevoluntary disclosure to reduce asymmetrical information received by theinvestors.]"

"[ABSTRAKTesis ini bertujuan untuk menguji adanya kausalitas antar risiko perbankan dandampaknya terhadap probabilitas kegagalan bank. Penelitian ini menggunakandata individu perbankan dari 5 negara, seperti Filipina, Indonesia, Malaysia,Singapura, dan Thailand. Untuk menguji adanya kausalitas dalam risikoperbankan, dipergunakan VAR-Granger Causality model. Sebagai tambahan,model regresi OLS dipergunakan untuk menguji dampak dari interaksi antar risikoini terhadap probabilitas kegagalan bank. Hasil dari penelitian ini adalahkausalitas antar risiko kredit dan risiko likuiditas hanya ditemukan di Malaysia.Sedangkan, kausalitas antar risiko kredit dan risiko tingkat suku bunga ditemukandi Filipina, Malaysia, Thailand, dan ASEAN. Namun, tidak ditemukan adanyapengaruh dari interaksi antar risiko ini terhadap probabilitas kegagalan.Probabilitas kegagalan terbukti kuat dipengaruhi oleh risiko kredit, ukuran bank,dan produk domestik bruto.

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ABSTRACTThis thesis aims to investigate the occurrence of causality in banking risks and itsimpact on probability of default. This thesis used individual bank data of fivecountries, i.e: Indonesia, Malaysia, Singapore, Thailand, and the Philippine. Inorder to investigate the occurrence of causality in banking risks, we used VARGrangerCausality model. In addition, OLS regression models are used toinvestigate the impact of this causality on default probability. Results of this studyrevealed that the causality between credit risk and liquidity risk only occurred inthe Philippine, Malaysia, Thailand, and all banks in ASEAN. However, the impactof the interaction between banks risk on default probability is not significant.Furthermore, credit risk, bank size, and gross domestic product are significantlyimpact probability of default, This thesis aims to investigate the occurrence of causality in banking risks and itsimpact on probability of default. This thesis used individual bank data of fivecountries, i.e: Indonesia, Malaysia, Singapore, Thailand, and the Philippine. Inorder to investigate the occurrence of causality in banking risks, we used VARGrangerCausality model. In addition, OLS regression models are used toinvestigate the impact of this causality on default probability. Results of this studyrevealed that the causality between credit risk and liquidity risk only occurred inthe Philippine, Malaysia, Thailand, and all banks in ASEAN. However, the impactof the interaction between banks risk on default probability is not significant.Furthermore, credit risk, bank size, and gross domestic product are significantlyimpact probability of default]"

"ABSTRAKPenelitian ini bertujuan untuk melihat peran suksesi CEO di perusahaan keluarga dan pengaruhnya pada risiko bisnis. Dengan menggunakan data panel pada 48 perusahaan keluarga Indonesia, peneliti ingin mengetahui pengaruh suksesi terhadap risiko keuangan perusahaan keluarga dengan perspektif disruption, adaptation, stagnation, serta agency. Hasil penelitian menemukan bahwa pergantian CEO berpengaruh negatif terhadap risiko keuangan perusahaan. Selanjutnya, dapat disimpulkan juga bahwa CEO Descendants lebih menghindari risiko risk averse dibandingkan dengan CEO Founder. Sebagai tambahan, CEO dengan usia lebih tua lebih menghindari risiko dibandingkan dengan CEO yang lebih muda. Hal ini membuktikan bahwa perusahaan keluarga di Indonesia bersifat konservatif terhadap risiko keuangan.

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ABSTRACTThis study aims to investigate the role of CEO succession in family business and the effect on financial risk. Using unbalanced panel data of 48 family firms, we test the disruption, adaptation, stagnation and agency perspective of their behavior. This study finds that CEO turnover is negatively associated with firm rsquo s financial risk. We find that CEO descendants are more risk averse than CEO Founders. In addition, older CEOs are also more risk averse than younger CEOs. This implies that the Indonesian family firms were conservative towards financial risk."

"ABSTRAKFokus utama penelitian ini adalah untuk mengetahui perbandingan bank syariah dan bank konvensional di Indonesia pada model bisnis, efisiensi, stabillitas, dan profitabilitas. Model bisnis diukur dengan menggunakan analisa uji Mann-Whitney melalui 3 tiga indikator, yaitu Fee Based Income Ratio, Non Deposit Funding Ratio, dan Loans Deposit Ratio. Efisiensi diukur dengan menggunakan analisa uji Mann-Whitney melalui 2 dua indikator, yaitu Operating Cost Ratio dan Cost Income Ratio. Stabilitas diukur dengan menggunakan analisa uji Mann-Whitney melalui indikator Z-Score. Dan profitabilitas diukur dengan menggunakan analisa uji Mann-Whitney melalui 2 dua indikator, yaitu return on asset ROA dan return on equity ROE , serta analisa regresi data panel dengan metode pengolahan fixed effect melalui 1 satu indikator, yaitu pengaruh tingkat persaingan terhadap profitabilitas, yang diukur masing-masing menggunakan ROA dan ROE, dimana tingkat persaingan diukur dengan menggunakan lerner index.Dengan menggunakan data pada 69 bank konvensional dan 10 bank syariah di Indonesia selama periode kuartal ketiga tahun 2010 s.d. kuartal kedua tahun 2014, hasil penelitian menunjukkan bahwa pertama, model bisnis bank syariah dan bank konvensional berbeda, dimana bank konvensional lebih baik daripada bank syariah. Kedua, efisiensi bank syariah dan bank konvensional berbeda, dimana bank syariah lebih baik daripada bank konvensional. Ketiga, stabilitas berbeda, dimana bank konvensional lebih stabil daripada bank syariah. Dan keempat, profitabilitas berbeda, dimana dengan menggunakan analisa uji Mann-Whitney ditemukan bahwa bank konvensional memiliki profitabilitas yang lebih tinggi daripada bank syariah, namun dengan menggunakan pengaruh tingkat persaingan terhadap profitabilitas ditemukan bahwa tingkat persaingan berpengaruh lebih besar untuk meningkatkan profitabilitas pada bank syariah daripada bank konvensional.Kata Kunci: disparitas, model bisnis bank, efisiensi bank, stabilitas bank, profitabilitas bank, tingkat persaingan bank

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ABSTRACTThe main focus of this thesis is to study disparities between syariah banks and conventional banks in Indonesia by business model, efficiency, stability, and profitability. The business model is measured using Mann Whitney test analysis by 3 three indicator, which is fee based income ratio, non deposit funding ratio, and loans deposit ratio. The efficiency is measured using Mann Whitney test analysis by 2 two indicator, which is operating cost ratio and cost income ratio. The stability is measured using Mann Whitney test analysis by 1 one indicator, which is Z Score. And profitability is measured using Mann Whitney test analysis by 2 two indicator, which is return on asset ROA and return on equity ROE , and using panel data fixed effect method by 1 one indicator, which is the impact of competition on the profitability, which is measured by ROA and ROE, and competition is measured by lerner index.By using data 69 conventional banks and 10 syariah banks in Indonesia, started from the 3rd quarter of 2010 until the 2nd quarter of 2014, the research shows that first, business model syariah and conventional banks is different, where conventional banks is better than syariah banks. Second, efficiency syariah and conventional banks is different, where syariah bank is better than conventional bank. Third, stability syariah and conventional banks isn rsquo t different. And fourth, profitability is different, where by using Mann Whitney test analysis, the research shows that conventional banks have higher profitability than syariah banks, but by using impact of competitive condition on the profitability, the research shows that competition will have a greater effect to improve profitability in syariah banks than conventional banks.Key words disparity, bank business model, bank efficiency, bank stability, bank profitability, bank competition"

"Penulisan karya akhir ini dilakukan untuk menguji apa sajakah faktor yang mempengaruhi keputusan investasi aktiva tetap pada perusahaan terdaftar (listed) di Bursa Efek Indonesia yang dikelompokkan dalam financially constrained. Untuk melakukan pengelompokan, penulis menggunakan analisis diskriminan tiga kelompok dengan menggunakan sembilan rasio keuangan.Dan hasil analisis diskriminan dengan menggunakan data 142 perusahaan terdaftar, menunjukkan 54.9% dari data telah diklasifikasikan dengan benar. Dan validasi akhir dengan sampel tahun 2005-2006 menunjukkan bahwa secara benar perusahaan yang diklasifikasikan pada kelompok satu sebesar 18.75%, kelompok dua sebesar 90.16%, dan kelompok tiga sebesar 45.45%.

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The focus of this study is to examine what factors that effect the decision of investing on fixed assets in company that is categorized as financially constrained which is listed on Bursa Efek Indonesia. To do the analysis of categorizing, writer use a discriminant analysis ? three factors with nine financial ratios as the factors.With these discriminant functions, results show that 54.9% grouping data is right classification. And with final validation on sample 2005-2006 show 18.75% group one is right classification, group two 90.19% is right classification and group three 45.45% right classification."

"ABSTRAKTesis ini meneliti efek dari pengumuman buy back saham yang akan dilakukan oleh perusahaan yang terjadi di Indonesia. Hasil empiris menunjukan bahwa secara keseluruhan ditemukan beberapa hari saja yang menghasilkan AAR positif. Hasil yang sama juga ditemukan pada saat perusahaan dikelompokkanberdasarkan alasan. Sedangkan untuk perusahaan yang di kelompokan berdasarkan Tobin Q tidak ditemukan yang AAR positif untuk perusahaan yang memiliki Tobin Q yang tingg, sedangkan untuk perusahaan yang memiliki Tobin Q yang rendah hanya ditemukan satu hari saja yang memiliki AAR positif.ABSTRACTThis thesis studies the effect of share repurchases announcement by public company in Indonesia. Empirical results show that there is positive AAR for a few days. The same results arise for the firm categorized by reason. Moreover, there is no prove that the company with higher TobinQ result positive AAR, while the company with lower Tobin Q only find one day with positive AAR."

"Tesis ini membahas tentang penilaian nilai saham perusahaan yang dilakukan dengan dua metode yaitu FCFF dan Option Pricing Model. Untuk melakukan valuation dibutuhkan analisis data perusahaan secara keseluruhan terlebih dahulu. Data makro ekonomi, data keuangan, dan data industri dimasukan dalam karya akhir ini untuk mendapatkan asumsi yang tepat mengenai valuation dengan FCFF. Valuation dengan metode Option Pricing di lakukan dengan mengetahui nilai pasar atas aktiva cadangan minyak bumi dan gas yang belum di eksplorasi oleh perusahaan, dan mengetahui potensi cash flow yang mungkin di hasilkan di masa depan. Dengan dilakukan beberapa hal tersebut diatas diharapkan dapat diketahui nilai sebenarnya dari saham PT Medco Energi Internasional.

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This thesis elaborate and analyzing the company value to its stock valuation by two methods, there are FCFF and Option Pricing Model. Deep Analitical review of company as a whole is a must for do these kind of valuation. Macro economic, financial, and industry data analysis are implied in this thesis to get the proper assumtion about the number and ratio to use in projection of the FCFF. The option pricing valuation was evalueate by knowing the market value of oil and gas reserve that company have, but not explored yet, it can predict the potensial cash flow in the future if the company delay the project. These method expecting to know the real value of PT Medco Energi Internasional Tbk stock."

"Pengembangan bisnis menjadi harapan untuk memastikan keberlangsungan suatu perusahaan. Kebutuhan atas pendanaan untuk mendukung pengembangan tersebut membuat perusahaan berusaha memperoleh strategi pendanaan yang sesuai dengan kinerja keuangan. Setiap skema investasi dan risiko yang dipilih akan memberikan dampak pada pemilihan strategi pendanaan, hal ini menjadi studi kasus pada penelitian untuk memperlihatkan pengaruh atas strategi pendanaan yang dipilih terhadap kinerja keuangan sehingga perusahaan memperoleh alternatif strategi pendanaan yang sesuai. Studi kasus ini menggunakan Analisa yang mendalam atas aspek finansial, sensitivitas dan simulasi yang dilakukan pada PT Jasamarga Related Business. Berdasarkan studi yang dilakukan strategi pendanaan menjadi kebutuhan prioritas perusahaan dalam menyusun strategi bisnis perusahaan. Kinerja keuangan merupakan cerminan keberlangsungan perusahaan sehingga segala pembentuk strategi terutama pemilihan atas strategi pendanaan perlu dilakukan kajian lebih dalam.

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Business development is the key to ensure the sustainability of a company. The need for funding to support this development makes the company try to obtain a funding strategy that is in accordance with financial performance. Each investment and risk scheme selected will have an impact on the selection of a funding strategy, this is a case study in research to show the effect of the selected funding strategy on financial performance so that companies obtain appropriate alternative funding strategies. This case study uses an in-depth analysis of financial aspects, sensitivity and simulations conducted at PT Jasamarga Related Business. Based on studies conducted, the funding strategy is a priority requirement for the company in developing the company's business strategy. Financial performance is a reflection of the company's sustainability so that all strategy makers, especially the selection of funding strategies, need to be studied more deeply."