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"Karya Akhir ini membahas motivasi perusahaan dalam pengambilan posisi instrumen derivatif sebagai cerminan lindung nilai. Kondisi keuangan perusahaan dapat mewakili faktor motivasi dalam kepemilikan posisi derivatif.Penelitian ini adalah penelitian kuantitatif dengan metode regresi logistik untuk mempelajari hubungan antara rasio-rasio keuangan perusahaan dengan kecenderungan perusahaan memiliki instrumen derivatif. Hasil penelitian ini menunjukkan bahwa rasio aset terhadap modal dan kapitalisasi pasar memiliki pengaruh signifikan atas keputusan pengambilan posisi derivatif dalam perusahaan.

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The purpose of this study is to find out what aspects do motivate a company in taking derivatives as hedging instrument.The researcher assume that financial ratio can represent the motivating factor.

This is a quantitative exploratory research whicb uses logistic regression method to simulate the relationship between financial ratios and derivatives position. The result shows that capital to asset ratio and market capitalization have significant impact to company decision on derivatives."

"Berbagai persoalan yang berkembang dalam berbagai perkara-perkara kepailitan yang terjadi di Indonesia masih memiliki banyak kelemahan, terutama apabila menyangkut kepailitan terhadap perusahaan asing dalam bentuk holding company. Perusahaan grup semakin mendominasi kegiatan usaha dan memiliki peran penting dalam pembangunan. Konstruksi perusahaan grup terpisah secara hukum namun berada dalam satu kesatuan ekonomi. Permohonan PKPU oleh anak perusahaan terhadap holding company yang berakhir pailit dalam satu perusahaan grup merupakan hal yang tidak biasa. Permohonan PKPU tersebut terjadi pada kasus kepailitan AcrossAsia Limited sebagai holding company yang berkedudukan di Hong Kong dan dipailitkan oleh anak perusahaannya yaitu PT. First Media Tbk. Apakah permohonan PKPU tersebut sesuai dengan kaidah-kaidah hukum kepailitan, bagaimana tanggung jawab holding company yang pailit terhadap anak perusahaan dalam satu perusahaan grup, dan apa saja hambatan dalam penerapan cross-border insolvency dalam hukum kepailitan terkait adanya putusan pengadilan asing. Metode penelitian yang digunakan adalah penelitian hukum yuridis normatif, dengan pendekatan perundang-undangan, kasus, sejarah, dan pendekatan analisis. Kepailitan terhadap holding company oleh anak perusahaan merupakan penyalahgunaan kekuasaan holding company dan trik bisnis yang memanfaatkan instrumen hukum kepailitan untuk menghindari kewajiban terhadap pihak ketiga. Hukum kepailitan di Indonesia perlu merumuskan insolvensi tes terhadap permohonan pailit debitor, hal tersebut diperlukan agar tidak terjadi kepailitan terhadap perusahaan yang masih solven. Dalam pengaturan cross-border insolvency, UU Kepailitan Indonesia belum mengakomodasi aturan mengenai cross-border insolvency dalam UNCITRAL Model Law. Hal tersebut menyulitkan proses eksekusi harta debitor pailit di luar negeri dan pemerintah Indonesia juga perlu melakukan perjanjian bilateral maupun multilateral dengan negara lain dalam hal pengakuan putusan pengadilan asing.

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Various problems that develop in various cases of bankruptcy that occurred in Indonesia still has many weaknesses, particularly when it concerns of foreign companies bankruptcy in the form of holding company. The domination of Company group business activity increasingly raising and have an important role in development. The construction of group company is legally separated but it is in one economic entity. The Suspension of Debt Payment Obligation PKPU petition by subsidiaries against its holding company that ends in insolvency in one of the group company is uncommon. The PKPU petition occurred in the bankruptcy case of AcrossAsia Limited as a holding company with legal domiciled in Hong Kong and bankrupted by its subsidiary PT. First Media Tbk. Is the PKPU petition of its case is in accordance with the principle of bankruptcy law, how is the responsibility of the insolvent holding company to its subsidiary in the one of the group company, and what 39 s are the obstacles in implementing of the cross border insolvency in bankruptcy law related to the foreign court resolution. The legal research method that used is legal normative research, with the statute, case, historical and analytical approach. The bankruptcy of a holding company by its subsidiary is an abuse of holding company powers and business tricks that take an advantage of bankruptcy legal instruments to avoid liability to the third parties. Bankruptcy law in Indonesia needs to formulating insolvency test to the debtor bankruptcy petitioner, due it is necessary to avoid bankruptcy against the company that is still solvent. In a cross border insolvency regulations, the Indonesian Bankruptcy Law has not accommodated the rules of UNCITRAL Model Law on cross border insolvency. This matter makes complicating the execution process of the bankrupt debtor assets abroad and Indonesian government also needs to enter into bilateral and multilateral agreements with other countries in the recognitions of foreign courts resolution."

"Penelitian ini menganalisis secara empiris pengaruh dari penggunaan lindung nilai dengan menggunakan instrument derivatif terhadap risiko dan nilai perusahaan dari tahun 2010-2015. Peneliti membagi perusahaan kedalam 2 kelompok yaitu perusahaan pengguna dan perusahaan bukan pengguna. Penelitian ini berusaha mengkontrol selection bias yang muncul dengan mencocokkan perusahaan pengguna dan bukan pengguna berdasarkan propensity score. Propensity score ditentukan berdasarkan nilai estimasi variabel-variabel yang diasumsikan memiliki pengaruh terhadap keputusan perusahaan dalam menggunakan lindung nilai. Pencocokkan dilakukan dengan menggunakan teknik nearest neighbor dan membandingkan volatilitas arus kas, volatilitas pengembalian saham, dan nilai perusahaan. Hasil dari penelitian ini menunjukkan perusahaan yang menggunakan lindung nilai memiliki volatilitas arus kan yang rendah. Namun, tidak mempengaruhi volatilitas pengembalian saham dan nilai perusahaan.

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Using 274 firm which listed in Indonesia Stock Exchange, this study empirically analyze the effect of derivatives on firm risk and value from 2010 2015. The firm are divided into 2 categories, hedgers user and nonhedgers nonuser. This study control for selection bias by matching users and nonusers on the basis of their propensity score. Propensity score was estimated from variables which expected influencing firm to use derivatives. After the propensity score are estimated, we match a user to the nonuser group using nearest neighbor technique and compare the standard deviation of cashflow, standard deviation of stock return, and firm value from both sample group. The result of the study finds strong evidence that hedging reduces cashflow volatility. However, hedging does not effect stock return volatility and firm value."

"Pengambilan keputusan adalah salah satu tugas dari pimpinan perusahaan/ organisasi, di mana dalarn memutuskan sesuatu seorang pemimpin seyogyanya harus berdasarkan pada rasionalitasnya. Namun kenyataan berbicara lain, karena banyak hasil keputusan yang pada akhirnya berbeda dengan yang diperkirakan sebelumnya dan tentunya hal ini dilatarbelakangi oleh determinan yang mempengaruhinya. Penelitian ini mencoba untuk mempelajari determinan tersebut. yaitu LMX (Leader-Member eXchange), POS (Perceived Organizational Support), kepribadian (personality} yang berdasarkan pada Big Five Theory dan pengaruh ekstema1 (isomorphism). Unit analysis pada penelitian ini adalah suatu perusahaan operator telekomunikasi yang mempunyai wilayah cakupan nasional, dengan respondcn adalah para pejabat yang sudah sering melakukan pengambilan keputusan. Dengan model hipotesis bahwa semua determinan tersebut akan mernpengaruhi pengambilal keputusan secara positif, dan perhitungan menggunakan GLM (Generalize Linear Model), ternyata hasilnya adalah hanya determinan isomorphism yang berpengaruh secara signifikan. Dimensi yang diukur pada isomorphism adalah coercive. mimetic dan normative. Temuan yang cukup menarik adalah determinan LMX dan POS ternyata tidak mempengaruhi pada pengambilan keputusan. Hal ini berarti kondisi organisasi yang baik dan mapan tidak mendukung dalam pengambilan keputusan. Determinan lainnya seperti personality pada dasarnya adalah mempengaruhi secara signifikan, di mana dimensi yang diukur adalah berdasarkan pada Big Five Theory7 yaitu openness, conscientiousness, extroversion, agreeableness dan neuroticism. Namun secara statistik data untuk determinan personality ini tidak reliable, Sejalan dengan itu, pangambilan keputusan yang diteliti adalah proses yang dilakukan dengan cara intuisi dan rasional. Hasil penelitian ternyata pengarnbilan keputusan secara intuisi dan rasional bukanlah suatu hal yang berlawanan, karena determinan isomorphism itu berpengaruh pada kedua cara pengambilan keputusan lersebut.

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Decision making is one of the tasks of company/organization leader, where a leader in deciding for a getting a best decision result should be based on his/her rationality. In faet, there are many of the decisions are different from its expected previous1y, due to so many factors are influencing the decision. This research attempts to study the factors, i.e, LMX (Leader-Member eXchange), POS (Pereeived Organizational Support), personality which is based on the Big Five Throry and the external influence (isomorphism). Unit of analysis in this research is a telecommunications service company that has national coverage area, and the respondents are the officers who frequently making decisions. With the hypothetical model that all determinants influencing positively to decision making, with the calculation using the GLM (Generalize Linear Model) the result is only isomorphism that effect significantly. Dimensions measured on the isomorphism are coercive, mimetic and nonnative.

The findings are quite interesting, i.e. determinants of LMX and POS do not appear to influences on decision making. This means that even condition of the organization is well established but those don't support in decision making. Basically personality is essentially a significant influence, and the dimensions measured based on the Big Five Theory are openness, conscientiousness, extroversion, agreeableness and Neuroticism. Unfortunately the data personality determinant is not reliable. The decision-making process can be examined with intuition and rational way. Results of research that decision-making and rational intuition is not a case of the opposite, because this research shows that isomorphism of factors that affect the way the both decision making, i.e. intuition and rational."

"Akuisisi perusahaan asuransi diatur dalam Keputusan Menteri Keuangan Republik Indonesia Nomor 426/KMK.06/2003 yang menyatakan bahwa akuisisi dilakukan dengan mengambil alih seluruh atau sebagian besar saham perusahaan asuransi/reasuransi lain sehingga beralihlah pengendalian. Namun, tidak terdapat pengaturan spesifik mengenai akuisisi terhadap perusahaan penunjang usaha asuransi. Peneliti meneliti akuisisi PT Accette Broker Asuransi oleh Howden Broking Group Limited atas 80% (delapan puluh persen) saham milik Accette Holding Pte (Singapore) Limited. Penelitian ini dilakukan dengan menggunakan metode pendekatan normatif yuridis dengan mengkaji peraturan perasuransian di Indonesia. Teknik pengumpulan data penelitian ini adalah penelitian kepustakaan (library research) dengan pendekatan peraturan perundang-undangan (statute approach). Pengaturan akuisisi perusahaan pialang asuransi juga merujuk pada ketentuan akuisisi perusahaan asuransi. Perlu dipertimbangkan aspek berikut: pembatasan kepemilikan asing, estimasi waktu lamanya akuisisi dan persetujuan Menteri Keuangan, tata kelola perusahaan bagi perusahaan perasuransian dan kewajiban notifikasi kepada Komisi Pengawas Persaingan Usaha.

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Acquisition of an insurance company is governed under the Decree of Minister of Finance Republic of Indonesia Number 426/KMK.06/2003 which stipulates that an acquisition is conducted by acquiring all of or majority of shares in another insurance/reinsurance company, which resulted in a change of control in such insurance/reinsurance company. However, there is no specific regulation for acquiring an insurance broker company. The researcher is interested to further study the acquisition of PT Accette Broker Asuransi by Howden Broking Group Limited of 80% (eighty percent) shares owned by Accette Holding Pte (Singapore) Limited. This research is conducted based on a normative judicial approach method by reviewing the applicable insurance laws regulations in Indonesia. The data collection method used in this research is a library research method with statutory approach. Acquisition on an insurance broker company shall also refer to the regulations concerning acquisition of an insurance company. The following aspects are to be considered in acquiring an insurance broker company: foreign ownership restriction, acquisition timeline and approval from the Minister of Finance, good corporate governance for insurance companies and mandatory notification to the Business Competition Supervisory Commission."

"Tesis ini membahas mengenai penerapan aspek dynamic governance dalam pengambilan keputusan di deputi politik Sekretariat Wakil Presiden dalam pembentukan UP4B. Penerapan aspek dynamic governance bukan hal yang mudah di Sekretariat Wakil Presiden karena fungsi Sekretariat Wakil Presiden pada era sebelum reformasi bersifat administrasi. Perubahan fungsi pada masa reformasi kemudian menuntut Sekretariat Wakil Presiden beserta seluruh pejabat dan staf agar mampu mendukung Wakil Presiden dalam menjalankan tugasnya dengan memberikan pelayanan baik bersifat administratif maupun substantif. Kemampuan untuk melakukan dynamic governance dalam mendukung Wakil Presiden sangatlah diperlukan dan harus dimiliki oleh sumber daya manusia yang ada di Sekretariat Wakil Presiden mengingat dukungan dari pejabat dan staf memiliki kaitan erat dengan pengambilan keputusan yang dibuat oleh Wakil Presiden.Tujuan dari penelitian ini adalah untuk menjelaskan bagaimana aspek dynamic governance diterapkan di Deputi Politik Sekretariat Wakil Presiden dan faktor-faktor yang mempengaruhi sehingga dapat memberi masukan kepada Wakil Presiden sampai dengan terbentuknya Unit Percepatan Pembangunan Papua dan Papua Barat (UP4B). Teori yang digunakan adalah teori dynamic governance dan teori pengambilan keputusan. Pendekatan penelitian yang digunakan adalah pendekatan kualitatif dengan tipe penelitian bersifat deskriptif analitis.Berdasarkan hasil penelitian, dapat dikatakan bahwa aspek dynamic governance sudah diterapkan di Deputi Politik Sekretariat Wakil Presiden terutama dalam proses pembentukan UP4B sesuai dengan prinsip-prinsip dalam dynamic governance. Keberhasilan penerapan dynamic governance dalam pembentukan UP4B ini sebaiknya dapat diterapkan pula di setiap proses pengambilan keputusan mengingat keputusan yang dibuat oleh Wakil Presiden dapat mempengaruhi rakyat Indonesia, sehingga diperlukan SDM pendukung yang memiliki kemampuan serta sarana dan prasarana yang baik.

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The thesis discusses the implementation of the dynamic governance aspects in decision-making in the Deputy Secretary for Political Affairs to the Vice President of The Republic of Indonesia in the establishment of UP4B. Implementation of dynamic governance aspects is not easy in Secretariat of The Vice President of The Republic of Indonesia because functions of the Secretariat prior to the reform era is the administration. Changes in function during the later reforms demanded Secretariat of The Vice President of The Republic of Indonesia and all officers and staff to be able to support the Vice President in their duties by providing both services are administrative and substantive. The ability to perform dynamic governance in support of the Vice President is required and must be owned by the existing human resources in the Secretariat of the Vice President considering the support of officials and staff have close links with the decision that made by the Vice President.The purpose of this study is to explain how the dynamic governance aspects applied in the Deputy Secretary for Political Affairs to the Vice President of The Republic of Indonesia and the factors that influence that can provide input to the Vice President until the establishing the UP4B. The theory used is a dynamic governance theory and decision-making theory. The approach used in this study is a qualitative approach and descriptive analysis.Based on the results, it can be said that the dynamic aspects of governance has been implemented in the Deputy Secretary for Political Affairs to the Vice President of The Republic of Indonesia UP4B especially in the process of formation in accordance with the principles of dynamic governance. Successful implementation of the dynamic governance in the formation of this UP4B should be applied also in every decision making process given the decision made by the Vice President can affect people of Indonesia, so that the necessary HR supporter who has the capabilities and facilities are good."

"[ABSTRAKPenelitian ini dilakukan untuk melihat pengaruh penggunaan kefasihan pengucapan nama perusahaan sebagai dasar pengambilan keputusan investasi terhadap nilai pasar perusahaan dengan menggunakan sampel perusahaan terbuka yang terdaftar di Bursa Efek Indonesia pada periode 2009 ? 2013. Variabel yang digunakan dalam penelitian ini adalah nilai pasar perusahaan yang diwakili oleh rasio Tobin?s Q sebagai variabel dependen, nilai kefasihan pengucapan nama perusahaan sebagai variabel independen yang diteliti dan karakteristik perusahaan sebagai variabel kontrol. Nilai kefasihan pengucapan nama perusahaan diukur dengan menjumlahkan nilai panjang nama perusahaan, nilai keberadaan penggalan suku kata dalam bahasa Indonesia pada nama perusahaan dan nilai keberdaan penggalan suku kata yang memiliki arti secara harfiah yang dibuktikan dengan lolos dictionary check terhadap Kamus Besar Bahasa Indonesia. Dari hasil pengujian hipotesis dengan regresi linier berganda (GLS) terbukti bahwa penggunaan kefasihan pengucapan nama perusahaan sebagai dasar pengambilan keputusan investasi mempunyai pengaruh positif yang signifikan terhadap nilai pasar perusahaan.

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ABSTRACTThis research is conducted to know about the effect of company name fluency utilization as investment decision reference and market value of the firm using public companies that listed in Indonesia Stock Exchange over the period 2009 ? 2013 as the sample. The variables are market value of the firm that represented by Tobin?s Q ratio as dependent variable, company name fluency score as independent variable and company characteristics as control variables. Company name fluency score is the sum of the score of company name length, the score of the presence of wording in bahasa and the score of the presence of meaningfull word that being proved by dictionary check to Kamus Besar Bahasa Indonesia. From the hypothesis tested using multiple linier regretions (GLS), it confirms that the utilization of company name fluency as investment decision reference has significant positive influence to market value of the firm.;This research is conducted to know about the effect of company name fluency utilization as investment decision reference and market value of the firm using public companies that listed in Indonesia Stock Exchange over the period 2009 ? 2013 as the sample. The variables are market value of the firm that represented by Tobin?s Q ratio as dependent variable, company name fluency score as independent variable and company characteristics as control variables. Company name fluency score is the sum of the score of company name length, the score of the presence of wording in bahasa and the score of the presence of meaningfull word that being proved by dictionary check to Kamus Besar Bahasa Indonesia. From the hypothesis tested using multiple linier regretions (GLS), it confirms that the utilization of company name fluency as investment decision reference has significant positive influence to market value of the firm.;This research is conducted to know about the effect of company name fluency utilization as investment decision reference and market value of the firm using public companies that listed in Indonesia Stock Exchange over the period 2009 ? 2013 as the sample. The variables are market value of the firm that represented by Tobin?s Q ratio as dependent variable, company name fluency score as independent variable and company characteristics as control variables. Company name fluency score is the sum of the score of company name length, the score of the presence of wording in bahasa and the score of the presence of meaningfull word that being proved by dictionary check to Kamus Besar Bahasa Indonesia. From the hypothesis tested using multiple linier regretions (GLS), it confirms that the utilization of company name fluency as investment decision reference has significant positive influence to market value of the firm., This research is conducted to know about the effect of company name fluency utilization as investment decision reference and market value of the firm using public companies that listed in Indonesia Stock Exchange over the period 2009 – 2013 as the sample. The variables are market value of the firm that represented by Tobin’s Q ratio as dependent variable, company name fluency score as independent variable and company characteristics as control variables. Company name fluency score is the sum of the score of company name length, the score of the presence of wording in bahasa and the score of the presence of meaningfull word that being proved by dictionary check to Kamus Besar Bahasa Indonesia. From the hypothesis tested using multiple linier regretions (GLS), it confirms that the utilization of company name fluency as investment decision reference has significant positive influence to market value of the firm.]"

"Peningkatan fluktuasi nilai tukar mendorong perusahaan untuk membentuk kebijakan manajemen risiko yang optimal. Hedging merupakan salah satu bentuk kebijakan perusahaan untuk memitigasi risiko nilai tukar. Penelitian ini bertujuan untuk pengaruh antara keputusan hedging dengan instrumen derivatif terhadap nilai perusahaan yang diproksikan dengan Tobin’s Q. Sampel yang digunakan dalam penelitian ini adalah 71 perusahaan non-keuangan yang tercatat pada Bursa Efek Indonesia pada tahun 2014-2018 yang melakukan aktivitas hedging dengan instrumen derivatif. Penelitian ini menggunkan teknik penarikan sampel purposive sampling dan pengujian regresi data panel pada model model penelitian mengikuti Afza, T., & Alam, A. (2016). Hasil penelitian ini menemukan bahwa keputusan hedging dengan instrument derivatif tidak berpengaruh signifikan terhadap nilai perusahaan.

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The increase in exchange rate fluctuations push companies to form the optimal risk management policies. Hedging is a form of company policy to mitigate exchange rate risk. This study aims to determine the effect of hedging decisions with derivative instruments on firm value measured by Tobins’Q variable. The sample used in the study were 71 non-financial firm that listing on Bursa Efek Indonesia in 2014 to 2018 which used hedging with derivative instrument. This study use purposive sampling and regression testing of panel data in the research model following Afza, T., & Alam, A. (2016). Results show that the corporate usage of hedging with derivative instrument does not affect the firm value."

"Penelitian ini membahas mengenai proses pengambilan keputusan pengemudi dalam perubahan kebijakan perusahaan transportasi berbasis online, GO-JEK. Kerangka pemikiran utama yang digunakan adalah Proses Pengambilan Keputusan dari Herbert A. Simon 1997 dan Teori Strukturasi Adaptif dari Scott Poole 2013 dengan fokus pada keterkaitan pengambilan keputusan pengemudi dalam menyikapi regulasi perusahaan GO-JEK yang terus berubah. Pengumpulan data dilakukan dengan metode kualitatif melalui wawancara mendalam, observasi terhadap komunitas pengemudi, dan studi dokumentasi regulasi perusahaan GO-JEK. Hasil penelitian ini menunjukkan bahwa sistem regulasi GO-JEK diproduksi dan direproduksi berdasarkan pengambilan keputusan para pengemudi dalam memilih order, menyikapi regulasi yang ada sebelumnya, serta pelayanan terbaik yang ingin diberikan oleh perusahaan kepada pelanggan. Di samping itu, juga terdapat perbedaan persepsi antara pihak perusahaan dan pengemudi terkait dampak dari perubahan regulasi, sehingga diperlukan transparansi kebijakan dan peningkatan komunikasi antara pihak perusahaan dan mitra pengemudinya.

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This study is focus on the decision making process of drivers in policy changes of online based transportation company, GO JEK. Two theories are used, namely Decision Making Process by Herbert A. Simon 1997 and Adaptive Structurative Theory by Scott Poole 1996. Using qualitative approach, data is collected through in depth interview with GO JEK drivers, observation of three GO JEK's driver communities, and documentary study of GO JEK's regulation.

The results of this study indicate that GO JEK regulatory system is produced and reproduced on the decision making of drivers in choosing orders, addressing the existing regulations, and the company's best services to customers. There are also found the differences in perceptions between the company and the drivers regarding the impact of regulatory changes, which requiring communication improvements between the company and the drivers."