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"Tesis ini membahas determinan struktur modal secara teori dan empiris pada perusahaan manufaktur Indonesia dengan fokus pada teori pecking-order. Tujuan utama penelitian ini adalah mengidentifikasi apakah determinan struktur modal perusahaan manufaktur Indonesia mampu dijelaskan oleh teori pecking-order. Analisis dilakukan pada book leverage perusahaan manufaktur Indonesia dengan sampel 92 perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2007 hingga 2011 dengan menggunakan analisis data panel. Penelitian ini menemukan bahwa size, profitability dan free cash flow berpengaruh negatif terhadap leverage, sedangkan growth dan tangibility berpengaruh positif terhadap leverage. Non debt tax shield dan risk ternyata tidak berpengaruh signifikan terhadap leverage namun bernilai negatif. Variabel funding-gap sebagai unsur hirarki pendanaan perusahaan terbukti memberikan pengaruh negatif signifikan sehingga mendukung ekspektasi teori pecking-order di dalam struktur modal. Pada semua uji juga membuktikan bahwa hutang masa lampau mempengaruhi hutang saat ini yang ditandai dengan time-lag, sehingga terbukti adanya pengaturan dinamis pada hutang. Berdasarkan hasil tersebut dapat disimpulkan bahwa determinan struktur modal perusahaan manufaktur Indonesia dapat dijelaskan oleh teori pecking-order.

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This thesis explores the determinants of capital structure theory and empirical in Indonesian manufacturing company with a focus on the pecking order theory. The main purpose of this study is to identify the determinants of capital structure in Indonesian manufacturing company which can be explained by the pecking order theory. Analysis was performed on book leverage manufacturing company in Indonesia with a sample of 92 companies listed in Indonesia Stock Exchange (IDX) during the period 2007 to 2011 using panel data analysis. This study found that size, profitability and free cash flow have negative effect on leverage, while growth and tangibility have positive effect on leverage. Besides, non debt tax shield and risk have not significant influence, but in accordance with the pecking order theory has a same result which is negative. Analysis of funding-gap variable as an element of corporate financing hierarchy in pecking order theory which proved has a negative effect in the capital structure of Indonesian manufacturing firms. All test also prove that the debt of the current debt is affected by past debt which is characterized by time-lag, so it proved a dynamic setting in leverage. Based on these results, it can be concluded that the determinants of capital structure of Indonesian manufacturing firms can be explained by the pecking- order theory."

"[ABSTRAKDi banyak negara berkembang termasuk Indonesia, pemerintah daerah masih berusaha keras untuk menyediakan jasa pengangkutan sampah yang memadai.Sampah yang tidak terangkut dibuang ke tempat pembuangan yang terbuka yang dapat meningkatkan resiko kesehatan. Di lain pihak, terdapat beberapa fenomena yang menunjukkan bahwa masyarakat secara bersama-sama dapat menyelesaikan permasalahan kolektif. Untuk memahami bagaimana solusi dari masyarakat dapat muncul, konsep modal sosial menjadi penting untuk dibahas.Modal sosial adalah jaringan sosial yang kuat yang didalamnya terdapat nilai dan norma yang dapat mendorong kerjasama antar individu. Interaksi sosial yang terjadi dilandasi oleh rasa percaya antar anggota masyarakat, yaitu bagaimana seorang individu percaya akan konstribusi dari anggota masyarakat yang lain untuk bersama-sama mengatasi permasalahan kolektif di komunitasnya.Masih kurangnya studi empirik mengenai modal sosial di Indonesia dan perlunya memberikan bukti apakah modal sosial mempengaruhi aksi kolektif menjadi tujuan utama disertasi ini. Karena pengukuran variabel modal sosial dan aksi kolektif merupakan salah satu masalah yang perlu diperhatikan, karenanya disertasi ini menggunakan dua metode yaitu model ekonometrik yang menggunakan data survey IFLS (Indonesia Family Life Survey) dan metode eksperimen (eksperimen di laboratorium komputer). Seiring dengan dilakukannya eksperimen, dilakukan juga survey terhadap partisipan eksperimen untuk melihatkonsistensi pengukuran modal sosial antara hasil eksperimen dengan survey. Aksi kolektif yang digunakan dalam studi ini adalah yang terkait dengan kegiatan proteksi lingkungan.Pada model ekonometrik, trust (kepercayaan) dan civic network (jaringan sipil) digunakan sebagai proksi untuk mengukur modal sosial. Modal sosial diukur dalam dua tingkat, yaitu dalam tingkat individu dan tingkat kolektif (masyarakat). Metode eksperimen menggunakan trust game untuk mengukur trust, sebagai proksi dari modal sosial, dan public goods game untuk mengukur kontribusi individu untuk suatu aksi kolektif. Dari kedua metode empiris dapat diambil kesimpulan secara meyakinkan bahwa modal sosial secara signifikan berpengaruh pada kontribusi individu untuk suatu aksi kolektif. Dari metode yang pertama ditunjukkan bahwa pada tingkat individu, civic network mempunyai dampak yang lebih besar, sedangkan pada tingkatxii komunitas, trust memiliki dampak yang lebih besar terhadap peluang seseorang berpartisipasi dalam suatu aksi kolektif ?kerja bakti?. Faktor lain yang berpengaruh juga adalah pendapatan, jenis kelamin, tipe daerah (perkotaan/pedesaan), dan keragaman agama dan etnis dalam suatu wilayah.Hasil dari eksperimen menunjukkan bahwa trust berpengaruh positif terhadap kontribusi individu dalam suatu aksi kolektif. Hal ini berlaku baik untuk trustor (orang yang memberikan kepercayaan kepada orang lain) dan trustee (orang yang mengembalikan kepercayaan yang telah diberikan). Trust diukur dari berapa uang yang seorang individu berikan kepada pasangannya. Walaupun begitu, kita tidak menemukan bukti yang signifikan untuk menunjukkan bahwa pengungkapan dariperilaku sebagian anggota kelompok pada trust game berpengaruh pada kontribusi individu di public goods game.Terdapat beberapa implikasi dari hasil studi ini. Pertama adalah pentingnya memandang modal sosial sebagai faktor yang penting dalam penyediaan barang kolektif. Kedua, pentingnya mempertahankan tingkat modal sosial. Lebih jauh lagi, perlu difikirkan bagaimana mengakumulasi modal sosial dengan melakukan investasi. Ketiga, dalam setiap kebijakan pemerintah, tingkat modal sosial dalammasyarakat perlu dijadikan pertimbangan; artinya jangan sampai ada kebijakan yang akhirnya menurunkan modal sosial. Intervensi pemerintah yang terlalu besar ke dalam masyarakat dapat melemahkan kemampuan masyarakat untuk mengatasi permasalahan kolektif dan membuat masyarakat semakin tergantung kepada pemerintah.;

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ABSTRACTstruggle to provide with reliable solid waste collection services. Uncollected waste, dumped into open spaces, increases environmental health and risk. There exists evidence showing the ability of communities to collectively act at neighborhood levels in order to resolve a collective problem. In order to understand what takes place for a self-governed solution to emerge from within a community, the concept of social capital needs to be addressed.Social capital refers to a dense social network with embedded values and norms that promotes cooperation between individuals. This is the kind of social interaction that is represented by trust among members of a community. Trust here refers to an individual?s belief in the ability of others to contribute or cooperate to solve collective problems within a community.The lack of empirical study on social capital in Indonesia and providing strong empirical evidence on whether social capital induces collective action become the main objective of this dissertation. As the measurement issue of social capital and collective action becomes important factors to be considered, empirical evidence provided in this study will address the measurement problem. Two methods willbe conducted: econometric model using large-scale survey based-data(IFLS/Indonesian Family Life Survey) and experimental method (computer laboratory experiment). As we conduct the experiment, we also conduct microscale survey within subjects to look at the consistency of the measurement of social capital between using experiment and survey. We use environmental protection activity as the case of collective action problem raised in this study.In the econometric model, trust and civic network are used to proxy social capital, and we introduce arisan as the control variable for social capital. We employ social capital in the individual and community context. The experimental method uses the trust game to measure trust, used here to proxy social capital, and a public goods game to measure contributions in a collective action.Results from the two methods seem to convincingly conclude that social capital significantly impacts individual contributions in a collective action. From the first method it is shown that at the individual level, civic network has the largest impact. At the community level, trust has the largest impact on the probability of individuals participating in kerja bakti. Other factors that need to put into account x are income, gender, region (urban/rural), and diversity in terms of religion andethnicity.Results from the experiment method show that trust is positively significant in inducing individual contributions in a collective action, and this holds both for the trustor (the one who hands over the trust to the trustee) and the trustee (the one who reciprocates in kind). Trust is measured here by how much money is given by an individual to his or her partner. However, we found no significant evidence to support the impact of partial disclosure of a group member?s behavior in thetrust game on contributions in the public goods game.There are implications to consider from the results of this study. First is the importance of considering social capital as a means to provide collective goods.Second, the importance to maintain the levels of social capital. We also have to think on how does one accumulate more out of investing in social capital. Third, with any (local) government policy, the existing social capital has to be taken into account; a policy should not be implemented if it reduces social capital. Too much government intervention into a community could weaken the community?scapacity to resolve a collective problem and make them more dependent on the government.;struggle to provide with reliable solid waste collection services. Uncollected waste, dumped into open spaces, increases environmental health and risk. There exists evidence showing the ability of communities to collectively act at neighborhood levels in order to resolve a collective problem. In order to understand what takes place for a self-governed solution to emerge from within a community, the concept of social capital needs to be addressed.Social capital refers to a dense social network with embedded values and norms that promotes cooperation between individuals. This is the kind of social interaction that is represented by trust among members of a community. Trust here refers to an individual?s belief in the ability of others to contribute or cooperate to solve collective problems within a community.The lack of empirical study on social capital in Indonesia and providing strong empirical evidence on whether social capital induces collective action become the main objective of this dissertation. As the measurement issue of social capital and collective action becomes important factors to be considered, empirical evidence provided in this study will address the measurement problem. Two methods willbe conducted: econometric model using large-scale survey based-data(IFLS/Indonesian Family Life Survey) and experimental method (computer laboratory experiment). As we conduct the experiment, we also conduct microscale survey within subjects to look at the consistency of the measurement of social capital between using experiment and survey. We use environmental protection activity as the case of collective action problem raised in this study.In the econometric model, trust and civic network are used to proxy social capital, and we introduce arisan as the control variable for social capital. We employ social capital in the individual and community context. The experimental method uses the trust game to measure trust, used here to proxy social capital, and a public goods game to measure contributions in a collective action.Results from the two methods seem to convincingly conclude that social capital significantly impacts individual contributions in a collective action. From the first method it is shown that at the individual level, civic network has the largest impact. At the community level, trust has the largest impact on the probability of individuals participating in kerja bakti. Other factors that need to put into account x are income, gender, region (urban/rural), and diversity in terms of religion andethnicity.Results from the experiment method show that trust is positively significant in inducing individual contributions in a collective action, and this holds both for the trustor (the one who hands over the trust to the trustee) and the trustee (the one who reciprocates in kind). Trust is measured here by how much money is given by an individual to his or her partner. However, we found no significant evidence to support the impact of partial disclosure of a group member?s behavior in thetrust game on contributions in the public goods game.There are implications to consider from the results of this study. First is the importance of considering social capital as a means to provide collective goods.Second, the importance to maintain the levels of social capital. We also have to think on how does one accumulate more out of investing in social capital. Third, with any (local) government policy, the existing social capital has to be taken into account; a policy should not be implemented if it reduces social capital. Too much government intervention into a community could weaken the community?scapacity to resolve a collective problem and make them more dependent on the government., struggle to provide with reliable solid waste collection services. Uncollected waste, dumped into open spaces, increases environmental health and risk. There exists evidence showing the ability of communities to collectively act at neighborhood levels in order to resolve a collective problem. In order to understand what takes place for a self-governed solution to emerge from within a community, the concept of social capital needs to be addressed.Social capital refers to a dense social network with embedded values and norms that promotes cooperation between individuals. This is the kind of social interaction that is represented by trust among members of a community. Trust here refers to an individual’s belief in the ability of others to contribute or cooperate to solve collective problems within a community.The lack of empirical study on social capital in Indonesia and providing strong empirical evidence on whether social capital induces collective action become the main objective of this dissertation. As the measurement issue of social capital and collective action becomes important factors to be considered, empirical evidence provided in this study will address the measurement problem. Two methods willbe conducted: econometric model using large-scale survey based-data(IFLS/Indonesian Family Life Survey) and experimental method (computer laboratory experiment). As we conduct the experiment, we also conduct microscale survey within subjects to look at the consistency of the measurement of social capital between using experiment and survey. We use environmental protection activity as the case of collective action problem raised in this study.In the econometric model, trust and civic network are used to proxy social capital, and we introduce arisan as the control variable for social capital. We employ social capital in the individual and community context. The experimental method uses the trust game to measure trust, used here to proxy social capital, and a public goods game to measure contributions in a collective action.Results from the two methods seem to convincingly conclude that social capital significantly impacts individual contributions in a collective action. From the first method it is shown that at the individual level, civic network has the largest impact. At the community level, trust has the largest impact on the probability of individuals participating in kerja bakti. Other factors that need to put into account x are income, gender, region (urban/rural), and diversity in terms of religion andethnicity.Results from the experiment method show that trust is positively significant in inducing individual contributions in a collective action, and this holds both for the trustor (the one who hands over the trust to the trustee) and the trustee (the one who reciprocates in kind). Trust is measured here by how much money is given by an individual to his or her partner. However, we found no significant evidence to support the impact of partial disclosure of a group member’s behavior in thetrust game on contributions in the public goods game.There are implications to consider from the results of this study. First is the importance of considering social capital as a means to provide collective goods.Second, the importance to maintain the levels of social capital. We also have to think on how does one accumulate more out of investing in social capital. Third, with any (local) government policy, the existing social capital has to be taken into account; a policy should not be implemented if it reduces social capital. Too much government intervention into a community could weaken the community’scapacity to resolve a collective problem and make them more dependent on the government.]"

"Artikel ini membahas perencanaan dan pembangunan Kota Bandung sebagai upaya pemindahan ibu kota Hindia Belanda pada 1916–1933. Rencana pemindahan ibu kota berawal ketika adanya permasalahan higenitas di Batavia pada awal dekade 1900-an. Kemudian pada 1916, muncul H.F. Tillema yang melaporkan kota-kota di pantai utara Jawa kurang menyehatkannya jika dijadikan pusat kegiatan administrasi pemerintah kolonial, sehingga disarankan ibu kota Hindia Belanda sebaiknya dipindahkan ke Kota Bandung. Proses perencanaan dan pembangunan terus berlangsung hingga didirikannya Technische Hoogeschool te Bandoeng, Gedung Sate, stasiun radio Malabar, hingga fasilitas dan sarana kota lainnya. Sayangnya pembangunan Kota Bandung kurang mendapatkan dukungan dari pemerintah pusat sebagai persiapan pemindahan ibu kota Hindia-Belanda dan harus terhenti pada 1933, dikarenakan adanya Krisis Malaise yang terjadi sejak 1929. Penelitian ini berfokus pada perencanaan dan pembangunan Kota Bandung dalam persiapan pemindahan ibu kota Hindia Belanda pada 1916–1933 dengan menggunakan metode sejarah yang terdiri dari heuristik, verifikasi, interpretasi, dan historiografi.

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This article discuss the plan and development of Bandung City as an initiative to relocate the capital of the Netherlands East Indies in 1916-1933. The plan to relocate the capital city began when there were hygiene problems in Batavia in the early 1900s. In 1916, H.F. Tillema reported that the cities on the north coast of Java were incapable to be used as the center of administrative colonial government activities because of its unhealthiness, thus recommended that the capital of the Netherlands East Indies should be relocated to the Bandung City. The planning and development process continued until the establishment of the Technische Hoogeschool te Bandoeng, Gedung Sate, Malabar radio station, and other city facilities and infrastructure. Unfortunately, the development of Bandung City lacked support from the central government in preparation for the relocation of the capital of the Netherlands East Indies and was stopped in 1933, due to the Malaise Crisis that had occurred since 1929. This research focuses on the planning and development of Bandung City in preparation for the transfer of the capital of the Netherlands East Indies in 1916-1933 using historical methods consisting of heuristic, verification, interpretation, and historiography."

"Perumusan masalah dalam penulisan tesis ini adalah apakah variabel-variabel makro ekonomi (variabel independent) yaitu perubahan tingkat inflasi, tingkat bunga rill, dan nilai tukar RpIUSS mempunyai pengaruh yang signifikan terhadap return IHSG ( Indeks Harga Sahara Gabungan ) dan return tujuh portofolio saham sector industri ( variabel dependen) di BET (Bursa Efek Jakarta ) pada periode Juli 1997 s.d. Desember 2003 baik secara partial maupun bersama-lama.Untuk menganalisis permasalahan dan menguji hipotesa penelitian digunakan model multi factor melalui pendekatan Arbitrage Pricing Theory (APT) sebagaimana yang digunakan Roll dan Ross (1986) dengan memakai model regresi multi variate.Dari basil analisa dan pembahasan dapat disimpulkan bahwa perubahan tingkat inflasi, tingkat bunga riil, dan nilai tukar RpIUSS mempengaruhi return IHSG dan tujuh portofolio saham sector industri. Kesimpulan secara garis besar adalah sebagai berikut : perubahan tingkat inflasi, tingkat bunga riil, dan nilai tukar RpIUSS mempengaruhi secara negative dan signifikan pada beberapa time lag terhadap return IHSG, Return Portofolio II ( aneka industri), Return Portofolio IV ( property, real estat, dan konstruksi), Return Portofolio V ( infrastruktur, utility, dan transportasi), dan Return Portofolio VII ( perdagangan, jasa, dan investasi). Sedangkan Return Portofolio I ( Industri Dasar dan Kimia), Return Portofolio III ( Industri Barang Konsumsi), dan Return Portofolio VI ( Keuangan) hanya dipengaruhi secara negative dan signifikan pada beberapa time lag oleh perubahan tingkat bunga rid dan nilai tukar RpIUS$. Namun Return Portofolio I, Return Portofolio III, dan Return Portofolio VI dipengaruhi secara positif dan signifikan oleh perubahan tingkat inflasi. Oleh karena itu Return Portofolio I, Return Portofolio III, dan Return Portofolio VI mempunyai korelasi positif dengan perubahan tingkat inflasi karena pada saat inflasi naik maka Return Portofolio I, Return Portofolio III, dan Return Portofolio VI juga naik.

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Problem formulation of thesis is what macroeconomic variables ( exchanges of inflation rate , real interest rate, and RpIUS$ rate) are have significant influence toward Jakarta Stock Exchange Index (JSX Index) return and seven stock portfolios of industry sector return at Jakarta Stock Exchange (JSX) during July 1997 until December 2003 either partial or together.

The research uses multi factors model based on Arbitrage Pricing Theory Approach with multivariate regression model as used by Roll and Ross (1986),

Based on the analysis and investigation, we get some conclusions. First, the changes of inflation rate, real interest rate, and RpIUS$ exchange rate influence JSX index return and seven portfolio industry sector return in different directions depend on time Iag and each dependent variable. More specific, the changes of inflation rate, real interest rate, and Rp1US$ exchange rate have negative direction and significant influence in some time lag toward JSX index , Return of Portfolio II ( aneka industri), Return of Portfolio IV ( property, real estat, dan konstruksi), Return of Portfolio V ( infrastruktur, utility, transportasi), Return of Portfolio VII ( perdagangan, jasa, dan investasi). Return of Portfolio I ( industri dasar dan kimia), Return of Portfolio III (industri barang konsumsi), and Return of Portfolio VI (keuangan) are only influenced negatively and significantly by the changes of real interest rate and RpIUS$ exchange rate in some time lag. Nevertheless, Return of Portfolio I, Return of Portfolio III, and Return of Portfolio IV are influenced positively and significantly by the changes of inflation rate. Because of that, Return of Portfolio I, Return of Portfolio III, and Return of Portfolio IV have positive correlation toward the change of inflation rate because when inflation rate goes up, the RPF1, RPF3, and RPF6 also go up."

"Penelitian ini bertujuan untuk mengetahui pengaruh faktor-faktor industri terhadap struktur modal pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia selama periode tahun 2017-2021. Sampel penelitian yang digunakan dalam penelitian ini adalah 273 perusahaan dengan total observasi sebesar 1615 firm-year. Penelitian ini terdiri dari struktur modal sebagai variabel dependennya, dan industry competitiveness, industry munificence, serta industry dynamism sebagai variabel independen. Hasil penelitian menemukan adanya pengaruh signifikan negatif dari industry competitiveness dan industry dynamism terhadap struktur modal. Sedangkan, untuk industry munificence ditemukan adanya pengaruh negatif namun tidak signifikan terhadap struktur modal.

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This study aims to determine the effect of industry-specific factors on capital structure in non-financial companies listed on the Indonesia Stock Exchange during the 2017-2021 period. The research sample used in this study was 273 companies with a total observation of 1615 firm-year. This study consists of capital structure as the dependent variable, and industry competitiveness, industry munificence, and industry dynamism as independent variables. The result found that there is a negative significant effect of industry competitiveness and industry dynamism on capital structure. Meanwhile, for industry munificence, there is a negative but insignificant influence on capital structure."

"Penelitian ini memiliki tujuan untuk mencari tahu faktor penentu struktur modal dari data keuangan internal perusahaan yang dapat diperoleh secara umum meliputi rentang waktu 2012-2018. Variabel yang mewakili faktor penentu struktur modal pada penelitian ini adalah market to book ratio (MB), tangibilitas (TANG), profitabilitas (PROF), ukuran perusahaan (SIZE). Pengujian dilakukan dengan model regresi panel data dengan metode efek tetap dengan teknik Generalized Least Square (GLS). Hasil regresi yang telah dilakukan menemukan bahwa variabel MB dan PROF berpengaruh negatif signifikan terhadap leverage. Selanjutnya variabel TANG berpengaruh positif signifikan terhadap variabel leverage, sedangkan variabel SIZE memiliki hasil uji yang bervariasi sehingga dibutuhkan penelitian lebih lanjut untuk mendapatkan kesimpulan.

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This study has a purpose of finding out factors that decide future capital structure from internal financial reports that can be received generally in the range of time between 2012-2018. Variables that represent future capital structure decision in this study are market to book ratio (MB), tangibility (TANG), profitability (PROF), size (SIZE). Tests are applied with panel data regression with fixed effect model – generalized least square technique. Regression results show that variables like MB and PROF is negatively significant to affect leverage. Next, TANG variable is positively significant to affect leverage, meanwhile SIZE variable has variated results, thus future findings are required to make a conclusion."