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"Skripsi ini meneliti tentang pengaruh aktiva tetap tak berwujud (intangible assets) terhadap financial distress pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia dari tahun 2007-2010, dengan total jumlah observasi sebanyak 532 perusahaan manufaktur (134 perusahaan pada tahun 2007, 135 perusahaan pada tahun 2008, 131 perusahaan pada tahun 2009, 132 perusahaan pada tahun 2010). Penelitian ini mengunakan model statistik Altman Z-Score untuk mengindentifikasi kondisi financial distress pada suatu perusahaan dan menggunakan pendekatan regresi linier majemuk dalam menganalisis hubungan antar variabel. Hingga saat ini terdapat tiga model statistik Altman Z-Score yaitu, Z-Score terhadap perusahaan manufaktur yang terdaftar pada bursa saham (public); Z-Score terhadap perusahaan manufaktur yang tidak terdaftar pada bursa saham (private); dan Z-Score terhadap perusahaaan non-manufacturing yang terdaftar pada bursa saham. Penelitian ini sendiri akan menggunakan metode Altaman Z-Score terhadap perusahaan manufaktur yang terdaftar pada bursa saham. Penelitian ini mengadopsi model penelitian yang dikembangkan oleh Dr. Zane Swanson (2010) untuk memeriksa hubungan intangible assets dengan financial distress. Dalam penelitiannya, Dr. Swanson menyatakan bahwa lemahnya intangible assets menunjukan bahwa perusahaan tidak menciptakan peluang masa depan (not creating future opportunities) dan yang terburuk dapat menunjukan perusahaan akan rentan mengalami financial distress. Penelitian ini menemukan bahwa risiko kebangkrutan memiliki hubungan yang positif dengan financial distress yang terlihat dalam nilai Z-score, sehingga perusahaan yang tidak memiliki intangible assets cenderung memiliki risiko financial distress (ZScore rendah) pada penelitian ini.

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This research examined the effects of intangible assets to financial distress in the manufacturing companies listed on the Indonesia Stock Exchange from the year 2007-2010, with the total number observations 532 manufacturing company (134 company in 2007, 135 company in 2008, 131 company in 2009, 132 company in 2010). This research used Altman Z-Score statistical models to identify the condition of financial distress in company and Multiple Linear Regression approach to analyze the relationship among variables. Until now there are three statistical models of Altman Z-Score; Z-Score for manufacturing firms listed on stock exchange market (public); Z-Score for manufacturing firms that are not listed on stock excange market (private); and Z-Score for non manufacturing firms listed on stock exchange market. This research used the Altman Z-Score model for manufacturing company listed on stock exchange market. This research adopted model research developed by Dr. Zane Swanson (2010), to examine the relationship of intangible assets with financial distress. In his research, Dr. Swanson stated that the lack of intangible assets will show that firms are not creating future opportunities and at the worst may be subject to financial distress. This study found that the risk of bankruptcy has a positive relation with financial distress which can be seen in the Z-Score. The result of this reseeacrh stated that the firms which has no intangible assets tend to have a risk of financial distress (lower Z-Score)."

"Today, the world is facing a new era. The changing breeze keeps flowing to apprehend a new scheme of business. The new era of business and industry which now focus on information and technology are much more intangible to he measured. They are as well known ax intellectual capitals. In addition, the level of business complexity has increased rapidly with the breaching development of intangible assets. Now, assets are valued based not only on their intrinsic beneficiary but also on the ejfects on the company. Goodwill has been much mure familiar in the last decade than before as the merger & acquisition trends are spreading all over the world. A group of assets of a company has been valued more (or less) than its intrinsic value because of many jactors. This residual value is treated and known as goodwill. As brand develops and become much stronger, it has its own value. As previously brand was not defined ax tangible assets, we did even no! know thai il actually was an asset. As one of the components of new intangible assets, brand equity has put itself a mark on the financial statement of corporations. This article is intended to give deeper analysis on the development of intangible assets, especially on those described above. With a combination of theories from textbooks and standards, this article will give the readers a new understanding of what intangible asset are and therefore broaden our horizontal perspective in anticipating the arrival of new intangibles that may come, as the environment is still developing."

"Perusahaan perlu memikirkan bagaimana struktur pendanaan yang optimal dalam mengelola perusahaan termasuk struktur hutangnya agar perusahaan mampu menaikkan nilai perusahaan dan memperoleh keunggulan daya saing di industrinya. Oleh karena itu, perusahaan perlu mengetahui faktor-faktor apa saja yang mempengaruhi struktur pendanaan perusahaan. Tesis ini meneliti bagaimana faktorfaktor Fixed Tangible Assets, Profitability, Growth dan Size terhadap tingkat hutang perusahaan manufaktur di Indonesia yang diamati dari tahun 2003 sampai dengan 2007 dengan landasan Pecking Order Theory. Metode pengolahan yang digunakan adalah Regresi Data Panel dengan Model Efek Tetap yang mampu mengakomodir variasi antar perusahaan dan antar waktu. Hasil penelitian menunjukkan bahwa Profitability berpengaruh negatif dan Fixed Tangible Assets, Growth dan Size berpengaruh positif terhadap tingkat hutang perusahaan.

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Firm needs to achieve the optimal capital structure in managing its company including the Leverage management in order to increase its firm value and get the competitive advantage in its industry. Hence, the firm needs to examine what factors that determine its capital structure. This study has a purpose to do research about how the factors of Fixed Tangible Assets, Profitability, Growth and size affect the leverage of manufacturing firms in Indonesia from the year 2003 until 2007 under the Pecking Order Theory. This study used Data Panel Regression with Fixed Effect Model that is able to capture the variability of the companies and the period effect. The results show that Profitability have negative effects to Debt, in other way Fixed Tangible Assets, Growth and Size affect positively to Debt."

"Penelitian ini bertujuan untuk menganalisis pengaruh corporate governance terhadap financial distress suatu perusahaan. Secara khusus, penelitian ini membahas corporate governance, yang terdiri dari board independence, CEO ownership, executive director ownership, family ownership, audit committee independent, dan audit committee expertise yang dapat mempengaruhi kondisi keuangan perusahaan. Penelitian ini menggunakan 16 perusahaan yang terdaftar di Bursa Efek Indonesia (8 perusahaan distress dan 8 perusahaan healthy) selama periode 2007-2010. Hasil dari penelitian ini menunjukkan bahwa tidak terdapat pengaruh yang signifikan di semua variabel corporate governance dan hanya return on assets (ROA) yang memiliki pengaruh yang signifikan terhadap financial distress perusahaan sehingga corporate governance belum dapat dijadikan alat ukur untuk mengurangi financial distress perusahaan di Indonesia.

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This study examines the impact of corporate governance to financial distress condition of a company. In particular, this study discusses corporate governance, which comprises Board independence, CEO ownership, Executive director ownership, Family ownership, Independent audit committee and Audit committee expertise that could affect the financial condition of a company. This study uses 16 listed companies on Indonesian Stock Exchange (8 distress companies and 8 healthy companies) during the period 2007-2010.

The results of this study, there is no significant impact in all independent variables and only return on assets (ROA) which has a significant impact on company?s financial distress, so that corporate governance can not be used as a measurement to reduce company?s financial distress condition in Indonesia."

"[ABSTRACTThe Japanese company Mitsui and Tomen made a foreign direct investment in PT PupukKaltim site in Bontang, East Kalimantan. The foreign direct investment form is build,operate, and transfer (BOT). On 2013, PT Pupuk Kaltim acquired PT KPA plant (fixedassets). This thesis aims to differentiate whether the acquisition is fixed asset acquisition orbusiness combination. There are different views, where by PT Pupuk Kaltim believes theacquisition of PT KPA is a purchase of fixed asset (Pernyataan Standar Akuntansi Keuangan(PSAK) 16) and the auditor believes that the acquisition is a form of business combination(Pernyataan Standar Akuntansi Keuangan (PSAK) 22). It proves that the acquisition is a formof business combination because the raw materials, labor and market were ready when PTPupuk Kaltim acquired the plant. From the business combination acquisition, there areintangible assets that arise. It proves that intangible assets that arise in the acquisition of PTKPA by PT Pupuk Kaltim is essential where it gives opportunity towards PT Pupuk Kaltim togenerate future profit.;The Japanese company Mitsui and Tomen made a foreign direct investment in PT Pupuk Kaltim site in Bontang East Kalimantan The foreign direct investment form is build operate and transfer BOT On 2013 PT Pupuk Kaltim acquired PT KPA plant fixed assets This thesis aims to differentiate whether the acquisition is fixed asset acquisition or business combination There are different views where by PT Pupuk Kaltim believes the acquisition of PT KPA is a purchase of fixed asset Pernyataan Standar Akuntansi Keuangan PSAK 16 and the auditor believes that the acquisition is a form of business combination Pernyataan Standar Akuntansi Keuangan PSAK 22 It proves that the acquisition is a form of business combination because the raw materials labor and market were ready when PT Pupuk Kaltim acquired the plant From the business combination acquisition there are intangible assets that arise It proves that intangible assets that arise in the acquisition of PT KPA by PT Pupuk Kaltim is essential where it gives opportunity towards PT Pupuk Kaltim to generate future profit ;The Japanese company Mitsui and Tomen made a foreign direct investment in PT Pupuk Kaltim site in Bontang East Kalimantan The foreign direct investment form is build operate and transfer BOT On 2013 PT Pupuk Kaltim acquired PT KPA plant fixed assets This thesis aims to differentiate whether the acquisition is fixed asset acquisition or business combination There are different views where by PT Pupuk Kaltim believes the acquisition of PT KPA is a purchase of fixed asset Pernyataan Standar Akuntansi Keuangan PSAK 16 and the auditor believes that the acquisition is a form of business combination Pernyataan Standar Akuntansi Keuangan PSAK 22 It proves that the acquisition is a form of business combination because the raw materials labor and market were ready when PT Pupuk Kaltim acquired the plant From the business combination acquisition there are intangible assets that arise It proves that intangible assets that arise in the acquisition of PT KPA by PT Pupuk Kaltim is essential where it gives opportunity towards PT Pupuk Kaltim to generate future profit , The Japanese company Mitsui and Tomen made a foreign direct investment in PT Pupuk Kaltim site in Bontang East Kalimantan The foreign direct investment form is build operate and transfer BOT On 2013 PT Pupuk Kaltim acquired PT KPA plant fixed assets This thesis aims to differentiate whether the acquisition is fixed asset acquisition or business combination There are different views where by PT Pupuk Kaltim believes the acquisition of PT KPA is a purchase of fixed asset Pernyataan Standar Akuntansi Keuangan PSAK 16 and the auditor believes that the acquisition is a form of business combination Pernyataan Standar Akuntansi Keuangan PSAK 22 It proves that the acquisition is a form of business combination because the raw materials labor and market were ready when PT Pupuk Kaltim acquired the plant From the business combination acquisition there are intangible assets that arise It proves that intangible assets that arise in the acquisition of PT KPA by PT Pupuk Kaltim is essential where it gives opportunity towards PT Pupuk Kaltim to generate future profit ]"

"Penelitian ini bertujuan untuk menganalisis relevansi nilai dari dividen dan aset takberwujud, serta dampak dari pengadopsian IFRS terhadap relevansi nilai dari aset takberwujud menggunakan data dari perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2007-2012. Penelitian ini menggunakan model data panel. Hasil penelitian menunjukkan bahwa dividen, aset takberwujud, dan goodwill memiliki hubungan positif dan signifikan terhadap harga saham. Pengadopsian IFRS tidak terbukti memiliki dampak positif terhadap relevansi nilai dari aset takberwujud dan goodwill. Pada analisis tambahan, ditemukan bahwa aset takberwujud teridentifikasi dan dividen memiliki relevansi nilai yang paling signifikan dibandingkan dengan variabel independen lain yang merupakan bagian dari nilai buku dan laba.

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The purpose of this research is to analyze the value relevance of dividends and intangible assets, and the effect of IFRS adoption on the value relevance of intangibles using a sample of manufacturing firms listed on the Indonesia Stock Exchange over the period 2007-2012. This research employs the panel data model. The results indicate that dividends, intangible assets, and goodwill are positively and significantly associated with stock price. IFRS adoption is not found to have a positive effect on the value relevance of intangible assets and goodwill. In an additional analysis, dividends and identifiable intangible assets are found to be the most value-relevant components of earnings and book value, respectively."

"Penelitian ini dilakukan untuk mengetahui apakah sembilan rasio keuangan yaitu current ratio, net fixed assets, dividend payout ratio, net income margin, fixed charge coverage, debt ratio, net sales growth, cash flow/net fixed assets, dan investment/net fixed assets dapat secara signifikan membedakan tiga kondisi kendala keuangan yaitu not financially constrained, partially financially constrained, dan financially constrained.Penelitian juga untuk menyelidiki pengaruh oportunitas investasi, arus kas, modal kerja, hutang jangka panjang, dividen terhadap investasi aktiva tetap yang dilakukan oleh perusahaan-perusahaan dalam kelompok industri barang konsumsi dengan memperhatikan pengaruh stock repurchase dan periode pengamatan.Penelitian menggunakan multiple discriminant analysis untuk mengelompokkan jenis atau kondisi kendala keuangan yang dihadapi oleh perusahaan dalam periode 1994 s.d. 1997 dan 1999 s.d. 2002. Selain itu juga digunakan analisis regresi berganda untuk mengetahui pengaruh oportunitas investasi, arus kas, modal kerja, hutang jangka panjang, dividen, stock repurchase, dan periode pengamatan terhadap investasi aktiva tetap.Hasil penelitian menunjukkan bahwa perbedaan tingkat kendala keuangan dapat dijelaskan secara simultan oleh variabel-variabel current ratio, net fixed assets, dividend payout ratio, net income margin, fixed charge coverage, debt ratio, net sales growth, cash flow/net fixed assets, dan investment/net fixed assets. Hasil penelitian juga menyimpulkan bahwa oportunitas investasi, modal kerja, hutang jangka panjang, berpengaruh secara signifikan terhadap investasi aktiva tetap. Perbedaaan investasi aktiva tetap pada perusahaan yang melakukan stock repurchase dan yang tidak ternyata tidak berbeda secara signifikan. Demikian pula investasi aktiva tetap pada kondisi sebelum dan sesudah 1998 tidak secara signifikan berbeda.

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This research is conducted to find whether nine financial ratio (current ratio, net fixed assets, dividend payout ratio, net income margin, fixed charge coverage, debt ratio, net sales growth, cash flow/net fixed assets, and investment/net fixed assets) significantly differentiate the three of financial constraints condition (not financially constrained, partially financially constrained, financially constrained).

This research also investigates the influences of investment opportunities, cash flow, working capital, long-term liabilities and dividend to the fixed asset investment in the consumer good group industry with regard to the influence of stock of repurchase and period of perception.

This research uses multiple discriminant analysis in grouping financial constraints condition faced by company in period 1994 to 1997 and 1999 to 2002. Besides, it uses multiple regression analysis to determine the influences of investment opportunities, cash flow, working capital, long-term debt, dividend, stock repurchase, and period of perception to fixed asset investment.

The results indicate that differences of financial constraints conditions can be explained simultaneously by current ratio, net fixed assets, dividend payout ratio, net income margin, fixed charge coverage, debt ratio, net sales growth, cash flow/net fixed assets and investment/net fixed assets. This research also concludes that investment opportunities, working capital and long-term debt affect fixed asset investment. Fixed assets investment not differs significantly between companies that conduct stock repurchase and which does not as well as fixed assets investment before 1998 and after 1998."

"Penelitian ini bertujuan untuk menguji pengaruh penggunaan utang dalam struktur modal terhadap agency cost pada perusahaan manufaktur yang terdaftar di BEI tahun 2010 yang mengalami financial distress maupun yang tidak mengalami financial distress. Agency cost diukur dengan dua proksi yaitu pertama, rasio biaya penjualan dan administrasi terhadap penjualan dan kedua, interaksi antara jumlah free cash flow dan tingkat pertumbuhan perusahaan.Jumlah sampel yang didapat adalah sebanyak 138 perusahaan manufaktur yang terdaftar di BEI tahun 2010. Hasil penelitian menunjukkan bahwa terdapat perbedaan pengaruh penggunaan utang terhadap agency cost antara perusahaan yang mengalami financial distress dan perusahaan yang tidak mengalami financial distress. Namun kesimpulan ini hanya didapatkan dengan penggunaan proksi interaksi free cash flow dan tingkat pertumbuhan. Pada subsampel perusahaan yang tidak mengalami financial distress, penggunaan utang terbukti dapat menurunkan agency cost dengan menggunakan rasio biaya penjualan sebagai proksinya. Pada subsampel perusahaan yang mengalami financial distress, tidak ditemukan bukti bahwa penggunaan utang berpengaruh terhadap agency cost.This study aims to examine the effect of debt in capital structure to the agency cost of financial distress and nonfinancial distress companies. Agency cost is measured by two proxies: first, the ratio of selling and administrative expenses to sales, and second, the interaction between the amount of free cash flow and company growth rate.

138 manufacturing companies listed on the Stock Exchange in 2010 were used as samples. The results showed that there were differences in the effects of debt used to the agency cost between financial distress and nonfinancial distress companies. However, this finding was only obtained when I use interaction of free cash flow and growth rate as the proxy for agency cost. In the subsample of firms that do not experience financial distress, the use of debt is proven to reduce agency cost by using the ratio of selling and administrative expenses to sales as the proxy. There was no evidence that debt had a significant effect on agency cost in financial distress companies."