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"ABSTRAKDalam RPJMD Tahun 2009-2014 industri pengolahan menjadi salah satu programprioritas pembangunan di Kabupaten Magetan. Salah satunya adalah Industripenyamakan kulit yang menunjukkan penurunan produktivitas selama tiga tahunterakhir. Studi ini bertujuan mengidentifikasi faktor-faktor yang mempengaruhikeuntungan pengusaha penyamakan kulit di Kabupaten Magetan dengan menggunakanmodel regresi linier berganda metode OLS. Hasil studi menunjukkan bahwa faktor yangberpengaruh positif terhadap keuntungan pengusaha penyamakan kulit di KabupatenMagetan adalah pendidikan pengusaha, faktor lokasi usaha, lama usaha, modal usaha,jumlah mesin (stol, togling, roll coating, fleshing, dan vacum), asal bahan baku lokalMagetan dan Jawa Timur, jumlah produksi dan harga jual, penjualan ke pasar JawaTimur, serta promosi. Sedangkan harga bahan baku dan kemitraan berpengaruhsignifikan negatif terhadap keuntungan pengusaha penyamakan kulit.

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ABSTRACTIn Magetan medium development planning 2009-2014, processing industrybecomes one of the priority program in Magetan. The leather tanning industry isone of it, which shows decreasing in productivity over the last three years. Thisstudy aims to identify the factors that influence profits tannery entrepreneurMagetan using multiple linear regression model OLS. The study shows thatentrepreneur education, business location, age business, venture capital, thenumber of machines (stol, togling, roll coating, fleshing, and vacuum), origin ofraw materials from local Magetan and East Java, production, selling price, salesto the market in East Java and promotion has positive significant effects. Whileraw material prices and partnership significant negative effect on profits tanneryentrepreneurs."

"Penelitian ini bertujuan untuk melihat hubungan antara manajemen laba dengan tingkat pengungkapan dalam laporan keuangan. Manajemen laba dalam laporan keuangan dapat dilakukan melalui dasar akrual dan fleksibilitas yang dimiliki oleh pihak manajemen sebagai pembuat laporan keuangan. Pihak manajemen juga menentukan kelengkapan dari tingkat pengungkapan dalam laporan keuangan. Karena pihak manajemen menentukan sejauh mana manajemen laba yang dilakukan maka keputusan ini juga akan mempengaruhi kelengkapan dari informasi yang akan disajikan dalam laporan keuangan. Penelitian ini menggunakan persamaan simultan untuk meneliti hipotesa awal yaitu apakah manajemen laba berkorelasi negatif dengan tingkat pengungkapan laporan keuangan. Tingkat pengungkapan yang digunakan berasal dari indeks tingkat pengungkapan sukarela dari penelitian sebelumnya, sementara manajemen laba diukur melalui discretionary accruals yang dihitung dari model Jones yang telah dimodifikasi. Hasil penelitian memperlihatkan bahwa hipotesa awal dapat dibuktikan yaitu bahwa rnanajemen laba berkorelasi negatif dengan tingkat pengungkapan laporan keuangan. Meskipun begitu perlu diperhatikan kelemahan dari pengukuran indeks pengukuran yang hanya mengukur kelengkapan item yang diungkapkan. Perusahaan yang mengungkapkan lebih sedikit item diberikan skor yang lebih kecil tanpa mernperhatikan relevansi dari item yang diungkapkan. Korelasi negatif ini mengindikasikan bahwa perusahaan yang mengungkapkan lebih banyak informasi cenderung tidak banyak melakukan rnanajemen laba dan sebaliknya. Adanya hubungan negatif antara tingkat pengungkapan sukarela dan manajemen laba mencerminkan bahwa manajemen menggunakan fleksibilitas dalam menentukan tingkat pengungkapan untuk melakukan manajemen laba dalam bentuk discretionary accruals. Karenanya impplikasi penelitian ini adalah mendukung badan pengatur pasar modal, dalam hal ini Bursa Efek Jakarta dan Bapepem, untuk mewajibkan perusahaan yang tercatat di Bursa mengungkapkan lebih banyak Iagi informasi untuk mengurangi kemungkinan dilakukannya manajemen laba dalam pengukuran laba bersih perusahaan."

"The result of this study show that the owner managers tend to view the accounting information as an absolute truth seen from its function as a means of score keeping, attention directing and problem solving.Another findings indicate that the owner managers have a fairly positive perception on the capability of the professional managers (non-owner managers) in increasing the welfare of their principal. However, they are still concerned about the negative side of professional managers performance, that is, selfishness.In spite of this negative perception mentioned above, the owner managers still believe that there are some control devices that can be used as a set of tools for overcoming this potential negative behavior.Another interesting findings indicates that although the sub-ordinates (non-owner managers) are often involved in financial decision making process, the final decisions still to be made by the owner managers.Further analysis, employing regression technique, proves that the degree of participation in financial decision making process is influenced by the owner managers' perception on accounting information and the role of professional managers (non-owner managers). It implies that the more positive the owner managers' perception on the accounting information and the role of professional managers, the higher the degree of possibility of professional managers' involvement in financial decision making process is.Business and personal characteristics were also analyzed in connection with the owner managers' responses on financial control problem.By using ANOVA technique, the result of this study can be summarized as follows:- The more complex the organization is , the more positive the owner managers; perceptions on the accounting information and the professional managers (non-owner-managers) capability and also the reliability of control devices in overcoming the negative behavior of professional managers are.- The more complex the organization is, the more intensive the owner managers asking for advices from subordinate (non-owner managers) about financial problem is.- The higher of initiation (in starting up the business) is, the more intensive the owner managers asking for advices from subordinates (non-owner managers) about financial problem is.- The more intensive the owner managers in taking general management courses, the more intensive the owner managers involve the subordinates (non-owner managers) in financial decision making process and in asking for advice about financial problem are.Concerning the results mentioned above, it is clear that the degree of open management practices in family- owned firms is influenced by several factors, such as organizational complexity (especially its structure), the degree of initiation, and the intensity in taking general management courses. In addition to the factors aforementioned, the owner-managers' perception on the accounting information and the role of professional managers (non-owner managers) also influence the degree of open management practices.ImplicationsWith regard to the results of the study described in previous pages, the implications of this study are as follows :- The managerial style in family-owned firms in connection with financial decision making process tends to be centralisticanticipative.- Centralization practices in making financial decision (i.e. final decision made by the owner managers, although the subordinate, non-owner managers, have been involved in decision making process) might reflects the precautionary motive in order to maintain their properties. This phenomenon might not be conclusive for supporting the organizational growth requirements when the family owned firms become bigger and more complex.- The findings of this study also support the tentative statement given by the practitioners and management scientists in many seminar occasions (especially, Seminar on "Konsep Manajemen Indonesia" conducted at LPPM Jakarta in 1981) who stated that the managerial decision style in family-owned firms tend to be centralistic, more particularly in financial aspects. The owner-manager is a center power who play the role as "one-man show".- Since the owner-managers tend to view the accounting information as an absolute truth, the functional fixation in making financial decisions might happen. As we know that every accounting system and procedures applied by accountant has implication on producing accounting information itself. Changes in accounting system and procedures will influence the content of accounting information. Without any adjustment, the information, will be misleading. It is clear that "functional fixation" refers to the human behavior that is unable to see to see alternatives meaning or uses and its implications.- Since the owner managers tend to believe that there are some control devices that can beused effectively in order to overcome the negative behavior of professional managers (non-owner managers), the control devices such as internal audit, personal observation, budgetary control, etc. can be introduced.- Management courses offered by management training institutions need to be incited. This effort hopefully can increase the professionalism of owner-managers, particularly in practicing the open management style in line with the organizational growth.For further research, it is interesting to investigate the problem as follow :in what ways the large scale family-owned firms, such as Astra Group, Salim Group, Mercu Buana Group, etc, are managing their business, especially regarding financial control ? Are their financial control practices comparable to the small scale one which has been studied in this thesis ?"

"ABSTRAKPenelitian ini bertujuan untuk menganalisa perbedaan kualitas laba perusahaan shariah compliant dan non shariah compliant di Indonesia. Penelitian ini juga menguji peran periode krisis sebagai variabel moderasi yang mempengaruhi hubungan kategorisasi perusahaan tersebut dengan kualitas labanya. Dengan menggunakan 970 observasi yang terdiri atas 194 perusahaan dengan periode 2008-2012, ditemukan bukti bahwa kualitas laba perusahaan shariah compliant lebih tinggi secara signifikan dibandingkan perusahaan non shariah compliant. Periode krisis terbukti mempengaruhi hubungan kategorisasi perusahaan dengan kualitas labanya, dimana periode krisis memperkecil perbedaan kualitas laba perusahaan shariah compliant dan non shariah compliant di Indonesia.

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ABSTRACTThis study is aimed to investigate the difference between quality of earnings in shariah compliant and non shariah compliant firms in Indonesia. This study is also aimed to examine the role of crisis period as the moderating variable that influence the relationship between each firms categorization and their quality of earnings. Using 970 observations consisted of 194 firms in 2008-2012, it is found that the quality of earnings in shariah compliant firms are significantly higher than in non shariah compliant firms. Furthermore, crisis period is proven significantly influence the relationship between firms categorization and the quality of earnings; the difference between quality of earnings in shariah compliant and non shariah compliant firms become smaller in crisis period."

"Penelitian ini bertujuan untuk mengidentifikasi hubungan EBITDA terhadap intensitas investasi di perusahaan-perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia dan bagaimana tingkat growth opportunity perusahaan mempengaruhi hubungan EBITDA terhadap intensitas investasi. Penelitian menggunakan sampel perusahaan-perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia pada periode 2007-2011. Hasil penelitian menunjukkan nilai EBITDA perusahaan berubungan positif signifikan terhadap intensitas investasi perusahaan di periode berikutnya. Hasil penelitian juga menunjukkan bahwa perusahaan dengan tingkat growth opportunity yang tinggi memiliki pengaruh EBITDA yang lebih besar terhadap intensitas investasi perusahaan.

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This research is aimed to identify the relationship between EBITDA and investment intensity on companies listed in Indonesia Stock Exchange and how the growth opportunity level affects the relationship between EBITDA and investment intensity. This research uses non-financial companies listed in Indonesia Stock Exchange from 2007 to 2011 as research samples. The result shows the value of EBITDA has significant positive association with the investment intensity in the next period. This result also shows that companies with high level of growth opportunity have greater EBITDA influence on the investment intensity of the companies."

"Pada 2009-2018, tingkat Rasio Kecukupan Modal (CAR) di ASEAN-5 sedang dalam tren naik. Sementara itu, efisiensi keuntungan bank dalam tren menurun. Fenomena ini tidak sesuai dengan temuan dari estimasi linear dimana CAR dan efisiensi laba bank memiliki hubungan positif. Penulis kemudian menguji hubungan non-linearitas di bawah hipotesa Expected Bankruptcy Cost. Hipotesis menunjukkan bahwa hubungan antara modal dan kinerja bank adalah positif non-linear atau U terbalik. Skripsi ini menguji apakah dampak CAR terhadap efisiensi laba bank sebagai proksi kinerja bank di ASEAN-5 adalah secara non-linear.Penulis menghitung efisiensi laba bank menggunakan Stochastic Frontier Analysis (SFA). Untuk menguji hubungan antara CAR dan efisiensi laba bank di ASEAN - 5, sistem GMM digunakan. Temuan estimasi non-linear adalah CAR dan efisiensi keuntungan bank di ASEAN - 5 memiliki hubungan non-linier positif atau U terbalik yang sesuai dengan hipotesa Expected Bankruptcy Cost. Di bawah hipotesis, jika modal bank lebih tinggi dari nilai optimalnya, peningkatan modal akan mengurangi kinerja bank. Ini sesuai dengan temuan yang berarti CAR di ASEAN - 5 saat ini sedang di atas nilai optimalnya, oleh karena itu, meningkatkan CAR akan menurunkan efisiensi keuntungan bank.

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From 2009 – 2018, Capital Adequacy Ratio (CAR) level in ASEAN – 5 is in an uptrend. Meanwhile, bank’s profit efficiency is in a downtrend. This phenomenon doesn’t match the finding from linear estimation that CAR and bank’s profit efficiency has a positive relationship. The author then looks to test for non-linearity relationship under Expected Bankruptcy Cost Hypothesis. The hypothesis shows that the relationship between capital and bank’s performance is positive non-linear or inverted U. This undergraduate thesis test whether the impact of CAR to bank’s profit efficiency as the proxy of bank’s performance in ASEAN – 5 is in a non-linear way.

The author calculates the bank’s profit efficiency using Stochastic Frontier Analysis (SFA). To test the relationship between CAR and bank’s profit efficiency in ASEAN – 5, system GMM is used. The finding of the non-linear estimation is CAR and bank’s profit efficiency in ASEAN – 5 has a positive non-linear or inverted U relationship which correspond with the Expected Bankruptcy Cost Hypothesis. Under the hypothesis, if bank’s capital is higher than its optimum value, increasing capital will reduce bank’s performance. This match with the finding which means that the CAR in ASEAN – 5 is currently above its optimum value, therefore, increasing the CAR will result in the

decrease of bank’s profit efficiency."

"ABSTRAKFenomena terus meningkatnya jumlah bank asing di Indonesia menimbulkan pertanyaan apakah kepemilikan menjadi salah satu faktor yang dapat memengaruhi performa bank yang diukur menggunakan tingkat profitabilitas. Dengan menambahkan peristiwa krisis sebagai salah satu variabel, penelitian ini bertujuan mengetahui pengaruh kepemilikan terhadap profitabilitas perbankan pada sebelum, saat, dan setelah krisis keuangan global menggunakan sampel 88 bank konvensioal yang beroperasi di Indonesia periode 2004-2014. Kepemilikan bank dikelompokkan menjadi kepemilikan domestik dan asing. Penelitian ini juga meneliti pengaruh krisis keuangan global terhadap profitabilitas bank. Penelitian menggunakan data panel dengan pendekatan fixed effect. Hasil dari penelitian ini adalah kepemilikan tidak memengaruhi profitabilitas pada sebelum, saat, dan setelah krisis keuangan global yang diukur menggunakan proksi ROA dan NIM. Sementara krisis keuangan global memiliki pengaruh signifikan negatif yang lebih besar terhadap bank asing daripada bank domestik diukur menggunakan ROA. NIM bank domestik dan bank asing dipengaruhi signifikan positif oleh krisis keuangan global.

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ABSTRACTThe increase of number of foreign bank in Indonesia raises the question whether ownership is one of the factors that can affect bank performance as measured using profitability levels. By adding global financial crisis as one of the variables, this study aims to examine the effect of ownership on the profitability of conventional bank before, during, and after global financial crisis using 88 banks operated in Indonesia for the period 2004 2014. Banks ownership classify into domestic and foreign bank. This study also examines the effect of global financial crisis on the banks profitability. The study uses fixed effect panel data as the method of estimation. This study finds that ownership does not effect bank rsquo s profitability before, during, and after global financial crisis calculated by ROA and NIM. Global financial crisis effect profitability of domestic and foreign bank negatively significant. While NIM, both domestic and foreign bank, effected by global financial crisis positively significant."

"Konflik di Eropa Timur pada 2022 menyebabkan harga komoditas energi melambung tinggi karena kebijakan embargo dan larangan ekspor. Lonjakan harga komoditas energi tersebut dimanfaatkan oleh berbagai negara untuk menambah penerimaan negara serta redistribusi pendapatan melalui windfall profit tax. Industri batu bara sebagai industri pertambangan utama di Indonesia juga menikmati windfall profit dari melonjaknya harga batu bara sehingga pemerintah seharusnya dapat memanfaatkan momentum tersebut untuk menerapkan kebijakan windfall profit tax. Penelitian ini bertujuan untuk mengetahui alternatif kebijakan windfall profit tax berdasarkan analisis komparasi dengan negara Inggris, India, Uganda, dan Uni Eropa serta mengetahui peluang dan tantangan penerapan kebijakan windfall profit tax berdasarkan konsep equity, revenue productivity, dan neutrality – equality. Penelitian ini menggunakan pendekatan post-positivist dengan teknik pengumpulan data berupa studi lapangan melalui wawancara mendalam dan studi kepustakaan. Hasil penelitian menunjukkan bahwa terdapat dua alternatif penerapan windfall profit tax di Indonesia di mana kedua alternatif tersebut menggunakan metode income-based dengan perbedaan pada objek, tarif, durasi penerapan, serta earmarked revenue. Kemudian, penelitian ini juga menunjukkan dalam metode income-based, terdapat tiga peluang yang terdiri dari adanya potensi penerimaan negara, skema income-based yang mirip dengan skema PPh Badan, serta penerimaan PNBP yang masih terbilang kecil dan perbedaan konsep antara pajak dengan PNBP, serta delapan tantangan berupa metode income-based terdiri dari penentuan kriteria dan ambang batas windfall profit, penentuan durasi penerapan dan evaluasi berkala, administrative cost dan enforcement costs, dan adanya PNBP Minerba dan potensi mengganggu investasi dan keputusan bisnis. Sementara itu, peluang dan tantangan dari metode excise yang ditunjukkan dalam penelitian ini adalah adanya potensi penerimaan negara yang dapat menjadi alternatif cost recovery, skema excise yang mirip dengan skema PNBP, serta penerimaan PNBP yang masih terbilang kecil dan perbedaan konsep antara pajak dengan PNBP. Kemudian, enam tantangan tersebut terdiri dari penentuan durasi penerapan dan evaluasi berkala, administrative cost dan enforcement costs yang meningkat, dan adanya PNBP Minerba serta potensi mengganggu investasi dan keputusan bisnis. Penelitian ini memberikan rekomendasi kepada pemerintah agar lebih tanggap dalam menangkap momentum, melibatkan sektor industri dalam membuat kebijakan, mengoptimalkan potensi earmarked revenue, serta menggunakan metode income-based jika menerapkan windfall profit tax.

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The conflict in Eastern Europe during 2022 is anticipated to result in a surge in energy commodity prices due to embargo policies and export restrictions. Various nations have capitalized on this price escalation to bolster state revenues and redistribute income through windfall profit taxes. Indonesia’s coal industry, as a pivotal mining sector, has also reaped windfall profits from the steep rise in coal prices. Consequently, the Indonesian government should leverage this momentum to enact a windfall profit tax policy. This research is aims to explore alternative windfall profit tax policies by conducting a comparative analysis with the United Kingdom, India, Uganda, and the European Union and to identify the opportunities and challenges associated with implementing windfall profit tax policies, drawing upon the concepts of equity, revenue productivity, and neutrality-equality. Employing a post-positivist approach, the study collects data through field studies involving in-depth interviews and literature reviews. The research findings reveal two distinct approaches for implementing windfall profit tax in Indonesia. Both alternatives employ an income-based method, differing in terms of the taxable object, tax rates, implementation duration, and earmarked revenue. Furthermore, within the income-based method, three opportunities emerge: the potential for state revenue, a scheme akin to Corporate Income Tax, and relatively modest non-tax state revenue (PNBP) compared to the conceptual differences between tax and non-tax revenue and relatively small PNBP receipts. However, eight challenges accompany the income-based method, including defining criteria and thresholds for windfall profit, determining implementation duration and periodic evaluation, administrative costs, enforcement costs, and the presence of PNBP Minerba, which could impact investment and business decisions. Meanwhile, the opportunities and challenges associated with the excise method, as indicated in this research, include the potential for state revenue as an alternative cost recovery, a scheme resembling PNBP, and relatively modest PNBP compared to the conceptual differences between tax and non-tax revenue and relatively small PNBP receipts. Six challenges arise from the excise method, including determining implementation duration and periodic evaluation, increasing administrative and enforcement costs, and addressing the impact on investment decisions due to PNBP Minerba. In conclusion, this research recommends that the government be more responsive in seizing momentum, involve industrial sectors in policy-making, optimize earmarked revenue potential, and consider using the income-based method when implementing windfall profit tax policies."