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"Penelitian ini bertujuan untuk mengindentifikasi faktor-faktor yang memengaruhi kebijakan dividen dari perusahaan-perusahaan yang terdaftar di bursa efek negaranegara ASEAN-5 selama periode tahun 2005-2015. Sejalan dengan teori pecking-order dan tradeoff, penelitian ini mendapatkan hasil bahwa tingkat profitabilitas memengaruhi kebijakan dividen secara positif. Sebaliknya, peluang investasi, volatilitas pendapatan, dan tingkat utang memengaruhi kebijakan dividen secara negatif. Sejalan pula dengan prediksi teori life-cycle atas dividen, semakin tinggi proporsi pendapatan yang digunakan sebagai modal, akan semakin tinggi pula tingkat dividen yang dibagikan. Hasil dari penelitian ini juga menunjukkan bahwa kebijakan dividen perusahaan secara negatif dipengaruhi oleh tingkat kepatuhan hukum suatu negara.

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This study aims to examine the impact of factors influencing corporate dividend policy of the firms listed on ASEAN 5 stock exchanges during the period of 2005 2015. As predicted by the pecking order and trade off theories, corporate dividend policy is positively linked to profitability. Otherwise, it is negatively linked to investment opportunities, income volatility, and leverage. In accordance to the life cycle theory of dividends, this study also finds that the higher level of earned over contributed capital ratio, the higher dividend paid to the shareholders. In addition, law abidance at the country level is negatively related to the corporate dividend policy."

""ABSTRAK"Penelitian ini bertujuan untuk menguji pengaruh siklus hidup perusahaan terhadap kebijakan perusahaan. Siklus hidup perusahaan diklasifikasikan berdasarkan Dicksinson 2010 Classification Scheme DCS . Kebijakan perusahaan terdiri dari kebijakan investasi, pendanaan eksternal utang dan saham , dan cash holdings. Dengan menggunakan 770 sampel perusahaan industri manufaktur dari tahun 2010 ndash; 2016, ditemukan bukti bahwa kebijakan investasi perusahaan bergerak menurun secara monotonic seiring dengan berkembangnya perusahaan. Kebijakan penerbitan saham bergerak menurun seiring dengan berkembangnya perusahaan dari tahap introduction ke tahap mature, selanjutnya mengalami kenaikan ketika perusahaan bergerak dari tahapan mature ke shake-out/decline. Pergerakan nilai penerbitan utang jangka panjang membentuk pola menurun dan monotonic seiring dengan perkembangan siklus hidup perusahaan. Pergerakan hubungan antara nilai cash holdings perusahaan dengan siklus hidupnya membentuk pola hump shape. Cash holdings akan meningkat seiring perusahaan bergerak dari tahapan introduction ke mature, lalu menurun pada tahapan mature ke shake-out/decline.Secara keseluruhan, hasil penelitian ini menunjukkan bahwa kebijakan keuangan perusahaan bergerak mengikuti siklus hidupnya."

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""ABSTRACT"This study is aimed to investigate the impact of corporate life cycle on corporate policy. Firms sample classified into different life cycle stages using the Dickinson 2011 Classification Scheme. Corporate policies in this study defined as investment, external financing debt and equity issuance , and cash holdings. Using 770 observations of manufacturing company listed in IDX from 2010 ndash 2016, it is found that firms will invest less as they become more mature. As of equity issuance, firms will decrease their equity issuance as they move from the introduction phase to the mature phase. Mature and shake out decline firms will issue more equity. For debt issuance policy, firms will issuing less debt as they become more mature. Firms will increase their cash holdings as they move from the introduction phase to the mature phase. Mature and shake out decline firms will hold less cash. Collectively, our results show that corporate policies follow a corporate life cycle. "

"Penelitian ini bertujuan untuk membuktikan secara empiris pengaruh kinerja Environmental, Social, dan Governance (ESG) terhadap profitabilitas dan nilai pasar perusahaan dengan efek moderasi krisis COVID-19. Sampel yang diteliti terdiri dari 181 perusahaan publik di Asia Pacific Emerging Markets dengan periode pengamatan 2015-2021. Regresi data panel random effect model digunakan untuk menguji hipotesis dalam penelitian ini. Hasil penelitian menunjukkan bahwa kinerja ESG secara keseluruhan tidak berpengaruh signifikan terhadap profitabilitas tetapi berpengaruh signifikan dan negatif terhadap nilai pasar perusahaan. Secara individu, setiap komponen memiliki hasil yang berbeda: kinerja Environmental berpengaruh signifikan negatif hanya terhadap nilai pasar, Social berpengaruh signifikan negatif terhadap profitabilitas dan nilai pasar, sedangkan Governance tidak memiliki pengaruh yang signifikan terhadap seluruh variabel dependen. Penelitian ini juga menemukan bahwa COVID-19 membawa dampak positif bagi implementasi ESG, di mana krisis melemahkan hubungan negatif antara ESG dengan nilai pasar perusahaan. Temuan ini relevan tidak hanya bagi akademisi, tetapi juga untuk jajaran manajerial, pembuat kebijakan, investor, dan masyarakat umum.

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This study aims to empirically prove the effect of Environmental, Social, and Governance (ESG) performance on company profitability and market value with the moderating effect of the COVID-19 crisis. The sample under study consists of 181 public companies in the Asia Pacific Emerging Markets over the period of 2015–2021. A random effect model panel regression was used to test the hypothesis in this study. The results show that the overall ESG performance does not have a significant effect on profitability but has a significant and negative effect on the company's market value. Individually, each component has different results: Environmental performance has a significant negative effect only on market value, Social has a significant negative effect on profitability and market value, while Governance has no significant effect on all dependent variables. This study also reveals that COVID-19 had a positive impact on ESG implementation, where the crisis weakened the negative relationship between ESG and company's market value. This findings are relevant not only for academics, but also for managers, policymakers, investors, and society in general."

"Radikalisasi pemahaman agama Islam yang terjadi di kalangan pelajar SMA menunjukkan lemahnya identitas kebangsaan sebagai identitas utama yang dapat memfasilitasi terbentuknya pemahaman agama Islam yang inklusif. Upaya kontra radikalisasi yang dilakukan pada pelajar SMA saat ini masih terfokus pada sosialisasi terhadap bahaya terorisme dan belum secara strategis berusaha memperkuat identitas kebangsaan sebagai identitas sosial yang dapat dikapitalisasi menjadi identitas utama. Fokus penelitian ini adalah upaya intervensi memperkuat identitas kebangsaan dengan menggunakan Appreciative Inquiry sebagai teknik. Intervensi diberikan dalam bentuk workshop ?Pelajar Hebat Untuk Indonesia Hebat? selama enam jam dalam satu hari. Pengukuran dampak Intervensi dilakukan dengan uji hasil pre-test post test skala Identitas Kebangsaan menggunakan Wilcoxon Signed-Rank Test sebagai statistika nonparametrik. Uji tersebut menghasilkan nilai p sebesar 0.034 yang menunjukkan bahwa intervensi memperkuat identitas kebangsaan pelajar SMA.

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The radicalization process of understanding Islam as a religion which occurred among high school students has showed how weak national identity is as a primary identity that can facilitate the formation of an inclusive understanding of Islam. Counter-radicalization efforts conducted on high school students are still focused on the socialization of the danger of terrorism and yet strategically trying to strengthen national identity as a social identity that can be capitalized into the main identity. The focus of this research is an intervention to strengthen national identity by using Appreciative Inquiry as its technique. Interventions are given in the form of workshop titled 'Pelajar Hebat untuk Indonesia Hebat? for six hours in one day. Measuring the impact of the intervention carried out by testing the results of pre-test post-test of national identity scale using the Wilcoxon Signed-Rank Test as nonparametric statistics. The test produces a p-value of 0.034 which indicates that the intervention strengthens the national identity of high school students."

"Ada beberapa faktor yang mempengaruhi kebijakan pembayaran dividen pada perusahaan; diantaranya adalah investment opportunity set dan pendanaan perusahaan. Beberapa penelitian sudah mengangkat topic mengenai kebijakan pendanaan namun sedikit sekali dalam Negara berkembang. Penelitian ini menganalisis pengaruh investment opportunity set dan pendanaan perusahaan pada kebijakan pembayaran dividen di Indonesia. Sampel terdiri dari 275 observasi dari sampel yang melakukan pembayaran dividen dari tahun 2001-2011. Variabel dependennya adalah pembayaran dividen diukur oleh dividen per saham dibagi dengan jumlah nilai ekuitas per saham. Variabel independennya adalah investment opportunity set dan pendanaan perusahaan. Market to book asset digunakan untuk mengukur profitabilitas dan jumlah utang terhadap jumlah ekuitas digunakan untuk mengukur pendanaan perusahaan. Proksi profitabilitas dan risiko sistematik digunakan sebagai variabel kontrol. Hasilnya menunjukkan bahwa ada hubungan signifikan terhadap investment opportunity set dengan kebijakan pembayaran dividen. sedangkan pada variabel independen lainnya, yaitu pendanaan perusahaan tidak signifikan. Pada variabel control yaitu risiko sistematik yang diukur oleh beta saham dan profitabilitas dengan pengembalian dari investasi menunjukkan nilai yang tidak signifikan.

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There are several factors that affect the company’s dividend payout policy; including investment opportunity set and corporate financing. Several studies have raised the topic of policy but little funding in developing countries. This study analysis the effect investment opportunity and corporate financing on dividend payout policy in Indonesia. The Sample consists of 275 observations of sample of the dividend payment from 2001 to 2011. The dependent variable measured by dividend payments of dividends per share divided by the total value of equity per share. Independent variable in this study is the investment opportunity ser and corporate financing. Market to book asset is used to measure the investment opportunity set; debt to equity and debt maturityis used to measure corporate financing. Profitability and systematic risk proxies are used as control variables. The result showed that there was a significant relationship to the investment opportunity ser with a dividend payout policy. While the other independent variables, which are not significant corporate financing. On the control variables, proxies by systematic risk as measured by beta stocks and profitability measured by return on investment indicates that the value is not significant."

"[ABSTRAKPenelitian ini menguji pengaruh kebijakan utang, kebijakan dividen dankeputusan investasi terhadap nilai perusahaan. Penelitian menggunakan StructuralEquation Model (SEM) dengan data panel dengan sampel 115 perusahaan yangterdaftar di Bursa Efek Indonesia dengan data tahun 2011-2013. Variabel yangdigunakan untuk mengukur kebijakan utang menggunakan debt to equity ratio(DER), kebijakan dividen menggunakan dividend payout ratio (DPR), keputusaninvestasi menggunakan proksi pertumbuhan/penurunan aset tetap dan nilaiperusahaan menggunakan rasio price to book value (PBV). Hasil penelitian pervariabel menujukan bahwa kebijakan utang berpengaruh terhadap kebijakandividen, keputusan investasi tidak berpengaruh terhadap kebijakan dividen,kebijakan utang berpengaruh terhadap nilai perusahaan, kebijakan dividen dankeputusan investasi tidak berpengaruh terhadap nilai perusahaan. Bila dilihat daripengujian model struktural, kebijakan utang berpengaruh langsung terhadap nilaiperusahaan secara langsung tanpa melalui kebijakan dividen terlebih dahulu. Hasilpenelitian tersebut juga membuktikan bahwa kebijakan dividen dapat berdirisendiri sebagai variabel independen karena keputusan investasi tidak berpengaruhterhadap kebijakan dividen dan terhadap nilai perusahaan

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ABSTRACTThis study examines the effect of debt policy, dividend policy and investmentdecision on firm value. This study used structural equation model (SEM) withpanel data, took 115 listed companies in Indonesia Stock Exchange from year2011-2013. This study used variables such as debt to equity ratio (DER) tomeasure debt policy, dividend payout ratio (DPR) to measure dividend policy,proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)to measure firm value. The results of the study addressing that each variable suchas debt policy affects dividend policy, investment decision doesn?t affect dividendpolicy, debt policy affect firm value, dividend policy and investment decision donot affect firm value. Result from the structural testing model, debt policy affectfirm value directly without pass through dividend policy first. The result of thestudy also revealed that dividend policy could stand alone as an independentvariable because investment decision doesn?t affect dividend policy and firmvalue.;This study examines the effect of debt policy, dividend policy and investmentdecision on firm value. This study used structural equation model (SEM) withpanel data, took 115 listed companies in Indonesia Stock Exchange from year2011-2013. This study used variables such as debt to equity ratio (DER) tomeasure debt policy, dividend payout ratio (DPR) to measure dividend policy,proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)to measure firm value. The results of the study addressing that each variable suchas debt policy affects dividend policy, investment decision doesn?t affect dividendpolicy, debt policy affect firm value, dividend policy and investment decision donot affect firm value. Result from the structural testing model, debt policy affectfirm value directly without pass through dividend policy first. The result of thestudy also revealed that dividend policy could stand alone as an independentvariable because investment decision doesn?t affect dividend policy and firmvalue.;This study examines the effect of debt policy, dividend policy and investmentdecision on firm value. This study used structural equation model (SEM) withpanel data, took 115 listed companies in Indonesia Stock Exchange from year2011-2013. This study used variables such as debt to equity ratio (DER) tomeasure debt policy, dividend payout ratio (DPR) to measure dividend policy,proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)to measure firm value. The results of the study addressing that each variable suchas debt policy affects dividend policy, investment decision doesn?t affect dividendpolicy, debt policy affect firm value, dividend policy and investment decision donot affect firm value. Result from the structural testing model, debt policy affectfirm value directly without pass through dividend policy first. The result of thestudy also revealed that dividend policy could stand alone as an independentvariable because investment decision doesn?t affect dividend policy and firmvalue., This study examines the effect of debt policy, dividend policy and investmentdecision on firm value. This study used structural equation model (SEM) withpanel data, took 115 listed companies in Indonesia Stock Exchange from year2011-2013. This study used variables such as debt to equity ratio (DER) tomeasure debt policy, dividend payout ratio (DPR) to measure dividend policy,proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)to measure firm value. The results of the study addressing that each variable suchas debt policy affects dividend policy, investment decision doesn’t affect dividendpolicy, debt policy affect firm value, dividend policy and investment decision donot affect firm value. Result from the structural testing model, debt policy affectfirm value directly without pass through dividend policy first. The result of thestudy also revealed that dividend policy could stand alone as an independentvariable because investment decision doesn’t affect dividend policy and firmvalue.]"

"Dalam kondisi ketidakpastian serta resiko yang dihadapi, keputusan untuk melakukan investasi proyek infrastruktur membutuhkan suatu evaluasi mendalam. Pembangunan proyek membutuhkan identifikasi risiko yang tepat karena dapat mempengaruhi tingkat kelayakan investasinya. Salah satu risiko proyek infrastruktur adalah lamanya waktu penyelesaian proyek dan berisiko menurunkan kelayakan investasi. Tesis ini membahas tentang pengaruh ketidakpastian waktu penyelesaian proyek berbasis life cycle costing terhadap tingkat kelayakan investasi dengan mengambil studi kasus bandar udara Samarinda Baru. Pendekatan yang digunakan menggunakan stokastik probabilistik sebagai upaya mengakomodasi ketidakpastian dari variabel - variabel yang digunakan pada kajian kelayakan. Metode yang digunakan dalam analisis finansialnya adalah metode NPV-at-Risk, sehingga diharapkan tercipta gambaran output (NPV) sehingga menimbulkan opsi terhadap pengambilan keputusan investasi dalam hal ini minat swasta dalam skema Kerjasama Pemerintah dan Swasta dalam pengembangan bandara Samarinda baru.

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Under conditions of risk and uncertainty the decision to invest in infrastructure projects requires careful consideration. Development projects require proper identification of risk because it can affect the level of investment feasibility. One of the risks of infrastructure projects is the period of the project completion time and lower the risk of investment feasibility.

This thesis discusses the influence of the uncertainty of the completion of the project based on life cycle costing to the feasibility of investment by taking a case study of the New Samarinda Airport. Using the stochastic approach used in an attempt to accommodate the probabilistic uncertainty of variables used in the feasibility study.

The method used in financial analysis is a method of NPV-at-Risk, which is expected to create the output image (NPV), giving rise to the option of making an investment decision, so that private sector interest joint to Public Private Partnership in the development of Samarinda Baru airport."

"Skripsi ini menyajikan analisis pengaruh dari kesempatan investasi dan rasio hutang terhadap kebijakan pembayaran dividen perusahaan. Analisis dilakukan terhadap perusahaan-perusahaan non keuangan pada Bursa Efek Indonesia yang melakukan pembayaran dividen kas secara konsisten selama periode 2009-2010. Penelitian ini menggunakan dividend payout ratio sebagai variabel dari kebijakan dividen. Pengujian empiris yang dilakukan menemukan bahwa kesempatan investasi yang dinyatakan dengan Tobin's Q ratio memiliki pengaruh negatif yang tidak signifikan terhadap kebijakan pembayaran dividen perusahan. Untuk rasio hutang yang dinyatakan dalam debt to equity ratio memiliki pengaruh negatif yang juga tidak signifikan terhadap kebijakan pembayaran dividen perusahaan. Sedangkan rasio hutang yang dinyatakan dalam debt maturity memiliki pengaruh positif dan signifikan terhadap kebijakan pembayaran dividen perusahaan.

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This thesis analyses the effect of investment opportunities and debt ratio on firm's dividend payout policy. The objects of analysis are listed firms on Indonesia Stock Exchange who made cash dividend consistently during period 2009-2010.

This research uses dividend payout ratio as a variable for firm's dividend payout policy. Empirical test in this research shows that investment opportunity, which is represented by Tobin's Q ratio has no significant influence on firm's dividend payout policy. Debt ratio that is represented by debt to equity ratio has no significant influence on firm's dividend payout policy. While debt ratio that is represented by debt maturity has positif and significant influence on firm's dividend payout policy."

"Penelitian ini bertujuan untuk menganalisis pengaruh asset tangibility terhadap leverage dan debt maturity di emerging markets dengan menggunakan metode regresi data panel. Selain itu, penelitian ini juga melakukan pemisahan sampel berdasarkan kondisi institusional yang terkait dengan collateral. Hasil studi menunjukan bahwa pada perusahaan non finansial dan non utilitas di Indonesia, Malaysia, Filipina, dan Thailand pada tahun 2002-2011, asset tangibility memiliki pengaruh terhadap leverage dan debt maturity. Studi ini juga menemukan bahwa pengaruh asset tangibility terhadap leverage berbeda pada setiap kelompok negara, seperti pada negara dengan peraturan collateral lebih sederhana, hubungan antara variabel tersebut lebih kuat. Hal ini juga berlaku pada pengaruh asset tangibility terhadap debt maturity.

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This study aims to analyze the impact of asset tangibility towards leverage and debt maturity in emerging markets by using panel data regression. In addition, this study also split the sample based on institutional environment in each country related to collateral. This study finds that in non financial and non utilities firms in Indonesia, Malaysia, Philippines, and Thailand in 2002-2011, asset tangibility affects leverage and debt maturity. This study also finds that the impact of asset tangibility towards leverage varies across countries, such that in countries with fewer restrictions on collateral, the relationship between these variables is much tighter. This also applies to the impact of asset tangibility towards debt maturity."

"ABSTRAKIdiosyncratic volatility adalah salah satu asset pricing puzzle yang paling aktif diteliti. Sejumlah riset dilakukan untuk dapat menjawab apakah idiosyncratic volatility sepenuhnya dapat dijelaskan oleh fenomena lain, tak terkecuali dengan perubahan dalam nilai fundamental perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh ROE volatility terhadap idiosyncratic volatility sepanjang life cycle stage perusahaan non-keuangan yang tercatat di Bursa Efek Indonesia dan The Stock Exchange of Thailand selama periode 2011-2017.Penelitian ini menggunakan ROE sebagai proksi dari volatilitas fundamental perusahaan. Pola arus kas berdasarkan Dickinson (2011) digunakan untuk mengklasifikasikan tahap life cycle perusahaan untuk kemudian diklasifikasikan ulang dengan menggunakan Multiclass Linear Discriminant Analysis guna mendapatkan proksi life cycle yang baik. Hasil penelitian menunjukkan bahwa tahap introduction dan growth mempengaruhi ROE volatility dalam meningkatkan dan menurunkan idiosyncratic volatility.

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ABSTRACT

Idiosyncratic volatility is one of the most actively studied asset pricing puzzles. A number of studies have been conducted to be able to answer whether idiosyncratic volatility can be fully explained by other phenomena, including changes in the company's fundamental values. This study aims to analyze the effect of return on equity volatility on idiosyncratic volatility throughout life cycle stage of non-financial companies listed on the Indonesia Stock Exchange and The Stock Exchange of Thailand during the period of 2011- 2017.

The cash flow pattern based on Dickinson (2011) is used to classify the life cycle stage of the company to then be reclassified by using Multiclass Linear Discriminant Analysis to obtain a good proxy of life cycle. The results showed that the introduction and growth stages affected ROE volatility in increasing and decreasing idiosyncratic volatility.

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