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"AbstrakThe purpose of this study is to determine the effect of real and accrual earnings management on the value relevance, proxied by predictive value, feedback value and timeliness. Furthermore, this study investigates whether the company size variable can strengthen the effect of real and accrual earning management on value relevance. Multiple regression models are used with secondary data between 2014-2016 from 61 companies, resulting in 183 observations. The results show that there are positive effects of accrual earnings management on predictive value and feedback value and adverse effect on timeliness. Meanwhile, real earnings management only has a positive effect on predictive value. On the other hand, company size only strengthens the effect of accrual earnings management on timeliness."

"Penelitian terdahulu mengenai penerapan ERM lebih banyak menggunakan variabel dummy untuk mengetahui hubungan ERM dengan variable yang mempengaruhinyai. Penelitian yang menggunakan maturitas manajemen risiko sebagai variabel penelitian masih terbatas. Penelitian ini ditujukan untuk mengetahui tingkat maturitas penerapan ERM perusahaan di luar sektor keuangan yang terdaftar di Bursa Efek Indonesia selama periode tahun 2015 sekaligus mengetahui pengaruh dari total asset, jumlah pegawai, leverage dan kepemilikan publik terhadap maturitas ERM. Metode analisis yang digunakan adalah kualitatif dan regresi linear berganda. Hasil analisis menunjukan bahwa tingkat maturitas penerapan ERM pada perusahaan yang terpilih menjadi sample selama tahun 2015 masih rendah (mayoritas berada di level initial dan repatable). Selain itu, dari beberapa faktor penentu hanya total asset yang berpengaruh secara signifikan terhadap maturitas ERM. Hal ini berimplikasi bahwa perusahaan terbuka di luar sektor keuangan rentan terhadap risiko. Manajemen sebaiknya mempertimbangkan manfaat masa depan dari ERM yang matang,tidak hanya sekedar untuk mematuhi peraturan."

"The Value at Risk (VaR) of selling the option on crude oil WTI has not widely known, whereas this trade is the most significant transactions in the world. This study aimed to analyze the Value at Risk (VaR) of the far out of the money (FOTM) and the in the money (ITM) strike position of selling option on crude oil WTI investment. The monthly option premium return data ranging from April 1984 to May 2017 was analyzed by the ARCH-GARCH and VaR method to get the risk of FOTM and ITM strike position. Empirical results indicate that the risk of the FOTM strike was much lower than the ITM strike positions. It meant that selecting the FOTM strike position of the selling option on crude oil WTI investment could be considered by stakeholders because its risk was much lower than the ITM strike position."

"Pengenalan sistem zonasi ke dalam ruang politik Nigeria adalah untuk membantu kelancaran rotasi politik utama di seluruh negeri. Kebijakan ini untuk mewujudkan keadlian, perdamaian dan pemerataan sumber daya. Efek buruknya terhadap ekonomi adalah sesuatu yang perlu dikhawatirkan. Oleh karena itu, studi ini meneliti pengaruh sistem zonasi demokratis terhadap ekonomi NIgeria, dengan referensi khusus ke negara bagian Niger. Mempekerjakan statistik deskriptif dan regresi berganda. Hasilnya menunjukkan bahwa unsur-unsur zonasi demokratis vis-a-vis; perdamaian, keadilan, persatuan dan keadilan memilki dampak positif dan signifikan terhadap pertumbuhan ekonomi Nigeria. Oleh karena itu penulis merekomendasikan kepada pemerintah di kedua tingkat tersebut untuk fokus pada penyediaan proyek pembangunan simultan untuk membuka jalan bagi perdamaian dan kesatuan, sistem zonasi harus dimasukkan ke dalam konstitusi Nigeria, distribusi sumber daya yang tidak bias dan merata di seluruh ekonomi."

"ABSTRAKThis paper analyzes the change in distance elasticity of trade using bilateral trade data among China and Indonesia and their main trading partners. The empirical method used in this study derived from the gravity model that considers the effect of distance on trade activities behavior. Two causes of change in the elasticity of trade to distance will be exposed, i.e., the distance sensitivity effect (within industries) and the compositional effect (among industries). Specifically, this study would like to prove whether the distance sensitivity effect is more dominant than the compositional effect in explaining the change in distance elasticity of trade. By using four sub-periods and around two hundred industries involved, the result shows that the increase in the role of distance in trade heavily caused by the escalation of distance sensitivity effect in most industries."

"The impacts of exchange rate to an economy both domestically and internationally are an interesting discussion. One of the examples for discussion is exchange rate pass-through (ERPT). ERPT is defined as the rate of change of prices (domestic, imported or exported) as a result of change in exchange rate. Consumer price index (CPI) is one of the most frequent indicators used for measuring domestic price. This paper analyzes the impacts of exchange rate change (ERPT) to seven group of CPI in Indonesia. The Cholesky Decomposition is employed to identify structural shock of Structural Vector Autoregression (SVAR) which then combined with Vector Error Correction Model (VECM) for 48 time series units. The result shows that for the entire period there is an incomplete pass-through for the seven group of CPI. The largest effect occurs in the transportation and communication sector and food and beverages sector in which 35 percent of their changes in CPI are affected by change in exchange rate."

"Memaksimalkan kekayaan pemegang saham sama dengan memaksimalkan nilai perusahaan. Nilai perusahaan dapat ditingkatkan. dengan jalan meningkatkan harga saham di pasar modal. Harga saham sebuah perusahaan dipengaruhi oleh harapan pemodal tentang kinerja perusahaan di masa yang akan datang. Nilai perusahaan dapat diketahui dengan cara mengukur kinerja perusahaan. Saat ini telah berkembang pengukuran pendapatan tradisional yang merupakan tolak ukur selama ini dalam menentukan kinerja perusahaan yaitu dengan menggunakan Earning per Share (EPS), Return on Asset (ROA), ROE (Return on Equity). Untuk melengkapi cara pengukuran kinerja perusahaan yang telah ada, selama beberapa tahun terakhir telah berkembang suatu pendekatan baru dalam mengukur kinerja perusahaan yang dikenal dengan pendekatan Nilai Tambah Ekonomis (Economic Value Added/EVA). Penelitian ini bertujuan untuk mengetahui apakah adanya pengaruh EVA, ROA, ROE, EPS secara bersama-sama sebagai alat pengukur kineija terhadap harga saham dan Market Value Added (MVA), apakah EVA, ROA, ROE dan EPS secara individual mempunyai pengaruh terhadap perubahan harga saham dan MVA. Penelitian menggunakan metode analisis regresi pool least square terhadap 20 perusahaan dengan periode 2000-2002 dengan menggunakan dua model yaitu: model 1 (Pengaruh EVA, ROA, ROE, dan EPS terhadap harga saham), dan model 2 (pengaruh EVA, ROA, ROE, dan BPS terhadap MVA). Adapun hasil penelitian ini berdasarkan analisis regresi terhadap dua model tersebut dengan tingkat signifikansi 5%: pada model pertama EVA, ROA, ROE dan EPS secara bersama-sama memiliki pengaruh yang signifikan kepada perubahan harga saham dan MVA. ROA, dan EPS secara individual mempengaruhi harga saham, sedangkan EVA dan ROE tidak memiliki pengaruh yang signifikan terhadap perubahan harga saham. Sedangkan pada model kedua EVA, ROA, ROE, dan EPS secara bersama-sama memiliki pengaruh yang signifikan terhadap MVA, EVA, dan ROA, secara individual mempengaruhi MVA, sedangkan ROE dan EPS tidak memiliki pengaruh yang signifikan terhadap MVA.

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Maximizing stock holder equity is equal to maximizing company value. Assess company can be improved by way of improving share price in capital market. Share price a company influenced by expectation of investor about company performance in the future. Assess company can know by measuring company performance. In this time have expanded measurement of traditional earnings which represent yardstick during the time in determining company performance that is by using Earning per Share (EPS), Return On Asset (ROA), ROE (Return On Equity). To equip the way of measurement of company performance which have there is, last for a number of years have expanded an new approach in measuring recognized company performance with approach of Economic Added Value ( Economic Value Added / EVA). This research aim to know what is existence of influence of EVA, ROA, ROE, EPS by together as a means of measurement of performance to share price and of Market Value Added (MVA), is EVA, ROA, ROE and of EPS individually have influence to price change of and share of MVA. Research use method analysis square least pool regression to 20 company with period 2000-2002 by using two model that is: model 1 (Influence Of EVA, ROA, ROE, and EPS to share price), and model 2 ( influence of EVA, ROA, ROE, and EPS to MVA). As for result of this research pursuant to analysis of regression to two model with level of significant 5%: at first model of EVA, RDA, ROE and of EPS by together have influence which is significant to price change of and share of MVA. ROA, and EPS individually influence share price, while EVA and ROE do not have influence which is significant to price change of share. While at model both of EVA. ROA, ROE, and EPS by together have influence which is significant to MVA. EVA, and ROA, individually influence MVA, while ROE and EPS do not have influence which is significant to MVA."