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"ESG investing adalah pilihan tema investasi masa kini dan masa depan di tengah gejolak pasar dan perubahan arah ekonomi dunia. Perkembangan teknologi informasi dan digital mendukung tersediannya produk investasi yang bermuatan faktor ESG dan kemudahan akses serta layanan bagi investor."

"Penelitian ini juga bertujuan untuk menganalisis apakah krisis di Amerika Serikat (AS) tahun 2008 berdampak pada industri properti di Indonesia. Hal ini dilakukan dengan cara menganalisis faktor financial constraints pada perusahaan sektor property, real estate and building construction yang terdaftar di Bursa Efek Indonesia sebelum tahun 2003 terhadap investasi yang dilakukan. Faktor financial constraints yang digunakan dalam penelitian ini berupa arus kas investasi dan modal saham, penyaluran utang bank, pertumbuhan penjualan dan beta perusahaan. Selain itu, digunakan pula asset tangibility sebagai proksi untuk menentukan financial constraints yang dihadapi perusahaan dengan menggunakan regresi berganda. Hasil penelitian menunjukkan bahwa arus kas investasi memiliki pengaruh yang positif dan signifikan marjinal terhadap investasi yang dilakukan sebelum dan sesudah krisis di AS. Selain itu, beta perusahaan juga mempunyai pengaruh yang positif dan signifikan marjinal terhadap investasi yang dilakukan sesudah krisis. Asset tangibility tidak mempunyai pengaruh terhadap investasi baik yang dilakukan sebelum maupun sesudah krisis.

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The purpose of this research is to find out the effects of the United States (U.S) crisis in 2008 to the property industry in Indonesia. The research to analyze the financial constraints investment of the companies in the property, real estate and building construction sector. The financial constraints that have been used in this research are cash flow from investing, capital stock, ratio bank debt, sales growth, beta for property industry, including asset tangibility. This research uses multiple regressions of all companies in property, real estate and building construction industry that listed in BEI before 2003.

The result shows the effect of cash flow from investing activity was marginally positive significant to investment activity that made before and after U.S crisis. On the other hand, beta from company only showed the effect after the crisis. Asset tangibility shows there is no effect to investment activity that made before and after crisis."

"Behavioral finance expert and bestselling author Robert Koppel shows traders and investors how to invest your money rationally, even in an irrational world. "Investing," according to Robert Koppel, "Involves far more than specific analytical and strategic skills. It requires the development of habits, thought patterns and creative attitudes that influence the way to think and act in the market. In Investing and the Irrational Mind, Koppel, author of the classic bestseller,The Inner Game of Trading, uses the latest advancements in behavioral finance and neuroeconomics to help you gain these habits, as well as the deep understanding of market risk factors necessary to successful portfolio building. Armed with 30 years' experience as an analyst, and fund manager, and interviews with top traders, behavioral economists, risk managers and neuroscientists, Koppel lets you build a personal arsenal of risk management skills ("quantitative architecture") necessary for investors at any level to develop a focused, disciplined, confident, and profitable approach to investing. Filled with surprising insights into human behavior, and rock-solid financial advice, this is the guide you need to invest in today's markets."

"ABSTRAKTesis ini mencoba untuk mempelajari apakah portofolio yang dibentuk dengan menggunakan metode value investing, growth investing, dan GARP dapat menghasilkan return yang lebih baik daripada return pasar, yang tercermin dari Indeks Harga Saham Gabungan Bursa Efek Indonesia. Lebih lanjut lagi tesis ini juga mencoba untuk meneliti apakah metode GARP dapat menghasilkan return yang paling besar dari ketiga metode tersebut. Hasil penelitian ini menunjukan ketiga portofolio berhasil menghasilkan return yang lebih baik dari pasar. Dari ketiga portofolio yang diteliti, ternyata portofolio yang dibentuk menggunakan metode GARP bukanlah yang terbaik dalam menghasilkan return, melainkan metode growth investing.

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ABSTRACT

This thesis studies whether portfolios that made up using value investing, growth investing, and GARP could generate return exceeding those generated by market, as resembled by The Jakarta Composite Index. Further more, this study also trying to find out whether the GARP method is the best in generating return among those three methods being compared. This research find that all of those three portfolios outperform market, in term of returns. And the best method among those three are growth investing not GARP, respectively."

"Benjamin Graham's Value Investing Method is a method to select undervalue stocks with regards to the companies' asset values. Undervalue stocks are expected to give capital gain in the long term (five years). A stock can be said undervalue if the stock shows that the overall companies' value is higher than company's stock market price. Combination of Benjamin Graham's criteria in selecting the undervalue stocks used by some analyst. In this research selection criteria are applied to 326 companies listed in the Indonesian Stock Exchange in 2003. The Capital Asset Pricing Model has been used to test whether stocks are able to give return higher than the market return. The results show that almost all stocks which fulfill the above-mentioned criteria can not significantly give return higher than the market return. The stocks which passed the Benjamin Graham criteria do give returns above the returns of portfolio from randomly selected stocks that do not passed the Benjamin Graham's criteria."

"Pendekatan investasi ESG dan investasi syariah memiliki nilai-nilai yang mirip. Investasi syariah didasarkan pada prinsip syariah yang bertujuan untuk mencapai maqashid syariah (yaitu menjaga jiwa, agama, akal, keturunan dan harta benda). Sementara itu, pada konsep investasi ESG, perlu dilakukan penyaringan terhadap sektor-sektor usaha tertentu. Namun, menerapkan ESG di industri jasa keuangan syariah di Indonesia, terutama di industri pasar modal masih memiliki tantangan, salah satunya adalah regulasi yang belum memadai. Oleh karena itu, Tesis ini bertujuan untuk menganalisis penerapan maqashid syariah pada investasi ESG dan menguraikan upaya pengaturan untuk mengintegrasi investasi ESG dalam ketentuan pasar modal syariah Indonesia. Tesis ini merupakan penelitian yuridis normatif dengan bentuk hasil penelitian preskriptif-analitis. Analisis terhadap konsep maqashid syariah, maslahah mursalah, dan prinsip syariah di pasar modal akan dikaitkan dengan peraturan yang terkait dengan investasi ESG. Hasil penelitian menemukan bahwa ajaran Islam kompatibel dengan prinsip-prinsip yang diterima secara universal dari UN Global Compact, yaitu hak asasi manusia, tenaga kerja, lingkungan, dan anti-korupsi. Selanjutnya, Tesis ini mengusulkan dibuatnya ketentuan baru mengenai integrasi investasi ESG dalam pasar modal syariah yang mencakup: (1) Efek dan Kriteria Efek dalam DES ESG, (2) DES ESG yang ditetapkan OJK, dan (3) DES ESG yang diterbitkan PP DES.

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The ESG investment approach and Islamic investment have similar values. Sharia investment is based on sharia principles which aim to achieve maqashid sharia (i.e. safeguarding the soul, religion, mind, lineage and property). Meanwhile, in the ESG investment concept, it is necessary to filter certain business sectors. However, implementing ESG in the Islamic financial services industry in Indonesia, especially in the capital market industry, still has challenges, one of which is inadequate regulation. Therefore, this Thesis aims to analyze the application of maqashid sharia in ESG investment and describe regulatory efforts to integrate ESG investment in the provisions of the Indonesian Islamic capital market. This Thesis is normative juridical research, which research results is in the form of prescriptive-analytical. Analysis of the concepts of maqashid sharia, maslahah mursalah, and sharia principles in the capital market will be linked to regulations related to ESG investment. The results of the study found that Islamic teachings are compatible with the universally accepted principles of the UN Global Compact, which are human rights, labor, environment, and anti-corruption. Furthermore, this Thesis proposes to make new provisions regarding the integration of ESG investment in the Islamic capital market which includes: (1) Securities and Securities Criteria in DES ESG, (2) DES ESG stipulated by OJK, and (3) DES ESG issued by PP DES."

"Ancaman perubahan iklim secara global telah menggerakkan organisasi multilateral, pemimpin negara dan investor institusional berkomitmen dalam United Nations Global Compact. Penelitian meneliti pengaruh inovasi Perusahaan terhadap pengungkapan ESG Perusahaan dan pengaruh pengungkapan ESG terhadap kinerja keuangan Perusahaan. Inovasi Perusahaan diukur dengan beban riset dan pengembangan dan nilai paten. Penelitian menggunakan perusahaan terbuka di ASEAN+3 yang termasuk dalam sektor industri yang sensitif terhadap lingkungan. sebagai sampel penelitian. Periode penelitian dilakukan pada tahun 2016-2022, dengan tahun 2016 digunakan sebagai awal periode penelitian dikarenakan United Nations Global Compact berpartisipasi dalam Sustainable Development Goals yang dirilis pada tahun 2015. Penelitian menggunakan metode Ordinary Least Square (OLS) fixed effect sebagai model utama penelitian dan metode Two Stage Least Square (2SLS) untuk menguji endogenitas. Penelitian menemukan hubungan positif signifikan antara inovasi Perusahaan yang diukur dengan beban riset dan pengembangan terhadap pengungkapan ESG. Pengungkapan ESG ditemukan memiliki pengaruh positif signifikan pada kinerja keuangan yang diukur dengan pendapatan. Sementara pengungkapan ESG terhadap kinerja keuangan yang diukur dengan ROA ditemukan tidak berpengaruh. Kehadiran Komite CSR dalam Perusahaan disimpulkan sangat penting dalam memberi pengaruh positif signifikan terhadap peningkatan pengungkapan informasi ESG dan kinerja keuangan yang diukur dengan pendapatan. Penandatanganan Global Compact Signatory memberikan pengaruh positif signifikan terhadap pengungkapan ESG namun tidak berpengaruh terhadap kinerja keuangan Perusahaan.

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The threat of global climate change has moved multilateral organizations, state leaders and institutional investors to commit to the United Nations Global Compact. Research examines the influence of corporate innovation on corporate ESG disclosure and the influence of ESG disclosure on corporate financial performance. Corporate innovation is measured by research and development expenses and patent value. The research uses public companies in ASEAN+3 which are included in environmentally sensitive industrial sectors. as a research sample. The research period was carried out in 2016-2022, with 2016 used as the beginning of the research period because the United Nations Global Compact participated in the Sustainable Development Goals which were released in 2015. The research uses the Ordinary Least Square (OLS) fixed effect method as the main research model and the Two Stage Least Square (2SLS) method to test endogeneity. The research found a significant positive relationship between corporate innovation as measured by research and development expenses on ESG disclosure. ESG disclosure was found to have a significant positive effect on financial performance as measured by revenue. Meanwhile, ESG disclosure on financial performance as measured by ROA was found to have no effect. The presence of a CSR Committee in the Company is concluded to be very important in providing a significant positive influence on increasing ESG information disclosure and financial performance as measured by revenue. The signing of the Global Compact Signatory has a significant positive influence on ESG disclosure but does not affect on the Company's financial performance."