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"Getting sovereign credit rating upgrades and achieving investment grade status are main goalsfor countries in order to gain lower yield spread and cost of borrowing. By using ordinary leastsquare method, this research is aimed to analyze the impact of Indonesia sovereign credit rating upgradeand investment grade status on sovereign spread changes. The result shows that the sovereigncredit rating upgrades within speculative grade category and investment grade status for Indonesiado not significantly impact sovereign spread reduction. On the other hand, the global condition, especiallyglobal risk appetite, has significant impact to Indonesia sovereign yield spread. The researchalso indicates that Indonesia macroeconomic fundamentals do not significantly explain the movementof sovereign yield spread."

"Telecommunication industry ('the industry') plays an important role in economic growth. Therefore, it is beneficial when the Government prepares policies enhancing the development of this industry. This study offers an alternative design of income tax system namely Pro Corporate Cash-flow Tax (PCCFT). The PCCFT is developed from the angle of Supplyside Tax Policy concept. This policy encourages the private sector to increase its supply of products by possibly removing the provisional withholding tax system (i.e., Art 23 Income Tax).1 As withholding tax on business income absorbs industry's fund, its removal effectively injects the industry with working capital. In addition thereto, the recharacterization of income may jointly reduce cost of taxation and therefore improving the business climate. This research employs constructivism paradigm with mixed approaches. PCCFT appears to be able to minimize opportunity costs, while offering the industry some advantages (including potential revenue). For the Government, it may increase potential tax revenue as well as non-tax revenue (e.g. radio frequency fee and dividends), universal service obligation fee, penetration facilities and teledencity fees. Moreover, this design may create job opportunities and alleviate poverty as well as improve prosperity."

"Abstract. The aim of this study is to find out if the concentration of the biggest shareholder, the control rights and the ratio ofcash flow rights-control rights of the controlling shareholders contributed to profitability. This study uses purposive samplingtechnique in collecting the data and linear panel regression in analysing the panel data. The result of this study shows that theownership concentration of the biggest shareholders has positive impact to company profitability as big shareholders havebigger incentive and thus better chance to do supervision upon the management. The study also found that the control rightsconcentration of controlling shareholders have negative effect to profitability since more concentrated power of the controllingshareholders made the shareholders position stronger and may incline them to gain individual profit which in turn will reducethe company’s profit. On the contrary, higher ratio of cash flow rights to-control rights contributed positively to profitabilitybecause higher cash flow rights will tend to prevent the controlling shareholders from expropriating the company’s assets."