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"Dalam perkembangan zaman, para ekonom telah berusaha memprediksi pertumbuhan ekonomidari beberapa aspek. Acemoglu et al. 2001 menyatakan bahwa tingkat mortalitas dan risikopengambilalihan kepemilikan akan mempengaruhi pertumbuhan ekonomi dalam bentukProduk Domestik Bruto PDB . Makalah ini akan menganalisa hubungan tingkat mortalitaspada zaman kolonial dengan risiko pengambilalihan kepemilikan terkini. Lebih lanjut, makalahini akan membahas dampak dari kedua aspek yang telah disebutkan terhadap pertumbuhan PDB.

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Throughout history, economists have been attempted to predict the growth of economy fromseveral aspects. Acemoglu et al. 2001 claimed that mortality rate and confiscation risk willaffect the growth of economy in terms of Gross Domestic Product GDP . This paper willanalyze the relation between mortality rate during colonial times towards of present timesconfiscation risk. Furthermore, it will discuss the impact and relation of aforementioned aspectstowards GDP."

"ABSTRAKLaporan ini fokus mengeksplorasi analisis keuangan dan dua metode yang berbeda dari valuasi untuk memahami valuasi ARB Corporation dalam bisnis otomotif dengan menggunakan asumsi empiris. ARB adalah produsen terkemuka dan distributor 4 x 4 aksesoris di Australia, yang memiliki dominan pasar di Australia dan beberapa cabang di negara lain. Faktor internal dan eksternal yang mempengaruhi kinerja perusahaan akan dibahas dalam laporan ini yang nantinya akan digunakan untuk asumsi dalam valuasi. Dalam menganalisis valuasi, laporan ini akan mempertimbangkan 2 dua metode perhitungan valuasi yang berbeda, valuasi DCF dan multiple valuation. Dari perhitungan tersebut kami akan mempertimbangkan metode valuasi mana yang menguntungkan bagi perusahaan untuk pertimbangan nilai IPO mereka. Komponen yang paling penting dalam analisis ini adalah PDB tingkat pertumbuhan terminal, WACC dan Beta. Dari laporan ini menunjukkan multiple valuasi lebih cocok untuk perusahaan karena mempertimbangkan perusahaan lain dalam pasar otomotif dibandingkan DCF valuasi yang menggunakan asumsi bias .

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ABSTRACTThis report is focused with exploring financial analysis and two different method of valuation in order to understand ARB Corporation value in automotive manufacture business by using empirical assumption. ARB is the leading manufacturer and distributor of 4 x 4 accessories in Australia, which has dominant market in Australia and few store branches in other country. Internal and external factor which affect company performance will be discussed in this report which later will be used for assumption in valuation. In analyzing valuation, this report will consider 2 two different calculation valuation method, DCF Valuation and multiple valuation. From the calculation we will consider which valuation method is profitable for company to use for their IPO value consideration. The most important component for this analysis is GDP terminal growth rate, WACC and Beta in. Findings of this report indicates multiple valuation is more suitable for company since it is consider their competitor in the market rather than DCF Valuation which use assumption that can be bias."

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"This paper investigates the factor determining the impact of trade development, challenges, and opportunities among various OIC countries. It studies the impact of socioeconomics, geo-political and cultural, factors using data between 2014 to 2022. The selected OIC countries from diverse regions, namely South and Southeast Asia, South America, Europe, Africa, and Central Asia. The study’s sample includes 50 countries out of a total of 57 OIC member nations. The paper employs a two-step GMM model to address endogeneity issues related to institutional variables. To account for the impact of the Covid-19 pandemic on trade, we have included a Covid-19 dummy variable in the model. Our results reveal that the Covid-19 dummy variable is significant in all models, indicating its significant impact on trade. Furthermore, most of the variables included in the study are found to be significant in all models. Overall, this study provides valuable insights into the factors that influence trade in OIC countries and the impact of the Covid-19 pandemic on trade."

"[ABSTRAKPenelitian ini dilakukan untuk menguji pengaruh variabel CAR, NPFN, ROE,NOM, QR, GWM dan kondisi makroekonomi dalam membedakan danmemprediksi probabilitas kinerja relatif baik bank berdasarkan kelompok sekawandan tanpa kelompok sekawan. Bank syariah yang menjadi sampel penelitian adalahBank Umum Syariah dengan periode penelitian 2005 triwulan 4 sampai dengan2011 Triwulan 3.Teknik analisis yang digunakan adalah regresi panel logit dengan modelrandom effect. Variabel terikat dalam penelitin ini merupakan data biner 1 (kinerjarelatif baik bank) dan 0 untuk (kinerja relatif kurang baik bank). Pendefinisian suatuobservasi memiliki kinerja relatif “baik” dan kinerja relatif “kurang baik” dilakukandengan cara memperingkat masing-masing rasio dari 15 rasio keuangan yangdipublikasikan pada laporan keuangan triwulan berdasarkan Surat Edaran BankIndonesia No 7/56/DBPS 2005. Jika suatu observasi memperoleh jumlah hasilpredikat kinerja “relatif baik” berada pada range 1/3 tertinggi, maka hasil akhir yangdiperoleh suatu observasi adalah 1 (relatif baik), selainnya 0 (relatif kurang baik).Hasil temuan menunjukkan bahwa pada analisis panel logit dengan kelompoksekawan, berdasarkan hasil estimasi variabel-variabel yang signifikan untukmembedakan dan memprediksi kinerja realatif bank adalah CAR, ROE dan GWMdengan arah hubungan yang positif, NPFN dengan arah hubungan yang negatif.Sementara variabel QR, Inflasi dan pertumbuhan PDB tidak signifikan dalammembedakan dan memprediksi kinerja relatif suatu bank. Pada analisis tanpakelompok sekawan, variabel yang negatif signifikan adalah NPFN, sementara ROEdan QR signifikan dengan arah hubungan yang positif membedakan danmemprediksi dan kinerja relatif suatu bank.Namun demikian, penelitian ini hanya terbatas dengan jumlah sampel 11Bank Umum Syariah dan periode pengamatan yang pendek secara kwartalan.Untuk penelitian selanjutnya disarankan agar menambah jumlah sampel dan rasiorasiokeuangan lainnya untuk mengetahui variabel-variabel yang dapatmembedakan dan memprediksi kinerja relatif suatu bank.

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ABSTRACTThe study was conducted to examine the effect of variable CAR, NPFN,ROE, NOM, QR, GWM and macroeconomic conditions to distinguish and predictthe probability of the good relative performance of the Bank based on Peer Groupanalysis and without Peer Group Analysis. Sharia banks which became a sampleresearch are The Commercial Syariah Bank’s with time period 2005 Quarter 4th to2011 Quarter 3rd .The analysis technique used is logit panel random effect model. DependentVariable in this study is binary data 1 (good relative performance bank) and 0 for(less performance of bank). Defining an observation which has a good relativeperformance and the relative less performance by ranking each ratio of 15 financialratios which published quarterly financial report was based on Bank of IndonesiaAnnouncement Letter No. 7/56/DBPS 2005. If the observation which was obtainedthe sum of good relative performance is on the range of 1/3 the highest, the finalresult of the observation is 1 (relatively good), other is 0 (less performance).The findings result that the logit panel analysis with Peer Group, based onresult significantly variables to distinguish and predict the relatif performance ofthe Bank is CAR, ROE and GWM, with positively direction. NPFN by negativedirection of relation. QR, inflation and GDP growth does not significantlydifferentiate and predict the relative performance of the banks. In analysis withoutPeer Group Analysis, the significant variable is NPFN, meanwhile ROE and QRare significant by positive relation so those variables able to distinguish and predictrelative performance of bankHowever, the study was limited only with total 11 Sharia Banks and the shortperiod of observation which was quarterly. For further research, it is suggested thatresearchers increase the sample amount and other financial ratios to determinevariables to be able to distinguish and predict the relative performance of a bank., The study was conducted to examine the effect of variable CAR, NPFN,ROE, NOM, QR, GWM and macroeconomic conditions to distinguish and predictthe probability of the good relative performance of the Bank based on Peer Groupanalysis and without Peer Group Analysis. Sharia banks which became a sampleresearch are The Commercial Syariah Bank’s with time period 2005 Quarter 4th to2011 Quarter 3rd .The analysis technique used is logit panel random effect model. DependentVariable in this study is binary data 1 (good relative performance bank) and 0 for(less performance of bank). Defining an observation which has a good relativeperformance and the relative less performance by ranking each ratio of 15 financialratios which published quarterly financial report was based on Bank of IndonesiaAnnouncement Letter No. 7/56/DBPS 2005. If the observation which was obtainedthe sum of good relative performance is on the range of 1/3 the highest, the finalresult of the observation is 1 (relatively good), other is 0 (less performance).The findings result that the logit panel analysis with Peer Group, based onresult significantly variables to distinguish and predict the relatif performance ofthe Bank is CAR, ROE and GWM, with positively direction. NPFN by negativedirection of relation. QR, inflation and GDP growth does not significantlydifferentiate and predict the relative performance of the banks. In analysis withoutPeer Group Analysis, the significant variable is NPFN, meanwhile ROE and QRare significant by positive relation so those variables able to distinguish and predictrelative performance of bankHowever, the study was limited only with total 11 Sharia Banks and the shortperiod of observation which was quarterly. For further research, it is suggested thatresearchers increase the sample amount and other financial ratios to determinevariables to be able to distinguish and predict the relative performance of a bank.]"

"Perkembangan sektor perbankan Indonesia dalam 11 tahun terakhir mengalami pertumbuhan yang agresif, tetapi juga mempertahankan likuiditas yang memadai berdasarkan risiko sesuai dengan ketentuan otoritas. Bank-bank milik Pemerintah Indonesia mengendalikan ±42% dari total aset di sektor perbankan dan menghadapi tantangan dalam mempertahankan kondisi yang optimal antara regulasi, risiko, dan profitabilitas. Tujuan dari penelitian ini adalah untuk mengetahui risiko likuiditas dan faktor-faktor yang mempengaruhi bank BUMN setelah krisis ekonomi 2008 dan implementasi Basel III di Indonesia. Penelitian ini menggunakan data spesifik perbankan dan data ekonomi makro yang diproses menggunakan Common Effect Model yang dibandingkan dengan Fixed Effect Model dan juga dengan Random Effect Model. Berdasarkan analisis data menunjukkan bahwa faktor-faktor spesifik perbankan terutama LDR, NPL, CAR, dan ROA mempengaruhi risiko likuiditas bank-bank BUMN di Indonesia sementara faktor pertumbuhan deposito dan faktor makroekonomi tidak berpengaruh secara signifikan.

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Growth of the Indonesian banking sector in 11 years be through aggressive growth, but also maintained adequate liquidity based on risk in accordance with the provisions of the authorities. Indonesia state-owned banks control ±42% of total assets in the banking sector and face challenges in maintaining optimal conditions between regulation, risk and profitability. The purpose of this study is to determine the liquidity risk and the factors that influence SOE (state owned) banks after the 2008 economic crisis and the implementation of Basel III in Indonesia. This study uses specific banking data and macroeconomic data which are processed using the Common Effect Model which is compared with the Fixed Effect Model and also with the Random Effect Model. Based on data analysis indicated that banking-specific factors especially LDR, NPL, CAR, and ROA affect the liquidity risk of state-owned banks in Indonesia while deposit growth and macroeconomics factors do not significantly influence."

"Penelitian ini bertujuan untuk mengetahui pengaruh faktor makroekonomi dan faktor spesifik bank terhadap rasio efisiensi bank-bank yang listed di masing-masing negara anggota ASEAN 5, yaitu Indonesia, Malaysia, Singapura, Filipina, dan Thailand. Dengan mengetahui pengaruh dari tiap faktor diharapakan perbankan domestik dapat meningkatkan efisiennya sehingga siap dalam menghadapi persaingan global, khususnya wilayah ASEAN dalam rangka menyambut AEC tahun 2015. Faktor makroekonomi yang dianalisis pengaruhnya adalah tingkat pertumbuhan produk domestik bruto dan tingkat inflasi. Faktor spesifik bank adalah ukuran bank, risiko kredit, rasio modal, kepemilikan, dan pangsa pasar. Pengujian hipotesis dilakukan dengan menggunakan regresi data panel model pooled least square dengan total sampel sebanyak 66 bank selama periode tahun 2004-2013.Hasil dari penelitian ini menemukan bahwa ukuran bank dan rasio modal memiliki pengaruh negatif dan signifikan terhadap rasio efisiensi bank, sedangkan kepemilikan dan pangsa pasar memiliki pengaruh positif dan signifikan terhadap rasio efisiensi bank. Hasil dari penelitian ini juga menunjukkan bahwa tingkat pertumbuhan produk domestik bruto, tingkat inflasi, dan risiko kredit tidak berpengaruh signifikan terhadap rasio efisiensi bank.

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This study aimed to determine the effect of macroeconomic factors and bank-specific factors on the efficiency ratio of the banks listed in each of the ASEAN 5 member countries, namely Indonesia, Malaysia, Singapore, Philippines, and Thailand. By knowing the expected effect of each factor can improve the efficiency domestic banks to face global competition, especially the ASEAN region in context AEC 2015. Macroeconomic factors which analyzed the impact are gross domestic product growth rate and the inflation rate. Bank-specific factors are the size of banks, credit risk, capital ratios, ownership, and market share. Hypothesis testing is done by using panel data regression model of pooled least squares with a total sample of 66 banks during the period of 2004-2013.

The results of this study found that the size of the banks and the capital ratio has a negative and significant impact on the bank's efficiency ratio, while the ownership and market share have a positive and significant impact on the bank's efficiency ratio. The results of this study also showed that the rate of growth of gross domestic product, inflation rate, and credit risks no significant effect on the ratio of bank efficiency."

"ABSTRAKNama : Sunanta Wiguna Program Studi : Magister Akuntansi Judul : Faktor-Faktor yang Mempengaruhi Kebutuhan Modal Kerja pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2014. Penelitian ini bertujuan untuk menganalisis pengaruh Cash Conversion Cycle,Operating Cash Flow, Firm Size, Profitability, Leverage, Growth Opportunities, dan Real GDP Growth Rate terhadap kebutuhan modal kerja. Sampel yang digunakan pada penelitian ini sebanyak 85 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2010-2014. Alat analisis yang digunakan padapenelitian ini berupa regresi linier berganda dengan data panel. Hasilnya menunjukkan Cash Conversion Cycle dan Profitability berpengaruh positif, Leverage berpengaruh negatif, sedangkan Operating Cash Flow, Firm Size, Growth Opportunities, dan Real GDP Growth Rate tidak berpengaruh terhadap kebutuhan modal kerja. Kata Kunci: Cash Conversion Cycle; Operating Cash Flow; Firm Size; Profitability; Leverage; Growth Opportunities; Real GDP Growth Rate; Working Capital Requirement.

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ABSTRACTName : Sunanta Wiguna Program Master of Accounting Title The Determinants of Working Capital Requirements of Manufacturing Firm Listed on Indonesian Stock Exchange 2010 2014. The purpose of this study is to examine the effect of Cash Conversion Cycle, Operating Cash Flow, Firm Size, Profitability, Leverage, Growth Opportunities, and Real GDP Growth Rate on Working Capital Requirement. This research uses 85 firms of manufacture companies that are listed on the Indonesian Stock Exchange since 2010 until 2014. Multiple linear regression and panel data are used as a tool of analysis. The study finds that Cash Conversion Cycle and Profitability have positive effect on Working Capital, Leverage has negative effect on Working Capital, but Operating Cash Flow, Firm Size, Growth Opportunities, and Real GDP Growth Rate have no significant effect on Working Capital. Keywords: Cash Conversion Cycle Operating Cash Flow Firm Size Profitability Leverage Growth Opportunities Real GDP Growth Rate Working Capital Requirement."

"ABSTRAKPenelitian ini bertujuan menganalisis interaksi dinamis antara subsidi BBM, tingkat suku Bunga, dan Pertumbuhan PDB terhadap ruang fiskal di Indonesia selama penerapan kebijakan pengurangan subsidi BBM. Penelitian ini dilakukan dengan menggunakan data runtut waktu triwulanan dengan periode 2010:01-2017:04 dan teknik analisis metode time series vector error correction model VECM . Hasil Penelitian menunjukkan bahwa terdapat interaksi dinamis antara subsidi BBM, tingkat suku bunga, pertumbuhan PDB terhadap ruang fiskal berdasarkan hasil hasil Kausalitas granger dan hasil estimasi VECM yang telah dilakukan. Hasil kausalitas granger yang menyatakan bahwa terdapat hubungan satu arah antara subsidi BBM dengan ruang fiskal yang mengindikasikan bahwa subsidi BBM dapat mempengaruhi ruang fiskal secara langsung. Sedangkan Perrtumbuhan PDB dan tingkat suku bunga tidak mempunyai hubungan kausalitas terhadap ruang fiskal, namun hasil tersebut sedikit berbeda dengan hasil estimasi VECM. Hasil estimasi VECM memperlihatkan bahwa berdasarkan data historis yang digunakan dalam penelitian ini, akan terjadi penurunan ruang fiskal setelah tiga bulan pemerintah meningkatkan subsidi BBM dan akan terjadi penurunan ruang fiskal setelah tiga bulan setelah pertumbuhan PDB. Kata Kunci : Ruang Fiskal, Subsidi BBM, Tingkat Suku Bunga, Pertumbuhan PDB, Rasio Pajak, Harga Minyak Mentah, Kausalitas Granger, VECM.Klasifikasi JEL : E62, H23, H53.

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ABSTRACT This study aims to analyze the dynamic interaction between fuel subsidy, interest rate, and GDP growth on fiscal space in Indonesia during the implementation of fuel subsidy reduction policy. This research was conducted using quarterly queuing data with period 2010 01 2017 04 and time series vector error correction model VECM technique. The results showed that there was a dynamic interaction between fuel subsidy, interest rate, GDP growth on fiscal space based on the results of Granger causality and VECM estimation results that have been done. The result of Granger Causality which states that there is a one way relationship between fuel subsidy and fiscal space indicating that fuel subsidy can affect fiscal space directly. While GDP growth and interest rates do not have a causal relationship to the fiscal space, the results are slightly different from the VECM estimates. VECM estimates show that based on historical data used in this study, there will be a decrease in fiscal space after three months of government increases fuel subsidies and there will be a decrease in fiscal space after three months after GDP growth. Keywords Fiscal Space, Fuel Subsidies, Interest Rate, GDP Growth, Tax Ratio, Crude Oil Price, Indonesia, Granger Causality, VECM.JEL Classification E62, H23, H53"

"Selama masa pandemi covid-19, banyak sektor ekonomi terdampak penyebaran pandemi covid-19 termasuk perbankan. Penelitian ini mencoba untuk meneliti dampak pandemi, faktor spesifik banks dan faktor makroekonomi terhadap stabilitas bank umum konvensional yang terdaftar di Bursa Efek Indonesia. Fator spesifik bank pada penelitian ini berfokus pada ukuran bank dan rasio kecukupan modal sebagai variabel independen. Adapun faktor makroekonomi pada penelitian ini adalah tingkat pertumbuhan domestik bruto (PDB). Sedangkan dampak pandemi covid-19 dikuantifikasi dengan variabel dummy. Penelitian ini menggunakan model penelitian regresi data panel dengan menggunakan data yang berasal dari laporan keuangan Bank Umum Konvensional yang terdaftar di Bursa Efek Indonesia pada periode 2018-2021. Penelitian ini menemukan bahwa stabilitas bank secara signifikan lebih rendah pada periode pandemi dibandingkan sebelum pandemi. Adapun penelitian juga menyimpulkan bahwa rasio kecukupan modal, dan ukuran bank berpengaruh positif signifikan terhadap stabilitas bank. Sedangkan pertumbuhan PDB cenderung berkorelasi negatif terhadap stabilitas bank. Diharapkan pada penelitian selanjutnya dapat memperbanyak sampel penelitian dan dapat melakukan analisis yang lebih mendalam terkait dampak pandemi covid-19 terhadap stabilitas bank.

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During the Covid-19 pandemic, many economic sectors were affected by the spread of the Covid-19, including banking. This research attempts to examine the impact of the pandemic, bank’s specific factors and macroeconomic factors on the stability of conventional commercial banks listed on the Indonesia Stock Exchange. The bank’s specific factors in this study focus on bank size and capital adequacy ratio as independent variables that affect bank stability. The macroeconomic factor in this study is the gross domestic product (GDP) growth rate. Meanwhile, the impact of the Covid-19 pandemic is quantified using a dummy variable. This study uses a panel data regression research model on the data from financial statements of Conventional Commercial Banks listed on the Indonesia Stock Exchange in 2018-2021. This study finds that bank’s stability in pandemic period is significantly lower than before pandemic period. This study also finds that capital adequacy ratio, and bank’s size have a significant positive effect on bank stability. Meanwhile GDP growth has significant negative effects on bank stability. Hopefully the future research can increase the number of research samples and conduct a more in-depth analysis regarding the impact of the COVID-19 pandemic on bank stability."