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"Tesis ini mencoba mengaplikasikan penelitian yang dilakukan oleh Dodd dan Favaro (2006) dalam karya tulisnya yang bertopik: ?Managing the Right Tension? pada lima bank terbesar berdasarkan total aset di Indonesia, namun penelitian hanya difokuskan kepada profitability vs growth tension dan today vs tomorrow tension. Berdasarkan penelitian yang dilakukan, BRI dan BCA relatif telah berhasil mengendalikan kedua tension tersebut namun Mandiri, BNI, dan CIMB Niaga masih belum dapat mengendalikan tension ini dan terjebak dalam corporate cycle. Tesis ini juga mendukung hasil penelitian dari Dodd dan Favaro (2006) bahwa batting average memiliki korelasi yang positif dengan Total Shareholder Returns (TSR), namun demikian untuk kasus pada lima bank ini terdapat faktor lain yang peru diperhatikan yaitu struktur kepemilikan bank.

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This thesis tries to apply the research conducted by Dodd and Favaro (2006) published in a journal: ?Managing the Right Tension? at the five biggest banks based on total asset in Indonesia but in this thesis only focusing at the first two tensions. In this thesis we found that BRI and BCA are relatively succeed in managing the two tensions but Mandiri, BNI, and CIMB Niaga still struggling in manage this two tensions and trapped in the corporate cycle. This thesis also support the research that batting average has a close relationship with TSR, but in our sample there are some other factor to be consider which is the ownership structure of the bank."

"ABSTRAKPenelitian ini membuktikan pernyataan Dodd dan Favaro 2006 bahwa hasil batting average yang lebih bervariasi dalam industri dibandingkan antar industri. Batting average yang menjadi pengukuran kemampuan perusahaan mengelola three tensions dianalisis pada perusahaan LQ45 dan dibandingkan satu sama lain berdasarkan industri dan pergantian chief executive officer dan dihubungkan dengan total shareholder return. Dari hasil penelitian yang dilakukan, penelitian ini menunjukkan hasil yang searah dengan pernyataan Dodd dan Favaro 2006 bahwa hasil batting average lebih bervariasi dalam industri dibandingkan antar industri, namun tidak memiliki hubungan dengan total shareholder return. Penelitian ini juga menunjukkan perbedaan hasil batting average pada pergantian chief executive officer, yang menunjukkan bahwa variasi batting average yang lebih besar dalam industri disebabkan oleh perbedaan strategi masing-masing perusahaan.

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ABSTRACTThis study proves Dodd and Favaro 2006 statement that the batting average results are more varied within the industry than between industries. Batting averages which indicate the company 39 s ability to manage the three tensions is analyzed at the LQ45 company and compared with each other based on the industry, chief executive officer turnover, and total shareholder return. Based on result on the research conducted, this study shows that the results in line with Dodd and Favaro 2006 statement that the results of the batting average is more varied in the industry than between industries, but in contrast do not have a relationship with TSR. This study also shows differences in the results of the batting average on chief executive officer turnover, which indicates that the variation batting average greater in the industry due to the differences in each company 39 s strategy. "

"Setiap perusahaan pasti menggunakan rasio-rasio keuangan untuk menganalisis kinerja dan menyusun strategi perusahaan. Tesis ini mengaplikasikan analisis three tensions (Dodd & Favaro, 2006) serta korelasinya dengan rasio ROE, EVA (Stewart, 1991) dan EVA Momentum (Stewart, 2009) pada enam perusahaan makanan dan minuman di Indonesia. Analisis three tensions yang dilakukan terbatas pada profitability vs growth tension dan today vs tomorrow tension. Dari penelitian yang dilakukan, MYOR dan SMAR telah cukup berhasil mengelola kedua tension. Namun ADES, DAVO, INDF, dan ULTJ salah memilih tujuan yang mengakibatkan perusahaan terjebak dalam corporate cycle. Dengan penggunaan economic profit alternatif, hasil yang didapatkan konsisten dengan hasil penelitian three tensions Dodd dan Favaro (2006), bahwa batting average berkorelasi positif dengan Total Shareholder Returns (TSR). ROE sebagai rasio pembanding juga berkorelasi baik dengan TSR, namun tidak demikian dengan rasio EVA dan EVA Momentum. ......Every company must use financial ratios to analyze performance and develop corporate strategy. This thesis tried to apply three tensions analysis (Dodd & Favaro, 2006) and its correlation with ROE, EVA (Stewart, 1991) and EVA Momentum ratio (Stewart, 2009) on six food and beverage companies in Indonesia. The three tensions analysis is limited to profitability vs growth tension and tension today vs tomorrow. Found in this thesis, SMAR and MYOR been quite successful in managing the tensions. However, ADES, DAVO, INDF, and ULTJ chose the wrong objective that made the companies trapped in corporate cycle. Using alternative economic profit, the results obtained are consistent with Dodd and Favaro (2006), that batting averages are positively correlated with the Total Shareholder Returns (TSR). ROE as a comparison also correlates well with the TSR, but not so with EVA and EVA Momentum ratio."

"Tujuan penelitian ini adalah untuk berusaha menerapkan teori dan metode yang dikembangkan oleh Dominic Dodd dan Ken Favaro (2007) dalam bukunya "The Three Tension:Winning The Strugle to Perform Without Compromise", pada perusahaan real estate yaitu PT Bakrieland Development Tbk. Three tensions yang dianalisis dalam penelitian ini adalah : profitability vs. revenue growth; results today vs. results tomorrow; and the performance of the company as a whole vs. the performance of each part of the company. Hasil dari penelitian ini menunjukan bahwa PT Bakrieland Development Tbk masih memiliki kesulitan- kesulitan dalam mengelola ketiga tensions dengan baik, yang tercermin dari skor batting average yang dicapai perusahaan sebesar 0 persen untuk ketiga tensions tersebut dan Total Shareholder Return perusahaan yang masih lebih rendah dari Total Shareholder Return IHSG Property & Real Estate.......The objective of this research is to apply the theory and method developed by Dominic Dodd and Ken Favaro (2007) in their book The Three Tensions: Winning the Struggle to Perform without Compromise, in a real estate company, PT Bakrieland Development Tbk. The three tensions analyzed in this research are: profitability vs. revenue growth; results today vs. results tomorrow; and the performance of the company as a whole vs. the performance of each part of the company. The results of this research show that PT Bakrieland Development Tbk still has difficulties in managing the three tensions well, which are reflected from the batting average score reached by the company, which is 0% for the three tensions and Total Shareholder Return of the company that is still lower than Total Shareholder Return of the JCI for Property & Real Estate."