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"[Penelitian ini membahas determinan Value of Financial Flexibility di Indonesia pada periode 2009-2013 dengan pendekatan teoritis Gamba dan Triantis (2008) serta model yang dikembangkan oleh Rapp et al (2014). Sampel yang digunakan dalam penelitian berjumlah 99 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Hasil penelitian ini menunjukkan hal penting terkait determinan Value of Financial Flexibility. Pertama, growth opportunities dan profitabilitas berpengaruh positif terhadap Value of Financial Flexibility walaupun growth opportunities tidak berpengaruh secara signifikan. Kedua, effective cost of holding cash, cost of external financing dan reversibility of capital secara signifikan berpengaruh negatif terhadap Value of Financial Flexibility.

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Architecture is an ongoing procesess, that makes architecture change to a form that does not fixed. Wastra decoration addition is a modified form by the user to the

building, as a way to adjust space to the function and activities change. So the architecture can be changed by a continual process. This thesis will try to see wastra

as a represented form of architecture that transforms the fixed architecture to become unfixed, as a continuation process of the architecture. And the role wastra as building decoration in changing the architecture to be able to receive different function and activities.;Architecture is an ongoing procesess, that makes architecture change to a form that

does not fixed. Wastra decoration addition is a modified form by the user to the

building, as a way to adjust space to the function and activities change. So the

architecture can be changed by a continual process. This thesis will try to see wastra

as a represented form of architecture that transforms the fixed architecture to become

unfixed, as a continuation process of the architecture. And the role wastra as

building decoration in changing the architecture to be able to receive different

function and activities.;Architecture is an ongoing procesess, that makes architecture change to a form that

does not fixed. Wastra decoration addition is a modified form by the user to the

building, as a way to adjust space to the function and activities change. So the

architecture can be changed by a continual process. This thesis will try to see wastra

as a represented form of architecture that transforms the fixed architecture to become

unfixed, as a continuation process of the architecture. And the role wastra as

building decoration in changing the architecture to be able to receive different

function and activities., Architecture is an ongoing procesess, that makes architecture change to a form that

does not fixed. Wastra decoration addition is a modified form by the user to the

building, as a way to adjust space to the function and activities change. So the

architecture can be changed by a continual process. This thesis will try to see wastra

as a represented form of architecture that transforms the fixed architecture to become

unfixed, as a continuation process of the architecture. And the role wastra as

building decoration in changing the architecture to be able to receive different

function and activities.]"

"Pandemi COVID-19 berpengaruh besar terhadap kemampuan perusahaan untuk bertahan hidup, dan yang paling marak adalah melalui merger dan akuisisi (M&A), yaitu dalam kondisi perbankan di Indonesia, diperkuat dengan adanya Peraturan Otoritas Jasa Keuangan Nomor 12/POJK.03/2020 Tentang Konsolidasi Bank Umum. Dengan ini, kegiatan M&A di industri Perbankan Indonesia makin marak, sehingga tidak dapat lepas dari peran auditor selaku praktisi yang memiliki kompetensi dalam melakukan financial due diligence (FDD) atau uji tuntas keuangan untuk menyoroti aspek-aspek kritis yang terdampak langsung maupun yang tidak terdampak langsung dengan kondisi pandemi sehingga mampu mengurangi risiko kegagalan M&A melalui konfirmasi kebenaran data. Tujuan penelitian berfokus pada evaluasi proses FDD untuk mendukung M&A agar tidak terjadi kerugian dan berhasil menciptakan penambahan nilai bagi pemegang sahamnya. Untuk memahami praktik tersebut, penelitian metode campuran konkuren diterapkan pada kasus akuisisi PT Bank Mayora (Mayora) oleh PT Bank Negara Indonesia Tbk (BNI) melalui wawancara dan dokumentasi. Evaluasi penelitian ini tidak hanya dalam lingkup M&A seperti penelitian sebelumnya, namun mengusung proses FDD M&A industri perbankan terhadap berlakunya POJK tersebut di masa pandemi COVID-19. Hasil penelitian menemukan beberapa aspek baru yang menjadi sudut pandang tambahan yang lebih luas bagi auditor dalam melakukan FDD, juga termasuk perkembangan proses dan prosedur FDD ke arah yang lebih berbasis teknologi.

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The COVID-19 pandemic took enormous effect on company's ability to survive, and the most popular way to survive is through mergers and acquisitions (M&A), which in Indonesia, is triggered by the stipulation of Financial Services Authority Regulation Number 12/POJK.03/2020 on Commercial Bank Consolidation. Thus, M&A activities in Indonesian Banking industry were increased, in relation to the role of engaged auditors as practitioners who have competency in conducting financial due diligence (FDD) through critical aspects that are directly and not directly affected with pandemic conditions. This research focused on FDD process evaluation to support the aims on reducing failure of M&A by confirming the veracity of data, so it could prevent loss and create value for shareholders. To understand the practice, concurrent mixed method research was applied to the acquisition case of PT Bank Mayora (Mayora) by PT Bank Negara Indonesia Tbk (BNI) through interviews and documentation. The evaluation of this research is not only within the scope of M&A in previous research but carries the banking industry's FDD for M&A process to comply on POJK during the COVID-19 pandemic. The study finds some new aspects to contribute wider points of view for auditors in conducting FDD, including technology based FDD development of process and procedures."

"Penelitian ini bertujuan untuk menganalisis nilai fleksibilitas keuangan dan pengaruhnya terhadap kebijakan keuangan perusahaan di Indonesia. Kebijakan keuangan perusahaan tersebut meliputi kebijakan dividend payout, dividend omission, share repurchase, leverage dan cash holdings. Penelitian ini menggunakan sampel perusahaan yang terdaftar pada Bursa Efek Indonesia periode 2005-2014. Metode analisis yang digunakan adalah regresi binary logistic dan ordinary least square dengan data panel.Hasil penelitian ini menemukan bahwa nilai fleksibilitas keuangan mempengaruhi secara positif dan signifikan terhadap kebijakan cash holdings perusahaan di Indonesia yang menunjukkan bahwa semakin tinggi nilai fleksibilitas keuangan suatu perusahaan maka perusahaan tersebut akan semakin meningkatkan kepemilikan kas.

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This study aims to analyze the value of financial flexibility and its influence on the corporate financial policy in Indonesia. The corporate financial policy includes a policy of dividend payout, dividend omission, share repurchase, leverage and cash holdings. This study used a sample of listed firms in Indonesia Stock Exchange for the period 2005-2014. The analytical method used is a regression of binary logistic and ordinary least square with panel data.The results of this study found that the value of financial flexibility influence positively and significantly to cash holdings policy of corporates in Indonesia which shows that the higher value of corporate?s financial flexibility, the corporate will further increase cash holdings."

"Tujuan dari penelitian ini adalah untuk menganalisis pengaruh rasio keuangan seperti likuiditas, solvabilitas, perputaran, profitabilitas, dan nilai pasar, serta arus kas operasi dan nilai tambah ekonomi terhadap nilai tambah pasar merger dan akuisisi perusahaan yang terdaftar di BEI dari tahun 2016 sampai dengan 2021. Penelitian ini menginformasikan pengaruh variabel bebas terhadap MVA pada perusahaan yang melakukan M&A sebagai strategi bisnisnya. Penelitian ini menggunakan metode purposive sampling dan non-probability sampling. Diperoleh 19 sampel perusahaan publik yang terdaftar di BEI dan data sekunder diambil dari laman Bursa Efek Indonesia. Pengukuran kinerja keuangan dilakukan lima tahun sebelum dan sesudah M&A. Metode analisis menggunakan regresi data panel dan dari regresi panel dimenemukan bahwa EVA dan OCF berpengaruh positif signifikan terhadap nilai tambah pasar emiten di Indonesia yang melakukan M&A. Hasil juga menunjukkan bahwa laba per saham secara signifikan berpengaruh negatif terhadap MVA; sedangkan DER dan TATO berpengaruh negatif tidak signifikan sedangkan CR dan ROE berpengaruh positif tidak signifikan terhadap nilai tambah pasar.

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This study aims to analyze the effect of financial ratios such as liquidity, solvability, turnover, profitability, market value, operating cash flow, and economic value added on the market value added of corporate mergers and acquisitions listed in IDX from 2016 to 2021. The research informs independent variables’ influence on MVA in companies that do M&A as their business strategy. This research is using purposive and non—probability sampling methods. Obtained samples of 19 public companies listed on the IDX and secondary data taken from the Indonesian Stock Exchange website. Financial performance measurement takes place five years before and after M&A. The analytical method uses panel data regression and from panel regression, we found that EVA and OCF are significantly positively influenced with the market value added of listed firms in Indonesia that conducted M&A. Our results indicate that earning per share significantly has a negative influence on MVA; while DER and TATO are insignificantly negative influenced while CR and ROE are insignificantly positive influenced with market value added."

"Merek mewah mengandung makna simbolis yang digunakan konsumen untuk memenuhi tujuan sosial mereka. Beberapa penelitian telah mengkontekstualisasikan konstruksi brand coolness berhubungan langsung dengan realisme merek mewah atau perceived luxury values dengan dimensi yang berupa individual values, social values, functional values, dan financial values. Memahami konsep brand coolness menjadi penting untuk memahami hubungan konsumen dengan merek. Diantara brand yang dianggap keren oleh konsumen adalah brand footwear Nike. Disisi lain, nilai kemewahan melalui brand coolness menyebabkan suatu keinginan kuat untuk memiliki brand atau disebut passionate desire. Tujuan dari penelitian in adalah untuk menganalisis pengaruh perceived luxury values melalui brand coolness terhadap passionate desire studi pada brand sepatu Nike di jabodetabek. Penelitian melalui pendekatan kuantitatif melalui metode survei berdasarkan purposive sampling terhadap populasi. Jumlah responden dalam penelitian ini adalah 175 orang yang didapatkan melalui online questionnaire. Data yang didapatkan diolah menggunakan SPSS dan SmartPLS melalui analisis statistik deskriptif dan SEM. Hasil dari penelitian ini menunjukkan bahwa hubungan yang dimiliki dalam model penelitian signifikan dan saling memiliki pengaruhi.

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Luxury brands contain symbolic meanings that consumers use to fulfill their social goals). Several studies have contextualized the construction of a coolness brand that is directly related to the realism of luxury brands or perceived luxury values with dimensions of individual values, social values, functional values, and financial values. Understanding the concept of brand coolness is important in understanding the relationship between consumers and luxury. Among the brands that consumers consider cool is the Nike footwear brand.. On the other hand, the value of luxury through the coolness brand causes a strong desire to own a brand. The purpose of this study was to analyze the effect of perceived luxury values through brand coolness on passionate desire: a study on the Nike shoe brand in Jabodetabek. Research through a quantitative approach through a survey method based on purposive sampling of the population. The number of respondents in this study was 175 people who were obtained through an online questionnaire. The data obtained were processed using SPSS and SmartPLS through descriptive statistical analysis and SEM. The results of this study indicate that the relationships in the research model are significant and mutually influence."

"Tujuan dari penelitian yang akan dilakukan ini adalah untuk menganalisis pengaruh Window Dressing yang diukur dengan dengan Earning Management Proxy menggunakan Modified Jones terhadap nilai pasar dan kinerja keuangan yang diukur dengan returns pada perusahaan yang terindeks LQ 45 Bursa Efek Indonesia periode 2015-2019. Perusahaan yang dijadikan sebagai objek penelitian ini khususnya adalah perusahaan yang tergolong dalam klasifikasi LQ 45 berdomisili di Indonesia dan terdaftar pada Bursa Efek Indonesia (BEI) berjumlah 28 perusahaan yang konsisten dan 64 perusahaan secara keseluruhan. Window Dressing yang diukur dengan dengan Earning Management menggunakan Modified Jones dengan variabel dependen, yakni kinerja keuangan dan nilai pasar perusahaan yang diukur dengan Return. Earning Management Proxy yang digunakan peneliti sendiri terdiri dari model Modified Jones. Setelah terbukti terjadi penerapan Earning Management, maka akan dilakukan olah data untuk melihat uji ketahanan model yang menunjukan dampak Window Dressing terhadap kinerja keuangan dan nilai pasar yang diukur dengan Returns menggunakan CAPM (Sharpe,1960), the Fama-French three-factor model (Fama French, 1992) dan Carhart four-factor model (Carhart,1997). Kedua model ini menunjukan bahwa Earning Management proxy yang digunakan memiliki pengaruh yang signifikan terhadap returns, oleh karena itu, pertanyaan penelitian terjawab bahwa terdapat pengaruh window dressing terhadap nilai pasar dan kinerja keuangan yang dibuktikan dengan Earning Management proxy menggunakan Modified Jones dan Uji ketahanan menggunakan The CAPM, Fama French 3 Factor dan Carhart 4 Factor

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The purpose of this research is to analyze the effect of Window Dressing as measured by Earning Management Proxy using Modified Jones on market value and financial performance as measured by returns on companies indexed LQ 45 Indonesia Stock Exchange 2015-2019 period. Companies that are used as objects of this research are companies classified as LQ 45 domiciled in Indonesia and listed on the Indonesia Stock Exchange (IDX) totaling 28 consistent companies and 64 companies in total. Window Dressing as measured by Earning Management using Modified Jones with dependent variables, namely financial performance and market value of the company as measured by Return. The Earning Management Proxy used by the researcher himself consists of the Modified Jones model. After it is proven that the application of Earning Management has occurred, data processing will be carried out to see the model resilience test which shows the impact of Window Dressing on financial performance and market value as measured by Returns using the CAPM (Sharpe, 1960), the Fama-French three-factor model (Fama French, 1992) and Carhart four-factor model (Carhart, 1997). These two models show that the Earning Management proxy used has a significant effect on returns, therefore, the research question is answered that there is an effect of window dressing on market value and financial performance as evidenced by Earning Management proxy using Modified Jones and robustness test using The CAPM. , Fama French 3 Factor and Carhart 4 Factor. "

"Penelitian ini dilakukan untuk menganalisis adanya pengaruh cash conversion cycle dan financial constraint terhadap firm value. Evaluasi dilakukan pada periode sebelum, saat, dan setelah krisis keuangan global pada tahun 2008 pada perusahaan yang listing di Bursa Efek Indonesia untuk sektor non keuangan. Pengujian menggunakan metode regresi linier berganda dengan melibatkan 116 perusahaan. Variabel financial constraint yang digunakan terdiri dari 6 proksi, yaitu Altman z score, size perusahaan (sales), dividend payout ratio, cash flow, external financing, dan interest coverage. Hasil penelitian menunjukan bahwa manajemen modal kerja yang menggunakan pengukuran cash conversion cycle berpengaruh negatif terhadap firm value. Sementara itu variabel financial constraint dengan proksi dividend payout ratio, cash flow, dan interest coverage berpengaruh negatif terhadap firm value, dan proksi yang lainnya tidak. Selain itu, penelitan juga membuktikan bahwa ada perbedaan firm value pada periode sebelum, saat, dan setelah krisis keuangan global pada tahun 2008.

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This research aims to analyze if there is effect of cash conversion cycle and financial constraint to firn value. Evaluation is held before, during, and after global financial crisis 2008 for Indonesian Stock Exchange listed company in non financial sectors. Research used multiple linear regression and involved 116 companies. Financial constraint variable used consists of 6 proxies, they are Altman z score, company size (sales), dividend payout ratio, cash flow, external financing, and interest coverage. Research had shown if cash conversion cycle affect its firm value. Moreover, financial constraint variable using proxy cash flow , dividend payout ratio, and interest coverage have negative effect to firm value. Beside that, research proves that there is firm value difference before, during, and after global financial crisis 2008."

"Data Bank Indonesia menunjukkan penggunaan uang elektronik yang tinggi di Indonesia, yang didominasi dengan uang elektronik server based yang diterbitkan oleh penyelenggara teknologi finansial. PT Dompet Anak Bangsa (GoPay) merupakan salah satu penerbit uang elektronik berbentuk penyelenggara teknologi finansial terbesar di Indonesia yang telah beroperasi sejak tahun 2014. Namun, hingga saat ini masih terdapat berbagai pengaduan mengenai kehilangan nilai uang elektronik dari pengguna GoPay. Maka, Penulis mengangkat dua pokok permasalahan yaitu bagaimana pengaturan perlindungan konsumen uang elektronik server based yang diterbitkan oleh penyelenggara teknologi finansial dan implementasinya oleh GoPay dalam kasus kehilangan nilai uang elektronik GoPay. Bentuk penelitian pada skripsi ini bersifat yuridis-normatif dengan tipologi penelitian deskriptif yang didukung oleh alat pengumpulan data berupa bahan pustaka dan wawancara. Kesimpulan yang didapat adalah: 1) Pengaturan mengenai perlindungan konsumen uang elektronik server based yang diterbitkan oleh penyelenggara teknologi finansial antara lain diatur dalam Peraturan Bank Indonesia Nomor 16/1/PBI/2014 tentang Perlindungan Konsumen Jasa Sistem Pembayaran beserta ketentuan pelaksanaannya dan Peraturan Bank Indonesia Nomor 20/6/PBI/2018 tentang Uang Elektronik beserta ketentuan pelaksanaannya; dan 2) Implementasi perlindungan konsumen uang elektronik server based yang dilakukan oleh GoPay dalam kasus kehilangan nilai uang elektronik GoPay sudah cukup baik, tetapi terdapat beberapa kewajiban terhadap konsumen yang belum GoPay laksanakan secara sepenuhnya.

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Bank Indonesias data shows the high usage of electronic money in Indonesia, which is dominated by server based electronic money as issued by financial technology organizer. PT Dompet Anak Bangsa (GoPay) is one of the biggest electronic money issuers in the form of financial technology organizer that has been operating since 2014. And yet, until this day, there are still various reports regarding the loss of electronic money value from GoPay users. Therefore, the author brings two main issues, which are how consumer protection for server-based electronic money as issued by financial technology organizer is regulated and how such regulation is implemented by GoPay in the event of loss of GoPay electronic money value. The research method of this thesis is juridical-normative with descriptive research typology supported by data collection tools in the form of literature and interview. The conclusions are: 1) The regulations on consumer protection for server-based electronic money as issued by financial technology organizer are regulated in, among others, Bank Indonesia Regulation Number 16/1/PBI/2014 on Consumer Protection in Payment System Service along with the implementation provisions and Bank Indonesia Regulation Number 20/6/PBI/2018 on Electronic Money along with the implementation provisions; and 2) The implementation of the regulation on consumer protection for server-based electronic money by GoPay in the event of loss of GoPay electronic money value is quite well, however there are several obligations to consumers which GoPay has not yet fully implemented.

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