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Abstrak :
Pokok masalah tesis ini adalah untuk mengetahui sejauh mana para investor yang dikelompokkan menjadi investor domestik dan investor asing memilih dan membentuk portfolio saham di Bursa Efek Jakarta. Memilih saham dan membentuk portfolio saham, sangat menentukan keberhasilan investor, karena tujuan utama investor adalah mencapai yang optimal. Membentuk portfolio optimal hanya mungkin terjadi bagi investor yang rasional dalam arti bahwa saham-saham yang dipilih harus berada pada batas efisien, diluar itu tidak akan optimal. Saham-saham yang berada pada batas efisien adalah saham yang memberi pengembalian maximal pada resiko tertentu atau saham yang memberi pengembalian tertentu pada resiko minimal. Dalam praktek, adalah saham-saham yang memiliki rasio positip atas kelebihan pengembalian terhadap beta. Di Bursa Efek Jakarta saham yang demikian hanya ada pada 18 saham, dan saham-saham tersebut merupakan kandidat saham yang masuk pada portfolio optimal. Setelah diadakan perhitungan untuk menentukan saham yang masuk dalam portfolio optimal, maka terdapat 4 saham perusahaan terdiri dari : Cipendawa dengan proporsi dana sebesar 47,34 % Hadtex dengan proporsi dana sebesar 22,70 % Indorayon dengan proporsi dana sebesar 15,72 % Hero Spr Market dengan proporsi dana sebesar 4,24%. Pertanyaan berikutnya adalah apakah para investor terse-but dalam hal memilih saham memanfaatkan informasi sebelumnya dan pilihan mereka berada pada batas efisien untuk membentuk portfolio secara tepat?. Hal ini dijawab dengan membandingkan saham-saham yang paling banyak dipilih oleh investor dengan saham yang menurut informasi sebelumnya mempunyai prospek baik. Sesuai dengan. pembedaan kelompok investor yaitu investor domestik dan kelompok asing, ditemukan bahwa hanya investor domestik yang nyata sekali memanfaatkannya. Saham-saham yang paling banyak dipilih oleh kedua kelompok investor, baik investor domestik atau asing setelah diadakan pengujian statistik terbukti tidak berada pada batas efisien. Artinya bahwa para investor tersebut tidak mungkin membentuk suatu portfolio optimal sessuai dengan tujuan investor rasional. Temuan terakhir dari studi ini adalah berkaitan dengan persamaan dan perbedaan kedua kelompok investor. Persamaanya terletak pada ketidak- berhasilan mereka membentuk suatu portfolio optimal. Perbedaannya adalah bahwa investor domestik memanfaatkan informasi sebelumnya tetapi investor asing tidak memanfaatkan informasi tersebut.

Abstrak :
Dalam kondisi informasi yang tidak seimbang, maka keputusan investasi perusahaan dipengaruhi oleh keputusan dividen dan keputusan pendanaannya. Pernyataan tersebut telah diteliti dan diuji terhadap perusahaan-perusahaan manufaktur yang sudah terdaftar di Bursa Efek Jakarta dari sejumlah sampel sebanyak lima puluh perusahaan dengan pengamatan data dari tahun 1988 sampai dengan tahun 1994. Dalam penelitian ini digunakan model Multivariate Autoregressive yang merupakan model persamaan simultan, dan model ini telah digunakan dalam penelitian sebelumnya oleh Mbodja Mougouo bersama Tarun K. Mukherjee pada perusahaan manufaktur di Amerika Serikat. Pengolahan data menggunakan program paket statistika MicroTSP dan perintah yang paling tepat untuk menganttsipasi model diatas adalah perintah VAREST. Dari hasil . pengamatan dan analisis tergambar bahwa informasi masa lalu dari ketiga elemen diatas, mempunyai pengaruh satu dengan lainnya dalam keputusan-keputusannya. Keberhasilan dari penelitian ini terutama karena model yang digunakan dan ditunjang dengan fasilitas pengolahan datanya, sehingga dapat menyelesaikan secara benar dari suatu hubungan yang sulit dan saling terintegrasi. Namun dalam penelitian ini belum dapat ditunjang oleh jumlah data pengamatan yang masih terbatas.

Abstrak :
The result of this study show that the owner managers tend to view the accounting information as an absolute truth seen from its function as a means of score keeping, attention directing and problem solving. Another findings indicate that the owner managers have a fairly positive perception on the capability of the professional managers (non-owner managers) in increasing the welfare of their principal. However, they are still concerned about the negative side of professional managers performance, that is, selfishness. In spite of this negative perception mentioned above, the owner managers still believe that there are some control devices that can be used as a set of tools for overcoming this potential negative behavior. Another interesting findings indicates that although the sub-ordinates (non-owner managers) are often involved in financial decision making process, the final decisions still to be made by the owner managers. Further analysis, employing regression technique, proves that the degree of participation in financial decision making process is influenced by the owner managers' perception on accounting information and the role of professional managers (non-owner managers). It implies that the more positive the owner managers' perception on the accounting information and the role of professional managers, the higher the degree of possibility of professional managers' involvement in financial decision making process is. Business and personal characteristics were also analyzed in connection with the owner managers' responses on financial control problem. By using ANOVA technique, the result of this study can be summarized as follows: - The more complex the organization is , the more positive the owner managers; perceptions on the accounting information and the professional managers (non-owner-managers) capability and also the reliability of control devices in overcoming the negative behavior of professional managers are. - The more complex the organization is, the more intensive the owner managers asking for advices from subordinate (non-owner managers) about financial problem is. - The higher of initiation (in starting up the business) is, the more intensive the owner managers asking for advices from subordinates (non-owner managers) about financial problem is. - The more intensive the owner managers in taking general management courses, the more intensive the owner managers involve the subordinates (non-owner managers) in financial decision making process and in asking for advice about financial problem are. Concerning the results mentioned above, it is clear that the degree of open management practices in family- owned firms is influenced by several factors, such as organizational complexity (especially its structure), the degree of initiation, and the intensity in taking general management courses. In addition to the factors aforementioned, the owner-managers' perception on the accounting information and the role of professional managers (non-owner managers) also influence the degree of open management practices. Implications With regard to the results of the study described in previous pages, the implications of this study are as follows : - The managerial style in family-owned firms in connection with financial decision making process tends to be centralisticanticipative. - Centralization practices in making financial decision (i.e. final decision made by the owner managers, although the subordinate, non-owner managers, have been involved in decision making process) might reflects the precautionary motive in order to maintain their properties. This phenomenon might not be conclusive for supporting the organizational growth requirements when the family owned firms become bigger and more complex. - The findings of this study also support the tentative statement given by the practitioners and management scientists in many seminar occasions (especially, Seminar on "Konsep Manajemen Indonesia" conducted at LPPM Jakarta in 1981) who stated that the managerial decision style in family-owned firms tend to be centralistic, more particularly in financial aspects. The owner-manager is a center power who play the role as "one-man show". - Since the owner-managers tend to view the accounting information as an absolute truth, the functional fixation in making financial decisions might happen. As we know that every accounting system and procedures applied by accountant has implication on producing accounting information itself. Changes in accounting system and procedures will influence the content of accounting information. Without any adjustment, the information, will be misleading. It is clear that "functional fixation" refers to the human behavior that is unable to see to see alternatives meaning or uses and its implications. - Since the owner managers tend to believe that there are some control devices that can beused effectively in order to overcome the negative behavior of professional managers (non-owner managers), the control devices such as internal audit, personal observation, budgetary control, etc. can be introduced. - Management courses offered by management training institutions need to be incited. This effort hopefully can increase the professionalism of owner-managers, particularly in practicing the open management style in line with the organizational growth. For further research, it is interesting to investigate the problem as follow : in what ways the large scale family-owned firms, such as Astra Group, Salim Group, Mercu Buana Group, etc, are managing their business, especially regarding financial control ? Are their financial control practices comparable to the small scale one which has been studied in this thesis ?

Abstrak :
Inventory should always be found almost in every walks of life, like in a household or within a company. In the household, inventory is held for fulfilling its needs, while in the company, inventory is held for a large amount of pupose. Thai is : (1) custober service, (2) Protect againts supply errors, (3) protect of core technology, (4) decouple succesive stages in operation. For Achieving the purpose, a firm must decide on how much to order and when an inventory is required. Adequate inventories facilitate operation activities and held assure cutomers of good service. on the other hand, carrying inventories ties up working capital on goods that sit idle. So that a function of costs and forecast or requirements is a problem to solve. There are many items of inventory, but for accounting purpose, firms classify it in three categories as (1) raw materials, (2) work-in-process, or (3) finished goods. As one of the elements or working capital, inventory is an unique item, because of its variance from time to time, inventory also need the space for protecting it. Sometimes the space needed is greater than the space for production processes. So, there are many costs to pay for holding an inventory as long as activity chain pay for holding an inventory as long as activity chain from ordering it to supplier until shipping it to the customer. In that condition, in fact, those activitites do not create value added. Expert have been trying to develop some models to manage inventory for reducing the costs, that is EOQ,P order system, Q order System, pareto system, MRP and jus in time. The last model gives raise to a question: "why inventory should exist?". Could inventory eliminated? Answering those question that is, inventory should exit because the company depends on many factor especially distance and quality. all The factors come from outside that's always fluctuate. If company has the ability to make shorter of distance between supllier and the company, as well as to increase quality to zero defect, inventory could be reduced. This research is aimed at knowing how the firms of synthetic fiber industry manage their inventories. Does the industry use one of the models of inventory management?

Abstrak :
Latar belakang : Ketahanan Nasional mencakup ketahanan diberbagai bidang termasuk ketahanan di bidang kesehatan. Kemandirian dalam bidang kesehatan mendukung ketahanan nasional. Untuk menilai kemandirian dalam bidang kesehatan pada penelitian ini dipergunakan kebijakan dan pelaksanaan penanggulangan AIDS di Indonesia, pengadaan obat ARV dan obat lain yang diperlukan masyarakat, pengembangan vaksin flu burung dan kerjasama penelitian dengan laboratorium Namru. Landasan Teori: Teori yang digunakan adalah teori ketergantungan negara yang sedang berkembang terhadap negara maju dalam pembangunan negara berkembang. Disamping itu juga teori ketahanan nasional mengenai kekuatan disegala bidang termasuk bidang kesehatan sesuai dengan kondisi lingkungan dan perubahan zaman. Hasil : 1. Strategi nasional penanggulangan AIDS di Indonesia telah memuat kebijakan untuk melaksanakan penanggulangan dengan kekuatan sendiri ditambah dengan bantuan dari luar negeri. Hanya saja dalam pelaksanaan program HIV/AIDS tersebut sebagian besar masih bergantung pada bantuan dari luar baik dalam bidang konsep, teknologi maupun dana. Dari segi dana sekitar 70% dari pendanaan yang diperlukan masih berasal dari luar. Pada pelaksanaan program aspek budaya lokal masih kurang dipertimbangkan 2. Dalam pengadaan obat ARV Indonesia telah berhasil mengadakan obat AIDS dasar melalui perjuangan yang cukup melelahkan. Kesinambungan pengadaan obat tersebut masih terancam isu mutu yang dikemukakan oleh WHO dan lembaga internasional lainnya. 3. Telah timbulmya kesadaran mengenai pentingnya kepemilikan virus flu burung strain Indonesia yang selama ini dimanfaatkan oleh industri farmasi internasional untuk pengembangan vaksin flu burung tanpa memberi keuntungan pada Indonesia. 4. Timbulnya kesadaran mengenai ketimpangan kerjasama antara pemerintah Indonesia dan Amerika Serikat dalam operasional laboratorium penelitian Namru. Kesimpulan : Dari penelaahan kasus penanggulangan AIDS, pengadaan obat ARV, Vaksin flu Burung dan Laboratorium Namru didapatkan ketergantungan Indonesia pada pihak luar masih tinggi. Telah timbul kesadaran tentang hak?hak Indonesia serta keinginan utuk lebih mandiri dalam bidang kesehatan. Upaya untuk mandiri tersebut memerlukan kesadaran mengenai ketahanan nasional baik di kalangan pemerintah, masyarakat, serta kalangan bisnis. Karena itu sosialisasi mengenai ketahanan nasional perlu digalakan, secara terus menerus.

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Background: National resilience is build by many aspects of resilience including resilience in health sector. Reliance in health sector support national resilience. To evaluate reliance in Indonesian health sector in this study government policy and program in AIDS control, availability of AIDS drug , development of flu vaccine and cooperation with Namru (Naval Army Medical Reasearch Unit) United State of America was analyzed. Theoritical background: In this study development dependency theory in developing countries was used. Beside this theory, national resilience theory including resilience in all aspects of life including health sector is used as a tool to analyzed Indonesian government policy and program in health. Result: 1. Indonesian government policy in AIDS Control strategy already considered self reliance as important factor to control AIDS in Indonesia. Foreign supports are welcome as complement to national program. However in program implementation there is dependency to foreign donor in conceptual thought, technology and fund. In financing the program 70% of fund is still from foreign country. In implementation of AIDS control program local culture and social condition is not optimally considered. 2. AIDS drug avabiality program has already provided Indonesian people with affordable drug but the process to produce this drug in Indonesia is not easy. Indonesia has to fight its right because many international company opposed this program. Issue on quality became big issue to stop this national program. 3. Concern about right to share the Indonesian avian flu viral strain inv developing flu vaccine already exist. However Indonesia also has to fight to get its right. 4. Equal partnership principle in agreement between Indonesia and United State of America in Namru laboratory cases also not represented in agreement and as the qonsequences also in laboratory operation. Conclusion: Analysis from AIDS National control program, AIDS drug national production, development of flu vaccine and Namru laboratory showed that Indonesia is in weak position. Although concern about national security and national resilience in Indonesia already exist but in implementation developed contries as donor is still very dominan. International agencies also dominated by developed countries so it position is difficult to support developing countries right. To improve national resilience condition, alertness on national resilience issues in government, bussines sector and public should be rised. Every sectors should strengthen their capacity to support Indonesian government bargain power to plan and supervise programs supported by foreign donors.