• Tidak ada hasil yang ditemukan

Pengaruh Manajemen Laba, Risiko Pasar dan Struktur Kepemilikan terhadap Nilai Pasar

N/A
N/A
Protected

Academic year: 2021

Membagikan "Pengaruh Manajemen Laba, Risiko Pasar dan Struktur Kepemilikan terhadap Nilai Pasar"

Copied!
12
0
0

Teks penuh

(1)

3(1*$58+0$1$-(0(1/$%$5,6,.23$6$5'$16758.785

.(3(0,/,.$17(5+$'$31,/$,3$6$5

<HQQL1XUDHQL5XGL+DU\DQWR 3ROLWHNQLN1HJHUL-DNDUWD.DPSXV%DUX8,'HSRN7OS)D[ QXUDHQL\HQQ\#JPDLOFRPUXGLKDU\DQWRB#\DKRRFRP $EVWUDN

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¶V ILQDQFLDO VWDWHPHQW RI WKH ,QGRQHVLD 6WRFN ([FKDQJH 2WKHU PDUNHW DQG ILQDQFLDO GDWD REWDLQHG IURP 26,5,6 GDWDEDVH DQG ,QGRQHVLDQ &DSLWDO 0DUNHW 'LUHFWRU\,&0'SHULRG)XUWKHUPRUHWKHGDWDDERXW,+6*YDOXHDQGLQWHUHVWUDWHOHYHO &HUWLILFDWH RI %DQN RI ,QGRQHVLD 6HUWLILNDW %DQN ,QGRQHVLD 6%, REWDLQHG IURP %DQN RI ,QGRQHVLD 5HJUHVVLRQ HTXDWLRQ LV XVHG LQ RUGHU WR WHVW WKH K\SRWKHVLV 7KH UHVXOW HDUQLQJV PDQDJHPHQW DQG V\VWHPDWLF ULVN SRVLWLYHO\ DQG VLJQLILFDQWO\ DIIHFWLQJ PDUNHW YDOXH :KLOH LQVWLWXWLRQ RZQHUVKLS QRW DIIHFWHGDQGPDQDJHULDORZQHUVKLSDIIHFWHGWRPDUNHWYDOXHDQGKDVDSRVLWLYHGLUHFWLRQ .H\ZRUGV0DQDMHPHQ/DED5LVLNR.HSHPLOLNDQ1LODL3DVDU

3(1'$+8/8$1

'DODP WHRUL NHDJHQDQ DJHQF\ WKHRU\ KXEXQJDQ DJHQVL PXQFXO NHWLND VDWX RUDQJ DWDX OHELK SULQFLSDO PHPSHNHUMDNDQ RUDQJ ODLQ DJHQW XQWXN PHPEHULNDQ VXDWX MDVD GDQ NHPXGLDQ PHQGHOHJDVLNDQ ZHZHQDQJ SHQJDPELODQ NHSXWXVDQ NHSDGD DJHQW WHUVHEXW -HQVHQ 0HFNOLQJ 0DQDMHUVHEDJDLSHQJHORODSHUXVDKDDQOHELK EDQ\DN PHQJHWDKXL LQIRUPDVL LQWHUQDO GDQ SURVSHN SHUXVDKDDQ GL PDVD \DQJ DNDQ GDWDQJ GLEDQGLQJNDQ SHPLOLN SHPHJDQJ

VDKDP 2OHK NDUHQD LWX VHEDJDL SHQJHOROD PDQDMHU EHUNHZDMLEDQ PHPEHULNDQ VLQ\DO PHQJHQDL NRQGLVL SHUXVDKDDQ NHSDGD SHPLOLN7HWDSLLQIRUPDVL\DQJGLVDPSDLNDQ WHUNDGDQJ WLGDN VHVXDL GHQJDQ NRQGLVL SHUXVDKDDQ VHEHQDUQ\D .RQGLVL LQL GLNHQDO VHEDJDL LQIRUPDVL \DQJ WLGDN VLPHWULV DWDX DVLPHWULLQIRUPDVLLQIRUPDWLRQDV\PPHWULF +DUULV $VLPHWUL DQWDUD PDQDMHPHQ DJHQW GHQJDQ SHPLOLN SULQFLSDO PHPEHULNDQ NHVHPSDWDQ NHSDGD PDQDMHU XQWXNPHODNXNDQPDQDMHPHQODEDHDUQLQJV PDQDJHPHQW5LFKDUGVRQ

(2)

$GDQ\D DJHQF\ SUREOHP GDSDW GLSHQJDUXKL ROHK VWUXNWXU NHSHPLOLNDQ NHSHPLOLNDQ PDQDMHULDO GDQ NHSHPLOLNDQ LQVWLWXVLRQDO 6WUXNWXU NHSHPLOLNDQ ROHK EHEHUDSD SHQHOLWL GLSHUFD\D PDPSX PHPSHQJDUXKL RSHUDVLRQDOLVDVL SHUXVDKDDQ \DQJ SDGD DNKLUQ\D EHUSHQJDUXK SDGD NLQHUMD SHUXVDKDDQ GDODP PHQFDSDL WXMXDQ SHUXVDKDDQ \DLWX PDNVLPDOLVDVL QLODL SHUXVDKDDQ +DO LQL GLVHEDENDQ ROHK NDUHQD DGDQ\D NRQWURO \DQJ PHUHND PLOLNL .RQVHQWUDVL NHSHPLOLNDQ GLJXQDNDQ SHUXVDKDDQ XQWXN PHQJKLODQJNDQ PDVDODK NHDJHQDQ+DOLQLVHVXDLGHQJDQNHVLPSXODQ 'H)RQG 3DUN EDKZD OHYHO NHSHPLOLNDQ OHELK WLQJJL GDSDW GLJXQDNDQ XQWXN PHQJXUDQJL PDVDODK NHDJHQDQ +DO WHUVHEXW GLGDVDUNDQ SDGD ORJLND EDKZD SHQLQJNDWDQ SURSRUVL VDKDP \DQJ GLPLOLNL PDQDMHU DNDQ PHQXUXQNDQ NHFHQGHUXQJDQ PDQDMHU XQWXN PHODNXNDQ WLQGDNDQ RSSRUWXQLVWLF VHKLQJJD DNDQ PHQ\DWXNDQ DQWDUD NHSHQWLQJDQ PDQDMHU GHQJDQ SHPHJDQJVDKDP 3HQHOLWLDQ VHEHOXPQ\D PHQJHQDL PDQDMHPHQ ODED HDUQLQJV PDQDJHPHQW PHQGHILQLVLNDQ PDQDMHPHQ ODED VHEDJDL KLSRWHVLV XNXUDQ NLQHUMD GDODP KDO PDQDMHU EHUXVDKD PHQ\DPSDLNDQ VHFDUD WHOLWL SHQJDUXK SHULVWLZD HNRQRPL VDDW LQL SDGD ODSRUDQ ODED UXJL SHULRGH LQL *XD\ HW DO 6HEDOLNQ\D PHUHND MXJD PHQGHILQLVLNDQ PDQDMHPHQ ODED VHEDJDL KLSRWHVLV PDQDMHPHQ DNUXDO RSRUWXQLVWLN GDODP KDO PDQDMHU EHUXVDKD PHQJXUDQJL NHWHOLWLDQ SHODSRUDQ ODED 3DGD XPXPQ\D PDQDMHPHQ ODED PHQFDNXS PDQDMHPHQ ODED VHFDUD ULLO GDQ PDQDMHPHQ ODED PHODOXL SHODSRUDQ

%HQHLVK PHQ\DWDNDQ EDKZD EHUNHPEDQJQ\D SUDNWHN PDQDMHPHQ ODED EHUGDVDUNDQ EDVLV DNUXDO GLVHEDENDQ ROHK WLJDKDO3HUWDPDDNUXDOPHUXSDNDQSURGXN XWDPD GDUL SULQVLS DNXQWDQVL \DQJ GLWHULPD XPXP DWDX *$$3 GDQ PDQDMHPHQ ODED OHELK PXGDK WHUMDGL SDGD ODSRUDQ \DQJ EHUEDVLV DNUXDO GDULSDGD ODSRUDQ \DQJ EHUEDVLV NDV .HGXD GHQJDQ PHPSHODMDUL DNUXDO DNDQ PHQJXUDQJL PDVDODK \DQJ

WLPEXO GDODP PHQJXNXU GDPSDN GDUL EHUEDJDL SLOLKDQ PHWRGH DNXQWDQVL WHUKDGDS ODED .HWLJD MLND LQGLNDVL HDUQLQJ PDQDJHPHQWWLGDNGDSDWGLDPDWLGDULDNUXDO PDNDLQYHVWRUWLGDNDNDQGDSDWPHQMHODVNDQ GDPSDN GDUL HDUQLQJ PDQDJHPHQW SDGD SHQJKDVLODQ\DQJGLODSRUNDQSHUXVDKDDQ 'DODP SURVHV PDNVLPDOLVDVL QLODL SHUXVDKDDQ GDODP WUDQVDNVL NHXDQJDQ VHFDUD XPXP WHUGDSDW GXD XQVXU \DQJ PHOHNDW SDGD VHWLDS PRGDO DWDX GDQD \DQJ GLLQYHVWDVLNDQ\DLWXKDVLOUHWXUQGDQULVLNR ULVN 'HQJDQ GXD XQVXU WHUVHEXW VHRUDQJ LQYHVWRU GDSDW PHPSUHGLNVLNDQ QLODL VDKDP SHUXVDKDDQ \DQJ GLPLOLNLQ\D 5LVLNR PHUXSDNDQ NHPXQJNLQDQ SHUEHGDDQ DQWDUD UHWXUQ DFWXDO\DQJ GLWHULPD GHQJDQUHWXUQ \DQJ GLKDUDSNDQ 6HPDNLQ EHVDU NHPXQJNLQDQSHUEHGDDQQ\DEHUDUWLVHPDNLQ EHVDU ULVLNR LQYHVWDVL WHUVHEXW 'DODP PDQDMHPHQ LQYHVWDVL PRGHUQ GLNHQDO SHPEDJLDQ ULVLNR WRWDO LQYHVWDVL NH GDODP GXD MHQLV ULVLNR \DLWX ULVLNR VLVWHPDWLN GDQ ULVLNR QRQVLVWHPDWLN 5LVLNR VLVWHPDWLN PHUXSDNDQ ULVLNR \DQJ WLGDN GDSDW GLHOLPLQDVL ROHK GLYHUVLILNDVL %ULJKDP *DSHQVNL 5LVLNR VLVWHPDWLN PHUXSDNDQ ULVLNR GDUL VHNXULWDV DWDX SRUWRIROLR\DQJUHODWLIWHUKDGDSULVLNRSDVDU GDQGDSDWGLXNXUGHQJDQNRHILVLHQEHWD 3UDNWLN PDQDMHPHQ ODED GDSDW PHQ\HEDENDQ SHQJXQJNDSDQ LQIRUPDVL GDODP ODSRUDQ ODED WLGDN PHQFHUPLQNDQ NHDGDDQ \DQJ VHEHQDUQ\D +DO LQL PHQ\HEDENDQ SHPDNDL ODSRUDQ NHXDQJDQ WLGDN PHPSHUROHK LQIRUPDVL NHXDQJDQ \DQJ DNXUDW XQWXN GLMDGLNDQ DFXDQ GDODP SHQJDPELODQNHSXWXVDQ6DODKVDWXSHPDNDL ODSRUDQ NHXDQJDQ DGDODK SDUWLVLSDQ DWDX LQYHVWRU SDVDU PRGDO /DSRUDQ ODED \DQJ PHQJDQGXQJ SUDNWHN PDQDMHPHQ ODED GDSDW PHQ\HVDWNDQ LQYHVWRU GDODP PHQJHVWLPDVL UHWXUQ \DQJ GLKDUDSNDQ 0DQDMHPHQ ODED \DQJ GLJXQDNDQ PDQDMHU XQWXN PHQ\DPSDLNDQ LQIRUPDVL SULYDW PHUHND PHQJHQDL NRQGLVL SHUXVDKDDQ DNDQ GLUHDNVL ROHK SDUD LQYHVWRU MLND PHUHND PHQJHWDKXL NRQGLVL SHUXVDKDDQ \DQJ GLODSRUNDQ GDODP ODSRUDQ NHXDQJDQ EHUEHGD GHQJDQ NRQGLVL

(3)

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

$SDNDK WHUGDSDW SHQJDUXK GDUL PDQDMHPHQ ODED ULVLNR GDQ VWUXNWXU NHSHPLOLNDQWHUKDGDSQLODLVDKDP" $SDNDK MHQLVMHQLV ULVLNR GDQ VWUXNWXU

NHSHPLOLNDQ \DQJ PHPSHQJDUXKL QLODL SDVDU" 'DODP SHQHOLWLDQ LQL GLVXVXQ VXDWX NHUDQJNDSHPLNLUDQGDODPJDPEDUEHULNXW *DPEDU.HUDQJND3HPLNLUDQ

3HQHOLWLDQ LQL VHFDUD XPXP EHUWXMXDQ XQWXN PHPEHULNDQ LQIRUPDVLNHSDGDHPLWHQ DWDX SHUXVDKDDQ SXEOLN GDQ SLKDNSLKDN \DQJ EHUNHSHQWLQJDQ WHUNDLW YDULDEHO SHQHOLWLDQ GHQJDQ QLODLKDUJD VDKDP 6HGDQJNDQ WXMXDQ NKXVXV GDUL SHQHOLWLDQ LQL DGDODK XQWXN 0HQJXML GDQ PHQ\LPSXONDQ SHQJDUXK GDUL PDQDMHPHQ ODED ULVLNR SDVDU GDQ VWUXNWXU NHSHPLOLNDQ WHUKDGDS QLODL SDVDUPDUNHWYDOXH0HQJHWDKXLMHQLVMHQLV

ULVLNR GDQ VWUXNWXU NHSHPLOLNDQ \DQJ PHPSHQJDUXKLQLODLSDVDU

'LKDUDSNDQ SHQHOLWLDQ LQL GDSDW PHQDPEDK EXNWL HPSLULV XQWXN NHSHUOXDQ SHQHOLWLDQ VHODQMXWQ\D VHUWD GDSDW PHPEHULNDQ PDQIDDW NH EHUEDJDL SLKDN DQWDUDODLQEDJLLQYHVWRUWHUNDLWLQYHVWDVLDWDV SHQLODLDQ VDKDP GLNDLWNDQ GHQJDQ PDQDMHPHQ ODED ULVLNR SDVDU GDQ VWUXNWXU NHSHPLOLNDQSHUXVDKDDQ

0(72'(3(1(/,7,$1

'DWDGDQ6DPSHO3HQHOLWLDQ 'DWD SHQHOLWLDQ LQL PHQJJXQDNDQ GDWD VHNXQGHUEHUVXPEHUGDUL/DSRUDQ.HXDQJDQ $XGLWDQ \DQJ GLSHUROHK GDUL %XUVD (IHN ,QGRQHVLD ZZZMV[FRLG 'DWD SDVDU GDQ NHXDQJDQ ODLQQ\D GLSHUROHK GDUL GDWDEDVH 26,5,6 WDKXQ GDQ ,QGRQHVLDQ &DSLWDO 0DUNHW 'LUHFWRU\ ,&0' WDKXQ 6HODLQ LWX GDWD PHQJHQDL QLODL ,+6* GDQ WLQJNDW VXNX EXQJD 6HUWLILNDW %DQN,QGRQHVLD6%,GDULWDKXQ GLSHUROHK GDUL %DQN ,QGRQHVLD ZZZELJRLG

3RSXODVL SHQHOLWLDQ LQL DGDODK VHOXUXK SHUXVDKDDQ \DQJ WHUGDIWDU GL %XUVD (IHN ,QGRQHVLD SHULRGH 0HWRGH SHPLOLKDQ VDPSHO SHQHOLWLDQ PHQJJXQDNDQ PHWRGH SXUSRVLYH VDPSOLQJ \DLWX WHNQLN SHQHQWXDQ VDPSHO GHQJDQ PHQJJXQDNDQ SHUWLPEDQJDQ WHUWHQWX *KR]DOL EHUGDVDUNDQNULWHULDVHEDJDLEHULNXW

3HUXVDKDDQ VDPSHO DGDODK SHUXVDKDDQ PDQXIDNWXU \DQJ WHUGDIWDU GL %(, \DQJ PHPSXEOLNDVLNDQ ODSRUDQ NHXDQJDQ DXGLWDQSHU'HVHPEHUVHFDUDNRQVLVWHQ GDQOHQJNDSGDULWDKXQ 3HUXVDKDDQ VDPSHO PHPLOLNL NRPSRQHQ

\DQJ GLSHUOXNDQ VHEDJDL YDULDEHO UHJUHVL SHQHOLWLDQ

+DVLO SHPLOLKDQ VDPSHO SHQHOLWLDQ GLVDMLNDQ SDGD7DEHO 9DULDEHO,QGHSHQGHQ 0DQDMHPHQ/DED 5LVLNR3DVDU 6WUXNWXU.HSHPLOLNDQ 1LODL 3DVDU 9DULDEHO.RQWURO 8PXUSHUXVDKDDQ$JH 3HUWXPEXKDQ*URZWK 7LQJNDWKXWDQJ/HYHUDJH

(4)

7DEHO3HPLOLKDQ6DPSHO3HQHOLWLDQ .HWHUDQJDQ -XPODK SHUXVDKDD Q -XPODK 3HUXVDKDDQ GL %(, GDQ 'DWD ,&0' WDKXQ 3HUXVDKDDQ .HXDQJDQ GDQ 1RQ0DQXIDNWXU -XPODK 3HUXVDKDDQ 0DQXIDNWXU 'DWD NHXDQJDQ WLGDN WHUVHGLD -XPODK 6DPSHO 3HQHOLWLDQ

DNKLU

9DULDEHO 3HQHOLWLDQ GDQ 2SHUDVLRQDOLVDVL 9DULDEHO

9DULDEHO3HQHOLWLDQ

8QWXN PHQJXML KLSRWHVLV \DQJ GLEDQJXQ GDODP SHQHOLWLDQ LQL PDND YDULDEHO \DQJ GLJXQDNDQ SHQHOLWLDQ LQL DQWDUD ODLQ YDULDEHO GHSHQGHQ QLODL SDVDU GDQ YDULDEHO LQGHSHQGHQ PDQDMHPHQ ODED \DQJ GLXNXU

GHQJDQSURNVLGLVFUHWLRQDU\DFFUXDOVULVLNR

SDVDUEHWDGDQVWUXNWXUNHSHPLOLNDQ6HODLQ YDULDEHO XWDPD SHQHOLWLDQ LQL PHQJJXQDNDQ YDULDEHONRQWURODWDVQLODLSDVDU\DLWXXNXUDQ

SHUXVDKDDQ VL]H SHUWXPEXKDQ SHUXVDKDDQ

JURZWKGDQOHYHUDJH

2SHUDVLRQDOLVDVL9DULDEHO

9DULDEHO LQGHSHQGHQ QLODL SDVDUPDUNHW

YDOXHGLKLWXQJGHQJDQPHQJJXQDNDQPRGHO )HOWKDP2KOVRQGHQJDQUXPXV 9W %W™(W52(WU%W L U L .HWHUDQJDQ %W QLODL EXNX HNXLWDV %9( SDGD ZDNWXW

(W QLODL HNVSHNWDVL NRHILVLHQ GDUL

DEQRUPDORSHUDWLQJHDUQLQJV

52(W 52( SDGD SHULRGH W GDQ U

PHUXSDNDQFRVWRIFDSLWDO&2&

9W QLODLLQWULQVLNVDKDP

&2& GLKLWXQJ GHQJDQ UXPXV PRGHO&$30

%RWRVDQ &2& 5IWȕ5PW5IW 5IW ULVNIUHHWLQJNDWVXNXEXQJD%DQN ,QGRQHVLD ȕ ULVLNRSDVDUEHWDVDKDP 5PW UHWXUQPDUNHW 5LVLNRVDKDPEHWDUHWXUQPDUNHWGDQUHWXUQ VDKDP GLKLWXQJ GHQJDQ UXPXV EHULNXW -RJL\DQWR − − − = W W W P ,+6* ,+6* ,+6* 5

.HWHUDQJDQ 5P UHWXUQ PDUNHW GDQ 5L

UHWXUQVDKDP 9DULDEHO LQGHSHQGHQ PDQDMHPHQ ODED GLXNXU GHQJDQ PHQJJXQDNDQ PRGHO 0RGLILHG-RQHVNDUHQD'HFKRZHWDO PHQ\DWDNDQ EDKZD PRGHO LQL PHPEHULNDQ NHNXDWDQ VWDWLVWLN \DQJ WLQJJL XQWXN PHQGHWHNVL DGDQ\D PDQLSXODVL ODED

3DGD PRGHO LQL GLVFUHWLRQDU\ DFFUXDOV

GLJXQDNDQ VHEDJDL SURNVL GDUL PDQDMHPHQ ODED-LNDWHUMDGLPDQDMHPHQODEDPDNDQLODL

GLVFUHWLRQDU\DFFUXDOVVLJLQLILNDQ6HEHOXP PHQJJXQDNDQ PRGHO -RQHV PDND GLKLWXQJ GXOX WRWDO DNUXDO VHVXDL GHQJDQ UXPXVDQ+HDO\\DLWX

7$LW ǻ&$Wǻ&/Wǻ&DVKW'HSW

$LW

.HWHUDQJDQ

ǻ&$W SHUXEDKDQFXUUHQW DVVHWV VHODLQ

NDV

ǻ&/W SHUXEDKDQFXUUHQWOLDELOLWLHV

ǻ&DVKW SHUXEDKDQFDVKGDQHNXLYDOHQQ\D

'HSW EHEDQGHSUHVLDVLGDQDPRUWLVDVL

$LW WRWDODVHWWDKXQVHEHOXPQ\D

.HPXGLDQGHWHNVLGLVFUHWLRQDU\DFFUXDOV

GDQ QRQ GLVFUHWLRQDU\ DFFUXDOV GHQJDQ SHUVDPDDQ EHULNXW QLODL WRWDO DNUXDO 7$ GLHVWLPDVLGHQJDQSHUVDPDDQUHJUHVLVHEDJDL EHULNXW 7$LW$LW ȕ$LWȕ¨5HYLW$LW ȕ33(LW$LWH .HWHUDQJDQ 7$LW WRWDODNUXDOSDGDWDKXQWXQWXN SHUXVDKDDQL

(5)

¨5HYLW SHUXEDKDQ SHQGDSDWDQ SDGD WDKXQWGDQW

33(LW WRWDO SURSHUW\ SODQW GDQ HTXLSPHQWSDGDWDKXQW $LW WRWDODVHWWDKXQW H HUURU SDGD WDKXQ W XQWXN SHUXVDKDDQL L SHUXVDKDDQ W WDKXQ NHSHULRGH HVWLPDVL XQWXNSHUXVDKDDQL 'HQJDQ PHQJJXQDNDQ NRHILVLHQ UHJUHVL GLDWDV QLODL GLVFUHWLRQDU\ DFFUXDOV '$ GDSDWGLKLWXQJGHQJDQUXPXV '$LW 7$LW$LW ± Į $LW ȕ¨5HYLW$LWȕ33(LW$LW -LND PDQDMHPHQ PHODNXNDQ PDQDMHPHQ ODEDPDNDDNDQGLSHUROHKQLODLGLVFUHWLRQDU\ DFFUXDOVSRVLWLIDWDXQHJDWLI\DQJVLJQLILNDQ 9DULDEHO NRQWURO \DQJ GLJXQDNDQ DWDV QLODL SDVDU VDKDP \DLWX XNXUDQ SHUXVDKDDQ VL]H SHUWXPEXKDQ JURZWK GDQ WLQJNDW KXWDQJOHYHUDJH/HY

0RGHO3HQHOLWLDQ

8QWXN PHQJXML KLSRWHVLV PDND GLEXDW PRGHO \DQJ PHQMHODVNDQ KXEXQJDQ DQWDU YDULDEOH \DQJ GLWHOLWL 0RGHO GLVXVXQ PHQJJXQDNDQ SHUVDPDDQ UHJUHVL EHUJDQGD VHEDJDLEHULNXW 09DOXH ĮĮ'$&&Į5LVNĮ2,QV Į20JWĮ/6L]HĮ6*URZWKĮ/HYİ 3HQJRODKDQ'DWDGDQ8ML$VXPVL.ODVLN 3HQHOLWLDQ LQL PHQJJXQDNDQ SURJUDP 6366GDQ(YLHZVGDODPPHQJRODKGDWD GDQ PHODNXNDQ SHQJXMLDQ VWDWLVWLN 0HWRGH VWDWLVWLN \DQJ GLJXQDNDQ XQWXN PHQJXML KLSRWHVLV GDODP SHQHOLWLDQ LQL DGDODK PHQJJXQDNDQ PHWRGH UHJUHVL EHUJDQGD XQWXN PHQJXML KXEXQJDQ DQWDUD YDULDEHO LQGHSHQGHQ GDQ YDULDEHO GHSHQGHQ :LQDUQR

6HEHOXP GLODNXNDQ SHQJXMLDQ DVXPVL NODVLN +DO LQL GLPDNVXGNDQ DJDU PRGHO UHJUHVL GDSDW PHQJKDVLONDQ SHQGXJD HVWLPDWRU \DQJ WLGDN ELDV 8ML DVXPVL NODVLN WHUGLUL GDUL XML QRUPDOLWDV XML PXOWLNROLQHDULWDV KHWHURNHGDVWLVLWDV GDQ DXWRNRUHODVL*KR]DOL

+$6,/'$13(0%$+$6$1

$QDOLVLV6WDWLVWLN'HVNULSWLI

+DVLO SHQJRODKDQ GDWD SHQHOLWLDQ \DQJ PHQJDFX SDGD PHWRGRORJL \DQJ GLJXQDNDQ WHODK PHQJKDVLONDQ QLODL KDVLO SHQJXMLDQ KLSRWHVLV GDQ KDVLO UHJUHVL \DQJ WHODK GLMHODVNDQ SDGD EDJLDQ VHEHOXPQ\D 3DGD EDJLDQ LQL DNDQ GLDNXNDQ DQDOLVLV DWDV KDVLO VWDWLVWLN GHVNULSWLI WDEHO GDQ ULQJNDVDQ KDVLO UHJUHVL \DQJ SDGD WDEHO 6HODQMXWQ\D DQDOLVLV GDQ SHPEDKDVDQ DNDQ GLNHPEDQJNDQ GLVHVXDLNDQ GHQJDQ WXMXDQ SHQHOLWLDQ

+DVLO SHQJXMLDQ VWDWLVWLN GHVNULSWLI \DQJ GLSHUOLKDWNDQ SDGD 7DEHO PHQXQMXNNDQ EDKZD YDULDEHO QLODL VDKDP 09DOXH PHPLOLNLQLODLUDWDUDWDPHDQGHQJDQ

QLODL PDNVLPXP KDO LQL

PHQXQMXNNDQ EDKZD SHQLODLDQ LQYHVWRU WHUKDGDS QLODL VDKDP SDGD SHUXVDKDDQ VDPSHOVHFDUDUDWDUDWDPDVLKUHQGDK3URNVL PDQDMHPHQODED'$&&PHQXQMXNNDQQLODL PLQLPXP QHJDWLI GDQ PDNVLPXP 1LODL UDWDUDWDQ\D QHJDWLI PHQXQMXNNDQ EDKZD QLODL GLVFUHWLRQDU\ DFFUXDOV PHQGHNDWL QLODL \DQJ DUWLQ\D EDKZD PDQDMHPHQ ODED SDGD SHUXVDKDDQ VDPSHO WLGDN EHUWXMXDDQ XQWXN PHUHND\DVD ODED WHWDSL NDUHQD SURVHV SHQFDWDWDQ DNUXDO \DQJ VHVXDL GHQJDQ SULQVLS DNXQWDQVL \DQJ EHUODNXXPXP

1LODL ULVLNR SDVDU 5LVN PHQXQMXNNDQ QLODL UDWDUDWD GHQJDQ QLODL PLQLPXP GDQ PDNVLPXP PHPSHUOLKDWNDQ EDKZD VHFDUD UDWDUDWD EHWD VDKDP SDGD SHUXVDKDDQ VDPSHO PHPLOLNL QLODL GLEDZDK DQJND \DQJ EHUDUWL PHPLOLNL ULVLNR VLVWHPDWLN OHELK NHFLO GLEDQGLQJNDQ ULVLNR SDVDU

1LODL NHSHPLOLNDQ LQVWLWXVL GDODP SHUXVDKDDQPHPSXQ\DLSURSRUVL\DQJWLQJJL DWDV NHSHPLOLNDQ VDKDP SHUXVDKDDQ 6HPHQWDUD NHSHPLOLNDQ PDQDMHULDO 20JW VHFDUD UDWDUDWD KDQ\D 1LODL WHUVHEXW PHQXQMXNNDQ EDKZD GDODP SHUXVDKDDQ VDPSHO NHSHPLOLNDQ VDKDP ROHK GLUHNVL GDQ NRPLVDULV PDVLK VHGLNLW GLEDQGLQJNDQ NHSHPLOLNDQ LQVWLWXVL \DQJ PHPLOLNLUDWDUDWD

(6)

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

$QDOLVLV+DVLO5HJUHVL

7DEHO PHQ\DMLNDQ ULQJNDVDQ DWDV KDVLO UHJUHVL DWDV YDULDEHO LQGHSHQGHQ \DQJ GLKXEXQJNDQGHQJDQSHQJXMLDQKLSRWHVLV 7DEHO+DVLO5HJUHVL 9DULDEHO ,QGHSHQGHQW +DVLOĮ 0DQDMHPHQODED '$&& SYDOXH 5LVLNRSDVDU5LVN SYDOXH .HSHPLOLNDQ ,QVWLWXVL2Z,QV SYDOXH ! .HSHPLOLNDQ PDQDMHULDO20JW SYDOXH 8NXUDQ3HUXVDKDDQ /6L]H SYDOXH 3HUWXPEXKDQ 3HQMXDODQ*URZWK SYDOXH 8NXUDQ3HUXVDKDDQ /6L]H SYDOXH !

3HQJDUXK 0DQDMHPHQ /DED WHUKDGDS 1LODL3DVDU

+DVLO SHQJXMLDQ KLSRWHVLV PHQXQMXNNDQ EDKZD PDQDMHPHQ ODED HDUQLQJV PDQDJHPHQWVLJQLILNDQ SYDOXH EHUSHQJDUXK WHUKDGDS QLODL SDVDU GDQ PHPSXQ\DLDUDKSRVLWLI+DVLOSHQHOLWLDQLQL PHQGXNXQJ KLSRWHVLV DZDO + EDKZD WHUGDSDW SHQJDUXK PDQDMHPHQ ODED WHUKDGDS QLODLSDVDU+DOLQLVHMDODQGHQJDQSHQGDSDW )LVFKHU GDQ 5RVHQ]ZHLUJ EDKZD

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

3HQJDUXK5LVLNR3DVDUWHUKDGDS1LODL 3DVDU

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

(7)

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

3HQJDUXK 6WUXNWXU .HSHPLOLNDQ WHUKDGDS1LODL3DVDU

+DVLO SHQJXMLDQ KLSRWHVLV PHQXQMXNNDQ EDKZD VWUXNWXU NHSHPLOLNDQ LQVWLWXVLWLGDN VLJQLILNDQ SYDOXH +DVLO SHQHOLWLDQ LQL WLGDN PHQGXNXQJ KLSRWHVLV DZDO +D EDKZD WHUGDSDW SHQJDUXK NHSHPLOLNDQ LQVWLWXVL WHUKDGDS QLODL SDVDU +DVLO LQL EHUEHGD GHQJDQ SHQHOLWLDQ VHEHOXPQ\D EDKZD VWUXNWXU NHSHPLOLNDQ \DQJ WHUNRQVHQWUDVL ROHK LQVWLWXVL DNDQ PHPXGDKNDQ SHQJHQGDOLDQ WHUKDGDS SHUXVDKDDQ VHKLQJJD DNDQ EHUGDPSDN SDGD SHQLQJNDWDQ NLQHUMD SHUXVDKDDQ 0DPGXK PHQ\DWDNDQ EDKZD VHPDNLQ WLQJJL NHSHPLOLNDQ LQVWLWXVLRQDO VHPDNLQ EDLN NLQHUMDSHUXVDKDDQPHPSXQ\DLNHPDPSXDQ XQWXN PHQJRQWURO NLQHUMD SHUXVDKDDQ VHKLQJJD VHPDNLQ KDWLKDWL PDQDMHPHQ GDODP PHQMDODQNDQ SHUXVDKDDQ +DO LQL NHPXQJNLQDQ GLVHEDENDQ NHEHUDGDDQ NHSHPLOLNDQ LQVWLWXVL WLGDN VHFDUD ODQJVXQJ WHUOLEDW GDODP RSHUDVLRQDOLVDVL SHUXVDKDDQ VHKLQJJD QLODL SDVDU DNDQ WHUJDQWXQJ GDUL NLQHUMD SHUXVDKDDQ \DQJ GLODNVDQDNDQ ROHK SLKDN ODLQPDQDMHU 6HEDE ODLQ DGDODK NXUDQJQ\D SHQJHQGDOLDQ GDUL NHSHPLOLNDQ LQVWLWXVL WHUKDGDS NLQHUMD PDQDMHPHQ SDGD SHUXVDKDDQ \DQJ PHPLOLNL NHSHPLOLNDQ PDQDMHULDO FXNXS WLQJJL %RHGLRQR PHQ\DWDNDQ EDKZD SHUVHQWDVH VDKDP WHUWHQWX \DQJ GLPLOLNL ROHK LQVWLWXVL GDSDW

PHPSHQJDUXKL SURVHV SHQ\XVXQDQ ODSRUDQ NHXDQJDQWHWDSLWLGDNPHQXWXSNHPXQJNLQDQ WHUGDSDWDNUXDOLVDVLVHVXDLNHSHQWLQJDQSLKDN PDQDMHPHQ%RHGLRQR

+DVLO SHQJXMLDQ KLSRWHVLV PHQXQMXNNDQ EDKZD VWUXNWXU NHSHPLOLNDQ PDQDMHULDO EHUSHQJDUXKVLJQLILNDQ GDQ DUDKQ\D SRVLWLI WHUKDGDSQLODLSHUXVDKDDQSYDOXH

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

3HQJDUXK 9DULDEHO .RQWURO WHUKDGDS 1LODL3HUXVDKDDQ

9DULDEHO FRQWURO GDODP PRGHO UHJUHVL SHQHOLWLDQ LQL WHUGLUL GDUL XNXUDQ SHUXVDKDDQ VL]H SHUWXPEXKDQ SHQMXDODQ JURZWK GDQ OHYHUDJH

+DVLO SHQJXMLDQ KLSRWHVLV PHQXQMXNNDQ EDKZD XNXUDQ SHUXVDKDDQ VLJQLILNDQ EHUSHQJDUXK WHUKDGDS QLODL SDVDU SYDOXH GDQPHPSXQ\DLDUDKSRVLWLIVHKLQJJD VHPDNLQ WLQJJL XNXUDQ SHUXVDKDDQ PDND VHPDNLQ PHQLQJNDWNDQ QLODL SDVDU +DVLO SHQHOLWLDQ VHMDODQ GHQJDQ SHQHOLWLDQ

(8)

0DMDPGDU \DQJ PHQ\DWDNDQ EDKZD WHUMDGL KXEXQJDQ SRVLWLI DQWDUD XNXUDQ SHUXVDKDDQ WRWDO DVHW GDQ NLQHUMD SHUXVDKDDQ\DQJEHUDNLEDWSDGDSHQLQJNDWDQ KDUJDVDKDP

+DVLO SHQJXMLDQ KLSRWHVLV PHQXQMXNNDQ EDKZD JURZWK VLJQLILNDQ EHUSHQJDUXK WHUKDGDS QLODL SHUXVDKDDQ SYDOXH GDQ PHPSXQ\DL DUDK SRVLWLI VHKLQJJD VHPDNLQEHUWDPEDKJURZWKSHUXVDKDDQPDND VHPDNLQPHQLQJNDWNDQQLODLSDVDU+DVLOLQL VHVXDL GHQJDQ SHQHOLWLDQ 0DN DQG .XVQDGL PHQ\DWDNDQ EDKZD SHUWXPEXKDQ SHQMXDODQ WHUNDLW GHQJDQ QLODL SHUXVDKDDQ GDQKXEXQJDQQ\DSRVLWLIGDQVLJQLILNDQ+DO LQL VHMDODQ GHQJDQ WHRUL GDVDU \DQJ PHQ\DWDNDQ EDKZD WLQJJLQ\D NLQHUMD SHUXVDKDDQPHPLOLNLNHVHPSDWDQEHUWXPEXK WLQJJL'DUPDZDWL

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

.(6,038/$1

3HQHOLWLDQ LQL PHPSHUROHK EHEHUDSD NHVLPSXODQ\DLWX

D0DQDMHPHQ ODED HDUQLQJV PDQDJHPHQW \DQJ GLSURNVLNDQ GHQJDQ QLODL GLVFUHWLRQDU\ DFFUXDOV VLJQLILNDQ

EHUSHQJDUXK WHUKDGDS QLODL SDVDU GDQ PHPSXQ\DL DUDK SRVLWLI VHKLQJJD VHPDNLQ WLQJJL QLODL PDQDMHPHQ PDND DNDQPHQLQJNDWNDQQLODLSDVDU

E5LVLNRSDVDUV\VWHPDWLFULVNEHWD&65 VLJQLILNDQ EHUSHQJDUXK WHUKDGDS QLODL SDVDU GDQ PHPSXQ\DL DUDK SRVLWLI VHKLQJJDVHPDNLQWLQJJLQLODLULVLNRSDVDU PDND DNDQ VHPDNLQ PHQLQJNDWNDQ QLODL SDVDU F.HSHPLOLNDQ LQVWLWXVL LQVWLWXWLRQDO RZQHUVKLSWLGDNVLJQLILNDQPHQXQMXNNDQ SHQLQJNDWDQ PDXSXQ SHQXUXQDQ MXPODK NHSHPLOLNDQ LQVWLWXVL WLGDN EHUSHQJDUXK WHUKDGDSQLODLSDVDU

G.HSHPLOLNDQ PDQDMHULDO PDQDJHULDO RZQHUVKLS VLJQLILNDQ EHUSHQJDUXK WHUKDGDSQLODLSDVDUGDQPHPSXQ\DLDUDK SRVLWLI VHKLQJJD VHPDNLQ EHUWDPEDK NHSHPLOLNDQPDNDVHPDNLQPHQLQJNDWNDQ QLODLSDVDU

H9DULDEHO NRQWURO QLODL SHUXVDKDDQ \DQJ GLSURNVLNDQ GHQJDQ XPXU SHUXVDKDDQ DJH SHUWXPEXKDQ SHQMXDODQ VDOHV JURZWKGDQXNXUDQSHUXVDKDDQWRWDODVHW VL]HPHQXQMXNNDQKDVLOVHEDJDLEHULNXW 8NXUDQ SHUXVDKDDQ VLJQLILNDQ EHUSHQJDUXK WHUKDGDS QLODL SDVDU GDQ PHPSXQ\DL DUDK SRVLWLI VHKLQJJD VHPDNLQ WLQJJL QLODL XNXUDQ SHUXVDKDDQ PDNDVHPDNLQPHQLQJNDWNDQQLODLSDVDU 3HUWXPEXKDQ SHQMXDODQ VLJQLILNDQ

EHUSHQJDUXK WHUKDGDS QLODL SDVDU GDQ PHPSXQ\DL DUDK SRVLWLI VHKLQJJD VHPDNLQ WLQJJL SHUWXPEXKDQ SHQMXDODQ PDNDVHPDNLQPHQLQJNDWNDQQLODLSDVDU /HYHUDJH WRWDO NHZDMLEDQWRWDO DVHW

WLGDN VLJQLILNDQ DUWLQ\D SHQLQJNDWDQ PDXSXQ SHQXUXQDQ OHYHUDJH WLGDN EHUSHQJDUXKWHUKDGDSQLODLSDVDU

.HWHUEDWDVDQ GDODP SHQHOLWLDQ LQL DGDODK GDWD \DQJ GLSHUROHK GDUL GDWDEDVH 26,5,6 ,&0' GDQ /DSRUDQ .HXDQJDQ DWDX$QQXDO 5HSRUW GDUL%XUVD (IHN ,QGRQHVLDWHUNDGDQJ WHUGDSDW SHUEHGDDQ GDODP MXPODK VHKLQJJD WHUGDSDW NHVXOLWDQ PHQHQWXNDQ MXPODK \DQJ WHSDW +DO WHUVHEXWMXJD PHPSHQJDUXKL QLODL \DQJ GLSHUROHK WHUXWDPD GDODP PHODNXNDQ SHQJXNXUDQ QLODL GLVFUHWLRQDU\ DFFUXDOV

(9)

VHEDJDLSURNVLPDQDMHPHQODED\DQJEDQ\DN PHQJJXQDNDQGDWDDNXQWDQVL

.HWHUEDWDVDQ ODLQQ\D DGDODK MXPODK VDPSHO SHQHOLWLDQ \DQJ WHUEDWDV VHKLQJJD KDVLO SHQHOLWLDQ \DQJ GLSHUROHK WLGDN ELVD GLJHQHUDOLVDVLNDQ PHVNLSXQ XQWXN LQGXVWUL \DQJVHMHQLV 6DUDQXQWXNSHQHOLWLDQVHODQMXWQ\DDQWDUD ODLQ NHPXQJNLQDQ GDSDW GLJXQDNDQ SURNVL PDQDMHPHQ ODED HDUQLQJV PDQDJHPHQW ODLQQ\D \DQJ GLVHVXDLNDQ GHQJDQ NDUDNWHULVWLN SHUXVDKDDQ GL ,QGRQHVLD VDPSHO SHQHOLWLDQ GLSHUOXDV EDLN GDODP MXPODK DWDX GDODP ZDNWX SHQHOLWLDQ VHKLQJJD PHQJKDVLONDQ NHVLPSXODQ \DQJ PHPDGDL

8&$3$17(5,0$.$6,+

8FDSDQ WHULPDNDVLK NHSDGD PDQDMHPHQ 3ROLWHNQLN 1HJHUL -DNDUWD GDQ 830 \DQJ WHODK PHPEHULNDQ NHVHPSDWDQ XQWXN PHODNXNDQ SHQHOLWLDQ LQL 6HODLQ LWX NHSDGD EHEHUDSD SLKDN \DQJ WHUNDLW \DQJ WHODK PHPEHULNDQ LQIRUPDVL EHUKDUJD \DQJ PHQGXNXQJWHUVHOHVDLNDQQ\DSHQHOLWLDQLQL

'$)7$53867$.$

>@ $OR\VLD < $UGLDWL ³3HQJDUXK 0DQDMHPHQ /DED WHUKDGDS 5HWXUQ 6DKDP GHQJDQ .XDOLWDV $XGLW VHEDJDL 9DULDEHO 3HPRGHUDVL´ 6LPSRVLXP 1DVLRQDO$NXQWDQVL9,

>@ $QDVWDVLD 1MR $QDOLVLV )DNWRU )XQGDPHQWDO GDQ 5LVLNR 6LVWHPDWLN 7HUKDGDS +DUJD 6DKDP 3URSHUWL GL %(- -XUQDO $NXQWDQVL GDQ .HXDQJDQ 8QLYHUVLWDV .ULVWHQ 3HWUD 9RO 1R

>@ %DOO 5D\ DQG 3KLOLS %URZQ ³$Q (PSLULFDO (YDOXDWLRQ RI $FFRXQWLQJ,QFRPH1XPEHU´-RXUQDO RI$FFRXQWLQJ5HVHDUFK9RO >@ %RHGLRQR %DPEDQJ ³7KH 0RGHUDWLQJ ,PSDFW RI ,QFRPH 6PRRWKLQJ RQ 7KH ,QFUHPHQWDO ,QIRUPDWLRQ &RQWHQW RI &DVK )ORZ´

-XUQDO %LVQLV 6WUDWHJL 9RO 'HVHPEHU+DO >@ %DUWK 0 ( - ( (OOLRW DQG 0 : )LQQ ³0DUNHW 5HZDUG $VVRFLDWHGZLWK3DWWHUQVRI,QFUHDVLQJ (DUQLQJV´ -RXUQDO RI DFFRXQWLQJ 5HVHDUFK 9RO $XWXPQ ± >@ %HQHLVK 0 ³7KH 7LPLQJ RI $VVHW 6DOHV DQG (DUQLQJ 0DQLSXODWLRQ´ 7KH $FFRXQWLQJ 5HYLHZ9ROSS >@ %HDYHU:LOOLDP+³3HUVSHFWLYH RQ 5HFHQW &DSLWDO 0DUNHW 5HVHDUFK´

7KH$FFRXQWLQJ5HYLHZSS

>@ %ULJKDP (XJHQH ) *DSHQVNL /RXLV & )LQDQFLDO 0DQDJHPHQW 7KHRU\ DQG 3UDFWLFH )ORULGD 'U\GHQ 3UHVV

>@ &KULVWLH$$DQG-/=LPPHUPDQ ³(IILFLHQW DQG 2SSRUWXQLVWLF &KRLFH RI $FFRXQWLQJ 3URFHGXUHV &RUSRUDWH &RQWURO &RQWHVW 7KH $FFRXQWLQJ5HYLHZ9RO2FWREHU ±

>@ &RUQHW 0 - 0DUFXVV 6DXQGHUV DQG 7HKUDQLDQ + (DUQLQJV 0DQDJHPHQW &RUSRUDWH *RYHUQDQFH DQG 7UXH )LQDQFLDO 3HUIRUPDQFH KWWSSDSHUVVVUQFRP >@ 'HFKRZ30 5* 6ORDQ DQG $3 6ZHHQH\ ³'HWHFWLQJ (DUQLQJ 0DQDJHPHQW´ 7KH $FFRXQWLQJ 5HYLHZ9ROSS >@ 'H)RQG0 GDQ &: 3DUN ³6PRRWKLQJ,QFRPHLQ$QWLFLSDWLRQRI )XWXUH (DUQLQJ´ -RXUQDO RI $FFRXQWLQJ DQG (FRQRPLFV 9RO -XO\SS >@ )LWGLQL - (ND ³+XEXQJDQ 6WUXNWXU.HSHPLOLNDQ8NXUDQ'HZDQ 'HZDQ.RPLVDULV,QGHSHQGHQ8NXUDQ 3HUXVDKDDQ /HYHUDJH GDQ /LNXLGLWDV GHQJDQ .RQGLVL )LQDQFLDO 'LVWUHVV´ 6NULSVL8QLYHUVLWDV'LSRQHJRUR >@ *KR]DOL ,PDP ³$SOLNDVL $QDOLVLV0XOWLYDULDWHGHQJDQ3URJUDP 6366´ 3HQHUELW 8QLYHUVLWDV 'LSRQHJRUR6HPDUDQJ

(10)

>@ *RRGVWHLQ - *DXWDP GDQ :DUUHQ %RHNHU 7KH (IIHFW RI 2ZQHU YHUVXV 0DQDJHPHQW &RQWURO RQ WKH &KRLFH RI $FFRXQWLQJ 0HWKRGV -RXUQDORI$FFRXQWLQJDQG(FRQRPLFV 9ROKDO >@ *XD\ : 5 6 3 .RWKDUL DQG 5/ :DWWV ³$ 0DUNHW %DVHG (YDOXDWLRQ RI 'LVFUHWLRQDU\ $FFUXDO 0RGHOV´ -RXUQDO RI $FFRXQWLQJ 5HVHDUFK 9RO 6XSSOHPHQW ±

>@ *XO ) $6 /HXQJ DQG % 6ULQLGKL ´7KH (IIHFW RI ,QYHVWPHQW 2SSRUWXQLW\ 6HW DQG 'HEW /HYHO RQ (DUQLQJ ± 5HWXUQV 5HODWLRQVKLS DQG WKH3ULFLQJRI'LVFUHWLRQDU\$FFUXDOV´ :RUNLQJ3DSHU±

>@ +DUULV -5 ³7KH (IIHFW RI )LUP¶V )LQDQFLDO 'LVFORVXUH 6WUDWHJLHV RQ 6WRFN 3ULFHV´ $FFRXQWLQJ

+RUL]RQVSS

>@ +HDO\30 DQG -0 :DKOHQ ³$ 5HYLHZ RI 7KH (DUQLQJ 0DQDJHPHQW /LWHUDWXUH DQG ,WV ,PSOLFDWLRQ IRU 6WDQGDUG 6HWWLQJ´ :RUNLQJ3DSHU

>@ -HQVHQ 0& DQG :+ 0HFNOLQJ ³7KHRU\ RI WKH )LUP 0DQDJHULDO %HKDYLRXU $JHQF\ &RVW DQG 2ZQHUVKLS 6WUXFWXUH´-RXUQDO RI )LQDQFLDO (FRQRPLFV 2FWREHU SS >@ -LDPEDOYR- ³'LVFXVVLRQ RI &DXVHVDQG&RQVHTXHQFHVRI(DUQLQJV 0DQLSXODWLRQ &RQWHPSRUDU\ $FFRXQWLQJ5HVHDUFK9RO6SULQJ S >@ -LQ /LDZ 6KH GDQ 0DFKIRHG] 0DV¶XG ³)DNWRU)DNWRU \DQJ 0HPSHQJDUXKL 3UDNWHN 3HUDWDDQ /DED SDGD 3HUXVDKDDQ \DQJ 7HUGDIWDU GL %XUVD (IHN -DNDUWD´ -XUQDO 5LVHW $NXQWDQVL,QGRQHVLD-XOL+DO >@ -RJL\DQWR +0 ³7HRUL 3RUWRIROLR GDQ $QDOLVLV ,QYHVWDVL´ (GLVL %3)( 8QLYHUVLWDV *DMDK 0DGD<RJ\DNDUWD

>@ -RQHV - ³(DUQLQJ 0DQDJHPHQW 'XULQJ ,PSRUW 5HOLHI ,QYHVWLJDWLRQ´ $FFRXQWLQJ 5HVHDUFK 9RO $XWXPQ± >@ /LOLV 6HWLDZDWL GDQ $LQXQ 1D¶LP ³0DQDMHPHQ /DED´ -XUQDO (NRQRPL GDQ %LVQLV ,QGRQHVLD 2NWREHU+DO >@ 1DVLU0$ULILQGDQ$6X]DQWL ³$QDOLVD 3HQJDUXK 3HUDWDDQ /DED WHUKDGDS 5LVLNR 3DVDU 6DKDP GDQ 5HWXUQ 6DKDP 3HUXVDKDDQ3HUXVDKDDQ 3XEOLN GL %XUVD (IHN -DNDUWD´ .RPSDV0HLSS

>@ 2KOVRQ -DPHV $ ´(DUQLQJV %RRN9DOXHVDQGGLYLGHQGVLQ(TXLW\ 9DOXDWLRQ´&RQWHPSRUDU\$FFRXQWLQJ

5HVHDUFK 9RO 6SULQJ

>@ 5LFKDUGVRQ 9- ³,QIRUPDWLRQ $V\PPHWU\DQG(DUQLQJV0DQDJHPHQW 6RPH (YLGHQFH´ KWWS ZZZVVUQFRP >@ 6DOQR +DQQD 0 ³$QDOLVLV 3HUDWDDQ 3HQJKDVLODQ ,QFRPH 6PRRWKLQJ )DNWRU)DNWRU \DQJ 0HPSHQJDUXKL GDQ .DLWDQQ\D GHQJDQ .LQHUMD 6DKDP 3HUXVDKDDQ 3XEOLN GL ,QGRQHVLD´ -XUQDO 5LVHW $NXQWDQVL ,QGRQHVLD >@ 6FKLSSHU . (DUQLQJ 0DQDJHPHQW $FFRXQWLQJ +RUL]RQ 9RO >@ +LGD\DWL 6LWL 0XQILDK GDQ =XODLNKD ³$QDOLVLV 3HULODNX (DUQLQJ 0DQDJHPHQW 0RWLYDVL 0LQLPDOLVDVL ,QFRPH 7D[´ 6LPSRVLXP 1DVLRQDO $NXQWDQVL9,

>@ 6FRWW :5 )LQDQFLDO $FFRXQWLQJ 7KHRU\ 3UHQWLFH +DOO ,QF 1HZ-HUVH\

>@ 6KLYGDVDQL $ %RDUG FRPSRVLWLRQ RZQHUVKLS VWUXFWXUH DQG KRVWLOH WDNHRYHUV -RXUQDO RI $FFRXQWLQJ DQG (FRQRPLFV KDO

>@ 6KOHLIHU $ GDQ 5: 9LVKQ\ $ 6XUYH\ RI &RUSRUDWH *RYHUQDQFH

(11)

-RXUQDORI)LQDQFH9RO1R-XQL KDO

>@ 6KRUW + .HDVH\ .´ 0DQDJHULDO RZQHUVKLS DQG WKH 3HUIRUPDQFH RI )LUPV (YLGHQFH IURP WKH 8.´ -RXUQDO RI &RUSRUDWH )LQDQFH SS

>@ 6ORDQ 5 ³'R 6WRFN 3ULFHV )XOO\ 5HIOHFW ,QIRUPDWLRQ LQ $FFUXDOV DQG &DVK )ORZV $ERXW )XWXUH (DUQLQJ"´7KH$FFRXQWLQJ5HYLHZSS

>@ 6XUDQWD (GG\ GDQ 3UDWDQD 3XVSLWD 0HUGLVWXWL ,QFRPH 6PRRWKLQJ 7RELQV 4 $JHQF\ 3UREOHPV GDQ .LQHUMD 3HUXVDKDDQ 0DNDODK 6LPSRVLXP 1DVLRQDO $NXQWDQVL 9,,, 6HSWHPEHU6ROR

>@ 6\OYLD 9HURQLFD 136 GDQ <DQLYL 6

%DFKWLDU ³+XEXQJDQ 0DQDMHPHQ /DED GHQJDQ 7LQJNDW 3HQJXQJNDSDQ /DSRUDQ .HXDQJDQ´ 6LPSRVLXP1DVLRQDO$NXQWDQVL9, >@ :DWWV 5RVV / DQG -HUROG / =LPPHUPDQ ³3RVLWLYH $FFRXQWLQJ 7KHRU\ $ 7HQ ± <HDU 3HUVSHFWLYH´$FFRXQWLQJ5HYLHZ9RO -DQXDU\±

>@ :LQDUQR :LQJ : $QDOLVLV (NRQRPHWULND GDQ 6WDWLVWLND GHQJDQ (YLHZV 833 6HNRODK 7LQJJL ,OPX 0DQDMHPHQ<.31<RJ\DNDUWD >@ =XKURK ' )DNWRU )DNWRU \DQJ

%HUSHQJDUXKSDGD7LQGDNDQ3HUDWDDQ /DED SDGD 3HUXVDKDDQ *R 3XEOLN GL ,QGRQHVLD 7KHVLV 8QLYHUVLWDV *DMDK 0DGD <RJ\DNDUWD WLGDN GLSXEOLNDVLNDQ >@ 3ULFHV7KH $FFRXQWLQJ 5HYLHZ9RO 1R >@ 5LGZDQ 0XKDPPDG 3HQJDUXK .RPSHWHQVL$XGLWRU'DQ,QGHSHQGHQVL $XGLWRU 7HUKDGDS 2SLQL $XGLWRU 6 )DNXOWDV (NRQRPL 831 ³9HWHUDQ´ -DZD7LPXU6XUDED\D >@ 6XUDLGD ,GD 3HQJDUXK (WLND .RPSHWHQVL 3HQJDODPDQ $XGLW 7HUKDGDS 5LVLNR $XGLW 7HUKDGDS 6NHSWLVPH 3URIHVLRQDO $XGLWRU 'DQ .HWHWDSDQ 3HPEHULDQ 2SLQL $NXQWDQ 3XEOLN 6RVLRKXPDQLRUD 9ROXPH 1R

>@ 8WRPR %DPEDQJ 5HGXNVL 1RUPD (YLGHQFLDO 0DWWHU 0HQMDGL 1RUPD (YLGHQFH VHUWD 'DPSDNQ\D SDGD.XDOLWDV$XGLWGDQ3HPEXNXDQGL ,QGRQHVLD -XUQDO .HXDQJDQ GDQ 0RQHWHU9RO1R >@ :LMDQWR 6HW\R +DUL 6WUXFWXUDO (TXDWLRQ 0RGHOLQJ GHQJDQ /LVUHO *UDKD,OPX<RJ\DNDUWD >@ :LONLQVRQ -RVHSK : $FFRXQWLQJ ,QIRUPDWLRQ 6\VWHPV WK HGLWLRQ1HZ<RUN-RKQ:LOH\ 6RQ

(12)

Referensi

Dokumen terkait

Terlebih lagi, objek penyatuan tersebut bukanlah Wujud Tertinggi atau Tuhan, sebagaimana diakui oleh kaum sufi, melainkan maujud-maujud spiritual yang lebih rendah, termasuk Akal

krisis alam sekitar adalah tidak dapat dielakkan kerana sebagai kesan lumrah kehidupan masyarakat yang ingin mendapatkan kehidupan yang lebih baik atas nama ‘hak

Didalam bab ini akan menyajikan data-data yang diperoleh dari hasil penelitian dari petugas kantor pos dan masyarakat yang terpilih menjadi informan untuk memberikan

Sementara itu, postest diberikan untuk mengetahui kemampuan berpikir kritis siswa pada materi sistem pernapasan manusia setelah diberi perlakuan dengan mengunakan

Dengan demikian strategi investasi saham belum sesuai dengan Angka 3 huruf (b) Lampiran Keputusan Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan Nomor

Jenis daging dan frekuensi pencucian sangat nyata (P&lt;0,01) mengaruhi kadar protein dalam pasta nikumi kuda dan sapi, tetapi tidak terjadi interaksi antara kedua

Kajian ini memfokuskan kepada sistem penyampaian program pendidikan yang dijalankan di Baling. Program yang diperkenalkan oleh badan kerajaan tidak akan memberi

Pengujian bahan organik bentul menggunakan alat HPLC, dimana sampel yang telah direndam dengan natrium klorida dengan kosentrasi yang berbeda beda yaitu 0%, 5%,