5HSUHVHQWDVL
)DWKHUKRRG
GDODP 0DMDODK $\DKEXQGD
6NULSVL
'LVXVXQ XQWXN PHPHQXKL SHUV\DUDWDQ PHQ\HOHVDLNDQ 3HQGLGLNDQ 6WUDWD ,
-XUXVDQ ,OPX .RPXQLNDVL )DNXOWDV ,OPX 6RVLDO GDQ ,OPX 3ROLWLN 8QLYHUVLWDV 'LSRQHJRUR 3HQ\XVXQ 1DPD (OO\ 0DQLND 0D\D 0DKDGL 1,0 -8586$1 ,/08 .2081,.$6, )$.8/7$6 ,/08 626,$/ '$1 ,/08 32/,7,. 81,9(56,7$6 ',321(*252
$EVWUDN
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
1RYHPEHU VDPSDL 0DUHW 3HQHOLWLDQ GLODNXNDQ GHQJDQ PHQ\HOHNVL WDQGD WDQGD VHVXDL HOHPHQ IDWKHUKRRG 7RZQVHQG \DLWX LQWLPDF\ SURYLVLRQ SURWHFWLRQ GDQ HQGRZPHQW VHODQMXWQ\D GLDQDOLVLV GHQJDQ WHNQLN DQDOLVLV 6HPLRWLND
%DUWKHV \DQJ PHQJJXQDNDQ DQDOLVLV GHQRWDWLI NRQRWDWLI GDQ PLWRV
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
$EVWUDFW
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¶V UROH WKDW FDQQRW EH GRQH SHUIHFWO\ LQ GRPHVWLF DUHD
3(1'$+8/8$1
0DMDODK NHOXDUJD VHODOX GLLGHQWLNNDQ GHQJDQ SHUHPSXDQ NDUHQD DGDQ\D VLVWHP
SDWULDUNL \DLWX VWUXNWXU GDODP PDV\DUDNDW GLPDQD ODNL ODNL EHUSHUDQ PHQFDUL QDINDK
GL UDQDK SXEOLN VHPHQWDUD SHUHPSXDQ EHUSHUDQ PHQJXUXV UDQDK GRPHVWLN 3DGD
LGHRORJL 3DWULDUNL WHUGDSDW PLWRV PLWRV \DQJ PHOHNDW NXDW \DLWX D\DK WLGDN
GLEXWXKNDQ ROHK DQDN GDQ D\DK KDQ\D PHPLOLNL SHUDQ PHQFDUL QDINDK 0LWRV DGDODK
VHVXDWX \DQJ GLGHWHUPLQDVL ROHK ZDFDQD VRVLDO LD PHUXSDNDQ ³UHIOHNVL´ %DUWKHV
3HUXEDKDQ WHUMDGL NHWLND PXODL EDQ\DN SHUHPSXDQ \DQJ WXUXW PHQFDUL
QDINDK VHKLQJJD ZDNWX XQWXN PHQJXUXV SHNHUMDDQ GRPHVWLN EHUNXUDQJ 2OHK NDUHQD
LWX LEX PHPHUOXNDQ EDQWXDQ GDUL D\DK 3HUDQ GRPHVWLN GDQ SXEOLN DQWDUD D\DK GDQ
LEX SXQ WLGDN ODJL EHUEDWDV WHJDV VHKLQJJD PXQFXOODK )DWKHUKRRG )DWKHUKRRG DWDX
³NHEDSDNDQ´ PHUXSDNDQ EHQWXN GDUL PDVNXOLQLWDV EDUX \DLWX PDVNXOLQLWDV \DQJ
PHOLEDWNDQ D\DK XQWXN OHELK EHUWDQJJXQJ MDZDE SDGD KDO KDO \DQJ WHUNDLW GHQJDQ
PHQJDVXK DQDN GDQ SHNHUMDDQ UXPDK WDQJJD -RKDQVVRQ GDODP (YDQV
1LFKRODV 7RZQVHQG PHQGHVNULSVLNDQ HOHPHQ HOHPHQ IDWKHUKRRG DQWDUD ODLQ
³LQWLPDF\´ NHGHNDWDQ HPRVLRQDO GHQJDQ DQDN ³SURYLVLRQ´ PHPXQJNLQNDQ VHRUDQJ
SDVDQJDQ PHQJDVXK DQDN PHQHQWXNDQ VWDQGDU PDWHUL EDJL NHKLGXSDQ NHOXDUJD
³SURWHFWLRQ´ GDUL EDKD\D ILVLN PDXSXQ SHQJDUXK QHJDWLI GDQ ³HQGRZPHQW´
PHPEHULNDQ ZDNWX XDQJ GDQ WHQDJD XQWXN DQDN DWDX NHOXDUJD PHPEXDW
NHVHPSDWDQ SRVLWLI XQWXN EHURODKUDJD SHPEHODMDUDQ GDQ VHNRODK PHQJDQXJHUDKNDQ
0DMDODK $\DKEXQGD PHQFRED PHUHSUHVHQWDVLNDQ SHPEDJLDQ SHUDQ DQWDUD D\DK
GDQ LEX \DQJ WLGDN VHWHJDV GXOX PHODOXL 5XEULN $\DK GDQ 8QWXN $\DK \DQJ EHULVL
SHPEDKDVDQ WHQWDQJ D\DK 3HPEDKDVDQ PHQJHQDL SHQJDVXKDQ DQDN GDODP UXEULF
UXEULN LQL WLGDN KDQ\D GLWXMXNDQ EDJL LEX WDSL MXJD EDJL D\DK 3HQHOLWLDQ LQL LQJLQ
PHQMHODVNDQ EDJDLPDQD UHSUHVHQWDVL IDWKHUKRRG GDODP 0DMDODK $\DKEXQGD" 6HUWD
DSD VDMD PLWRV PLWRV SDWULDUNL \DQJ GLODZDQ GDQ \DQJ WHWDS GLSHUWDKDQNDQ GDODP
UHSUHVHQWDVLIDWKHUKRRGGDODP 0DMDODK $\DKEXQGD"
0(72'( 3(1(/,7,$1
3HQHOLWLDQ LQL PHUXSDNDQ SHQHOLWLDQ 'HVNULSWLI GHQJDQ REMHN SHQHOLWLDQ
5XEULN $\DK GDQ 8QWXN $\DK 0DMDODK $\DKEXQGD HGLVL 1RYHPEHU )HEUXDUL
HGLVL 3HQJXPSXODQ GDWD GLODNXNDQ GHQJDQ PHQGRNXPHQWDVLNDQ 5XEULN
$\DK GDQ 8QWXN $\DK SDGD 0DMDODK $\DKEXQGD .HPXGLDQ PHPLOLK KDODPDQ
KDODPDQ \DQJ PHUHSUHVHQWDVLNDQ IDWKHUKRRG GHQJDQ EHUGDVDUNDQ SDGD HOHPHQ
HOHPHQ IDWKHUKRRG \DLWX LQWLPDF\ SURYLVLRQ SURWHFWLRQ GDQ HQGRZPHQW +DVLO
VHOHNVL WHUVHEXW NHPXGLDQ GLDQDOLVLV PHQJJXQDNDQ DQDOLVLV VHPLRWLND PLOLN 5RODQG
%DUWKHV GLPDQD DQDOLVLV GLODNXNDQ VHFDUD GHQRWDVL NRQRWDVL GDQ PLWRV
+$6,/ 3(1(/,7,$1
5HSUHVHQWDVL )DWKHUKRRG GDODP 0DMDODK $\DKEXQGD DQWDUD ODLQ D\DK \DQJ
VXSSRUWLYH VHQVLWLYH GDQ DGDQ\D SHUJHVHUDQ PDNQD PDVNXOLQLWDV $\DK
GDODP PHQJXUXV DQDN GDQ NHSHUOXDQ UXPDK WDQJJD NDUHQD DGDQ\DGXDO EUHDGZLQQLQJ
PHVNLSXQ D\DK WHWDS GLUHSUHVHQWDVLNDQ VHEDJDL SHQFDUL QDINDK \DQJ XWDPD 'XNXQJDQ
GLODNXNDQ GHQJDQ FDUD PHPEDQWX PHQJDVXK DQDN GDQ PHQJXUXV SHNHUMDDQ GRPHVWLN
NDUHQD DGDQ\D SHUDQ SHUDQ LEX \DQJ WLGDN GDSDW GLJDQWLNDQ D\DK 'XNXQJDQ LQL WLGDN
KDQ\D EHUXSD SHUDQ DNWLI WDSL MXJD GHQJDQ PHQDPEDK SHQJHWDKXDQ NRJQLWLI D\DK
PHQJHQDL KDO KDO WHUNDLW SHQJDVXKDQ DQDN
0DMDODK $\DKEXQGD MXJD PHUHSUHVHQWDVLNDQ D\DK VHEDJDL VRVRN \DQJ OHELK
VHQVLWLI HNVSUHVLI GDQ WHUEXND PHQJXQJNDSNDQ SHUDVDDQQ\D $\DK PHQMDGL VRVRN
\DQJ OHELK IHPLQLQ VHKLQJJD KDO KDO WHUNDLW NHGHNDWDQ HPRVLRQDO D\DK GDQ NHOXDUJD
PHQMDGL OHELK GHNDW 3URWHNVL SXQ MXJD GLEHULNDQ VHFDUD HPRVLRQDO
6HODLQ LWX PDVNXOLQLWDV GLUHSUHVHQWDVLNDQ VHEDJDL KDO \DQJ VDQJDW SHQWLQJ EDJL
D\DK 1DPXQ 0DMDODK $\DKEXQGD PHUHSUHVHQWDVLNDQ EDKZD PHVNLSXQ PHQJDVXK
DQDN D\DK WHWDS PDVNXOLQ 0DVNXOLQLWDV GDSDW MXJD GLPDNQDL GHQJDQ VHQVLWLYLWDV GDQ
PHQJDVXK DQDN
0LWRV PLWRV SDWULDUNL \DQJ PDVLK GLSHUWDKDQNDQ GDODP UHSUHVHQWDVL IDWKHUKRRG
0DMDODK $\DKEXQGD DQWDUD ODLQ SHPEDJLDQ SHUDQ ODNL ODNL GDQ SHUHPSXDQ DGDQ\D
SHUEHGDDQ UDQDK SXEOLN GDQ GRPHVWLN VHUWD NHFHQGHUXQJDQ VLIDW PDVNXOLQ GDQ
IHPLQLQ 0LWRV PLWRV SDWULDUNL LQL VXOLW GLODZDQ NDUHQD GLDMDUNDQ VHFDUD WXUXQ WHPXUXQ
GDODP NHOXDUJD VHKLQJJD GLDQJJDS ³DODPL´ ³QDWXUDO´ GDQ ³ZDMDU´
6HPHQWDUD LWX PLWRV PLWRV SDWULDUNL \DQJ EHUXVDKD GLODZDQ ROHK 0DMDODK
$\DKEXQGD DQWDUD ODLQ PLWRV PLWRV SDWULDUNL \DQJ PHQHPSDWNDQ VRVRN D\DK MDXK
\DLWX PHQFDUL QDINDK VHUWD VLIDW PDVNXOLQ \DQJ GLDQJJDS WLGDN VHVXDL GHQJDQ XUXVDQ
PHQJXUXV DQDN GDQ SHNHUMDDQ GRPHVWLN 0LWRV PLWRV LQL GDSDW GLODZDQ ROHK 0DMDODK
$\DKEXQGD NDUHQD DGDQ\D SHUXEDKDQ VRVLDO HNRQRPL \DQJ PHQ\HEDENDQ PXQFXOQ\D
GXDO EUHDGZLQQLQJ VHKLQJJD SDUD D\DK LNXW PHPDNVLPDONDQ SHNHUMDDQ GRPHVWLN
6$5$1
3HUOX GLWLQMDX NHPEDOL 7HRUL*HQGHU 5ROHGDQ 5HSUHVHQWDVL 0HGLD \DQJ EHUDQJNDW
GDUL 7HRUL 6RFLDO &XOWXUDO /HDUQLQJ GDQ 7HRUL 5HSUHVHQWDVL 0HGLD NDUHQD GDODP
SHQHOLWLDQ LQL WHUGDSDW NHNXUDQJDQ GLPDQD 0DMDODK $\DKEXQGD VHEDJDL PHGLD PDVVD
\DQJ PHUXSDNDQ DODW EXGD\D MXVWUX PHQFRED NHOXDU GDUL EXGD\D GRPLQDQ VHKLQJJD
WHUMDGL NHWLGDNVLQNURQDQ DQWDUD SDQGDQJDQ IDWKHUKRRG \DQJ GLUHSUHVHQWDVLNDQ
0DMDODK $\DKEXQGD GHQJDQ SDQGDQJDQIDWKHUKRRG\DQJ GLSDKDPL PDV\DUDNDW XPXP
'$)7$5 3867$.$
$GKW\D <XQL .HOXDUJD GL 0DV\DUDNDW -DZD GDODP 3HUVSHNWLI &XOWXUDO 6WXGLHV 6NULSVL 8QLYHUVLWDV ,VODP 1HJHUL :DOLVRQJR 6HPDUDQJ
$GML 0XKDPPDG /LQD 0HLOLQDZDWL %DEDQ %DQLWD 3HUHPSXDQ GDODP .XDVD 3DWULDUNL/DSRUDQ 3HQHOLWLDQ )DNXOWDV 6DVWUD 8QLYHUVLWDV 3DGMDGMDUDQ
$KPDG 1XU]DNLDK 5HSUHVHQWDVL 0DVNXOLQLWDV %DUX SDGD ,NODQ 3RGXN .RVPHWLN 3ULD GDODP 0DMDODK %HUEDKDVD -HUPDQ %ULJLWWH GDQ 6WHUQ 6NULSVL 8QLYHUVLWDV ,QGRQHVLD
$O 4XU¶DQ 6XUDW $Q 1LVDD 6XUDW $O %DTDUDK 6XUDW $OL ,PUDQ 6XUDW $OL ,PUDQ 6XUDW $Q 1LVDD 6XUDW $W 7DKULP 6XUDW $O $K]DE
$UGLDQWR (OYLQDUR /XNLDWL .RPDOD 6LWL .DUOLQDK .RPXQLNDVL 0DVVD 6XDWX 3HQJDQWDU (GLVL 5HYLVL %DQGXQJ 6LPELRVD 5HNDWDPD 0HGLD
$ULHVDQGL 5DKDVLD 0HQGLGLN $QDN $JDU 6XNVHV GDQ %DKDJLD-DNDUWD 37 *UDPHGLD 3XVWDND 8WDPD
$6, (NVNOXVLI $UWLQ\D $6, 7DQSD 7DPEDKDQ $SDSXQ 'DODP
ZZZ XQLFHI RUJ ,QGRQHVLD LG UHDOOLYHV KWPO 'LXQGXK SDGD $JXVWXV
$VVHJDI -DIDU 6RGLT +DUL $\DK 1DVLRQDO .DOL 3HUWDPD 'LSHULQJDWL GL 6ROR %HJLQL .LVDKQ\D 'DODP KWWS ZZZ KDULDQMRJMD FRP EDFD VHMDUDK KDUL LQL KDUL D\DK QDVLRQDO NDOL SHUWDPD GLSHULQJDWL GL VROR EHJLQL NLVDKQ\D
X'LXQGXK SDGD -XQL SXNXO :,%
%DUNHU &KULV &XOWXUDO 6WXGLHV 7KHRU\ DQG 3UDFWLFH <RJ\DNDUWD %HQWDQJ 3XVWDND
%DUWKHV 5RODQG (OHPHQWV RI 6HPLRORJ\ 1HZ <RUN +LOO DQG :DQJ %DUWKHV 5RODQG ,PDML 0XVLN 7HNV <RJ\DNDUWD -DODVXWUD
&DEUHUD 1DWDVKD - &DWKHULQH 6 7DPLV /H0RQGD 5REHUW + %UDGOH\ 6DQGUD +RIIHUWK 0LFKDHO ( /DPE )DWKHUKRRG LQ WKH 7ZHQW\ )LUVW &HQWXU\ &KLOG 'HYHORSPHQW -DQXDU\ )HEUXDU\ 9ROXPH 1XPEHU 7KH 6RFLHW\ IRU 5HVHDUFK LQ &KLOG 'HYHORSPHQW ,QF
&KDQGUD 7HD 0DOLQL $\DK +DUXV 7HUOLEDW 0HQJDVXK $QDN 'DODPKWWS ZZZ SHUVSHNWLIEDUX FRP ZDZDQFDUD 'LXQGXK SDGD 0DUHW
SXNXO :,%
&XOS /LQGVD\ 1LFKRODV 7RZQVHQG ³7KH )RXU )DFHWV RI )DWKHUKRRG´3DLGLHD 0HPR 66 &K 6HSWHPEHU
'DQHVL 0DUFHO 3HVDQ 7DQGD GDQ 0DNQD %XNX 7HRUL 'DVDU 0HQJHQDL 6HPLRWLND GDQ 7HRUL .RPXQLNDVL <RJ\DNDUWD -DODVXWUD
'DUPDQV\DK .DPXV %DKDVD ,QGRQHVLD %DWDYLD 3UHVV
'HPDUWRWR $UJ\R .RQVHS 0DVNOLQLWDV GDUL -DPDQ NH -DPDQ GDQ &LWUDQ\D GDODP 0HGLD 8QLYHUVLWDV 1HJHUL 6XUDNDUWD 6HEHODV 0DUHW
'HZDUWDQWL +DQQD +DO WHQWDQJ 3ULD \DQJ +DUXV 'LNHWDKXL :DQLWD 'DODP
ZZZ FRVPRSROLWDQ FR LG DUWLFOH UHDG KDO WHQWDQJ SULD \DQJ
KDUXV GLNHWDKXL ZDQLWD 'LXQGXK SDGD $JXVWXV SXNXO :,%
'LQL &XPD 3XQ\D :DNWX 6DWX -DP %HUVDPD $QDN 'DODP
KWWS IHPDOH NRPSDV FRP UHDG &XPD 3XQ\D :DNWX 6DWX
-DP EHUVDPD $QDNX'LXQGXK SDGD -DQXDUL SXNXO :,%
'LQL 0HQJDSD 3ULD 6XOLW 0HQJHNVSUHVLNDQ &LQWD" 'DODP
ZZZ IHPDOH NRPSDV FRP UHDG 'LXQGXK SDGD
$JXVWXV SXNXO :,%
(YDQV -RKQ 5 'HILQLQJ 'DG 0HGLD 'HSLFWLRQ RI WKH 0RGHUQ )DWKHU LQ 3ULQW $GYHUWLVLQJ 7HVLV6WHYHQVRQ 8QLYHUVLW\
*RRGH :LOOLDP - 6RVLRORJL .HOXDUJD -DNDUWD %XPL $NVDUD
*UHVOH\ +HOHQ /H 7KH 6RFLDO &RQVWUXFWLRQ RI )DWKHUKRRG )DFXOW\ RI &RPPXQLW\ 6HUYLFHV +HDOWK DQG 6FLHQFH (GLWK &RZDQ 8QLYHUVLW\ QG -DQXDU\
*XED (JRQ * <YRQQD 6 /LQFROQ &RPSHWWLQJ 3DUDGLJPV LQ 4XDOLWDWLYH 5HVHDUFK +DQGERRN RI TXDOLWDWLYH UHVHDUFK SS 7KRXVDQG 2DNV &$ 6DJH
+DOO 6WXDUW 5HSUHVHQWDWLRQ &XOWXUDO 5HSUHVHQWDWLRQ DQG 6LJQLI\LQJ 3UDFWLFHV /RQGRQ 6DJH 3XEOLFDWLRQV
+DPPRQG 'RURWK\ $OWD -DEORZ :RPHQ LQ &XOWXUHV RI WKH :RUOG &DOLIRUQLD &XPPLQJV 3XEOLVKLQJ &RPSDQ\
+DQJJRUR +HQGDUX 7UL 3HUDQJ $\DP 'DODP ZZZ KLVWRULD LG NXQR SHUDQJ D\DP 'LXQGXK SDGD $JXVWXV SXNXO :,%
+DUPDLQL 9LYLN 6\DILDK $OPD <XOLDQWL 3HUDQ $\DK GDODP 0HQGLGLN $QDN 8QLYHUVLWDV ,VODP 1HJHUL 6XOWDQ 6\DULI .DVLP 5LDX -XUQDO 3VLNRORJL YRO QR
+HDOWK NRPSDV FRP 0HQJDSD :DQLWD /HELK 6HULQJ 0HQDQJLV 'DULSDGD 3ULD" 'DODP ZZZ QDWLRQDOJHRJUDSKLF FR LG EHULWD PHQJDSD ZDQLWD OHELK
VHULQJ PHQDQJLV GDULSDGD SULD 'LXQGXK SDGD $JXVWXV SXNXO
:,%
,GD 5DFKPDK µ7KH &RQVWUXFWLRQ RI *HQGHU ,GHQWLW\ LQ ,QGRQHVLD %HWZHHQ &XOWXUDO 1RUPV (FRQRPLF ,PSOLFDWLRQV DQG 6WDWH )RUPDWLRQ ¶ 0DV\DUDNDW .HEXGD\DDQ GDQ 3ROLWLN 7K ;,9 1R -DQXDUL 'LSUHVHQWDVLNDQ SDGD 6XPPHU &RXUVH RQ *HQGHU DQG ,GHQWLW\ &URVV &XOWXUDO DQG 0XOWLGLVFLSOLQDU\ 3HUVSHFWLYHV DW 6XPPHU 8QLYHUVLW\ &HQWUDO (XURSHDQ 8QLYHUVLW\ %XGDSHVW +XQJDU\ -XO\ WR $XJXVW
,ZH 1RYHPEHU +DUL $\DK 1DVLRQDO ,QL 6HMDUDK 6LQJNDWQ\D 'DODP
KWWS MRJMD WULEXQQHZV FRP QRYHPEHU KDUL D\DK QDVLRQDO LQL
VHMDUDK VLQJNDWQ\DX'LXQGXK SDGD -XQL SXNXO :,%
-DFNVRQ 6WHYL GDQ -DFNLH -RQHV 3HQJDQWDU 7HRUL 7HRUL )HPLQLV .RQWHPSRUHU <RJ\DNDUWD %DQGXQJ -DODVXWUD
-HQVHQ /HQH $UQHWW 7KH 2[IRUG +DQGERRN RI +XPDQ 'HYHORSPHQW DQG &XOWXUH $Q ,QWHUGLVFLSOLQDU\ 3HUVSHFWLYH 1HZ <RUN 2[IRUG 8QLYHUVLW\ 3UHVV /LSXWDQ 3HUV ,QGRQHVLD 0DVLK 0HQJDQXW 3DWULDUNL 'DODP
ZZZ OLSXWDQ FRPX'LXQGXK SDGD 0HL SXNXO :,%
0DMDODK $\DKEXQGD HGLVL 1RPRU WHUELW 1RYHPEHU HGLVL 1RPRU WHUELW 1RYHPEHU HGLVL 1RPRU WHUELW 1RYHPEHU 'HVHPEHU
HGLVL 1RPRU WHUELW 'HVHPEHU HGLVL 1RPRU WHUELW 'HVHPEHU -DQXDUL HGLVL 1RPRU WHUELW -DQXDUL HGLVL 1RPRU WHUELW -DQXDUL )HEUXDUL HGLVL 1RPRU WHUELW )HEUXDUL HGLVL 1RPRU WHUELW )HEUXDUL 0DUHW
0DQIDDW $6, (NVNOXVLI 'DODP ZZZ ELGDQNX FRP PDQIDDW DVL HNVNOXVLI 'LXQGXK SDGD $JXVWXV SXNXO :,%
0D\D 3HUHPSXDQ 7DN %LVD /HSDV GDUL 6WLJPD .DQFD :LQJNLQJ 'DODP ZZZ EHULWD VXDUDPHUGHND FRP SHUHPSXDQ WDN ELVD OHSDV GDUL VWLJPD NDQFD
ZLQJNLQJ 'LXQGXK SDGD $JXVWXV SXNXO :,%
0DUWDGL &LWUD 3HUHPSXDQ GDODP ,NODQ GL 0DMDODK )HPLQD (GLVL 7DKXQ -XUXVDQ 6HQL 58SD )DNXOWDV %DKDVD GDQ 6DVWUD 8QLYHUVLWDV 1HJHUL 6XUDED\D 1LUPDQD YRO QR -XOL
0RVVH -XOLD &OHYHV *HQGHU GDQ 3HPEDQJXQDQ <RJ\DNDUWD 3XVWDND 3HODMDU 0XVOLFK 0DVQXU .HNXDVDDQ 0HGLD 0DVVD 0HQJRQVWUXNVL 5HDOLWDV -XUXVDQ
6DVWUD ,QGRQHVLD )DNXOWDV 6DVWUD 8QLYHUVLWDV 1HJHUL 0DODQJ
1RHJURKR $GL 6 GDQ $KPDG =DLQL 3HPHULQWDK 7RORQJ %HULNDQ &XWL $\DK XQWXN .HODKLUDQ $QDN 'DODPKWWSV ZZZ FKDQJH RUJ S KDQLIGKDNLUL WRORQJ EHULNDQ FXWL D\DK XQWXN NHODKLUDQ
DQDN"WN 4\=J-KHH%\DS9L'J -%LP0+5N(<\/+ 3.=X%-O/%JZ XWPBPH
GLXP HPDLO XWPBVRXUFH VLJQDWXUHBUHFHLSW XWPBFDPSDLJQ QHZBVLJQDWXUHX
'LXQGXK SDGD -XQL SXNXO :,%
1RYLWD ,ULDQWL 3HUEHGDDQ 3HUDQ *HQGHU GDODP ,NODQ 7HOHYLVL GL ,QGRQHVLD 6NULSVL 8QLYHUVLWDV %UDZLMD\D
3XMLDQWL 3XWUL :XODQGDUL 3HUDQ $\DK GDQ ,EX GDODP ,NODQ 3URGXN 0DNDQDQ GL 7HOHYLVL $QDOLVLV ,NODQ ,QGRQHVLD 5R\FR GDQ :DOO¶V VHUWD ,NODQ %HODQGD.1255 GDQ+(572* ,-6 6NULSVL )DNXOWDV ,OPX 3HQJHWDKXDQ %XGD\D 3URJUDP 6WXGL %HODQGD 8QLYHUVLWDV ,QGRQHVLD
3XWUL '\DK 3XUEDVDUL .XVXPDQLQJ 6LWL /HVWDUL 3HPEDJLDQ 3HUDQ GDODP 5XPDK 7DQJJD SDGD 3DVDQJDQ 6XDPL ,VWUL -DZD 8QLYHUVLWDV 0XKDPPDGL\DK 6XUDNDUWD -XUQDO 3HQHOLWLDQ +XPDQLRUD 9RO 1R )HEUXDUL
5DKPD 3XWULOLD *DPEDUDQ 3ROD $VXK 2UDQJ 7XD SDGD 0DV\DUDNDW 3HVLVLU 3DQWDL 6NULSVL 8QLYHUVLWDV 6XPDWHUD 8WDUD
5DVPL 8PL 0HQJXQJNDS 6HMDUDK GL %DOLN )HQRPHQD +DUL $\DK 'DODP
KWWS QDWLRQDOJHRJUDSKLF FR LG EHULWD PHQJXQJNDS VHMDUDK GL EDOLN
IHQRPHQD KDUL D\DKX'LXQGXK SDGD -XQL SXNXO :,%
5DVWDWL 5DQQ\ 3HQJJXQDDQ :DUQD 0DVNXOLQ GDQ )HPLQLQ SDGD +DGLDK 8ODQJ 7DKXQ $QDN $QDN -HSDQJ 6NULSVL 8QLYHUVLWDV ,QGRQHVLD
6DGHZD $PDU 5HSUHVHQWDVL &LWUD 0DVNXOLQ GDODP ,NODQ ,NODQ 3URGXN 5RNRN $QDOLVLV 6HPLRWLND ,NODQ *XGDQJ *DUDP ,QWHUQDVLRQDO 9HUVL ,QL 7HQWDQJ 0HQMDGL 6HRUDQJ 3ULD 'MDUXP 6XSHU 9HUVL$GYHQWXUH 5RFN &OLPELQJ 'ML 6DP 6RH 9HUVL:LQJV 6NULSVL 8QLYHUVLWDV 0XKDPPDGL\DK <RJ\DNDUWD
6DVRQJNR -RNR 3DQML .3$, .HNHUDVDQ $QDN 'LSLFX %XUXNQ\D 3HQJDVXKDQ 2UDQJWXD 'DODP KWWS ZZZ FQQLQGRQHVLD FRP QDVLRQDO
NSDL NHNHUDVDQ DQDN GLSLFX EXUXNQ\D SHQJDVXKDQ RUDQJ WXD 'LXQGXK
SDGD -XOL SXNXO :,%
6HSWLDQL ,QWDQ < GDUL ,EX GL ,QGRQHVLD %HNHUMD /HELK GDUL -DP 6HKDUL 'DODP KWWS WDEORLGQRYD FRP .HOXDUJD 3DVDQJDQ 'DUL ,EX 'L ,QGRQHVLD
%HNHUMD /HELK 'DUL -DP 6HKDULX 'LXQGXK SDGD -DQXDUL SXNXO
:,%
6XPL\DWLQLQJVLK 'LHQ 3HUJHVHUDQ 3HUDQ /DNL /DNL GDQ 3HUHPSXDQ GDODP .DMLDQ )HPLQLV :$6.,7$ -XUQDO 6WXGL $JDPD GDQ 0DV\DUDNDW KOP
6XSUL\DQWLQL 6UL +XEXQJDQ DQWDUD 3DQGDQJDQ 3HUDQ *HQGHU GHQJDQ .HWHUOLEDWDQ 6XDPL GDODP .HJLDWDQ 5XPDK 7DQJJD 3URJUDP 6WXGL 3VLNRORJL )DNXOWDV .HGRNWHUDQ 8QLYHUVLWDV 6XPDWHUD 8WDUD
7LP $MDUNDQ $QDN 3HUHPSXDQ MDGL 7DQJJXK 'DODP
ZZZ SDUHQWLQJ FR LG EDOLWD DQDN SHUHPSXDQ MDGL WDQJJXK 'LXQGXK SDGD
$JXVWXV SXNXO :,%
7LP $\DKEXQGD 2QOLQH 0HGLD .LW 'DODP
KWWS ZZZ IHPLQDJURXS FRP PHGLD NLW X 'LXQGXK SDGD -DQXDUL
SXNXO :,%
7LP 0LWRV WHQWDQJ $\DK 'DODP KWWS ZZZ D\DKEXQGD FR LG NHOXDUJD
SVLNRORJL PLWRV WHQWDQJ D\DK 'LXQGXK SDGD -XOL SXNXO :,%
7LP 6KDODW 6DPELO 0HQJJHQGRQJ $QDN 'DODP KWWSV DOPDQKDM RU LG VKDODW VDPELO PHQJJHQGRQJ DQDN VKDODW GL PDVMLG WHUGHNDW VKDODW MDPDDK MDXK GDUL
PDVMLG KWPOX'LXQGXK SDGD -XQL SXNXO :,%
7VDL :DQ +VXL 6XQQ\ 0RVHV 6KXPRZ 5HSUHVHQWLQJ )DWKHUKRRG DQG 0DOH 'RPHVWLFLW\ LQ $PHULFDQ $GYHUWLVLQJ 86$ ,QWHUGLVFLSOLQDU\ -RXUQDO RI 5HVHDUFK LQ %XVVLQHVV YRO LVVXH $XJXVW SS
8FX .DUWD 5DKDUMD 1RYHPEHU 'LSHULQJDWL 6HEDJDL +DUL $\DK 1DVLRQDO
%HJLQL 6HMDUDKQ\D 'DODP
KWWS QDVLRQDO UHSXEOLND FR LG EHULWD QDVLRQDO XPXP Q[QZXY
QRYHPEHU GLSHULQJDWL VHEDJDL KDUL D\DK QDVLRQDO EHJLQL VHMDUDKQ\DX 'LXQGXK
SDGD -XQL SXNXO :,%
8QGDQJ 8QGDQJ 5HSXEOLN ,QGRQHVLD 1RPRU 7DKXQ WHQWDQJ 3HUNDZLQDQ 8QGDQJ 8QGDQJ 5HSXEOLN ,QGRQHVLD 1RPRU 7DKXQ WHQWDQJ .HWHQDJDNHUMDDQ 8QGDQJ 8QGDQJ 5HSXEOLN ,QGRQHVLD 1RPRU 7DKXQ WHQWDQJ 3HUXEDKDQ DWDV
8QGDQJ 8QGDQJ 1RPRU 7DKXQ WHQWDQJ 3HUOLQGXQJDQ $QDN
9LYLDQ -RKQ 7HRUL .RPXQLNDVL 0DVVD (GLVL .HGHODSDQ -DNDUWD .HQFDQD :DMDUVDUL LQGDK 0HPEDQJXQ ,NDWDQ (PRVLRQDO GHQJDQ 6L .HFLO 'DODP
KWWSV NHOXDUJD FRP SHQJDVXKDQ PHPEDQJXQ LNDWDQ HPRVLRQDO GHQJDQ
VL NHFLO 'LXQGXK SDGD $JXVWXV SXNXO :,%
:DUGDQL (ND +DULVQD %HOHQJJX %HOHQJJX 3DWULDUNL 6HEXDK 3HPLNLUDQ )HPLQLVPH 3VLNRDQDOLVLV 7RQL 0RULVVRQ GDODP 7KH %OXH (\H 6NULSVL 8QLYHUVLWDV 'LSRQHJRUR
:LERZR ,QGLZDQ 6HWR :DK\X 6HPLRWLND .RPXQLNDVL $SOLNDVL 3UDNWLV %DJL 3HQHOLWLDQ GDQ 6NULSVL .RPXQLNDVL -DNDUWD 0LWUD :DFDQD 0HGLD
:LERZR 6XVDQWR -DQXDUL 0HQMDGL $\DK GL (UD 0RGHUQ 0DMDODK $\DKEXQGD
=KRX 0ROO\ 'DYLG %URZQ (GXFDWLRQDO /HDUQLQJ 7KHRULHV 'DOWRQ 6WDWH &ROOHJH &UHDWLYH &RPPRQV
