ANALYSIS OF THE INFLUENCE OF SIZE, LEVERAGE, TOBINS’ Q AND CASH FLOW ON CORPORATE CASH HOLDINGS

Holding liquid assets such as cash can be a double-edged sword for a firm. On the one hand,  it  provides  flexibility  to  firms  allowing  them  to  avoid  costs  from  underinvestment  in positive-NPV projects due to lack of resources. Cash holding is an important asset on firms' balance sheets, receives much attention from companies, investors, and analysts. The objectives of this research are to analyse the impact of size, leverage, Tobins’Q and cash flow to cash holdings. The research methods used are descriptive research and explanatory research. Sampling in this study using purposive sampling, which is the manufacturer companies that listed at IDX in period 2010-2012. The technique analyses used are multiple regressions with classic assumption. The  classic  assumption  consists  of  normality testing,  multicollinearity,  heteroscedasticity  and autocorrelation. Based on the result and analysis, the conclusion that can be drawn in this research are: (1) There is positive impact of size to cash holdings, (2) There is impact of leverage to cash holdings, (3) There is impact of Tobin’s Q to cash holdings, (4) There is impact of cash flow to cash holdings.  Keywords: size, leverage, Tobin’s Q, cash flow, cash holdings

ASPEK HUKUM TATA KELOLA PERUSAHAAN YANG BAIK (GOOD CORPORATE GOVERNANCE) PADA PERSEROAN TERBATAS (STUDI PADA PT. ASIANTFAST MARINE INDUSTRIES)

A company must provide adequate incentives for Commissioners and Directors to achieve company goals for the benefit of the company and its shareholders. By creating a system, Good Corporate Governance seeks to synergize through an ethics of the business world that is bound to certain rules that form the basis for adoption in the regulations, guidelines, and procedures that apply to carry out the operation of a company by implementing good corporate governance. GCG is a must in order to build strong and sustainable company conditions. The application of the concept is expected to be a more transparent company management for all interested parties. The problems formulated are 1. How to regulate the law of Good Corporate Governance at PT. Asianfast Marine Industries? 2. Has Good Corporate Governance at PT. Asianfast Marine Industries been carried out properly in accordance with the law?This type of research is a juridisnormative research, which is descriptive analytical. Data sources used in normative legal research are primary data and secondary data, with qualitative data analysis done deductively meaning using theories not only theory but also legal norms as tools, measures and even instruments to build hypotheses.The results of this study are that this research is focused on GCG in the context of Law Number 40 of 2007 concerning Limited Liability Companies and GCG guidelines issued by the National Committee on Governance policy which was approved by the Coordinating Minister for Economic Affairs of the Republic of Indonesia in 2006, in which PT. Asianfast Marine Industries makes a Good Corporate Governance Guidelines that follow the Guidelines issued by National Committee on Governance Policy which are the basis for implementing the implementation of GCG principles at PT. Asianfast Marine Industries.Keywords: Limited Liability Company, Principles, GC

The impact of HRM bundles and organisational commitment on managers turnover intentions

A thesis submitted to the University of Bedfordshire, in partial fulfilment of the requirement for the degree of Doctor of Philosophy.Despite the significance of understanding the reasons under which talented individuals are more likely or less likely to quit, the nature of the relationship between Human Resource Management Practices (HRMPs) and turnover intentions has proven to be unclear. Prior studies suggest that talented employees’ turnover imposes significant negative impact on organisational performance, e.g. decrease in productivity, profitability, innovation, serviceability and morale of remaining employees. Likewise, a serious talented Frontline Managers (FLMs) turnover is observed in the private banks of Pakistan. The corresponding reason identified is their dissatisfaction with existing conventional HRMPs, which are typically bureaucratic in nature with no provision of training and development, and lack appreciation, seniority-based pay and promotions. Owing to these factors, FLMs are switching towards reputable government and multinational organisations. In fact, FLMs play an important role in the development and success of banks. To investigate this issue, the present study elaborates an examination of the use of synergistic HRMPs in an on-going effort to control the talented FLMs’ turnover intentions. Precisely, it examines the impact of two formative bundles, namely, skills-enhancing practices (SEPs, i.e. training and development) and motivation-enhancing practices (MEPs, i.e. pay, promotion, recognition and job security) on FLMs’ turnover intentions through organisational commitment. The research methodology employs a positivist philosophy, deductive approach and a quantitative method followed by a survey-based research design. A total of 500 questionnaires were distributed through random sampling technique; 344 questionnaires were finalised for analysis. PLS-SEM was used to test the research hypotheses. Contrary to conventional wisdom, the findings of this study indicate that both SEPs and MEPs demonstrate no significant direct impact on talented FLMs’ turnover intentions. However, organisational commitment (OC) has been found to fully mediate the relationships between both HRM bundles and FLMs’ turnover intentions. This research contributes to HRM literature particularly in the area of HRMPs—Turnover relationships. Furthermore, this study reveals that socio-economic relationships can be used to influence FLMs’ OC and turnover intentions. The findings further suggest that adoption of effective SEPs and MEPs in local banks enhance talented FLMs’ skills and motivation which eventually reduce their turnover intentions. Additionally, this study highlights the important and critical role of OC in HRMPs—turnover relationships, particularly in the Pakistani banking sector and further recommends management to review their HRMPs, which not only tend to reduce turnover but also lead to FLMs’ enhanced enthusiasm to serve

On the Integration of Emerging Stock Markets in the Middle East

Results from the Johansen-Juselius test suggest that the Middle East emerging stock markets are segmented globally, but appear highly integrated within the region. Moreover, the Gonzalo- Granger test, in conjunction with error-correction models, indicates that the market in Egypt is a dominant force driving other markets in the region. The apparent segmentation of the markets in the Middle East from the global market implies that these emerging markets provide international investors with potential diversification gains.

Keselamatan Non-Muslim Pedalaman dan Orang Eropa: Studi Konsep Ahl Al-Fatrah dan Aplikasinya di Era Modern

Abstract This article discusses the theory of ahl al-fatrah and its relevance to be applied in the current era. This article compares the theories of experts regarding ahl al-fatrah and the legal consequences of ahl al-fatrah after death. There are two questions that will be answered in this article, namely the status of the interior people or European people who do not know Islam properly, will they be tortured in Hell? What are the limits and conditions for people to be judged as ahl al-fatrah and safe from Hell? This article finds that some expert opinions point to the relevance of today's ahl al-fatrah status to people living in remote areas or in Europe who are far from correct Islamic information. However, another opinion states that a person who can think well, but does not believe in religion, is considered an infidel even though he has never heard of Islam.Keywords: Non-Muslim, Ahl Al-Fatrah, Modern EraAbstrakArtikel ini membahas teori ahl al-fatrah serta relevansinya untuk diaplikasikan di era sekarang. Artikel ini membandingkan teori para ahli mengenai ahl al-fatrah serta konsekuensi hukum ahl al-fatrah setelah meninggal dunia. Ada dua pertanyaan yang akan dijawab dalam artikel ini yaitu status orang pedalaman atau masyarakat Eropa yang tidak mengenal Islam secara benar, apakah mereka akan disiksa di Neraka?. Apa batas dan ketentuan orang dihukumi ahl al-fatrah dan dihukumi selamat dari Neraka?. Artikel ini menemukan bahwa beberapa pendapat ahli mengarah pada relevansi status ahl al-fatrah di zaman sekarang pada orang yang hidup di pedalaman atau di Eropa yang jauh dari informasi Islam yang benar. Namun pendapat lain menyatakan orang yang bisa berfikir dengan baik, namun tidak percaya agama, maka ia dihukumi kafir meskipun tidak pernah mendengar Islam.Kata Kunci: Non-Muslim, Ahl Al-Fatrah, Era ModernThis article discusses the theory of ahl al-fatrah and its relevance to be applied in the current era. This article compares the theories of experts regarding ahl al-fatrah and the legal consequences of ahl al-fatrah after death. There are two questions that will be answered in this article, namely the status of the interior people or European people who do not know Islam properly, will they be tortured in Hell? What are the limits and conditions for people to be judged as ahl al-fatrah and safe from Hell? This article finds that some expert opinions point to the relevance of today's ahl al-fatrah status to people living in remote areas or in Europe who are far from correct Islamic information. However, another opinion states that a person who can think well, but does not believe in religion, is considered an infidel even though he has never heard of Islam

The Obstacles of Copyright Protection against Traditional Cultural Expression in Indonesia

The special protection of traditional cultural expressions is governed by Berne Convention 1886 and also in its revision (Paris Convention) in 1971, which is mentioned in Article 15 paragraph (4). The traditional cultural expression or Folklore is one of the protected parts for its existence because it is one of the characteristics and identity of a nation. This identity shows the level of cultural nobility of a nation thus its existence must be maintained. The Law recognized by the world community as a place to maintain the expression of traditional culture into the identity of a nation is by giving Copyright to it. As part of Copyright, the protection of traditional cultural expressions is obtained automatically; it means that traditional cultural expressions are protected directly by the law since it was first announced. In principle, intellectual property rights have been attached to the community without having to register. The protection of copyright against traditional cultural expressions in Indonesia is a hereditary culture. Therefore, it has become the common property of the Indonesian nation. And Indonesia has synchronized the legal arrangements in its national law mentioned in articles 38 and 39 of Law No. 28 of 2014 on Copyright. The barrier in protecting traditional cultural expressions in Indonesia is mostly due to the understanding of the traditional ownership of traditional cultural expressions over communal ownership. So in order to hit the cultural barriers, socialization and inure of Copyright are needed to be socialized to the public

THE USE OF VIDEO IN TEACHING ENGLISH SPEAKING (A Quasi-Experimental Research in Senior High School in Sukabumi)

Speaking skill is one of the four language skills that should be mastered by, in this case, students to be able to communicate with their surroundings. However, there are some difficulties for teachers to ask or to stimulate students to speak in English. It is very important for English teachers to use interesting media especially the ones that give context to the students in the learning process such as videos. This study aims to find out the effectiveness of video to improve students’ speaking ability and to investigate the most improved aspect of speaking by video. The study was conducted in one of Senior High Schools in Sukabumi. A quasi-experimental design was employed for this study. The study involved two classes of eleventh grader which were divided into two groups; experimental group and control group. Data were collected through pretest and posttest. The data were analyzed by using Statistical Product and Service Solutions (SPSS) 18 for Windows. The calculation result of independent t-test on posttest scores showed that the significance value was lower than 0.05 (0.000 0.05) which means the video treatment had improved the students’ speaking ability. In line with the result, the calculation of effect size also showed that video improved the students’ speaking ability by the score of effect size in large level (0.697). Furthermore, the use of video in teaching speaking also solved one of the hardest aspects of speaking for students: pronunciation. It is showed by the result between pretest score means and posttest score means from each aspect and pronunciation had biggest improvement with 0.67 difference from pretest to posttest. For that reasons it is highly recommended that teachers use video as media to teach speaking in classroom.