Pengaruh Corporate Governance Dan Intellectual Capital Terhadap Competitive Advantage Dan Firm Value (Studi Pada Perusahaan Manufaktur Indonesia Yang Terdaftar Di Bei Pada Periode 2014-2018)

Septa Lukman Andes, Program Pascasarjana Universitas Brawijaya Malang, Pengaruh Corporate Governance dan Intellectual Capital terhadap Competitive Advantage dan Firm Value (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia); Komisi Pembimbing: Ketua Nila Firdausi Nuzula, Ph.D. dan Anggota: Dr. Saparila Worokinasih, S.Sos., M.Si. Latar belakang penelitian ini adalah adanya perkembangan bisnis yang pesat dan dinamis membuat organisasi bisnis harus mengoptimalkan pengelolaan dan pemanfaatan sumber daya baik tangible maupun intangible untuk menguatkan keunggulan kompetitif yang berguna untuk menghasilkan nilai ekonomi. Corporate governance berperan sebagai sebuah sistem yang mengatur penyelenggaraan bisnis dan intellectual capital sebagai sumber daya unggul. Keduanya memiliki fungsi krusial dalam proses penciptaan keunggulan kompetitif dan nilai perusahaan. Tetapi, perusahaan-perusahaan (manufaktur) di Indonesia belum memiliki kualitas corporate governance, intellectual capital, dan competitive advantage yang mumpuni. Meskipun demikian, sebagai perusahaan go public, perusahaan-perusahaan tersebut dituntut untuk dapat menghasilkan firm value yang tinggi sebagai tujuan besar perusahaan sekaligus pertanggungjawaban kepada pemegang saham dan publik. Tesis berjudul “Pengaruh Corporate Governance dan Intellectual Capital terhadap Competitive Advantage dan Firm Value” merupakan sebuah studi yang mengkaji tentang peran corporate governance dan intellectual capital dalam menguatkan competitive advantage sekaligus menghasilkan firm value. Rumusan masalah dalam penelitian ini: apakah corporate governance berpengaruh signifikan terhadap firm value?; apakah corporate governance berpengaruh signifikan terhadap competitive advantage?; apakah corporate governance berpengaruh signifkan terhadap intellectual capital?; apakah intellectual capital berpengaruh signifikan terhadap firm value?; apakah intellectual capital berpengaruh signifikan terhadap competitive advantage?; dan apakah competitive advantage berpengaruh signifikan terhadap firm value?. Tujuan penelitian ini: untuk menguji dan menjelaskan pengaruh corporate governance terhadap firm value; untuk menguji dan menjelaskan pengaruh corporate governance terhadap competitive advantage; untuk menguji dan menjelaskan pengaruh corporate governance terhadap intellectual capital; untuk menguji dan menjelaskan pengaruh intellectual capital terhadap firm value; untuk menguji dan menjelaskan pengaruh intellectual capital terhadap competitive advantage; dan untuk menguji dan menjelaskan pengaruh competitive advantage terhadap firm value. Penelitian ini dilakukan menggunakan pendekatan kuantitatif dengan metode analisis Partial Least Square (PLS) yang merupakan metode alternatif dari Structural Equation Model (SEM) berbasis varian. Populasi penelitian adalah perusahaan manufaktur yang terdaftar di BEI, sedangkan sampel penelitian ditentukan berdasarkan metode purposive sampling, yaitu penentuan sampel berdasarkan kriteria tertentu yang ditetapkan oleh peneliti. Hasil penelitian ini menunjukkan bahwa corporate governance berpengaruh negatif dan signifikan terhadap firm value dengan nilai koefisien sejumlah -0,266 dan nilai p-value senilai 0,001 (H1 diterima); corporate governance berpengaruh negatif dan signifikan terhadap competitive advantage dengan nilai koefisien sejumlah -0,153 dan p-value senilai 0,039 (H2 diterima); corporate governance berpengaruh negatif dan tidak signifikan terhadap intellectual capital dengan nilai koefisien jalur sejumlah -0,131 dan p-value sebesar 0,066 (H3 ditolak); intellectual capital berpengaruh negatif dan signifikan terhadap firm value dengan nilai koefisien jalur sejumlah -0,279 dan p-value senilai <0,001 (H4 diterima); intellectual capital berpengaruh negatif dan signifikan terhadap competitive advantage dengan nilai koefisien jalur sejumlah -0,227 dan p-value senilai 0,004 (H5 diterima); serta competitive advantage berpengaruh negatif dan signifikan terhadap firm value dengan nilai koefisien senilai -0,152 dengan p-value sejumlah 0,04 (H6 diterima

Epidemiology of invasive candidiasis in a surgical intensive care unit: an observational study

Background: Invasive candidiasis (IC) is a frequent and life-threatening infection in critically ill patients. The aim of this study was to evaluate the epidemiology of IC and the antifungal susceptibility of etiological agents in patients admitted to our surgical intensive care unit (SICU) in Spain. Methods: We designed a prospective, observational, single center, population-based study in a SICU. We included all consecutive adult patients (≥18 years old) who had documented IC, either on admission or during their stay, between January 2012 and December 2013. Results: There were a total of 22 episodes of IC in the 1149 patients admitted during the 24-month study. The overall IC incidence was 19.1 cases per 1000 admissions. Thirteen cases of IC (59.1 %) were intra-abdominal candidiasis (IAC) and 9 (40.9 %) were candidemias. All cases of IAC were patients with secondary peritonitis and severe sepsis or septic shock. The overall crude mortality rate was 13.6 %; while, it was 33 % in patients with candidemia. All patients with IAC survived, including one patient with concomitant candidemia. The most common species causing IC was Candida albicans (13; 59.1 %) followed by Candida parapsilosis (5; 22.7 %), and Candida glabrata (2; 9.1 %). There was also one case each (4.5 %) of Candida krusei and Candida tropicalis. Thus, the ratio of non-C. albicans (9) to C. albicans (13) was 1:1.4. There was resistance to fluconazole and itraconazole in 13.6 % of cases. Resistance to other antifungals was uncommon. Conclusions: Candida parapsilosis was the second most common species after C. albicans, indicating the high prevalence of non-C. albicans species in the SICU. Resistance to azoles, particularly fluconazole, should be considered when starting an empirical treatment. Although IAC is a very frequent form of IC in critically ill surgical patients, prompt antifungal therapy and adequate source control appears to lead to a good outcome. However, our results are closely related to our ICU and any generalization must be taken with caution. Therefore, further investigations are needed. Keywords: Intensive care unit, Invasive candidiasis, Candidemia, Antifungal susceptibilit

Identification and Characterization of Antifungal Compounds Using a Saccharomyces cerevisiae Reporter Bioassay

New antifungal drugs are urgently needed due to the currently limited selection, the emergence of drug resistance, and the toxicity of several commonly used drugs. To identify drug leads, we screened small molecules using a Saccharomyces cerevisiae reporter bioassay in which S. cerevisiae heterologously expresses Hik1, a group III hybrid histidine kinase (HHK) from Magnaporthe grisea. Group III HHKs are integral in fungal cell physiology, and highly conserved throughout this kingdom; they are absent in mammals, making them an attractive drug target. Our screen identified compounds 13 and 33, which showed robust activity against numerous fungal genera including Candida spp., Cryptococcus spp. and molds such as Aspergillus fumigatus and Rhizopus oryzae. Drug-resistant Candida albicans from patients were also highly susceptible to compounds 13 and 33. While the compounds do not act directly on HHKs, microarray analysis showed that compound 13 induced transcripts associated with oxidative stress, and compound 33, transcripts linked with heavy metal stress. Both compounds were highly active against C. albicans biofilm, in vitro and in vivo, and exerted synergy with fluconazole, which was inactive alone. Thus, we identified potent, broad-spectrum antifungal drug leads from a small molecule screen using a high-throughput, S. cerevisiae reporter bioassay

Invasive fungal infections in neutropenic enterocolitis: A systematic analysis of pathogens, incidence, treatment and mortality in adult patients

BACKGROUND: Neutropenic enterocolitis is a life-threatening complication most frequently occurring after intensive chemotherapy in acute leukaemias. Gramnegative bacteria constitute the most important group of causative pathogens. Fungi have also been reported, but their practical relevance remains unclear. The guidelines do not address concrete treatment recommendations for fungal neutropenic enterocolitis. METHODS: Here, we conducted a metaanalysis to answer the questions: What are frequency and mortality of fungal neutropenic enterocolitis? Do frequencies and microbiological distribution of causative fungi support empirical antimycotic therapy? Do reported results of antimycotic therapy in documented fungal neutropenic enterocolitis help with the selection of appropriate drugs? Following a systematic search, we extracted and summarised all detail data from the complete literature. RESULTS: Among 186 articles describing patients with neutropenic enterocolitis, we found 29 reports describing 53 patients with causative fungal pathogens. We found no randomised controlled trial, no good quality cohort study and no good quality case control study on the role of antifungal treatment. The pooled frequency of fungal neutropenic enterocolitis was 6.2% calculated from all 860 reported patients and 3.4% calculated from selected representative studies only. In 94% of the patients, Candida spp. were involved. The pooled mortality rate was 81.8%. Most authors did not report or perform antifungal therapy. CONCLUSION: In patients with neutropenic enterocolitis, fungal pathogens play a relevant, but secondary role compared to bacteria. Evidence concerning therapy is very poor, but epidemiological data from this study may provide helpful clues to select empiric antifungal therapy in neutropenic enterocolitis