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Hasil Pencarian

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Johan Trihantoro
Abstrak :
[ABSTRAK
Tujuan dari penelitian ini adalah untuk menguji kebijakan cash holding pada perusahaan yang dikelompokan dalam financial constraints dan not financial constraint pada sektor industri manufaktur tahun 2001-2010. Metode yang digunakan dalam penelitian ini dengan analisis diskriminan. Hasil analisis diskriminan menunjukan bahwa kelompok financial constraints dan not financial constraint dijelaskan oleh variabel diskriminan yaitu leverage, capital expenditure, operating cash flow, market to book ratio, size dan number block holder.
ABSTRACT
The purpose of this study was to examine the company's policy of holding cash are classified in the financial constraints and not financial constraints on the manufacturing sector in 2001-2010. The method used in this study with discriminant analysis. Discriminant analysis results showed that the group financial constraints and financial constraints are not explained by the discriminant variable leverage, capital expenditure, operating cash flow, market to book ratio, size and number block holder.;The purpose of this study was to examine the company's policy of holding cash are classified in the financial constraints and not financial constraints on the manufacturing sector in 2001-2010. The method used in this study with discriminant analysis. Discriminant analysis results showed that the group financial constraints and financial constraints are not explained by the discriminant variable leverage, capital expenditure, operating cash flow, market to book ratio, size and number block holder.;The purpose of this study was to examine the company's policy of holding cash are classified in the financial constraints and not financial constraints on the manufacturing sector in 2001-2010. The method used in this study with discriminant analysis. Discriminant analysis results showed that the group financial constraints and financial constraints are not explained by the discriminant variable leverage, capital expenditure, operating cash flow, market to book ratio, size and number block holder., The purpose of this study was to examine the company's policy of holding cash are classified in the financial constraints and not financial constraints on the manufacturing sector in 2001-2010. The method used in this study with discriminant analysis. Discriminant analysis results showed that the group financial constraints and financial constraints are not explained by the discriminant variable leverage, capital expenditure, operating cash flow, market to book ratio, size and number block holder.]
Depok: Fakultas Ekonomi dan Bisnis Universitas Indonesia, 2014
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UI - Tesis Membership  Universitas Indonesia Library
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Nelvi Arvina
Abstrak :
Penelitian ini bertujuan untuk menguji apakah terdapat hubungan antara leverage dan kinerja perusahaan dengan variabel moderasi ukuran perusahaan pada perusahaan non finansial di Indonesia. Penelitian ini mengacu pada penelitian (Vithessonthi & Tongurai, 2014) dan (Tze San & Boon Heng, 2011). Leverage pada penelitian ini diproksikan dengan Debt to Asset Ratio (DAR). Sedangkan kinerja perusahaan pada penelitian ini diukur dengan Return On Asset (ROA) dan Return On Invested Capital (ROIC). Pengujian hipotesis dilakukan dengan menggunakan model regresi berganda dengan sampel sebanyak 411 perusahaan di Indonesia dari 2005 hingga tahun 2013. Dari hasil penelitian ini ditemukan bahwa hubungan antara Leverage dan Kinerja Perusahaan adalah negatif. Dimana hubungan antara keduanya adalah non-linear. Selain itu, ukuran perusahaan akan memperlemah hubungan antara leverage dan kinerja perusahaan. Kemudian, diperoleh juga hubungan antara perubahan leverage terhadap perubahan kinerja perusahaan adalah negatif.
The purpose of this research is to examine whether there are the differences between leverage and firm performance which is moderated by firm size of the non financial firm in Indonesia. This research refers to research of (Vithessonthi & Tongurai, 2014) dan (Tze San & Boon Heng, 2011). The leverage of the company here is measured by Debt to Asset Ratio (DAR). And the firm performance in this research is measured by Return On Asset (ROA) dan Return On Invested Capital (ROIC). The hypothesis testing is done using the multiple of regression model with 411 firms in Indonesia from 2005 until 2013. Result of this research is found that relationship of leverage and firm performance is negative and non linear. Beside that, the finding of this research is the firm size will weaken the relationship of leverage and firm performance. And then, this research finds that the relationship of the leverage change and the firm performance is negative.
Depok: Fakultas Ekonomi dan Bisnis Universitas Indonesia, 2015
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UI - Tesis Membership  Universitas Indonesia Library
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Haris Pratama Loeis
Abstrak :
[ABSTRAK
Fokus dari penelitian ini adalah perilaku dari investor reksa dana terbuka ketika dihadapkan kepada sinyal informasi jamak mengenai kinerja historis dari reksa dana. Perilaku investor dapat tercermin dalam keputusan penempatan dan penarikan dana kelolaan reksa dana. Selain itu, penelitian juga mengamati keberadaan ambiguitas yang diterima investor atas sinyal informasi jamak, serta reaksi yang timbul atas ambiguitas tersebut. Hasil penelitian menunjukkan bahwa investor reksa dana terbuka memiliki sensitivitas atas sinyal informasi kinerja historis reksa dana, serta memiliki sensitivitas tambahan karena ambiguitas dari sinyal informasi jamak. Atas ambiguitas yang timbul, investor menempatkan bobot yang lebih kepada sinyal informasi negatif dan sinyal informasi terburuk dalam keputusan investasi.
ABSTRACT
The focus of this study is the behaviour of open-ended mutual fund investors when encountered with multiple information signals of mutual fund?s past performance. The behaviour of investors can be reflected on their decision to subscribe or redeem their funds from the mutual fund. Moreover, the research observes the presence of ambiguity within investors because of multiple information signals, and also their reaction towards it. The results found that open-ended mutual fund investors have sensitivity towards past performance information signals, and also have additional sensitivity to the ambiguity of multiple information signals. Because of the presence of ambiguity, investors give more consideration to negative information signals and the worst information signal in their investment decisions, The focus of this study is the behaviour of open-ended mutual fund investors when encountered with multiple information signals of mutual fund’s past performance. The behaviour of investors can be reflected on their decision to subscribe or redeem their funds from the mutual fund. Moreover, the research observes the presence of ambiguity within investors because of multiple information signals, and also their reaction towards it. The results found that open-ended mutual fund investors have sensitivity towards past performance information signals, and also have additional sensitivity to the ambiguity of multiple information signals. Because of the presence of ambiguity, investors give more consideration to negative information signals and the worst information signal in their investment decisions]
2015
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UI - Tesis Membership  Universitas Indonesia Library
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Agung Wulan Piniji
Abstrak :
[ABSTRAK
Industri penerbangan tumbuh begitu cepat dalam dua dekade. Jumlah penumpang meningkat drastis. Di lain pihak, airline menghadapi tantangan terkait dengan capacity yang bisa disediakan dan faktor eksternal. Meningkatnya permintaan perjalanan udara tidak selalu sejalan dengan meningkatnya keuntungan karena industri penerbangan harus berkompetisi dengan rivalnya. Deregulasi industri penerbangan telah mengubah pintu masuk dan pintu keluar menjadi lebih fleksibel.

Studi lebih lanjut mengenai penentu profitabilitas industri penerbangan diperlukan untuk mengetahui faktor yang menjadikan industri ini menguntungkan. Dengan menggunakan regresi linear berganda, penelitian ini menguji sisi operasi, keuangan, dan kompetisi terhadap profitabilitas maskapai penerbangan. Hasil dari penelitian ini mengkonfirmasi penelitian sebelumnya bahwa operasional memberi dampak terhadap profitabilitas maskapai. Beberapa faktor diuji. Jumlah pesawat memberi dampak positif terhadap profitabilitas. Meski begitu, peningkatan ini bisa dilakukan dengan bergabung aliansi sebagai bagian strategi untuk tumbuh. Sedang tingkat isian pesawat tidak memberi pengaruh.

Konsentrasi trafik perjalanan udara sebagai ukuran kompetisi telah memberi informasi bahwa hal ini berpengaruh terhadap profitabilitas maskapai. Peningkatan konsentrasi dapat dilakukan melalui penambahan rute dan frekuensi penerbangan. Selain itu, maskapai bisa menarik konsumen dengan membedakan kualitas produk antar maskapai. Dikarenakan industri penerbangan tumbuh, maka diperlukan dukungan modal agar industri penerbangan dapat menyediakan kapasitas sesuai permintaan perjalanan udara. Tingkat utang memberi pengaruh positif dalam meningkatkan profitabilitas maskapai dengan limitasi tertentu.
ABSTRACT
The airline industry has become more rapid growth in a two decades. Number of passengers increase drastically. On the other hand, airlines facing some challenges in conjunction with internal capacity creates and external shocks. Increasing demand do not linearly increasing profitability since they have to compete over the rivals. Deregulation airline industry has changing the entry and exit to market lower.

The study about determinants of airlines profitability is required to ensure the airlines in profitabile operations. By multiple linear regression, research is examining operational, financial, and competition issue to find these effect into profitability. The research results confirmed previous study that operational performance has affect to airlines profitability. Several factors in operational has tested. Fleet size as variables operational has consistently impact to profitability. However, alliances as the other ways increasing size could be considering as part of strategic to growth while load factor has no affect in predicting profit.

The industry concentration as competition measurement has provide insight to the research that competition has affect to profitability. Increasing concentration could achieved by increase fligth frequencies particularly into routes that profitable. In addition, airlines shall attract passengers more by offering product market quality that can distinguished by consumers. Since the industry growth driven by demand, airlines required more financial supports in providing capacity of air traffics. The financial leveraged has play a key role in generating profitability.;The airline industry has become more rapid growth in a two decades. Number of passengers increase drastically. On the other hand, airlines facing some challenges in conjunction with internal capacity creates and external shocks. Increasing demand do not linearly increasing profitability since they have to compete over the rivals. Deregulation airline industry has changing the entry and exit to market lower. The study about determinants of airlines profitability is required to ensure the airlines in profitabile operations. By multiple linear regression, research is examining operational, financial, and competition issue to find these effect into profitability. The research results confirmed previous study that operational performance has affect to airlines profitability. Several factors in operational has tested. Fleet size as variables operational has consistently impact to profitability. However, alliances as the other ways increasing size could be considering as part of strategic to growth while load factor has no affect in predicting profit. The industry concentration as competition measurement has provide insight to the research that competition has affect to profitability. Increasing concentration could achieved by increase fligth frequencies particularly into routes that profitable. In addition, airlines shall attract passengers more by offering product market quality that can distinguished by consumers. Since the industry growth driven by demand, airlines required more financial supports in providing capacity of air traffics. The financial leveraged has play a key role in generating profitability., The airline industry has become more rapid growth in a two decades. Number of passengers increase drastically. On the other hand, airlines facing some challenges in conjunction with internal capacity creates and external shocks. Increasing demand do not linearly increasing profitability since they have to compete over the rivals. Deregulation airline industry has changing the entry and exit to market lower. The study about determinants of airlines profitability is required to ensure the airlines in profitabile operations. By multiple linear regression, research is examining operational, financial, and competition issue to find these effect into profitability. The research results confirmed previous study that operational performance has affect to airlines profitability. Several factors in operational has tested. Fleet size as variables operational has consistently impact to profitability. However, alliances as the other ways increasing size could be considering as part of strategic to growth while load factor has no affect in predicting profit. The industry concentration as competition measurement has provide insight to the research that competition has affect to profitability. Increasing concentration could achieved by increase fligth frequencies particularly into routes that profitable. In addition, airlines shall attract passengers more by offering product market quality that can distinguished by consumers. Since the industry growth driven by demand, airlines required more financial supports in providing capacity of air traffics. The financial leveraged has play a key role in generating profitability.]
Jakarta: Fakultas Ekonomi dan Bisnis Universitas Indonesia, 2014
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UI - Tesis Membership  Universitas Indonesia Library
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Fennicia Auliantika Rossianti
Abstrak :
ABSTRAK Merger dan akuisisi banyak dilakukan perusahaan perusahaan di dunia untuk meningkatkan pertumbuhan termasuk industri Fast Moving Consumer Goods FMCG yang menjadi top deal value pada masa deal decade. Di Indonesia salah satu perusahaan FMCG yang melakukan merger dan akuisisi adalah PT Unilever Indonesia Tbk. Pemilihan Unilever Indonesia sebagai objek penelitian karena Unilever Indonesia telah melakukan berbagai strategi merger dan akuisisi. Pada penelitian ini pembahasan difokuskan pada merger dan akuisisi yang terjadi di antara 2005 2014 yaitu ketika pengambilalihan Buavita dan Gogo serta Sara Lee Body Care Indonesia. Reaksi pasar pada pengumuman kedua akuisisi tersebut merespon negatif. Akan tetapi pada pelaksanaannya Unilever Indonesia dapat meningkatkan pertumbuhan profitabilitas bahkan dapat memberikan dividen. Tingkat kegagalan yang dihadapi dapat diminimalisir dengan penggunaan metode dan strategi merger dan akuisisi yang berbeda.
ABSTRACT Mergers and acquisitions were conducted by many companies in the world to increase the company growth including Fast Moving Consumer Goods FMCG industry which became a top deal value during the deal decade. In Indonesia one of the FMCG companies that conducted mergers and acquisitions is PT Unilever Indonesia Tbk. Selection of Unilever Indonesia as the object of research because Unilever Indonesia has conducted various merger and acquisition strategies. In this study the discussion focused on mergers and acquisitions that occurred between 2005 2014 when the Buavita and Gogo and Sara Lee Body Care Indonesia takeover Market reaction to the announcement both of the acquisition respond negatively. However in practice Unilever Indonesia could improve the growth and profitability even distributed dividends. The risk of failure of those mergers and acqusition can be minimized with the use of different methods and strategies of mergers and acquisitions.
Depok: Fakultas Ekonomi dan Bisnis Universitas Indonesia, 2016
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UI - Tesis Membership  Universitas Indonesia Library
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Aliefya Firnanda
Abstrak :
ABSTRAK
Penelitian ini bertujuan untuk mengantisipasi kerugian yang ditimbulkan karena selisih nilai tukar mata uang asing dalam hal ini yaitu antara mata uang Rupiah dengan US Dollar. Penelitian di khususkan untuk perusahaan BUMN, karena terkait keluarnya Peraturan Menteri (Permen) yang memberikan kebebasan bagi perusahaan milik negara untuk melakukan transaksi hedging atau lindung nilai. Perhitungan hedging yang akan dilakukan mengacu kepada nilai VaR dari portofolio fuel expense yang dimiliki oleh PT Garuda Indonesia, selanjutnya dengan mengetahui kemungkinan potensi risiko maksimal yang bisa terjadi dalam periode 1 hari ataupun 1 bulan kedepan, diharapkan PT Garuda Indonesia bisa mempersiapkan langkah-langkah dan strategi yang tepat untuk melakukan atau tidak melakukan hedging. Hasil penelitian ini membuktikan bahwa setelah melakukan perhitungan VaR dengan simulasi Monte Carlo, penerapan kebijakan hedging yang akan dilakukan bisa jauh lebih mudah, karena memiliki dasar dan benchmark yang jelas didalam pertimbangannya, yang selanjutnya tentu saja akan menghasilkan penghematan terhadap anggaran.
ABSTRACT
This study aims to anticipate the losses incurred due to the difference in exchange rates of foreign currencies in this case is between the Rupiah to U.S. Dollar. Research in dedicated to state-owned companies, as related discharge regulation which gives freedom for state-owned enterprises to undertake hedging transactions. Hedging calculations to be performed referring to the VaR of a portfolio of fuel expense owned by PT Garuda Indonesia, next to knowing the possibility of the potential risks that could occur within a maximum period of 1 day or 1 month ahead, PT Garuda Indonesia is expected to develop measures and strategies the right to do or not to hedge. These results prove that after performing the calculation of VaR with Monte Carlo simulation, hedging policies can be made much easier, because it has a base and a clear benchmark in its discretion, which then of course will result in savings to the budget.
Jakarta: Fakultas Ekonomi dan Bisnis Universitas Indonesia, 2014
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UI - Tesis Membership  Universitas Indonesia Library
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Rahmat Fitriadi Herman
Abstrak :
ABSTRAK
Tesis ini membahas pengaruh rasa saling percaya antar anggota (Trust), kepemimpinan dalam komunitas (community leadership), keterikatan antar anggota (member connectedness), komitmen anggota (member commitment), dan dukungan manajemen (management support) terhadap efektifitas community of practice (community of practice effectiveness) untuk efektifitas pemecahan masalah (problem solving effectiveness) di PLN Unit Distribusi Jakarta Raya dan Tangerang (PLN Disjaya). Penelitian ini dilakukan secara kuantitatif dan melalui survey kuesioner untuk uji hipotesis terhadap anggota community of practice yang ada di PLN Disjaya.

Hasil penelitian menunjukkan bahwa kepemimpinan dalam komunitas, rasa keterikatan anggota, dan dukungan manajemen memainkan peranan penting dalam efektifitas community of practice yang juga berperan dalam menentukan efektifitas pemecahan masalah. Namun, tidak ditemukan adanya pengaruh yang signifikan dari rasa saling percaya anggota dan komitmen komunitas terhadap efektifitas community of practice dan efektifitas pemecahan masalah. Penelitian ini dapat menjadi masukan dalam mempertimbangkan cara pengukuran dampak COP terhadap kinerja perusahaan.
ABSTRACT
This study analyze the effect of trust, community leadership, member connectedness, member commitment, and management support on community of practice effectiveness for problem solving effectiveness in PLN Jakarta Raya and Tangerang Distribution Unit (PLN Disjaya). The study employs quantitative method and questionnaire survey of community of practice member in PLN Disjaya in order to conduct hypotheses testing.

The results show that community leadership, member connectedness, and management support have significant effect on community of practice effectiveness, which in turn affect problem solving effectiveness. However, this study cannot found the effect of trust and member commitment on community of practice effectiveness for problem solving effectiveness. This study suggest insights in measuring the impact of community of practice on organizational performance.
2016
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UI - Tesis Membership  Universitas Indonesia Library
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Yvonne Meilawati
Abstrak :
ABSTRAK
Dalam tesis ini Penulis mengangkat topik analisis faktor yang mempengaruhi kinerja keuangan UKM (EAT dan EBITDA) di Pulau Jawa. Analisis dilakukan dengan menggunakan data sekunder terhadap 4.196 UKM. Hasil analisis terhadap EAT tampak bahwa variabel persediaan uang kas, piutang usaha, persediaan barang, Cash Coverage Ratio serta jenis usaha memiliki pengaruh positif, namun kolektibilitas kredit, ketergantungan terhadap pemasok/pelanggan , forex dan suku bunga berpengaruh negatif. Hasil analisis terhadap EBITDA tampak bahwa persediaan uang kas, piutang usaha, persediaan barang, bentuk usaha, jaminan kredit dan jenis usaha memiliki pengaruh positif, namun forex berpengaruh negatif. Dengan demikian, hanya melihat dari kinerja operasional pun sudah dapat memprediksi faktor-faktor yang mempengaruhi kinerja keuangan UKM
ABSTRACT
In this thesis, author raised the topic analysis of factors that influence the financial performance of SMEs (EAT and EBITDA) in Java. Analysis were performed using secondary data on 4.196 SMEs . Analysis of EAT appears that the variable cash supply, accounts receivable , inventory , Cash Coverage Ratio and type of business have positive effect, but collectibility of the loans , dependence on suppliers / customers , forex and interest rates have negative influence . Analysis of EBITDA appears that cash supply, accounts receivable , inventory , establishment , credit guarantee and type of business have positive effect , but forex has negative effect. Thus, operational performance able to predict the factors which will affect the financial performance of SMEs.
2016
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Teddy Hendra Zulkarnain
Abstrak :
Industri penerbangan global telah menderita berbagai masalah finansial ditandai dengan kerugian kumulatif selama periode tahun 2001 sampai 2009. Sejak saat itu, sudah lebih dari 350 maskapai penerbangan telah mengajukan kebangkrutan. Tujuan dari penelitian ini adalah untuk membuat prediksi bangkrut dan tidak bangkrut menggunakan pendekatan model Altman Z Score, regresi logistik, dan analisis diskriminan dengan multi-year basis. Model prediksi dibuat dengan bantuan lima rasio keuangan yaitu Total Debt to Total Asset, Quick Ratio, Cash to Current Liabilities, Retained Earning to Total Asset, dan Sales to Total Asset. Uji simulasi statistik regresi logistik dan analisis diskriminan dilakukan dengan metode simultan. Model baru yang dikembangkan menggunakan titik cutoff untuk membedakan apakah suatu maskapai diklasifikasikan dalam kelompok bangkrut atau kelompok tidak bangkrut. Hasil akhir memperlihatkan model prediksi yang baru menunjukkan tingkat akurasi keseluruhan lebih tinggi dibandingkan dengan model Altman Z Score dan Kroeze Score. ......The global airline industry has suffered from financial problems marked by cumulative losses over the period from 2001 to 2009. Since then, more than 350 airlines have filed for bankruptcy. The purpose of this study is to make a prediction of bankrupt and non-bankrupt using an approach to Altman Z Score models, logistic regression, and discriminant analysis with the multi-year model. The prediction model created with the help of five financial ratios: Total Debt to Total Assets, Quick Ratio, Cash to Current Liabilities, Retained Earnings to Total Assets and Sales to Total Assets. Simulation of statistic test on logistic regression and discriminant analysis performed by the simultaneous method. The new model was developed using a cut-off point to distinguish whether an airline classified in the group of bankrupt or non-bankrupt. The final results show that the new prediction model shows an overall higher degree of accuracy than Altman Z Score and Kroeze Score model.
Depok: Fakultas Ekonomi dan Bisnis Universitas Indonesia, 2016
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UI - Tesis Membership  Universitas Indonesia Library
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Fitri Rachmawaty
Abstrak :
ABSTRAK
Ekonomi dunia sangat bergantung pada perdagangan dunia dan dengan semakin globalnya dunia, maka kejadian krisis yang terjadi di suatu negara dapat mempengaruhi keadaan ekonomi seluruh dunia. Krisis keuangan yang pada awalnya terjadi di Amerika Serikat pada tahun 2008 kemudian menyebar ke wilayah lain dan menyebabkan terjadinya krisis ekonomi dunia yang berkepanjangan. Industri pelayaran sebagai industri pendukung dari perdagangan dunia, mulai merasakan dampak dari krisis sejak tahun 2008. Ekonomi yang tadinya booming, menyebabkan banyak perusahaan pelayaran melakukan pengembangan armada. Akhirnya terjadi krisis ekonomi global, jumlah armada dunia justru berada pada puncaknya dan dengan ditambah meningkatnya biaya operasional, memperburuk kondisi keuangan perusahaan-perusahaan pelayaran. Pemilihan PT Berlian Laju Tanker Tbk sebagai obyek penelitian adalah karena perseroan ini menghadapi dampak negatif terjadinya krisis pada saat pertumbuhan usaha. Pertumbuhan yang diharapkan memberikan peningkatan pendapatan perseroan, dengan terjadinya krisis malah memperburuk keadaan keuangan perseroan dan perseroan harus menghadapi financial distress. Berbagai strategi dipertimbangkan dan dilakukan oleh perseroan untuk meminimalisir dampak dari krisis ekonomi. Pada akhirnya, perseroan mengambil keputusan untuk mempertahankan kepemilikan perusahaan yang diakuisisi dan melakukan berbagai upaya untuk restrukturisasi.
ABSTRACT
World economy depends on world trade and world globalization, therefore crisis occurred in a contry may affect economy condition of the world. Financial crisis which first occurred in United States of America in 2008, then spreaded into other area and caused a prolong global financial crisis. Shipping industry as a supporting services of world trade, was hit by the crisis since end of 2008. Economy which were booming prior to the crisis, has made shipping companies expanding their fleet. Therefore, at the time of global financial crisis occurred, number of world fleet was at its peak and added by increment of operational costs, had worsen financial condition of shipping companies. The selection of PT Berlian Laju Tanker Tbk as research object is due to condition that the financial crisis occurred at the time the company grown its business. Growth that was expected will increase the company?s revenue, due to the crisis has caused problem to the company and forced the company to face financial crisis. Various strategies have been considered and done by the company to minimize loss due to the global financial crisis. At the end, the company decided to maintain its acquired company while at the same time, the company tried to restructure its business.;
2016
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