202 research outputs found
Pengaruh Stuktur Kepemilikan dan Dewan Komisaris Independen terhadap Nilai Perusahaan dengan Manajemen Laba dan Kebijakan Hutang sebagai Variabel Intervening
No full textThe objective of this research are to identi6 'the direct and indirect influences of corporate governancesbucture such as, board of independent commissioner, institutional ownershi :rand manajerial ownership to the fimes value and earnings management debt as intervening variable.This research examine 37 manufacturing companies fisted in Jakarta Stock Exchange and issues waled financial statement since 2002-2004. The statistical methods used to test the hypothesis is Structural Equation Model (SEM). The empirical result of this research indicates that manajerial ownership has a positif significant and board of commissionerhas a negative significant influences to earnings management whereas institutional ownership have no influence to earnings management. The following test indicates that board of commissioner and manajerial ownership and institutional ownership have no significant influence to the firm's value. The control variable, firm's size, has a positive significant influence to earnings management whereas leverage has a negative significant influence to the firm's value. The Last test indicates that earnings management and debt have influence to the firm's value, so it can be concluded that earnings management and debt is an intervening variable
Estimation of Reservoir Discharges from Lake Nasser and Roseires Reservoir in the Nile Basin Using Satellite Altimetry and Imagery Data
No full textThis paper presents the feasibility of estimating discharges from Roseires Reservoir (Sudan) for the period from 2002 to 2010 and Aswan High Dam/Lake Nasser (Egypt) for the periods 1999–2002 and 2005–2009 using satellite altimetry and imagery with limited in situ data. Discharges were computed using the water balance of the reservoirs. Rainfall and evaporation data were obtained from public domain data sources. In situ measurements of inflow and outflow (for validation) were obtained, as well. The other water balance components, such as the water level and surface area, for derivation of the change of storage volume were derived from satellite measurements. Water levels were obtained from Hydroweb for Roseires Reservoir and Hydroweb and Global Reservoir and Lake Monitor (GRLM) for Lake Nasser. Water surface areas were derived from Landsat TM/ETM+ images using the Normalized Difference Water Index (NDWI). The water volume variations were estimated by integrating the area-level relationship of each reservoir. For Roseires Reservoir, the water levels from Hydroweb agreed well with in situ water levels (RMSE = 0.92 m; R2 = 0.96). Good agreement with in situ measurements were also obtained for estimated water volume (RMSE = 23%; R2 = 0.94) and computed discharge (RMSE = 18%; R2 = 0.98). The accuracy of the computed discharge was considered acceptable for typical reservoir operation applications. For Lake Nasser, the altimetry water levels also agreed well with in situ levels, both for Hydroweb (RMSE = 0.72 m; R2 = 0.81) and GRLM (RMSE = 0.62 m; R2 = 0.96) data. Similar agreements were also observed for the estimated water volumes (RMSE = 10%–15%). However, the estimated discharge from satellite data agreed poorly with observed discharge, Hydroweb (RMSE = 70%; R2 = 0.09) and GRLM (RMSE = 139%; R2 = 0.36). The error could be attributed to the high sensitivity of discharge to errors in storage volume because of the immense reservoir compared to inflow/outflow series. It may also be related to unaccounted spills into the Toshka Depression, overestimation of water inflow and errors in open water evaporation. Therefore, altimetry water levels and satellite imagery data can be used as a source of information for monitoring the operation of Roseires Reservoir with a fairly low uncertainty, while the errors of Lake Nasser are too large to allow for the monitoring of its operation
PENGARUH BETA SAHAM TERHADAP EXPECTED RETURN DENGAN MODEL CAPITAL ASSET PRICING PADA PERUSAHAAN PUBLIK DI BURSA EFEK JAKARTA
No full textThe objective of this research is to obtain empirical evidence of whether market beta has a significant influence on the expected return. This research examines 30 manufacturing companies listed in Jakarta Stock Exchange during 2001-2005 period. Data are mostly secondary data, obtained from Indonesian Capita! Market Directory and annual reports of the companies from 'Pusat Referensi Pasar Modal Indonesia' in Jakarta Stock Exchange. The statistical method used to test the hypothesis is multiple regression. The test of heteroskedasticity, multicolinearity and autocorrelation used in this research are entirely suitable and unbiased.The empirical result of this research indicates that market beta has a significant influence on the expected return, either individual equity or portfolio equity. This result supports the CAPM theory which shows a positive correlation between risk and expected return. However, this result contradicts the research's result of both Eugene F. Fama and Kenneth R. French which shows a negative correlation between risk and expected return. The result would be different if other independent variables such as size, earning price ratio (E/P), book leverage (A/BE), market leverage (A/ME), book to market equity (BE/ME) were being tested together. Beta market and BE/ME were the two variables that have a significant influence on the expected return.Keywords: beta market, beta portfolio, risk, expected return, CAPM, size, earning price ratio, book leverage, market leverage, book to market equity</jats:p
PERBANDINGAN KINERJA BANK PEMERINTAH DAN BANK SWASTA DENGAN RASIO CAMEL SERTA PENGARUHNYA TERHADAP HARGA SAHAM
No full textThe objective of this research is to identify whether there is a significant difference between performance of state owned bank s and private banks. The mea-sure of performance is based on financial ratios CAMEL, which consist of CAR as represent of Capital, RORA as represent of asset quality, NPM as represent of Management, ROA as represent of earnings and LDR as represent of liquidity. This research also identify the influence of CAMEL to stock price.The sample of 26 state owned banks and 22 private banks. Kolmogorov Smimov test is used to test the normality of data distribution. For normally distributed data consist of CAR, NPM and LDR, test are conductable using West as parametric test. Meanwhile, RORA and ROA which non normally distributed, test are conducted using Mann-Whitney, as non parametric test to compare the difference between state owned banks and private bank's performance. The multiple reg4ession model is used to determine the relationship between CAMEL and stock price.The empirical result of this research indicates that the CAR, RORA, ROA dan LDR of state-owned banks and the private banks have a similar perfonance. Inspite of this, there is no significant difference in NPM between the state-owned banks and the private banks. The other analysis that CAMEL have simultaneously significant influence to the stock price.Keywords: CAMEL, financial ratio, bank performance, stock prise</jats:p
Adapting authoritarianism: institutions and co-optation in Egypt and Syria
No full textThis PhD thesis compares Egypt and Syria’s authoritarian political systems. While the tendency in social science political research treats Egypt and Syria as similarly authoritarian, this research emphasizes differences between the two systems with special reference to institutions and co-optation. Rather than reducibly understanding Egypt and Syria as sharing similar histories, institutional arrangements, or ascribing to the oft-repeated convention that “Syria is Egypt but 10 years behind,” this thesis focuses on how events and individual histories shaped each states current institutional strengthens and weaknesses. Specifically, it explains the how varying institutional politicization or de-politicization affects each state’s capabilities for co-opting elite and non-elite individuals.
Beginning with a theoretical framework that considers the limited utility of democratization and transition theoretical approaches, the work underscores the persistence and durability of authoritarianism. Chapter two details the politicized institutional divergence between Egypt and Syria that began in the 1970s. Chapter three and four examines how institutional politicization or de-politicization affects elite and non-elite individual co-optation in Egypt and Syria. Chapter five discusses the study’s general conclusions and theoretical implications.
This thesis’s argument is that Egypt and Syria co-opt elites and non-elites differently because of the varying degrees of institutional politicization in each governance system. Rather than view one country as more politically developed than the other, this work argues that Syria’s political institutions are more politicized than their Egyptian counterparts. Syria’s political arena is, thus, described as politicized-patrimonialism. Syria’s politicized-patrimonial arena produces uneven co-optation of elites and non-elites as they are diffused through competing institutions. Conversely, the Egyptian political arena remains highly personalized as weak institutions and individuals are manipulated and molded according to the president’s ruling clique. This is referred to as personalized-patrimonialism. As a consequence, Egypt’s political establishment demonstrates more flexibility in ad hoc altering and adapting its arena depending on the emergence of crises.
This study’s theoretical implications suggest that, contrary to modernization and democratization theory’s adage that institutions lead to a political development, politicized institutions within a patrimonial order actually hinder regime adaptation because consensus is harder to achieve and maintain. It is within this context that Egypt’s de-politicized institutional framework advantages its top political elite. In this reading of Egyptian and Syrian politics, Egypt’s personalized political arena is more adaptable than Syria’s. These conclusions do not indicate that political reform is a process underway in either state
PENGARUH FAKTOR-FAKTOR INTERNAL PERUSAHAAN TERHADAP INCOME SMOOTHING
No full textThe objective of this research is to identify the influence of internal factor, such as size, profitability, operating leverage and sectors to the income smoothing practice. And the other objective is to examine the diffrerence between internal factors such as, size, profitability, operating leverage, industrial sectors from companies's income smoothing practice and the other companies's income smoothing practice. This research examine 47 companies listed in Jakarta Stock Exchange and issues ana dited finanacial statement since 2002-2004. The statistical methods used to test the hypothesis are univariate test, such as one-sample mogorov-Smimov test, Mann-Whitney test, Chi- Square Test, and ultivariate test that is Logistic Regression. To calculate the income smoothing used Eckel indexs. The result of the univariate test showed that industrial sectors and profitability between companies's income smoothing practice and the other companies's income smoothing practice has significantly differences. The multivariate test with logistic regression give result that only profitability have significant influence to income smoothing practice.keywords : Income smoothing, size, profitability, operating leverage, and industrial sectors.</jats:p
Pengaruh keputusan merger dan akuisisi terhadap reaksi pasar
No full textThe objective of this research is to obtain empirical evidence of whether there is a significant difference in trading volume activity, stock price and abnormal return between the period before and after the date of a merger and acquisition. This research examine 24 companies that listed in Jakarta Stock Exchange as merger and acquisition companies and issues an audited financial statement since 1996-2001. The statistical method used to test the hypothesis is event study method with the paired sample t test. The empirical result of this research indicates that there was no significant difference in stock price between the period before and after the date of merger and acquisition's also there was no significant difference in stock price between merger and acquisition's companies. The other analysis that there was a significant difference in trading volume activity between the period before and after the date of merger and acquisition, but there was no significant difference in trading volume activity between merger and acquisition's companies
Perbandingan Kinerja Bank Pemerintah Dan Bank Swasta Dengan Rasio Camel Serta Pengaruhnya Terhadap Harga Saham
No full textThe objective of this research is to identify whether there is a significant difference between performance of state owned bank s and private banks. The mea-sure of performance is based on financial ratios CAMEL, which consist of CAR as represent of Capital, RORA as represent of asset quality, NPM as represent of Management, ROA as represent of earnings and LDR as represent of liquidity. This research also identify the influence of CAMEL to stock price.The sample of 26 state owned banks and 22 private banks. Kolmogorov Smimov test is used to test the normality of data distribution. For normally distributed data consist of CAR, NPM and LDR, test are conductable using West as parametric test. Meanwhile, RORA and ROA which non normally distributed, test are conducted using Mann-Whitney, as non parametric test to compare the difference between state owned banks and private bank's performance. The multiple reg4ession model is used to determine the relationship between CAMEL and stock price.The empirical result of this research indicates that the CAR, RORA, ROA dan LDR of state-owned banks and the private banks have a similar perfonance. Inspite of this, there is no significant difference in NPM between the state-owned banks and the private banks. The other analysis that CAMEL have simultaneously significant influence to the stock price
Higher education in Egypt
No full textEgypt's policy on higher education, the author argues, must take account of the realities of declining government budgets and employment and increasing reliance on the private sector, which must become more competitive internationally. Education in Egypt must increase Egyptians'ability to cope with economic disequilibria: to respond quickly and effectively to changing technological and market opportunities. The Government of Egypt's strategy for achieving this goal is to stabilize the number of university students and raise the quality of instruction. This fundamentally sound strategy, pursued since the mid-1980s, has required considerable courage of policymakers, who are struggling to correct a longtime, inequitable misallocation of educational resources. The Nasser regime greatly expanded higher education and guaranteed jobs to university graduates. As a result of rapidly growing enrollment in the 1970s and 1980s, the quality of education seriously deteriorated. Classes are too big and resources too scarce for anything but professorial salaries, so learning amounts to little more than memorization and repetition. The system does not foster the development of synthesizing, problem-solving, or creative thinking abilities. And with tertiary institutions over-enrolled, academic success requires the use of tutors, whose fees are beyond the reach of students of modest means.Health Monitoring&Evaluation,Environmental Economics&Policies,Teaching and Learning,Gender and Education,Tertiary Education
Laser thermal therapy: utility of interstitial fluence monitoring for locating optical sensors
No full textMultipoint optical fluence measurements can potentially be used to detect coagulation-induced changes in optical propagation during interstitial laser thermal therapy. Estimating the dimensions of coagulation using on-line optical monitoring, which is applicable to treatments where the tip of the source fibre is not precharred, may be limited by the accuracy of the placement of optical sensors with respect to source fibres. A strategy has been developed to determine accurately the position of a four-sensor linear array, prior to treatment, using optical fluence data obtained from the sensors for low-power (less than or equal to0.5 W) irradiation. A minimum of four sensors in an array was required in order to develop a mathematical formulation for position determination that did not require tissue optical properties or laser power as input. Optical propagation was based on diffusion theory for homogeneous tissues in spherical geometry. Low input laser power is needed to ensure that there are no thermally induced changes in tissue optical properties not accounted for in the mathematical description. Experimental evaluation was performed in a tissue-equivalent liquid phantom using 0.5 W of 805 nm optical energy and a translatable isotropic optical sensor. For sensor locations with 2 mm spacing, placement accuracy of 0.67 mm was achieved. The accuracy improved to 0.13 mm as the sensor spacing increased to 5 mm.PT: J; NR: 12; TC: 9; J9: PHYS MED BIOL; PG: 6; GA: 424AVSource type: Electronic(1
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