Judul: Kajian dampak initial public offering terhadap economic value added PT Bank Tabungan Negara, Tbk
Abstrak: BTN Bank is a bank that focuses on housing loans. BTN Bank are fulfilling their IPO on December 27, 2009. In order to evaluate their success of the IPO, the performance seen based economic value added that BTN has been created. The aims of this research are: (1) analyze the growth of capital structure BTN Bank and COC (cost of capital) generated before and after the IPO, (2) analyze the financial performance of BTN Bank growth by comparing the value of economic value added (EVA) before and after the IPO, and (3) analyze the impact of the IPO to the cost of equity and the resulting impact on EVA (economic value added) Bank BTN. There are three result from this study. First, the percentage of the average amount of capital structure (long-term debt and equity) Bank BTN after IPO has discreas and the cost of capita Bank BTN after IPO has increase. Second, economic value added (EVA) of Bank BTN after IPO has decreased. Third, IPO of BTN Bank in 2009 resulted the value of cost of equity increases and it has significant effect on economic value added (EVA) Bank BTN after the IPO
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Judul: Kajian Dampak Initial Public Offering (IPO) Terhadap Tingkat Kesehatan PT Bank Tabungan Negara (Persero) Tbk
Abstrak: Kebutuhan akan dana yang besar menginspirasi perusahaan menjual sebagian sahamnya di pasar modal untuk mendapatkan sumber dana baru dari publik atau yang dikenal dengan Initial Public Offering (IPO) atau go public. Sejak 17 Desember 2009 Bank BTN sudah terdaftar di Bursa Efek Indonesia dengan opening price Rp 800,00 per saham dan ditutup dengan harga Rp 840. Penelitian ini bertujuan untuk (1) Menganalisis tingkat kesehatan Bank BTN pra IPO dengan metode CAMELS, (2) Menganalisis tingkat kesehatan Bank BTN pasca IPO dengan metode CAMELS, (3) Menganalisis perbedaan tingkat kesehatan Bank BTN sebelum dan sesudah IPO, (4) Menganalisis trend tingkat kesehatan Bank BTN Penelitian dilakukan di Bank BTN adalah data sekunder bersifat kuantitatif. Data tersebut diperoleh dari studi pustaka, internet, jurnal, serta literatur-literatur terkait yang mendukung penelitian. Alat analisis menggunakan metode CAMELS, uji beda paired-sample t test dan trend analysis. Kondisi Kesehatan Bank BTN pada masa sebelum IPO menunjukkan tingkat kesehatan yang baik sehingga bank dikategorikan sehat. Hal tersebut tercermin dari aspek permodalan mendapat peringkat 1. Aspek kualitas asset mendapat peringkat 2. Aspek rentabilitas, mendapat peringkat 2. Sedangkan aspek Likuiditas mendapat peringkat 3 dan 4. Telah banyak terjadi perubahan kinerja keuangan setelah dilaksanakannya IPO seperti kenaikan rata-rata rasio ROA, NIM serta penurunan rasio BOPO. Namun Tingkat kesehatan Bank BTN setelah IPO cenderung sama dengan periode sebelum melaksanakan IPO. Uji lanjutan untuk melihat apakah terdapat perbedaan tingkat kesehatan Bank BTN sebelum dan sesudah IPO, maka dilakukan uji beda Paired-Sample T Test. Hasil dari Paired-Samples T Test dengan SPSS 15, diperoleh rasio NPA, ROE, NIM, BOPO, LDR t hitung > t tabel dan signifikansi < α = 0,05 sehingga Ha diterima, ini artinya ada perbedaan rata-rata antara sebelum IPO dengan setelah IPO. Namun pada rasio CAR dan ROA, t hitung < t tabel dan signifikansi > α = 0,05 ini artinya tidak ada perbedaan rasio CAR dan ROA rata-rata antara sebelum IPO dengan setelah IPO. Analisis trend yang dilakukan terhadap rasio CAR, NPA, ROA, ROE, NIM, BOPO dan LDR menunjukkan bahwa rasio CAR trendnya menurun, rasio NPA trennya menurun, rasio ROA trennya meningkat, rasio ROE trennya meningkat, rasio NIM trennya meningkat, rasio BOPO trennya menurun, dan rasio LDR trennya menurun.
Keyword: CAMELS Method, IPO

Judul: Systematics of Desmos (Annonaceae) in Malesia
Abstrak: Desmos is a woody climbing genus of Annonaceae which has been widely used as traditional medicine in several countries such as China, Indo-China, Thailand, and Peninsular Malaysia to treat dysentery, vertigo, fever, and postpartum. Phylogenetic studies on Desmos showed a close relationship between Desmos and Dasymaschalon. They share similar moniliform monocarpic fruits, but their flowers are different. It has been debated among Annonaceae researchers whether both genera should be treated as the same or distinct genus. Therefore, investigation on the taxonomic delimitation of Desmos species and Dasymaschalon will be necessary. Plastid genome (plastome) identification, leaf epidermal section of Desmos species and Dasymaschalon species, a taxonomic revision of Desmos in Malesia using morphological data, the spatial distribution of Desmos species in Malesia, and morphological and genetic variation in Desmos chinensis population using ISSR marker were used to investigate taxonomic delimitation of Desmos. Plastome study of Desmos chinensis and Dasymaschalon dasymaschalum was carried out to determine the origin, evolution, phylogenomics, and identify marker candidates for Desmos and Dasymaschalon or with other genera in Annonaceae. We discovered that the plastome of Desmos chinensis was circular with the size of 167,677 bp (smaller than Dasymaschalon dasymaschalum), consist of 111 genes, including 78 protein-coding genes, 29 transfer RNAs, and 4 ribosomal RNAs. The plastome showed a typical quadripartite structure, i.e., large single copy (LSC), small single copy (SSC), and two inverted repeats (IRs). The plastome of Dasymaschalon dasymaschalum was 191,488 bp in length, which also exhibited a typical quadripartite structure (LSC, SSC, and two IRs). Desmos chinensis and Dasymaschalon dasymaschalum showed different copies of accD, ndhD, ndhF, rps18, and ycf2. Protein coding genes of rpoB, rpoC1, rbcL, matK, rpl32, infA, and rpl36 were identified based on nucleotide diversity, sequence variability, and parsimony-informative sites. The genes are defined as molecular marker candidates of plastome for phylogenetic, barcoding, and population genetic research. We predicted that Desmos chinensis and Dasymaschalon dasymaschalum separated at ca. 64 million years ago during the Paleocene. Leaf anatomical feature study was carried to support the taxonomic delimitation of interspecific Desmos and intergeneric of Desmos and Dasymaschalon. Leaf anatomy in the paradermal section of 20 taxa (12 species of Desmos, eight species of Dasymaschalon) have been carried out. According to the leaf epidermal section, Desmos and Dasymaschalon are two distinct genera mainly distinguished based on the anticlinal wall undulation of epidermal cells and supported by variation of the crystal type and size. The anticlinal wall undulation of Desmos was almost straight to slightly wavy and never sinuous; meanwhile, Dasymaschalon varies from almost straight to deeply sinusoid. The crystals of Desmos consist of rhombohedral, druse type A, and druse type B crystals, whereas Dasymaschalon has prism, druse type A, druse type B, and druse type C crystals. The recent taxonomic revision using the morphological data was mainly based on the examination of about 1374 specimens from BO, L, WAN, ANDA, SING, SAN, K, P, HUH herbaria. The Desmos species in Malesia consists of eight species: D. acutus, D. chinensis, D. chryseus, D. dunalii, D. pedunculosus, D. subbiglandulosus, two new records: D. lawii and D. macrocarpus, and one
Keyword: Dasymaschalon, Desmoid clade, Magnoliid, plastid genome, phylogenomics analysis