Judul: Analisis Struktur Modal Optimal pada Perusahaan Pertambangan Sub-sektor Batubara yang Terdaftar di BEI
Abstrak: Kebijakan struktur modal optimal perlu dipertimbangkan oleh suatu perusahaan untuk mencapai tujuan perusahaan yaitu meningkatkan nilai perusahaan. Adanya pandemi Covid-19 menyebabkan pendapatan perusahaan menurun. Pada tahun 2020, harga acuan batu bara jatuh pada angka terendah selama lima tahun terakhir dan rata-rata laba perusahaan turun sebesar 56,2% dibandingkan periode sebelumnya. Penelitian ini bertujuan untuk menganalisis kebijakan struktur modal optimal melalui komposisi struktur modal dan biaya modal yang nantinya akan menghasilkan nilai perusahaan pada perusahaan sub-sektor batu bara yang terdaftar di indeks LQ45 periode 2016-2020. Jenis dan sumber data menggunakan data sekunder yang bersifat kuantitatif berupa laporan keuangan perusahaan periode 2016-2020 yang diolah menggunakan microsoft excel 2019. Hasil penelitian menunjukkan bahwa pada emiten batubara yang terdaftar di LQ45 memiliki proporsi ekuitas yang tinggi yaitu sebesar 80,81% dan 19,19% utang jangka panjang. Berdasarkan perhitungan WACC rata-rata dan nilai perusahaan, PT Adaro Energy dapat dikatakan telah memiliki struktur modal optimal, sedangkan PT Indo Tambangraya Megah dan PT Bukit Asam belum dapat dikatakan memiliki struktur modal optimal.
Keyword: Biaya modal, nilai perusahaan, struktur modal, WACC

Judul: The Influence of Good Corporate Governance on Financial Performance (Case Study on Coal Mining Companies Listed on the IDX)
Abstrak: Perusahaan pertambangan batubara dibangun untuk melayani dan menjaga kestabilan pasokan batubara domestik terutama pada PLTU sehingga dapat tercapai skala ekonomi yang besar. Agar hal tersebut terjadi maka perlu adanya tata kelola perusahaan yang baik guna untuk menciptakan nilai tambah ekonomis bagi pertumbuhan dan perkembangan perusahaan. Penelitian ini bertujuan untuk menganalisis perkembangan kinerja keuangan industry pertambangan batubara yang terdaftar di BEI dengan menggunakan economic value added serta menganalisis pengaruh struktur modal terhadap kinerja keuangan yang tergantung pada good corporate governance pada industri pertambangan batubara yang terdaftar di BEI Teknik pengambilan contoh pada penelitian menggunakan metode non- probability sampling dengan teknik purposive sampling. Penelitian ini mengambil sampel sebanyak 20 perusahaan pertambangan batubara yang terdaftar di BEI. Pengumpulan data dilakukan dengan teknik dokumentasi. Analisis data dilakukan dengan menggunakan MRA (Moderated Regression Analysis). Hasil penelitian menunjukkan bahwa variabel ukuran dewan direksi dapat memperlemah pengaruh negatif struktur modal terhadap kinerja keuangan sedangkan kepemilikan manajerial dapat memperkuat pengaruh negatif struktur modal terhadap kinerja keuangan. Terdapat beberapa hal yang dapat direkomendasikan berdasarkan implikasi manajerial dalam penerapan tata kelola yang baik yang dimoderasi oleh struktur modal terhadap kinerja keuangan yaitu ukuran dewan direksi dapat diperbesar menjadi kecenderungannya 5 orang berkompeten di bidangnya terutama bidang tambang produksi, keuangan, pengembangan, pemasaran dan manajemen risiko karena indikasi tersebut dapat memberikan komunikasi secara efektif terhadap dewan komsaris maupun komite audit guna mengoptimalkan pengawasan laporan keuangan.Perusahaan juga disarankan untuk meningkatkan persentase kepemilikan saham manajerial maksimal kisaran 60-70% kecenderungannya karena jika manajemen inti menginvestasikan dana nya ke perusahaan secara berlebihan maka porsi pembayaran dividen akan semakin besar juga., Coal mining companies are built to serve and maintain the stability of domestic coal supply, especially at PLTU so that large economies of scale can be achieved. In order for this to happen, it is necessary to have good corporate governance in order to create economic added value for the growth and development of the company. This study aims to analyze the development of the financial performance of the coal mining industry listed on the BEI using economic value added and analyze the effect of capital structure on financial performance which depends on good corporate governance in the coal mining industry listed on the BEI. The sampling technique in this study used a non-probability sampling method with a purposive sampling technique. This study took a sample of 20 coal mining companies listed on the IDX. Data collection is done by documentation technique. Data analysis was carried out using MRA (Moderated Regression Analysis). The results show that the variable size of the board of directors can weaken the negative influence of capital structure on financial performance while managerial ownership can strengthen the negative effect of capital structure on Financial performance. The results show that the variable size of the board of directors can weaken the negative influence. There are several things that can be recommended based on managerial implications in the implementation of good governance moderated by capital structure on financial performance, namely the size of the board of directors can be enlarged to tend to be 5 competent people in their fields, especially in the field of mining
Keyword: Economic Value Added, Good Corporate Governance, Kinerja Keuangan, MRA

Judul: Development of DNA Vaccine Encoding Glycoprotein of Koi Herpes Virus Using Local Isolate.
Abstrak: The aim of this research was to develop DNA vaccine of Koi Herpesvirus in carp. Glycoprotein gene originated from ORF 25 KHV virus that is 1.8 kbp in size, is a potential gene in DNA vaccine construction. The sequencing and similarity analysis of the gene using BLAST software showed that this gene is a GP25 gene and was found to be very similar (99%) to GP25 of KHV virus from the USA and Israel. When this GP25 gene was ligated with pGEMT Easy (pT, 3 kbp in size) vector, plasmid size was increasing up to 5 kb. Following this, a digestion of pT-GP25 plasmid using Sal I enzyme was applied resulted in a GP25 fragment (1.8 kbp). Subsequently, pAct-D6 with a size of 8.5 kbp was also cut using the same enzyme to eleminate a D6 gene with a size of 1.6 kbp. GP25 gene was then ligated with pAct resulted a pAct-GP25 plasmid with a size of 8.8 kbp. As there was only one restriction site applied, ligation can be occurred in two different directions. Thus, in order to determine the plasmid with the desired direction PCR analysis was carried out, and plasmid with the right direction was the one that sized approximately 2.1 kbp (no. 6, 17 and 20). High level of GFP gene expression was detected in all tissues analyzed, i.e. kidney, gil, spleen, and muscle 24 hours after injection which indicated that β-actin promoter of Japanese medaka could be active in common carp. Although not as high as on 24 hours, expression was still detected until day 7 and disappeared after day 28 post injection indicating that pAct-GFP can be remained and β-actin promoter of Japanese medaka can be active in muscle, gills and kidney at least a week after injection. The result of RT-PCR analysis on pAct-GP25 injected common carp showed that GP25 gene expression can be detected 14 days after injection in all tissues observed. The expression level differences between GFP and GP25 genes possibly related to the primer sensitivity on annealing process to cDNA template and the size of PCR targeted DNA fragment, as smaller PCR targeted product will be easier to be amplified than a bigger one. The length of PCR targeted DNA with GP25 primer was 1.8 kbp whereas GFP gene was 0.6 kbp.The challenge test on common carp results showed that all unvaccinated and negative control (not infected with KHV) was alive until the end of the experiment. Whereas, the survival of fish vaccinated with a dose of 12.5 was ranged from 60.9 and 96.7%. In relation to the activity of β-actin promoter that was used in this DNA vaccine, gene expression was occured 24 hours after vaccination and remained until 2 weeks. The control fish that was not injected by GP25 showed no GP25 expression either in the observed tissues or organs and resulted in a lower survival, i.e. 23.3%. The challenge test results has indicated that the fish vaccinated with GP25 at doses of 7.5 and 12.5 μg/100μL were able to produce KHV glycoprotein in their body which would be
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