Judul: Optimal Capital Structure, Investment Decision, Liquidity and Firm's Value in Telecommunication's Sector
Abstrak: Perusahaan mempunyai tujuan untuk meningkatkan nilai perusahaan karena semakin tinggi nilai perusahaan maka akan meningkatkan kemakmuran bagi para pemegang saham, sehingga para pemegang saham akan menginvestasikan modalnya kepada perusahaan tersebut. Nilai perusahaan merupakan persepsi investor terhadap tingkat keberhasilan perusahaan yang dikaitkan dengan harga saham karena harga pasar saham perusahaan mencerminkan penilaian investor atas keseluruhan ekuitas yang dimiliki. Semakin tinggi harga saham maka nilai perusahaan dan kemakmuran pemegang saham juga akan meningkat. Dalam penelitian ini faktor-faktor yang memengaruhi nilai perusahaan, struktur modal optimal dan variabel yang paling dominan dalam memengaruhi nilai perusahaan akan dipelajari. Populasi penelitian ini terdiri dari perusahaan telekomunikasi yang terdaftar di Bursa Efek Indonesia dalam periode 2009 hingga 2018. Hasil penelitian menunjukkan bahwa struktur modal dan keputusan investasi berpengaruh terhadap nilai perusahaan, sementara likuiditas, profitabilitas dan pertumbuhan perusahaan tidak berpengaruh terhadap nilai perusahaan. Selain itu penggunaan komposisi struktur modal optimal berada pada kisaran 20% utang jangka panjang dan 80% saham biasa untuk perusahaan TLKM. Pada perusahaan ISAT komposisi struktur modal optimal berada pada kisaran 28% saham biasa dan 72% saham preferen. Pada perusahaan EXCL komposisi struktur modal optimal berada pada kisaran 53% utang jangka panjang dan 47% saham preferen. Pada perusahaan FREN komposisi struktur modal optimal berada pada kisaran 28% utang jangka panjang dan 72% saham preferen. Sementara pada perusahaan BTEL komposisi struktur modal optimal berada pada kisaran 52% utang jangka panjang dan 48% saham preferen, agar menghasilkan biaya modal yang minimum serta nilai perusahaan yang maksimum. Untuk variabel yang paling dominan memengaruhi nilai perusahaan adalah struktur modal dan keputusan investasi dengan kriteria inelastis., The company has a goal to increase the firm’s value because the higher the value of the company will increase prosperity for shareholders, so the shareholders will invest their capital in the company. Firm’s value is the investor's perception of the level of success of the company that is associated with stock prices because the market price of the company's shares reflects the investor's assessment of the overall equity owned. The higher the stock price, the value of the company and the prosperity of shareholders will also increase. In this research the factors that influence firm value, optimal capital structure and the most dominant variables in influencing company value will be studied. The population of this study consists of telecommunications companies listed on the Indonesia Stock Exchange in the period 2009 to 2018. The results showed that capital structure and investment decisions affect the firm’s value, while liquidity, profitability and company growth do not affect the firm’s value. In addition, the optimal use of the capital structure composition is in the range of 20% long-term debt and 80% ordinary shares for TLKM companies. In ISAT company the optimal capital structure composition is in the range of 28% common shares and 72% preferred shares. In the EXCL company, the optimal capital structure composition is in the range of 53% long-term debt and 47% preferred stock. In FREN company, the optimal capital structure composition is in the range of 28% long-term debt and 72% preferred stock. Meanwhile, for BTEL, the optimal capital structure composition is in the range
Keyword: Struktur Modal Optimal, Keputusan Investasi, Likuiditas, Nilai Perusahaan, Capital Structure, Investment Decision, Liquidity, Optimal Capital Structure

Judul: Analisis struktur Modal yang Optimum pada Perusahaan Telekomunikasi yang Terdaftar di BEI
Abstrak: Capital structure is an equalization between the use of own capital and the loan. Weighted average cost of capital (WACC) concept is used on the condition when the company apply combination of several sources of fund. From this research it is known that the telecommunication industry has capital structure which is dominated by Common Stocks with an average proportion of 54.21%, bonds about 38,90% and the rest is preferred stock 9,81%. From the WACC calculation, it can be seen that the telecommunication industry has the WACC about 12,41%. while, based on the calculation of firm value, the company in sector of telecommunication industry has average firm value which is higher than the book value. By the WACC and firm value calculation, PT. Indosat Tbk. has capital structure that’s optimum, and PT. XL Axiata Tbk. does not quiet optimum. It is expected that PT. XL Axiata Tbk. can minimalized the cost of capital to increasing the firm value. Meanwhile, the WACC concept does not apply to PT. Telekomunikasi Indonesia Tbk.
Keyword: optimal capital structure, cost of capital, firm value, capital Structure

Judul: Phylogeography and Species Limits in the Papuan White Snake (Micropechis ikaheka) (Reptilia: Serpentes: Elapidae)
Abstrak: Papua white snake, Micropechis ikaheka, has been distingushed into two subspecies M.i. ikaheka and M.i. fasciatus. However, due to lack of data on their morphology, distribution and ecology, both subspecies often ignored in scintific discussions and refers only byas , Micropechis ikaheka. This study was designed to document the differences between M.i. ikaheka and M.i fasciatus by using scales characteristics and reproductive organ or hemipenes. The study also examine, zoogeography, habitat, diet and cannibalism of both subspecies to better understanding the the ecology of one of the most venomous snakes in the world. This study consists of three topics with method and also different in the size samples, respectively. The first study is the histology and microtopography of the skin were studied using paraffin method and Scanning Electron Microscope (SEM). The second is the hemipenis were examined by following Myers and Cadle (2003), and Zaher and Prudente (2003). The third is the abdominal surgery was carried out to document diet type and the investigate phenomenon of cannibalism in the snake. Specimens for this study came from the collection from Museum Zoologicum Bogoriense (MZB) and Universitas Negeri Papua’s Laboratory (LZU). The research result also indicated that the markers of skin and hemipenis described the same structure and microornamentation in all M. ikaheka groups being compared. Based specimens examined morphological descriptions do not s support the further differentiation in Micropechis. In short, two markers that used in this study could not sufficiently indicate the differences in the level of species and subspecies of M. ikaheka. The study, however, were able to delineate zoogeography and skin color patterns, which fall into four groups: M. i. ikaheka; M. i. fasciatus. M. i. ssp. “intermediate”; and M. i. ssp “black”. This study also revealed that color variations did not overlap in their geographic distribution. It is therefore, it suggested that environmental factors may contribute to the skin color variations. It also assumed that habitat discontinuous and biogeography factors may also cause the loss of the connection between the original populations (vicarians) or follow colonization events (dispersal). The examined of 22 stomach contents of M. ikaheka shows this species is carnivorous, and prey on vertebrates such as amphibians, fish, reptiles, and Mammals. These snakes are opportunistic predators since they prey on all that can be captured, but mainly reptiles (61.5%), followed by mammals and fish (both 15.4%), and amphibians (7.7%). Although categorized as terrestrial animal, the diet study showed that M. ikaheka snakes often go into the water to hunt for fish (the sample from Yapen island), including eel (the sample from Aru island). Based on prey items indentified, there is evidence that M. ikaheka is cannibal. At this time, there still no record on reason for cannibalism, but it is assumed that cannibalism was due to competition between populations and means to control population.
Keyword: geographic variation, white snake, papua