No abstract

This research analyzes whether there is an effect of board commissionaire, risk management committee as one of board od director’s committee and enterprise risk management disclosure towards firm value. The sample of this research is 31 financial companies listed in Indonesia Stock Exchange for the period 2016-2018. Regression analysis of panel data with the random-effect model was applied to analyze the data. The results show the risk management committee has a negative and significant effect on the firm value, whereas the effect board of commissionaire and enterprise risk management disclosure towards firm value does not significant. The result of this research is can be used as a consideration for the management and the regulator to encourage companies to established risk management committees for effective implementation risk management. Keywords: Board Of Commissionaire; Risk Management Committee; Enterprise Risk Management Disclosure; Firm Value.

Separation of functions between owners and management creates agency conflicts where the manager's decision is not necessarily in line with the owner. The manager no longer prioritizes the interests of the owner over his personal interests. Management as an insider effectively controls the company and knows more information than the owner as an outsider. In Asian countries, there is a tendency for majority ownership to take control in management. So that the agency conflict that occurs is no longer pure between managers and capital owners, but between majority and minority shareholders. This management system allows for expropriation by majority shareholders against minorities. The control mechanism is needed to suppress agency conflicts that exist within the company so that shareholders remain prioritized over the manager's personal interests.This study uses a sample of 123 manufacturing companies listed on the Indonesia Stock Exchange in 2013-2016. The results of the study show that debt has a significant negative effect on the utilization of assets and company value. While institutional ownership has a significant positive effect on asset utilization and company value.

Bagas adalah ampas tebu dari proses penggilingan atau pengepresan tebu, terdiri dari serpihan lunak dalam jumlah besar dengan kadar air 46-52%, kadar serat 43-52%, dan padatan terlarut sekitar 2-6%. Sejauh ini baru 30-50% ampas tebu yang telah digunakan di Indonesia. Kandungan lignoselulosa yang tinggi pada ampas tebu memungkinkan untuk digunakan sebagai bio-oil. Produksi bio-oil dapat diperoleh dengan cara pirolisis, proses ini diklasifikasikan menjadi 3 jenis yaitu slow pyrolysis, fast pyrolysis dan flash pyrolysis. Pirolisis katalitik telah terbukti meningkatkan bio-oil dengan menghilangkan spesies oksigen, meningkatkan nilai kalor, menurunkan viskositas dan meningkatkan stabilitas. Katalis berbasis zeolit (ZSM-5) paling sering digunakan untuk perengkahan dan dehidrasi polimer. Artikel ini membahas produksi bio-oil dengan pirolisis katalitik menggunakan katalis zeolit dari ampas tebu sebagai bahan alternatif di Indonesia.