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The purpose of this study is to develop employee performance indicators based on Green HRM, quantitatively test the influence of Green HRM implementation on employee performance and answer black box that explain how the implementation of Green HRM can improve employee performance through the effect of mediation role (Organizational Identification) and moderation (Perceived Organizational Support).The sample of this research is 90 respondents from six state universities in Central Java Province with simple random sampling technique. Implementation of Green HRM is not only needed in the business world only, but also in education that has committed to implement environmental management system in its business process. The result of this study indicates that employee performance indicators based on Green HRM are formed from policies that support green behavior and green health in the office and also waste management policies. This research also supports the result that the implementation of Green HRM can increase the sense of ownership of employees in the organization that ultimately can improve its performance. However, the role of moderation was not significantly supported. This means that organizational support for successful implementation of Green HRM is not very necessary as long as employees understand the organization's identity well. Suggestions for this study are, although the organizational support is not proven to moderate the successful implementation of Green HRM on the high organizational identification perceived by employees, but organizational support is still needed to support employee performance.

The purpose of this study is to test the free cash flow agency theory hypothesis; namely, (a) whether differences in industrial sector affect a company’s propensity to pay dividends, and (b) whether institutional ownership is able to substitute for the propensity to pay dividends as a bonding mechanism. The analysis uses logistic regression to explore the existence of institutional ownership as a substitute for paying cash dividends in companies belonging to different industrial sectors. The results show that companies in the manufacturing sector have a greater propensity to pay dividends compared to those in non-manufacturing sectors. The results also indicate that low institutional ownership, as an external monitoring mechanism, can substitute for increasing the propensity to pay dividends. Overall, the results are consistent with implications in dividend policy. The results support the notion that the propensity to pay dividends accommodates different behavioral factors, considering sectoral differences. In addition, the results illustrate the relevance of alternative theories in explaining dividend policy from the perspective of agency theory. The results show that sectoral comparisons, in addition to institutional ownership factors, play important roles in the propensity of Indonesian companies to pay dividends. This study shows that each industry sector has different income characteristics, which affect the differences in propensity to pay dividends.

The research aims to examine the difference between absence and presence life cycle stage in technology information digitalization (TID) as a form of open innovation in reducing information asymmetry. Furthermore, companies with asymmetric information prefer debt over equity. The study collects 3.343 pooled data observation units of companies listed in the Indonesian capital market period 2008 to 2019. We use OLS regression analysis to determine the difference between the absence and presence lifecycle stage in determining capital structure relations and exploiting growth opportunities. The study found information disclosure obligation of the capital market regulator has not been fully disclosed through TID. As a result, companies choose to pass in growth opportunities with debt or equity in the absence life cycle stage. Presence lifecycle stage, in the introduction stage, the company misses growth opportunities. Growth and mature stage, debt has a positive effect on the utilization of growth opportunities. The company prefers the issuance of debt with lower information sensitivity than equity. Presence culture, such as majority ownership, generates incentives for open innovation from capital market regulators, which still contain information asymmetry.

This study aims to test the formation of the optimum portfolio using the cluster method. The data used are of financial statements and stock prices of the companies listed on the LQ-45. index The results of this research show that the cluster method can be used to form the optimal portfolio. This is because using the cluster method; the research samples were divided into three clusters that are united to the same characteristics of each company. Further research can be added the research indicators and research sample used in order that the results obtained are more varied.