The purpose of this study is to investigate the relationship of firms with family ownership and their performance in Indonesia and further examine on how political connections affect this relationship. This study used 933 samples from 413 companies listed on the Indonesia Stock Exchange (IDX) in the period between 2014 and 2016. Using ordinary least square (OLS) regression, the results shows that firms without family ownership (non-family firms) have better performance than firms with family ownership (family firms) in Indonesia. Furthermore, the findings also show that the performance of family firms significantly improve when the firms are affiliated with political connections. Our findings imply that establishing political connections in family firms will increase the performance of the firms.

This research analyzes the correlation between stock markets worldwide. Developing countries stock exchanges are represented by China and Indonesia, whereas developed countries stock exchanges are represented by Germany, Japan, Australia, Singapore, and the United States. Using stock’s daily close prices as data, then assessed with Vector Error Correction Model and Granger Causality. Analyzed indexes are Shanghai Stock Exchange Composite (SHCOMP), Indeks Harga Saham Gabungan (IHSG), Dow Jones Industrial Average (DJIA), Nikkei225 (NKY), Deutscher Aktien Index (DAX), All Ordinaries Index (AOI), and Strait Times Index (STI). Stock data grouped into two periods, the first period is the Asian Financial Crisis in 1 January 1998-31 December 2003, while second period is the Subprime Mortgage crisis in 1 January 2008-31 December 2013. Research results show correlations between analyzed stock indexes in both long run and short run relationship in the firstperiod as well asthe second period, however the correlation between Singapore’s and Indonesia’s stock exchange in second period is unproven.

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This study is conducted to examine the effect of family share ownership on the dividend policy of manufacturing companies in the Indonesia Stock Exchange (IDX). In this study, we also examine the moderating effect of institutional ownership on the relationship between family ownership and dividend policy. The number of observations 137 firmyears, consisting of family companies in the manufacturing sector listed on the IDX in the period 2013-2016. The test results show that family ownership has a positive effect on the dividend payout ratio. Research also shows that institutional ownership weakens the relationship between family ownership and dividend payout ratio.

God encourages humans to walk on the Earth or travel (rihlah) in order to extend insights, to see the greatness and Majesty of God and to increase their Faith. This research aims to study how economic impacts of Sharia tourism in the Sunan Ampel Mosque Surabaya to the business activities surrounding that area. The economic impacts of tourism to a certain area consist on direct economic impact, indirect economic impact and induced impact.The research method used descriptive qualitative approach. The data collection was collected by interview and observation process. Informants in this study are people who involve in tourism activities of travellers, traders and labor who work in Sunan Ampel Mosque Surabaya. Analytical techniques are used to reduce, to present, to conclude and to verify the data.The result is the existence of religious tourisms of Sunan Ampel Mosque Surabaya gives the economic impact for the community around. Direct economic impacts increase the income of traders, by 44 percent. The indirect economic impact shown with labors’ wage of 8,2 percent and induced impact of labor expenses at tourist sites is used the most for food consumptions.