Abstract:The purpose of this study is to examine determinants of cash holdings of nonfinancial firms listed on Indonesia Stock Exchange between 2012 and 2015. Sample of this research covers 328 firms (1312 observations PENDAHULUANKetersediaan kas adalah hal yang sangat penting dalam suatu perusahaan terutama dalam kegiatan transaksional dan operasional perusahaan. Memegang kas dalam jumlah banyak dapat memberikan berbagai keuntungan bagi perusahaan dimana salah satunya adalah untuk pembiayaan hal-hal yang tidak terduga (unexpected expenses). Namun, memegang kas berlebihan juga memiliki sisi negatif, yaitu hilangnya kesempatan perusahaan memperoleh laba karena kas yang hanya disimpan tersebut tidak akan memberikan pendapatan. Oleh karena itu, masalah yang sering dihadapi oleh seorang manajer keuangan adalah menjalankan kegiatan operasional perusahaan dengan tetap menjaga keseimbangan jumlah kas perusahaan. Dengan semakin pentingnya mengatur keseimbangan jumlah kas perusahaan, maka semakin banyak perhatian dari berbagai pihak seperti para manajer dan investor terhadap kepemilikan kas perusahaan (Al-Najjar, 2013;Jamil et al, 2016).Bagi manajer keuangan, menentukan tingkat kas perusahaan adalah suatu keputusan penting yang harus diambil demi kelangsungan kinerja keuangan perusahaan. Saat perusahaan memperoleh pemasukkan kas, maka manajer harus membuat keputusan apakah kas tersebut akan dipakai untuk pembagian dividen kepada para pemegang saham, melakukan kegiatan investasi, melakukan pembelian saham, atau menyimpan kas tersebut

Students need an understanding of mathematical concepts provided by educators who have good skills. Educators must also maximize their teaching time so that it requires learning models such as e-learning and blended learning to meet the loss of teaching time due to other activities that must be done by the teacher besides teaching. This study aims to see the impact of blended learning and e-learning on the ability to understand mathematical concepts of students in the material of two-variable linear equations. The method used in this study is the quasi-experiment with the posttest only control design research. Technical analysis uses one way ANOVA. Based on the results of the study, Blended Learning and E-Learning influence understanding mathematical concepts in the two-variable linear equation material, so that it can be used as a knowledge given to students in understanding mathematical concepts.

Purpose This paper aims to investigate the relationship between female executives, chief executive officer (CEO) tenure and corporate cash holdings in the context of the developing Southeast Asian capital market (Indonesia). Design/methodology/approach The sample was screened from 231 publicly listed companies in the Indonesian Stock Exchange. The period of observation was 2011–2017. Two measures were applied for corporate cash holdings: the ratio of cash and cash equivalent to total assets and cash and cash equivalent to net assets. Three surrogate indicators were used for female executives: female CEO, the proportion of female members in the board of management and the number of female members in the board of management. CEO tenure is the length of time a CEO has been a member of the board of management. This study uses panel data regression analysis, including the fixed effect model with clustered standard errors. Findings The empirical evidence indicates that female executives and CEO tenure are positively and negatively associated with corporate cash holdings, respectively, and both are significantly related. Additional analysis using lagged independent variables remains consistent with the main analysis, suggesting that corporate cash holding becomes higher as a female presence in the board of management increases. Research limitations/implications Empirical tests set in Indonesia suggest that female executives are more conservative and risk-averse, thereby holding more cash with a precautionary motive. The findings also imply that CEOs with long tenure focus on long-term performance such as increasing research and development investments or capital expenditure, thus holding less cash. Accordingly, policymakers and regulators should promote diversity issues proportionally and advance to the board level. Originality/value This study contributes to the field of executive and CEO studies by enriching the empirical findings in related topics. In addition, to the best of the authors’ knowledge, this is one of the first studies applying two measures of cash holdings in the setting of a developing Southeast Asian capital market (Indonesia).

This study aims to determine the feasibility of mathematical modules with STEM approach and the response of learners and teachers to the attractiveness of the module. The research and development procedure used is the Borg and Gall development model modified by sugiyono. The data collection instruments used are questionnaires given to experts to know the feasibility of the products and questionnaires given to learners and teachers to know the attractiveness of the product. The results of the study indicate that the assessment of the experts is very reasonable (87% of material experts, 89% of media experts and 92% of linguists), the response of learners and teachers is very interesting (89% small group trial, 87% field trials and 90% teacher test).

Penelitian ini bertujuan untuk mengetahui pengaruh struktur aset, likuiditas, dan profitabilitas terhadap struktur modal dimoderasi oleh ukuran perusahaan. Sampel penelitian ini adalah 59 perusahaan non-keuangan yang terdaftar tidak berturut-turut pada indeks LQ45 periode 2012-2017 di Indonesia. Model ini menggunakan data panel tidak berimbang dengan pendekatan Fixed Effect Model. Dikontrol oleh sales growth, hasil penelitian menunjukkan bahwa struktur asset dan likuiditas berpengaruh positif signifikan terhadap struktur modal. Profitabilitas berpengaruh positif tidak signifikan terhadap struktur modal. Size memoderasi pengaruh struktur aset dan likuiditas terhadap struktur modal. Size tidak memoderasi pengaruh profitabilitas terhadap struktur modal.

The aim of this study is to determine the effect of Financial Performance toward Firm Value with Ownership Structure as Moderating Variable on Manufacturing Companies Listed in Indonesia Stock Exchange in The Period of 2012-2016. Independent variable of this study is Financial Performance with Return on Assets as a proxy. Dependent variable of this study is Firm Value with Tobin's Q as a proxy. While moderating variable used in this study is a mechanism of Corporate Governance in the form of Ownership Structure with Managerial Ownership and Institutional Ownership as the proxy. Then control variable in this study are Firm Size and Leverage. The research model of this study employs panel data analysis with Fixed Effect Model approach. The empirical result shows that Financial Performance has positive significant effect on Firm Value. Managerial Ownership and Institutional Ownership can't moderate the relation between Financial Performance on Firm Value. Firm Size has negative significant effect on Firm Value. And Leverage has insignificant effect on Firm Value.

Perkembangan teknologi dalam era revolusi industri menghendaki adanya inovasi pengembangan media pembelajaran. Sehingga hasilnya dapat dimanfaatkan untuk pembelajaran. Penelitian ini bertujuan untuk mengetahui kevalidan dan respon pendidik terhadap media pembelajaran berbasis flip builder materi bangun datar. Penelitian ini merupakan penelitian pengembangan jenis model Borg and Gall yang dimodifikasi. Hasil penelitian menunjukkan penilaian ahli materi sebesar 85,15% dengan kategori sangat baik, ahli media sebesar 71,66% dengan kategori layak. Ujicoba kelompok kecil diperoleh nilai rata-rata 88,26 % dan hasil uji coba kelas besar dengan nilai rata-rata 89,32 % dengan kriteria interpretasi sangat menarik. Sehingga media pembelajaran berbasis flip builder layak dan sangat menarik digunakan sebagai media pembelajaran matematika.

<p><strong></strong>Karakter akhlak dalam abad 21 dapat dibentuk dengan meningkatkan aspek pembelajaran yang tepat. Penelitian ini bertujuan untuk mengetahui perbandingan model <em>Student Team Achievement Division</em> (STAD) dan <em>Problem Based Learning</em> (PBL) terhadap pembentukan karakter akhlak siswa. Penelitian ini menggunakan metode Quasi-Eksperimen dengan desain posttest only control design. Penelitian ini menggunakan dua subjek kelompok dengan dua kelas eksperimen sebanyak 63 siswa. Data pengujian hipotesis uji-t 2 sampel tak berkolerasi diperoleh dengan soal essay berdasarkan indikator. Berdasarkan hasil penelitian diperoleh model pembelajaran STAD memiliki pengaruh yang lebih baik terhadap pembentukan karakter akhlak siswa dibandingkan dengan model pembelajaran PBL. Sehingga model STAD dapat dijadikan solusi pembelajaran abad 21.</p>