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This dissertation is composed of three papers papers and explores different aspects of Venture Capital (VC) financing in developing Asia.The dissertation commences with the general introduction which of VC. The general introduction provides the definition, overview, and typologies of VC firms. MoreoverFurthermore, general introduction layouts the research design and structure of the dissertation.The general introduction is followed by Chapter 1 which . This chapter elaborates the conception, history, and evolution of VC, and subsequently, its transference and internationalization – with a particular focus on Asian developing countries. Chapter 1 also outlines the salient differences of the VC industry across countries based on the institutional framework in terms of screening and selection of projects, value addition, and exit mechanism of the portfolio companies.Chapter 2 investigates the exit performance of companies backed by government venture capital (GVC) compared with that of firms backed by independent venture capital (IVC) in Asia. Using a sample of 3,817 firms from 9 Asian developing countries over 26 years (1991-2017), we first show that GVC-backed firms are more likely to be financed in the early stage than IVC-backed firms. In doing so, GVC absorbs the higher probability of unsuccessful exit associated with firms financed in the early stage. In contrast, we find that in the expansion stage and later stage, GVC-backed firms perform better than IVC-backed ones. Overall, we show that GVC-backed firms outperform IVC-backed firms in terms of successful exits. We thus challenge the hypothesis of GVC underperformance tested in the existing literature on other geographical areas. Finally, we also provide evidence that mixed syndication (combination of GVC and IVC) improves the exit performance of ventures.Chapter 3 explores the investment behavior, exit performance and optimal exit route choice of Corporate Venture Capital (CVC) backed entrepreneurial companies in comparison with GVC-backed entrepreneurial firms in developing Asia. We studied a sample of 1198 companies that received their first investment either from a CVC firm or from a GVC firm, during the period 1999 to 2013, in five Asian countries. We first showed that CVC firms are more likely to invest in High-tech companies as compared with GVC firms. We further showed that CVC-backed firms are more likely to go successful and that CVC-backed firms are more likely to exit through Initial Public Offerings (IPO), as compared with GVC-backed companies, in developing Asia. We addressed the problems of endogeneity concerns and selection bias of observable and unobservable characteristics by employing the Bivariate Probit Model, Heckman two-step estimator, and Propensity Score Matching (PSM) techniques. Our results are robust to several checks.Chapter 4 investigates the impact of Foreign Direct Investment (FDI) on the hosts country's domestic VC industry. We studied a sample of 7 Asian developing countries over the period 2000 to 2018. Employing Autoregressive Distributed Lags (ARDL) model (Mean Group (MG) and Pooled Mean Group (PMG) estimators), we find that the FDI has no effect, in the short run, but significant and positive effect on domestic VC activity due to the positive externalities and spillover effects, in the long run. FDIs complement domestic VC investments and helps in the creation of new VC-backed companies.The last chapter concludes the dissertation. This chapter accentuates the contribution of the dissertationto current state of art and presents the implications of the dissertationin terms of policies. Furthermore, this chapter also highlights the limitation of the dissertationand suggest the avenues for the future research. ; Le Capital-Risque (CR) est la forme de financement par capitaux propres la plus admirée et la plus adaptée aux entreprises jeunes et innovantes pour lever des capitaux externes, et les capital-risqueurs participent activement à la gestion des entreprises dans lesquelles ils investissent. Les sociétés de capital-risque prennent des risques et croient en la notion bien connue de risque élevé/gain élevé. La National Venture Capital Association (NVCA) définit de manière plausible le capital-risque comme "l'argent fourni par des professionnels qui investissent, aux côtés de la direction, dans de jeunes entreprises à croissance rapide qui ont le potentiel de devenir des contributeurs économiques importants".Cependant, le capital-risque a une trajectoire d'évolution différente dans les pays asiatiques en développement. Ainsi, l'industrie du capital-risque en Asie est sensiblement différente de ses homologues dans les pays occidentaux - notamment aux États-Unis et en Europe. L'industrie du capital-risque en Asie est immature et sous-développée. En outre, les sociétés de capital-risque ne sont pas homogènes et diffèrent radicalement les unes des autres en termes de structure, de gouvernance et d'objectifs. En gardant à l'esprit les spécificités de l'industrie asiatique du capital-risque et l'hétérogénéité entre les sociétés de capital-risque, cette thèse tend à étudier la performance des différents types de sociétés de capital-risque et les principaux moteurs et déterminants de l'activité de capital-risque dans les pays asiatiques en développement. Cette thèse est un recueil de trois articles et se compose de cinq chapitres.L'introduction générale est suivie du chapitre 1.Le chapitre 2 étudie les performances de sortie des entreprises soutenues par le capital-risque gouvernemental (GVC) par rapport à celles des entreprises soutenues par le capital-risque indépendant (IVC) en Asie. À l'aide d'un échantillon de 3 817 entreprises de neuf pays en développement asiatiques sur une période de 26 ans (1991-2017), nous montrons d'abord que les entreprises soutenues par le GVC sont plus susceptibles d'être financées dans la phase initiale que les entreprises soutenues par le IVC. Ce faisant, la GVC absorbe la probabilité plus élevée de sortie infructueuse associée aux entreprises financées dans la phase initiale.Le chapitre 3 explore le comportement d'investissement, la performance de sortie et le choix de la voie de sortie optimale des entreprises soutenues par du capital-risque d'entreprise (CVC) par rapport aux entreprises soutenues par du capital-risque gouvernemental (GVC) dans les pays asiatiques en développement. Nous avons étudié un échantillon de 1198 entreprises qui ont reçu leur premier investissement soit d'une entreprise à capital-risque, soit d'une entreprise à capital-risque public, entre 1999 et 2013, dans cinq pays asiatiques. Nous avons d'abord montré que les entreprises CVC sont plus susceptibles d'investir dans des entreprises de haute technologie que les entreprises GVC.Le chapitre 4 étudie l'impact de l'investissement direct étranger sur l'industrie du capital-risque du pays hôte. Nous avons étudié un échantillon de 7 pays en développement asiatiques sur la période 2000 à 2018. En utilisant le modèle ARDL (Autoregressive Distributed Lags) - estimateurs Mean Group (MG) et Pooled Mean Group (PMG) - nous constatons que les IDE n'ont aucun effet, à court terme, mais un effet significatif et positif sur l'activité de capital-risque domestique en raison des externalités positives et des effets d'entraînement, à long terme. Les IDE attirent le capital-risque national en termes de montant investi et contribuent à la création de nouvelles entreprises soutenues par le capital-risque.

This dissertation is composed of three papers papers and explores different aspects of Venture Capital (VC) financing in developing Asia.The dissertation commences with the general introduction which of VC. The general introduction provides the definition, overview, and typologies of VC firms. MoreoverFurthermore, general introduction layouts the research design and structure of the dissertation.The general introduction is followed by Chapter 1 which . This chapter elaborates the conception, history, and evolution of VC, and subsequently, its transference and internationalization – with a particular focus on Asian developing countries. Chapter 1 also outlines the salient differences of the VC industry across countries based on the institutional framework in terms of screening and selection of projects, value addition, and exit mechanism of the portfolio companies.Chapter 2 investigates the exit performance of companies backed by government venture capital (GVC) compared with that of firms backed by independent venture capital (IVC) in Asia. Using a sample of 3,817 firms from 9 Asian developing countries over 26 years (1991-2017), we first show that GVC-backed firms are more likely to be financed in the early stage than IVC-backed firms. In doing so, GVC absorbs the higher probability of unsuccessful exit associated with firms financed in the early stage. In contrast, we find that in the expansion stage and later stage, GVC-backed firms perform better than IVC-backed ones. Overall, we show that GVC-backed firms outperform IVC-backed firms in terms of successful exits. We thus challenge the hypothesis of GVC underperformance tested in the existing literature on other geographical areas. Finally, we also provide evidence that mixed syndication (combination of GVC and IVC) improves the exit performance of ventures.Chapter 3 explores the investment behavior, exit performance and optimal exit route choice of Corporate Venture Capital (CVC) backed entrepreneurial companies in comparison with GVC-backed entrepreneurial ...

Penelitian ini bertujuan untuk mengetahui dampak putusan KPU dalam penyelenggaraan Pemilihan Kepala Daerah (Pilkada) tahun 2010 di Kabupaten Tolitoli Propinsi Sulawesi Tengah oleh KPUD Kabupaten Tolitoli berdasarkan variabel kelayakan teknis, daya dukung politik, dan daya dukung administrasi. Metode penelitian yang digunakana dalah kualitatif dengan jenis penelitian historis. Informan yang dipilih ditentukan dengan purposive sampling dan diperoleh sebanyak 11 orang. Hasil penelitian, 3 dari 4 variabel yang diteliti berdasarkan teori evaluasi kebijakan menurut Eugene Bardach, seluruhnya belum berjalan sesuai yang diharapkan antara fakta dengan teori yang digunakan. Pertama, variabel technical feasibility, yaitu proses terbitnya kedua surat KPU tidak melalui mekanisme atau prosedur benar, terburu-buru, tanpa kajian yang mendalam, dan putusan KPU sebagai penyebab aksi anarkis. Hal ini berdampak langsung pada pengajuan gugatan Aziz Bestari kepada MK untuk meminta penjelasan mengenai status keikutsertaannya dalam pemilukada 2010. Sedangkan, secara tidak langsung hal itu berdampak pada sikap para pendukung paslon kepala daerah yang mudah marah dan melakukan kekerasan dalam pilkada 2015. Kedua, variabel political viability, yaitu putusan KPU justru merusak nilai-nilai harmoni dalam masyarakat, pasal 63 ayat 2 UU No.32/2004 tidak dibuat secara jelas dan sederhana, adanya pelanggaran kode etik penyelenggara pemilu, dan sikap KPUD yang melakukan pencetakan surat suara baru tanpa menunggu putusan MK. Hal ini berdampak pada pemecatan Anggota KPU Andi Nurpati dan gugurnya paslon kepala daerah di daerah lain setelah penetapan gugurnya paslon Aziz-Amir. Ketiga, variabel administrative operability, yaitu kemampuan pegawai dan komisioner KPUD dalam menyelenggarakan tahapan pemilu masih rendah, kurangnya kegiatan sosialisasi, dan lemahnya koordinasi antara KPUD dengan organisasi-organisasi yang terlibat di dalamnya, rendahnya dukungan pemerintah terhadap KPUD dalam hal finansial, sarana dan prasarana, serta peralatan-peralatan lainnya. Hal ini berdampak pada pelanggaran prosedur atau aturan dalam penyelenggaraan pemilukada 2010 di Kabupaten Tolitoli.Kata kunci: kelayakan teknis, daya dukung politik, dan daya dukung admninistrasi

Abstrak Simbol agama banyak digunakan dalam pemilihan umum legislatif, simbol-simbol agama yang digunakan tujuanya adalah untuk mencari simpat partisipan. simbol agama adalah gejala atau penanda yang digunakan manusia untuk menunjukan keberadaan serta ciri tertentu suatu agama. Turner (1966) menyebutkan bahwa realisme simbol agama. Rumusan penelitian Bagaimana simbol-simbol agama dalam proses pemilihan legislatif yang telah diselenggarakan ?. Apakah simbol-simbol agama dalam proses Pemilihan Legislatif Di Provinsi Bengkulu Tahun 2019 bertentangan Studi undang-undang republik indonesia No 07 tahun 2017 tentang pemilihan umum?. Jenis Penelitian ini Kualitatif Pengumpulan data menggunakan teknik penelitian lapangan pengumpulan data menggunakan untuk memutuskan ke arah mana penelitian ini dengan cara mewawancara informan. Penelitian ini menyimpulkan bahwa penggunaan bahasa, kalimat agama dan simbol-simbol agama dalam proses Pemilihan Legislatif di Provinsi Bengkulu Tahun 2019 (Studi Undang-undang Republik Indonesia Nomor 7 Tahun 2017) tentang Pemilihan Umum tidak bertentangan dengan Undang-undang dalam pelaksanaan Pemilu serentak Tahun 2019. Kata Kunci : Simbol-simbol agama, Pemilihan Legislatif dan Undang-Undang Nomor 17 Tahun 2017AbstractReligious symbols are widely used in legislative elections. Religious symbols are used for the purpose of seeking the sympathy of participants. Religious symbols are symptoms or markers used by humans to show the existence and characteristics of a religion. Turner (1966) states that realism is a religious symbol. Research formulation What are the religious symbols in the legislative election process that has been held? Do the religious symbols in the Legislative Election process in Bengkulu Province in 2019 contradict the study of the Republic of Indonesia Law No. 07 of 2017 on general elections? This type of research is qualitative. Data collection uses field research techniques. Data collection uses to decide which direction this research is going by interviewing informants. This research concludes that the use of language, religious sentences and religious symbols in the Legislative Election process in Bengkulu Province in 2019 (Study of the Law of the Republic of Indonesia Number 7 of 2017) concerning General Elections does not contradict the law in the implementation of the 2019 simultaneous elections. Keywords: Religious symbols, Legislative Elections and Law Number 17 of 2017

Pelarangan buku adalah bentuk paradoks di negara demokrasi karena memperlihatkan kesewenang­wenangan dalam membatasi kebebasan berpikir, berpendapat, dan berekspresi. Padahal semua itu dijamin oleh prinsip­prinsip dasar demokrasi, bahkan secara tegas ditulis dalam Undang­Undang Dasar 1945. Melarang buku juga menjadi paradoks bagi kehidupan bermedia di Indonesia yang lebih dari satu dekade terakhir telah mengumandangkan dukungan terhadap kebebasan pers. Pelarangan buku, di sisi lain, mengindikasikan ambiguitas kebijakan penguasa. Alih­alih mengantisipasi polemik di masyarakat, lewat tindakan pelarangan buku, pemerintah memperlihatkan praktik­praktik primitif dalam mengontrol, mengarahkan, membatasi, bahkan memandulkan cara berpikir masyarakat. Pelarangan buku juga mencerminkan ketakutan penguasa dengan mengekang hak politik warga negaranya, tidak mengakui adanya keanekaragaman perspektif dan sudut pandang. Artikel ini ingin meneroka sejarah kebijakan pelarangan buku oleh rezim Orde Baru (Orba), guna mencatat perubahan bentuk dan orientasi yang melatari tindakan pelarangan buku sesuai konteks zamannya, serta apa dampaknya terhadap pendisiplinan masyarakat Indonesia.

South Korea is a country which is gradually facilitating incoming groups of migrants with different approaches including the social aspect of it. This literature reviews that the three biggest migrant groups in South Korea: foreign brides, migrant workers, and international students have major problem in the process of social integration in South Korean society. Therefore, different efforts in social welfare focusing in multicultural program are provided to each category of migrant that also differs depending on the needs of one another. Foreign brides receive the most attention compared to other groups covering programs such as facilities, services, and multicultural programs. Regardless the problems faced by foreign brides, they receive different programs including treatment recovery program, counseling, legal and medical aid. Meanwhile, migrant workers is not included within the long term strategy of the government therefore the coverage is less than foreign brides. Lastly, international students are considered as the group of educated migrants in which the programs are mainly covered by their respective institutions.

This study aimed to examine the effect of of leadership, planning documents, and competence of humanresources to the budget realization at the village government in District Maros. Data were collected with purposivesampling and analyzed with multiple linear regression. The samples that used in this study are 46 respondents whooccupy in fields related to financial management. The results of this study showed that leadership and have competenceof human resources significant effect on the budget realization but planning documents has no significant effect on thebudget realization.

The focus of this article is historiography of rebellion of Unity of the Oppressed (Kesatuan Rakjat jang Tertindas/KRjT) which is led by Ibnu Hadjar on South Kalimantan (1950-1963). In 1950, Ibnu Hadjar's troops choose desertion from Indonesian National Army (Tentara Nasional Indonesia) and entered to the forest on the range of Meratus hills, for doing the rebellion to the Government of Indonesia, whereas, 1963 is the time when The KRjT surrendered and Ibnu Hadjar be arrested. The result showed that the emergence of KRjT caused by crystallizing of dissatisfaction and hurt over Jakarta's policy in treating local ex-guerrillas in the early 1950s. Ibnu Hadjar and his followers felt leisureliness that appear between what they expect in terms of status and material acquisition with what they have or their capacity for got it (relative deprivation).

The focus of this article is historiography of rebellion of Unity of the Oppressed (Kesatuan Rakjat jang Tertindas/KRjT) which is led by Ibnu Hadjar on South Kalimantan (1950-1963). In 1950, Ibnu Hadjar's troops choose desertion from Indonesian National Army (Tentara Nasional Indonesia) and entered to the forest on the range of Meratus hills, for doing the rebellion to the Government of Indonesia, whereas, 1963 is the time when The KRjT surrendered and Ibnu Hadjar be arrested. The result showed that the emergence of KRjT caused by crystallizing of dissatisfaction and hurt over Jakarta's policy in treating local ex-guerrillas in the early 1950s. Ibnu Hadjar and his followers felt leisureliness that appear between what they expect in terms of status and material acquisition with what they have or their capacity for got it (relative deprivation).

Penelitian ini bertujuan untuk mengetahui "Budaya Kerja yang diimplementasikan, sikap kerja, etos kerja dan kendala serta solusi yang ditemukan di sekolah Madrasah Aliyah Negeri Sidikalang". Penelitian ini dilakukan dengan menggunakan metode penelitian kualitatif yang bersifat deskriptif dengan menggunakan pendekatan kualitatif naturalistic, untuk mencari, menganalisis dan menginterpretasi data yang ditemukan melalui observasi, wawancara, dan studi dokumentasi. Data yang telah dikumpulkan diperiksa keabsahannya melalui standar keabsahan data berupa: kreadibilitas, keteralihan, ketergantungan, menganalisis dan mengkomfirmasi pada data yang diteliti, dan ketegasan. Temuan penelitian ini sebagai berikut : (1) Budaya Kerja yang diimplementasikan di Sekolah Madrasah Aliyah Negeri Sidikalang adalah mengucapkan salam, sholat berjamaah, disiplin, ekstrakurikuler kesenian, PHBI, demokrasi, apel setiap pagi dengan berpidato menggunakan bahasa asing, tahfidh qur'an. (2) Sikap kerja warga sekolah Madrasah Aliyah Negeri Sidikalang tergolong sudah cukup baik dimana pengimplementasian dari nilai budaya kerja seperti adanya keselarasan antara hati, pikiran, perkataan, danperbuatan yang baik dan benar; bekerja secara professional, mampu membuat kreasi hhal-hal yang baru dan bertanggung jawab serta mampu menjadi teladan yang warga sekolah yang dicintohkan oleh kepala sekolah dan guru-guru Madrasah Aliyah Negeri Sidikalang. (3) Etos kerja yang menjadi bagian dari budaya kerja di Madrasah Aliyah Negeri Sidikalang diimplementasikan dengan cukup baik oleh warga sekolah secara bersama-sama membangun citra yang baik dengan menunjukkan keunggulan dan kemampuan secara bersama hingga menjadi sekolah yang berakreditas A. (4) Kendala yang timbul dalam pengimplementasian budaya kerja adanya pro dan kontra sesama antar warga sekolah serta kurangnya fasilitas-fasilitas kegiatan belajar mengajar dan ektrakurikuler.

Muhammad Hatta and Indonesian Islamic Democratic Party: A Thought Dynamic of Relationship betweenReligion and Politic. Mohammad Hatta as a person who firstly proclaims RI was an initiator who had an idea ofseparated relationship between religion and politic. Hatta was someone who "responsible" for deleting sevenwords on Jakarta Charter 1945 as a spirit in integrating religion and politic. He lobbied many Islamic prominentfigures to consider deleting "sacred" words on the Jakarta Charter, "kewajiban menjalankan syari`at Islam bagipemeluk-pemeluknya" ("the compulsory to obey Islamic law for the followers) that was recommended by thenine committees. Such statement had made Hatta elder statesman who tried to separate religion from state.Otherwise, as far as he lived he used to build an Islamic in the early New Order era although it fell down. Therewere an impression that he changed his state of mind in relation to the religion and state. He took Islam as abasis of regulating politic and government. This was showed from Hatta's effort in establishing Indonesian IslamicDemocratic Party with other muslem public figures. Looking at his background, the idea and the effort were not hisphase thought, but they were crystallization of his religious attitude that Hatta applied consistently.

AbstractAl-Khumayni is the first Iranian Supreme Leader had a big hand in the Iranian revolution. He was born on 24 September 1902 in Khomein, Markazi Province. Together with his followers in the city of Qum, al-Al-Khumayni began to build a political base against the royal family especially the Shah of Iran Mohammed Reza Pahlavi, who later became an important part of the power steering Iran's Islamic Revolution. The main weapon held by al-Khumayni was political speeches capable of moving masses in large numbers so as to make future milestone Iranian empire felled. He was a great orator capable of sorting out the words and put them into a strand of pearls that evoke a spirit listeners to dissolve in their struggle against the Iranian royal family and American intervention. The style of language in his speech (Uslub Khithaby) which was the rhetorical speech trigger the urge author to analyze it more deeply through one of his speeches was phenomenal "American intervention in Iranian affairs".---AbstractAl-Khumayni is the first Iranian Supreme Leader had a big hand in the Iranian revolution. He was born on 24 September 1902 in Khomein, Markazi Province. Together with his followers in the city of Qum, al-Al-Khumayni began to build a political base against the royal family especially the Shah of Iran Mohammed Reza Pahlavi, who later became an important part of the power steering Iran's Islamic Revolution. The main weapon held by al-Khumayni was political speeches capable of moving masses in large numbers so as to make future milestone Iranian empire felled. He was a great orator capable of sorting out the words and put them into a strand of pearls that evoke a spirit listeners to dissolve in their struggle against the Iranian royal family and American intervention. The style of language in his speech (Uslub Khithaby) which was the rhetorical speech trigger the urge author to analyze it more deeply through one of his speeches was phenomenal "American intervention in Iranian affairs".