Kimia Farma Tbk Research Articles

Effect of Job Insecurity, Characteristics Professionand Workload on Employee Performancewith Job Satisfaction as Mediation at Pt Kimia Farma Tbk

Human resources are not only a tool in the company's production activities but also have an essential role in the company's production activities. Job insecurity is a psychological condition of an employee who shows confusion or feelings of insecurity due to changes in environmental conditions. This condition usually appears. Job satisfaction is an emotional attitude that is fun and loves work. The purpose of this study was to determine employee performance affected by job insecurity, employee characteristics, and workload, job satisfaction as a mediating variable at PT. Kimia Farma Tbk.
 The type of research used is quantitative, using primary data obtained by distributing questionnaires through Google forms, and the data is processed using SmartPLS. The sample in this study is 167. The results of this study are job insecurity has a negative and significant effect on employee performance. Job characteristics have a positive and significant effect on employee performance. Workload has a positive and significant effect on employee performance. Job satisfaction has a positive and significant effect on employee performance, job insecurity through job satisfaction on employee performance, employee characteristics through job satisfaction on employee performance are positively significant, and workload through job satisfaction on employee performance is positively significant. Suggestions given in this study: it is hoped that evaluations in work can increase in the future, can be improved, or be conducted training to improve accuracy.

Analisis Rasio Keuangan Untuk Menilai Kinerja Keuangan Perusahaan Kimia Farma Tbk dan PT Indofarma Tbk Periode waktu 1 Tahun

Company performance is a picture of the achievements that the company achieved in a certain period. The company's financial performance can be seen from the financial statements of the current year or year. previously which is usually created as a guideline for the following year. In general, financial performance is an effort made by the company in measuring and assessing every success achieved in making a profit, so that the company can see the prospects, growth, and development potential that have been achieved in the company. This study aims to determine the comparison of the financial performance of PT. Kimia Farma Tbk, and PT. Indofarma Tbk. By comparing similar companies, it can be determined whether the good and bad financial performance is based on financial ratios, with a difference test, it can be seen whether there is a difference between pt. Indofrma and Kimia Farma. Then it's seen who's bigger on average. The ratios used include liquidity ratio, solvency ratio, profitability ratio, activity ratio. The research sample is 2 companies from the pharmaceutical sector that are considered the most stable in. profit gains. Data collection method is secondary data obtained from financial statements on the Indonesia Stock Exchange. The purpose of this study is to see the comparison of the company's performance of PT Indofarma and PT Kimia Farma in terms of the value of the financial ratio. The results of this study show that there are not significant differences between PT Indofarma and PT Kimia Farma

PENERAPAN TOTAL QUALITY MANAGEMENT (TQM) DAN MANAGEMENT PROJECT DALAM MENINGKATKAN KUALITAS DAN KINERJA PADA PT. KIMIA FARMA, TBK

The quality and performance of a given pharmaceutical company determines the success of competition in meeting patient satisfaction and is one of the important things that determines business development strategy and maintains the quality of the pharmaceutical company itself. Total Quality Management (TQM) is amanagement system used to improve service quality and help achieve targets set by an organization. This research is an observational study using interviews through questionnaires conducted at 40 Kimia Farma pharmacy outlets in Batam with the aim of analyzing the implementation of Total Quality Management in the city of pharmacy services. In determining the development strategy of PT. Kimia Farma Tbk, conducted a Focus Group Discussion (FGD) to analyze the internal and external factors of Kimia Farma with a SWOT analysis. The results of the evaluation carried out by performance analysis showed an average performance value of 4.05 and an average importance value of 4.31 and an average conformity level of all components of 93.87%. So it can be said that the application of Total Quality Management at PT. Kimia Farma Tbk has been running well. The development strategy that can be carried out based on the SWOT analysis is the SO (Strengths-Oportunity) strategy to optimize the available resources and maximizethe success of existing opportunities in order to improve the performance of PT. Kimia Farma Tbk

The Influence of Good Corporate Governance Mechanism and Company Size on Profit Management with Audit Quality as a Moderating Variable in Palm Oil Plantation Company Listed on Indonesia Stock Exchange Period Year 2017-2021

Earnings management is an action taken by managers by engineering company profits to be higher, lower, or always the same for several periods. Earnings management actions have caused several scandalous cases, including Enron, Merck, World Com, PT Kimia Farma Tbk and PT Garuda Indonesia (Persero).Therefore, the way to overcome this is by implementing the Good Corporate Governance mechanism and auditing financial statements by using the services of a quality accountant such as the big four.. The type of research used is causal research. The population in this study were all oil palm plantation companies listed on the Indonesia Stock Exchange during 2017-2021, totaling 24 using purposive sampling technique, the research sample was 14 companies for 5 years from 2017-2021, so the total observations in this study became 70 companies. Statistical test using descriptive statistics and Partial Least Square (PLS). The results of the study partially show that the proportion of independent commissioners has a negative effect on earnings management and audit quality is able to moderate the effect of managerial ownership, institutional ownership and firm size on earnings management while audit quality is not able to moderate the effect of the proportion of independent commissioners and audit committees on earnings management. It can be concluded that the existence of a good corporate governance mechanism in this case the proportion of independent commissioners and audit quality can pressure companies not to carry out earnings management.

The Analysis of Fraudulent Financial Reporting (Case Study during Pandemic Time in Indonesia)

Financial report is communication tools that are part of the accounting process. Financial statements contain information about company's condition and company's performance that needed by investors for economic decision making. In addition, financial statements are prepared by management and management has a tendency to shows that the company's financial condition is well. The financial statements aim to provide information concerning the financial position of an company that is beneficial to a large number of users in economic decision making (Harahap, 2013). Wrong information that publish in financial statement will be affected to all decision maker (management, investor, creditor, etc). However, the are several cases of fraud committed by the management to display a satisfactory financial statement. The American Institute of CPA's or AICPA (2012) defines fraud as a deliberate act of fraud by someone or several people in management, the government, employees, or third parties to obtain illegal benefits. The case of fraudulent financial reporting of go public companies in becomes one of the bad factors for the economy of a country (Apriliana and Agustina, 2017). There are some go public companies in Indonesia are known commit fraud practices of financial statements: PT Kimia Farma Tbk (2001), PT Indofarma Tbk (2001), PT Kereta Api Indonesia (2006), PT Hanson International Tbk (2016), PT Asuransi Jiwasraya (2017), PT Garuda Indonesia (2018), PT Envy Technologies Indonesia (2019). From all of this cases, known that financial statement have been manipulated and make a big losses for investors. Fraudulent Financial Reporting also lying to the public that can affect to the wrong decision making. Keywords: Earnings Management, Financial Performance, Fraudulent Financial Reporting, Fraud Triangle

Analysis of Optimal Capital Structure in the Pharmaceutical Industry Companies Listed on the Indonesia Stock Exchange

Capital structure policy is used to help companies determine the optimal composition of capital between debt and equity. This study aims to determine the optimal capital structure of companies in the pharmaceutical industry listed on the Indonesia Stock Exchange for the 2015-2019 period. The data used is secondary data obtained from the financial statements of PT Indofarma Tbk, PT Herbal and Pharmaceutical Industries sido Appear Tbk, PT Kimia Farma Tbk, and PT Merk Tbk which are processed using the method of calculating the cost of capital and comparing returns. On Equity (ROE) with a weighted average cost of capital (Average Weight Cost of Capital). The results showed that PT Indofarmas Tbk had an optimal structure in 2015 and 2019. PT Industri Jamu and Pharmacy Sido Appear Tbk had an optimal capital structure from 2015 to 2017, and PT Kimia Farma Tbk and PT Merk Tbk had an optimal capital structure from 2015. 2015 to 2019. These results can be seen from the ROE generated by the company, which is greater than the WACC in each period.

ANALISIS ALTMAN Z-SCORE UNTUK MENILAI TINGKAT KESEHATAN KEUANGAN PERUSAHAAN MANUFAKTUR SUB SEKTOR FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2017-2020

This study aims to analyze the Altman Z-Score to assess the level of financial soundness of manufacturing companies in the pharmaceutical sub-sector. This research uses descriptive quantitative method. The type of data applied is quantitative data. Quantitative data in the form of business entity financial data obtained from annual financial reports that have been audited and published in pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the period 2017 to 2020. Based on the results of the analysis, it can be seen that in 2017 and In 2018, there were five pharmaceutical companies that were in the healthy category and prone to bankruptcy. In the healthy category, namely PT Kalbe Farma Tbk, PT Industri Jamu and Pharmacy Sido Muncul Tbk, PT Tempo Scan Pacific Tbk, PT Darya-Varia Laboratoria Tbk, and PT Merck Tbk. Furthermore, there are four pharmaceutical companies that are in the category of prone to bankruptcy, namely, PT Kimia Farma Tbk, PT Indofarma Tbk, PT Phapros Tbk, and PT Pyridam Farma Tbk. Then for the category of bankrupt pharmaceutical companies in 2017 no one was in the bankruptcy zone. In 2019 there were two pharmaceutical companies that experienced a decline, namely, PT Kimia Farma Tbk which was previously in the bankruptcy prone category to be in the bankrupt category. And also happened to PT Merck Tbk, which was previously in the healthy category to be in the category of prone to bankruptcy. So that in 2019 there were pharmaceutical companies in the healthy category, four pharmaceutical companies in the bankrupt category, and one pharmaceutical company in the bankrupt category. In 2020 there were two pharmaceutical companies that experienced another decline, namely PT Darya-Varia Laboratoria Tbk which was previously in the healthy category into a bankruptcy-prone category, and PT Phapros Tbk which previously was in the bankruptcy-prone category into a bankrupt category. PT Kimia Farma Tbk remains in the bankrupt category. Meanwhile, PT Pyridam Farma Tbk experienced an increase from previously being in the category of prone to bankruptcy to being in the healthy category. So that in 2020 there are four pharmaceutical companies in the healthy category, three pharmaceutical companies in the bankruptcy prone category, two pharmaceutical companies in the bankrupt category.

ANALISIS KINERJA KEUANGAN PT. KIMIA FARMA TBK DENGAN PT. INDOFARMA TBK SEBELUM PANDEMI DAN PADA SAAT PANDEMI COVID-19

ABSTRACT
 The Covid-19 pandemic has an impact on the economic sector which has resulted in companies experiencing a decline in financial performance. This study aims to determine whether there are differences in the financial performance of PT. Kimia Farma Tbk. and PT. Indofarma Tbk. before the pandemic and during the covid-19 pandemic. This type of research is quantitative research with secondary data analysis and uses a comparative approach method. Sampling with purposive sampling method. Data collection techniques used are documentation techniques on financial reports published by PT. Kimia Farma Tbk. and PT. Indofarma Tbk. obtained from the official website of the Indonesia Stock Exchange (IDX), namely www.idx.co.id. Then processed using the SPSS Version 16.0 application and the test used in this study is a comparative test, namely the Wilcoxon Sign Test. The results of this study indicate that there are significant differences in PT. Kimia Farma Tbk. based on liquidity ratios, solvency ratios, activity ratios and profitability ratios. As for PT. Indofarma Tbk. also the same, there are significant differences based on liquidity ratios, solvency ratios, activity ratios and profitability ratios. PT. Kimia Farma Tbk. has a better performance than PT. Indofarma Tbk. before the pandemic or during the pandemic.
 Keywords: Financial Performance, Pharmaceutical Companies, Covid-19

Markov average-based weighted fuzzy time series model to predict PT Kimia farma Tbk stock price

The COVID-19 pandemic impacted various activities in Indonesia, including the stock market. Despite the declining economic condition, people are increasingly interested in investing. Among other companies available on the Indonesia Stock Exchange, companies in the health sector have a particular appeal to potential investors, one of which is pharmaceutical companies. This research used a Markov Average-Based Weighted Fuzzy Time Series model applied to PT Kimia Farma Tbk stock price data. This model develops the previous Markov chain–Fuzzy Time Series model, which has not calculated the weights for recurring events and used the Sturgess rule to determine the interval length. In this research, each recurring event has given a different weight that provides different probability values for transitions from one state to another. The Average-Based method is used to determine the interval length that can reflect the fluctuation of the data used. The stock price prediction of PT Kimia Farma Tbk using this model is categorized as very accurate with a MAPE of 2.632%.

Analisis Kinerja Keuangan Berdasarkan Rasio Keuangan pada PT Kimia Farma Tbk tahun 2016-2020

This research aims to determine financial performance in PT Kimia Farma Tbk Ltd years 2016-2020 which is reviewed through financial ratios, that is: (1) Liquidity Ratio accounted for by Current Ratio and Cash Ratio, (2) Solvency Ratio accounted for by Total Equity to Assets Ratio and Debt to Assets Ratio, (3) Activity Ratio accounted for by Assets Turnover Ratio, Receivable Turnover Ratio and Inventory Turnover Ratio, (4) Profitability Ratio accounted for by Net Profit Margin, Return On Investment and Return on Equity, (5) Market Value Ratio accounted for by Earning Per Share, Price Earning Ratio and Price Book Value. The method used is descriptive quantitative with the object in the form of the financial statements of PT Kimia Farma Tbk 2016-2020. The technique used is documentation and literature study. The data analysis method used is quantitative descriptive analysis technique. The condition of the company's financial performance based on the ratio calculation can be concluded in the poor category, because in the last 5 years the average has decreased in terms of Liquidity Ratio 10.98%, Solvency 4.25%, Activity 7.30%, Profitability is 14.42 % and overall Market Value Ratio decreased.

SHARE VALUE DIFFERENCES PT. KIMIA FARMA TBK TOWARDS THE ACQUISITION OF SHARE EVENTS IN PT. PHAPROS TBK

TThis study aims to determine whether there is a difference in the value of the shares of PT. Kimia Farma Tbk. after the acquisition of PT. Phapros Tbk. The data used is the value of shares consisting of book value, market value, and the intrinsic value of shares of PT. Kimia Farma Tbk, which was taken ten months before the acquisition of PT. Phapros Tbk. by PT Kimia Farma Tbk. This study is a comparative study with a quantitative descriptive approach, data analysis using the Wilcoxon signed-rank test. The results of this study indicate that the book value of PT. Kimia Farma Tbk. which has a significant difference before and after the acquisition, while the indicators of the stock market value and the intrinsic value of PT. Kimia Farma Tbk. does not have a significant difference before and after the acquisition event.

Profit Planning for Go Public Pharmaceutical Companies

The purpose of this study is to analyze differences in the financial performance of pharmaceutical companies listed on the Indonesia Stock Exchange. This type of research is descriptive research with a quantitative approach, the data source used is secondary data, namely data in the form of company’s annual financial reports from 2015 - 2019 attached to the IDX website. Data collection techniques in this study use documentation techniques. Research population Pharmaceutical companies listed on the Indonesia Stock Exchange, sampling using purposive sampling method, namely PT. Kalbe Farma Tbk (KLBF) PT. Kimia Farma, (KAEF), and PT. Pharos Tbk (PEHA). The data analysis technique used in this research is the Profitability Ratio Net Profit Margin (NPM), Return On Asset (ROA), Return On Equity (ROE) analysis technique, namely 5 periods of financial statements for each of 3 pharmaceutical companies using standard ratio analysis. industry profitability by cashmere. The results showed that the differences in the financial performance of 3 pharmaceutical companies listed on the IDX were seen from the profitability ratio of Net Profit Margin (NPM) for 5 years, namely PT. Kalbe Farma Tbk, PT. Kimia Farma Tbk is not very good and PT. Pharos Indonesia, Tbk is not good enough. Return On Asset (ROA). PT. Kalbe Farma Tbk, PT. Kimia Farma Tbk is not very good and PT. Pharos Indonesia, Tbk is not very good. Return On Equity (ROE) The financial performance of PT. Kalbe Farma Tbk, PT. Kimia Farma Tbk is not very good and PT. Pharos Indonesia, Tbk is not very good.

Analysis of Current Ratio and Debt To Asset Against Changes in Profit of Pharmaceuticals Companies

PT Kalbe Farma Tbk. experienced a slowdown in growth to reach 14.7%. In 2016-2017 the stage increase was only 7.3 %%. PT Kimia Farma Tbk. feel the same state. In 2016-2017 the increase in income reached 22.90%. The number of pharmaceutical companies experiencing changes in profit is quite rapid. News is now developing in various countries. The rise and fall of profits in the economic conditions of the pharmaceutical business. The purpose of this research is to see whether liquidity, solvency, and profitability have an individual and simultaneous influence on changes in earnings in Pharmaceuticals entities that are visible on the Indonesia Stock Exchange. Financial ratio analysis is used as a measurement of management's ability to earn a predetermined profit in management performance and utilize company resources effectively. The method of observation is descriptive research, with a population that states ten pharmaceutical industries located on the Indonesia Stock Exchange and 45 samples from 9 pharmaceutical companies were determined. Methods of data analysis used regression before the classical assumption test. The partial test results prove that the current ratio and debt to assets have an impact on changes in earnings. Current and joint long-term debt has no impact on changes in earnings.

Dynamic Modeling Data Return by Using BEKK-GARCH (Study: PT. Indofarma Tbk (INAF) and PT. Kimia Farma Tbk (KAEF) from June 2015 to July 2020)

The Vector Autoregressive (VAR) model is a statistical model that can be used for modeling multivariate time series data which is commonly applied in the fields of finance, management, business and economics. However, economic data, especially return values, have quite high data fluctuations, so we need to add the Generalized Autoregressive Conditional Heteroscedasticity (GARCH) model in the analysis to obtain efficient results. This study will discuss the formation of the best model for multivariate time series data, namely return data of PT. Indofarma Tbk. (INAF) and PT. Kimia Farma Tbk. (KAEF) from June 2015 to July 2020, where data retuned for the two variables tended to have a high volatility shock at some time and low volatility at other times which characterizes the data as having an ARCH effect so that the GARCH model will be used in this analysis, namely the BEKK-model. GARCH. This model proposes a new parameterization which is easily given a restriction, namely the requirement that H_t must be positive for all values of ε_t and x_t in sample room. Based on the selection of the best model using the AICC, HQC, AIC and SBC criteria, it is found that the VAR (1)-GARCH (1,1) model is the best model for the data used. Then this research will also examine the behavior and relationship between INAF and KAEF based on Granger Causality and Impulse Response. In addition, based on the forecasting results of the VAR (1)-GARCH (1,1) model, it shows that this model is good for short-term forecasting.

Analisa Citra Merek, Kualitas Produk, Perluasan Merek Terhadap Kepuasan dan Loyalitas Pelanggan

PT Kimia Farma Tbk, as one of the pioneers of the Indonesian pharmaceutical industry, is currently participating in the development of cosmetic products under the Marcks brand. Marcks' products are known to the public as powder, and always ranks third in the Top Brand title. The success of Marcks 'powder in dominating Top Brand has not been followed by other Marcks' products such as compact face powder, moisturizers and facial cleansers. This study aims to determine the effect of brand image, product quality, and brand extension on customer satisfaction and its impact on customer loyalty. This research is an explanatory research with a quantitative approach using a questionnaire as a research instrument. The population in this study were all Marcks product users who live in Jakarta. The sampling method is purposive sampling with a sample of 174 respondents. Data analysis uses the Structural Equation Modeling (SEM) LISREL 8.70 program. The results of the study explained that there is an influence between variable brand image, product quality and brand extension partially on customer satisfaction. However, brand image, product quality and brand extension have no effect on customer satisfaction. Customer satisfaction affects customer loyalty.

INCOME SMOOTHING ANALYSIS IN THE COMPANY (CASE STUDY AT PT. KALBE FARMA. TBK YEAR 2017-2019)

<p>Profit is a goal orientation in the company's operations. For this reason, the performance of a company can be measured from the profits it gets. Income smoothing, in another case, is one of the methods used in distributing variations in profit achievement in a company's financial statements. This research, intends to describe the income smooting that has been achieved by PT. Kimia Farma Tbk. The research object is PT. Kimia Farma Tbk. Then, the unit of analysis is the company's financial statements for 2017-2019. Furthermore, the analysis technique uses quantitative descriptive. The results of the analysis explain that the company's Income smoothing is fluctuating. This can be seen from the increase in income smoothing in 2017 to 2018 which has increased, but 2018 to 2019 has decreased.</p>

Optimum Portfolio Analysis of Black-Litterman Model in The Indonesian Stock Exchange on Consumer Goods Industrial Sector

The aim of the research was to identify the allocation of optimum portfolio formation in consumer goods sector at Indonesian Stock Exchange from 2014 to 2018 by using Black-Litterman model. This quantitative research used secondary data on stock prices of the consumer goods sector on the Indonesian Stock Exchange from January 2014 to December 2018 which was obtained from Yahoo Finance and the Indonesia Stock Exchange. Four stocks formed the optimum portfolio of consumer goods sector identified by using Black-Litterman model. Those are stocks of PT Indofood CBP Sukses Makmur Tbk, PT Kimia Farma Tbk, PT Indofarma Tbk, PT Indofarma Tbk, and PT HM Sampoerna Tbk. The results show that stock with the biggest proportion was ICBP’s with proportion of 68,5379%. Meanwhile the smallest proportion was INAF’s, which is 3,0277%. The mean return was calculated from this proportion, resulting in 3,678% while the risk value was 1,471%.

Evaluation of Enterprise Resource Planning System Based on SAP Module of Material Management Procurement Function in PT. Kimia Farma Tbk

The purpose of this study is to evaluate and analyze solutions for problems that identified in the Enterprise Resource Planning SAP based on system Material Management Module on Procurement Function in PT. Kimia Farma Tbk. The evaluation method is fit gap analysis Architectural Approach based on FURPS System Requirement model. The Procurement processes included in this study are Create Purchase Requisition, Create Request for Quotation, Maintain Quotation, Create Purchase Order, Create Goods Receipt and Create Service Entry Sheet. The results in this study are presented as a recommendation to fix the problem based on the evaluation result.

DETECTION OF FRAUDULENT FINANCIAL STATEMENTS USING THE BENEISH RATIO INDEX FOR MANUFACTURING COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE IN 2016 AND 2017 PERIOD

Fraud is an action taken intentionally and it is done for personal or other people's purposes, where the action has caused harm to certain parties or certain institutions. Misstatements contained in fraudulent financial statements are intentional misstatements to deceive users of financial statements. The source of this misstatement includes manipulation or falsification of accounting records, intentional misstatements or omissions from financial statements, and / or incorrect application of accounting principles. In Indonesia, accounting fraud also occurs at the company level, both private and government companies. On December 6, 2012, the announcement of Indonesia's score in the Corruption Perception Index (CPI) was 32 and ranked 118th out of 176 countries which measured the level of corruption (Transparency International, 2012). In 2001, a fraud scandal occurred by PT Kimia Farma Tbk. PT Kimia Farma is a state-owned company whose shares have been traded on the exchange to become public company. Based on indications by the Ministry of BUMN and Bapepam's examination, it was found that there were misstatements in the financial statements which resulted in overstatement of net income for the year ended 31 December 2001 of Rp. 32.7 billion, which represented 2.3% of sales and 24.7% from net income. The author's purpose of this study is to discuss about detecting fraud in financial statements by using 5 (five) of the 8 (eight) Beneish ratio indices, because Beneish's research states that the Days Sales in Receivables Index (DSRI) ratio index, the Gross Margin Index ( GMI), Asset Quality Index (AQI), Sales Growth Index (SGI), and Total Accrual to Total Asst Index (TATA) have significant results to detect financial report manipulation.

ANALISIS KINERJA KEUANGAN BADAN USAHA MILIK NEGARA(BUMN) PASCA PRIVATISASI

This research was aimed to know the financial's performance of state company (BUMN) before and after privatized, so that it could be known whether privatizes was the right solution to fix BUMN'S perfonnance. This observational data acquired from BUMN's corporate which was privatized upon year 2002 by Initial Public Offering's methods (IPO), the firms among those were PT. Kimia Farma Tbk. , PT. Indofarma Thk. , PT. Tambang Batubara Bukit Asam Tbk. , and PT. Perusahaan Gas Negara Thk The sample on this research was the financial performance of BUMN's corporate which was privatized with time interval of three years (period) before and after privatizes. The financial performance measured by eight indicators, that amongst those: Return On Equity (ROE), Return On Investment (ROI), Cash Ratio, Collection Periods, Inventory Turn Over, Full scale Revaluation Turn Over, Equities Totaled ratio to Full Scale Revaluation. The analysis's method data that is utilized is one sample ofKolmogrov Smirnov, and Paired Samples Test. The results of the analysis found that BUMN's financial performance which privatized by IPO method was not made much progress, even some indicator of finance's performance decreased. It even bastioned by yielding hypothesizing examination that shows that there were not differentiate and poor relationship in finance's performance before and after privatized. However, privatizes is supposed to not only aims to close deficit RAPBN, but in long-term the managements of corporate performance shall get to show openness, independence, naturalness, and accountabilities to reach good corporate governance. Nevertheless, in world trade there are just a firm that have good performance will gets to pull investor candidate to imbed its capital