managing international equity placement strategic alliance

400 Pages·2016·3.16 MB·English

ii
MANAGING INTERNATIONAL EQUITY PLACEMENT
STRATEGIC ALLIANCE

Case study in Indonesian State-Owned Enterprises and Bank Taken Overs

Harimukti Wandebori
Faculty of Behavioural, Management and Social Sciences
University of Twente, The Netherlands

iii
Harimukti Wandebori
Managing International Equity Placement Strategic Alliance: Case Study in
Indonesian State-Owned Enterprises and Bank Taken Overs

PhD dissertation:
Faculty of Behavioural, Management and Social Sciences
University of Twente, The Netherlands

ISBN: 978-90-365-4171-8
DOI-number: 10.3990/1.9789036541718
Copyright © Harimukti Wandebori: University of Twente, Enschede, The
Netherlands

All rights reserved. No part of this publication may be reproduced, stored in a
retrieval system, or transmitted in any form by any means, electronic, mechanical,
photocopying, recording or otherwise without written permission of the author
iv
MANAGING INTERNATIONAL EQUITY PLACEMENT
STRATEGIC ALLIANCE

CASE STUDY IN INDONESIAN STATE-OWNED ENTERPRISES
AND BANK TAKEN OVERS

DISSERTATION

to obtain
the degree of doctor at the University of Twente,
on the authority of the rector magnificus,
Prof.dr. T.T.M. Palstra,

on account of the decision of the graduation committee,
to be publicly defended
on Wednesday the 30th of November 2016 at 12:45 hrs.

by

Harimukti Wandebori
Born on the 20th of September 1971
in Jakarta, Indonesia
v
This dissertation is approved by:

Promoter: Prof.dr. A.J. Groen

vi
Promotion Committee:
Chaiman: Prof.dr. Th.A.J. Toonen University of Twente, The Netherlands
Secretary: Prof.dr. Th.A.J. Toonen University of Twente, The Netherlands
Promoter: Prof.dr. A.J. Groen University of Twente, The Netherlands
Co Promoter: Prof.dr. H.J. Steenhuis Hawaii Pacific University, USA
Members: Prof.dr. S. Walsh University of Twente, The Netherlands
Dr. R. Harms University of Twente, The Netherlands
Prof.dr. R. Mahto University of New Mexico, USA
Prof.dr. B.J.W. Pennink Rijksuniversiteit Groningen, The Netherlands
Prof. L. Pretorius University of Pretoria, South Africa

vii
Dedicated to Titik Nurhayati, Nabila, Ilhan, Salma, and Rizky.
To the memories of my parents: Sofyan Hamzah (1942-1988)
and Yayat Suchiati (1949-2006).

viii
ACKNOWLEDGEMENTS

Thanks God, Allah SWT the Almighty, eventually, I am able to finish the dissertation. Like many
others before me, I have realized a dissertation is not the product of an individual endeavor, rather it
is supported by many devoted colleagues. Doing a PhD dissertation for me is like riding a roller
coaster, it goes up and down. But, overall it is an amazing long and winding road for it reflects a
journey of many years of sacrifice, persistence, and excitement during which I have met
extraordinary people. I have a ‘bridge over troubled water’. To them all, I express my sincerest
appreciation and humbly acknowledge their contributions.
 I would like to convey my highest thankfulness to Prof.dr. A.J. Groen as my promoter for his
valuable insights and comments, suggestions and reviews to the document as well as encouraging
me to finish the dissertation and facilitating the resources and any activities during my stay at the
University of Twente and in Indonesia.
 My highest gratitude is to Prof.dr. Harm-Jan Steenhuis, who has encouraged me to refine, and
ultimately finish the dissertation with countless of critics and guidances with his erudite
supervision more than any others. Within the last five years, my daily lifes; notes, files, and even
dreams were filled with his meticulous and ardent supervision. Therefore, I hope that this
dissertation reflects his skillful supervision.
 I thank Prof.dr. E.J. de Bruijn as my previous mentor for his guidance, support, and inspiring
encouragement. Without his acceptance to my intention of pursuing this PhD Programme during
our meeting in Jakarta in 2003, this dissertation would not have been written.
 My beloved wife, Titik Nurhayati, who is very patient to support my PhD progress and always
besides me often without regard to her own convenience and with such great personal sacrifices.
Despite being faced by vast amount of obstacles in completing this dissertation, she still believes
in me. Therefore, I thank you for having shared your precious lifes with me and our four kids.
 My special thanks addressed to the late, previous dean and founder of School of Business and
Management ITB: Prof. Surna Tjahja Djajadiningrat. He encouraged me to finalize the PhD
program, and also provided references to the prominent interviewees. Each time I met him, the
only question that I faced was “when will you finish?” At the moment, I wish, I could tell him
that I finally pass this.
 To my PhD colleagues; Kodo Yokozawa, Muhammad Asif, David Kensah, Thijs Habets, Sandor
Löwik, Raymond Loohuis, and Michel Enrenhard, I thank you all for sharing academics
experiences, and also appreciate of our time to playing pingpong.
ix
 I also want to thank Mrs. Joyce Holsbeeke, Mrs. Hela Klaczynsi, and Ms. Monique Zuithof for
providing professional secretarial support and other assistances during my stay in The
Netherlands and Indonesia.
 To Indonesian Student Association in Enschede, thank you for sharing happiness with me. I never
forget our weekly badminton practice and our participation in Groens Cup, Indonesian students
sports gathering, in Groningen.
 I would like to thank to all colleagues at School of Business and Management ITB, especially to
Prof. Sudarso Kaderi Wiryono, Prof. Dermawan Wibisono, Prof. Utomo Sarjono Putro, Dr. Herry
Hudrasyah, MA, Dr. Aurik Gustomo, Dr. Gatot Yudoko, Prof. Jann Hidajat Tjakraatmadja, Prof.
Togar M. Simatupang, Dr. Subiakto Soekarno, Dr. Dwi Larso, Khrisna Ariyanto, and Dr. Mustika
Sufiati Purwanegara who encouraged me to finish this dissertation and always asked and
reminded: “Harimukti when will you finish the dissertation?”.
 My zeal of happinessis sourced from my daughters, and sons who always cheer the family up:
Nabila Shauma Lutfia (17 years), Muhammad Tariq Ilhan (12 years), Salma Naura Zalfa (10
years), and my little son Muhammad Rizky Hanan (4 years). Have spirit and guts to pursue your
dreams!

November 2016,

Harimukti Wandebori

x