On Tuesday September 11, Totok Sugiharto obtained his Doctor title Degree from Maastricht School of Management. He successfully defended his thesis on Equity Share Valuation in the Indonesian Emerging Capital Market.

Short Profile
Totok Sugiharto is a senior executive manager of one of the leading distribution companies of fast moving consumer good industries in Indonesia. During his fourteen years experience in his professional career he has occupied various senior positions in many industries from Consumer Products; Oil and Gas; Consulting; Audit and Information, Communication and Technology Industry. He has been involved in many projects of restructuring, merger and acquisition, financial modeling, projection and share valuation in state owned corporation.

His dissertation
His dissertation provides the results of a survey of investment practices and perceptions of investors (fund managers) currently active at the Jakarta Stock Exchange (JSX) in Indonesia. The study also offers some initial interpretation and analysis of their perceptions of the most important metrics used in valuation and their observation on social, political, economic, regulatory, technological, environmental and legal (SPERTEL) factors that influence the fundamental factors (EM metric) and value of equity shares (EV) of LQ45 companies quoted at JSX. The findings of the study help to shed light on the adequacy of the information, which JSX provides investors to improve the quality of their hold, sell or buy decisions on their LQ45 portfolio. Fund managers’ consequent positive perception of the economy induced them to invest in equity shares of LQ45 companies for their expected future values. These investors firmly believed in the SPERTEL factors’ significant positive influence on the future values of their investment. The model of inter-relationships among SPERTEL, EM metric and value of equity shares of LQ45 companies, as a basic analysis to support the needs of investors to predict the future value of their investment.

During his studies, Prof. E. Inanga and Prof. R. Sembel supervised Totok Sugiharto. The defense committee existed of Prof. K. Rwegasira; Prof. E.J. de Bruijn; Prof. W.B. Schneider; Prof. B.P.Th. Veltman, (Chairman BDDS) and Prof. R.S.J. Tuninga, (Chairman).