Tangerang Selatan, September 12, 2025 – The Graduate School of Universitas Terbuka (UT) proudly announced the successful completion of a Doctoral Dissertation Final Defense (TAPD), which has resulted in the graduation of a new doctor. Herman Darwis, S.E., M.M., a student from UT Ternate, was officially declared PASSED and is entitled to hold the title of Doctor of Management Science after undergoing a rigorous examination process.
The closed defense, which lasted for two hours from 9:00 a.m. to 11:00 a.m. WIB, proceeded smoothly and dynamically, attended by all members of the examination committee, who are experts in their fields. The event, held in Meeting Room 2 of the UT Graduate School Building in Pondok Cabe, South Tangerang, marks a significant achievement in the academic world and the expansion of access to quality higher education to various regions in Indonesia.
The TAPD, titled “Remuneration Committee and Cost of Equity Capital (An Empirical Study on Manufacturing Companies on the Indonesia Stock Exchange for the Period 2013-2023),” successfully defended its originality and scientific contribution before the examination board. This multi-year research provides a new perspective on corporate governance practices and their implications for the cost of equity capital in Indonesia.
The two-hour closed defense was chaired by Prof. Dr. Maman Rumanta, M.Si., who emphasized that a closed defense is a scientific forum to test the novelty, depth, and contribution of a student’s research before they are declared worthy of holding a doctoral degree. “Today’s defense went well and was productive. The quality of Herman Darwis’s research and presentation showed a high academic standard and a significant contribution to the development of management science,” stated the Director of the UT Graduate School, Prof. Dr. Maman Rumanta, M.Si.
The examination committee, consisting of renowned experts, gave high appreciation for this academic achievement. The complete list of the examining team members is: Prof. Dr. Maman Rumanta, M.Si. (Chairman of the Committee), Dr. Eka Pariyanti, S.E., M.M. (Secretary), Prof. Dr. Syamsu Alam, S.E., M.Si. (External Examiner), Dr. Shine Pintor Siolemba Patiro, S.T., M.M. (Internal Examiner), Prof. Tatang Ary Gumati, Drs., M.Buss.Acc, Ph.D. (Lead Promoter), Dr. Andi Harmoko Arifin, S.E., M.Si. (Co-Promoter I), and Dr. Maria Rio Rita, S.E., M.Si. (Co-Promoter II).
Prof. Tatang Ary Gumati, as the Lead Promoter, added, “The mentoring process that has been ongoing shows extraordinary dedication and consistency from Herman Darwis. His research not only meets academic value but also has strong practical relevance for the business world in Indonesia. The research process carried out by Mr. Herman Darwis was very comprehensive, analyzing ten years of data with a rigorous methodology. This is a good example for other doctoral students.”
This success is a tangible proof of Universitas Terbuka’s commitment to carrying out its mission of educating the nation without geographical boundaries. Herman Darwis, who is from Ternate, North Maluku, becomes an inspiration for many prospective doctoral students from various regions to continue to create and contribute through scientific research.
With the increasing number of graduates with a doctorate in Management Science, Universitas Terbuka is further strengthening its position as a higher education institution that consistently produces reliable thinkers in the field of management who are ready to contribute to national development.
The entire academic community of Universitas Terbuka congratulates Dr. Herman Darwis, S.E., M.M., on this brilliant achievement and hopes that the knowledge gained can be applied to advance the world of education and business in Indonesia, especially in his hometown of Ternate.
In line with UT’s commitment to the Sustainable Development Goals (SDGs), this research also supports SDG 4 (Quality Education) through strengthening academic capacity, SDG 8 (Decent Work and Economic Growth) through contributions to sound corporate governance, and SDG 16 (Peace, Justice, and Strong Institutions) by promoting transparent and accountable governance practices. This affirms UT’s position as an Impactful Campus that provides academic contributions relevant to the challenges of sustainable development in Indonesia.
