iv FOREWORD Alhamdulillah, my gratitude to Allah SWT, I am so glad that I finally can finish my thesis to complete my Bachelor Degree of Management in School of Business and Management. 1. Thanks to my parents who always support me for the last three years especially during my thesis period. I am very grateful to have a wonderful discussion partner, my dad and also an awesome mother who always take care of me even though we cannot spend much time for the last few months. 2. Thank you to my supervisor, Mr. Subiakto who helps and guide me to finish my thesis from the beginning until the end. I am very blessed to have such a nice, humble, and insightful lecture, supervisor, and also my main partner to discuss anything related to my thesis. I am very lucky to know you further, not only in Economic and Financial Planning Class, Sir. 3. For all lectures and tutors in SBM ITB, I would like to say thank you very much for educating me to not only be a future entrepreneur but also to be a better person who respects others and appreciate myself since the first day of my college life. 4. Thank you to Karina Yusanta for being such a great listener until now. It is a fun yet a dramatic friendship that we have until now. To M. Lathoiful Kamal, thank you for being an annoying yet a very fun personality and thank you for always cheering me up. 5. Thank you, Anyssa Satharina. I just can’t describe how grateful I am to have a wonderful human being like you and to Gita Namira, thanks for being a very nice roommate. 6. To Oktavianurohmi, Risa Pratiwi, Jose Manuel, Akbar Prathama, Arifah Rifda, Jinanthi Nurulita, Nadia Pangestika, I am very glad that I have friends like you all. You guys are unforgettable and to my ambitious classmates in Finance, Medina Amanda, Amadea Farraz, Stacia Andani, Sarah Hovia, and Dicky Sofian, thanks for motivating each other. 7. To Ka Marissa, Ka Aisyah, Ka Acon, Ka Rivan, my seniors in SBM ITB, thank you for sharing all your story and convince me that I can finish my study in SBM ITB. v 8. Thanks to all my mathematician friends from University of Indonesia, Febrisa Dhewi, Edwin Jingga, I Putu, Kevin, Afifah, and Anissa Kamalia who always support me for the past 4 years. I had such a one grateful year with all of you. 9. To all my 2017 classmates I have not mentioned, my beloved IBE team, Raku Co, Laraspiti, and Amortacus team, without all of you, I would not be like I am now. Thank you very much. Bandung, July 2017 Nisrina Afiah vi TABLE OF CONTENTS ABSTRACT……………………………………………………………………………………i ABSTRAKSI……………………………………………………………………………….....ii APPROVAL PAGE…………………………………………………………………………..iii FOREWORD………………………………………………………………………………....iv LIST OF CONTENTS………………………………………………………………………..vi LIST OF FIGURES…………………………………………………………………………viii LIST OF TABLES……………………………………………………………………………ix LIST OF APPENDIX…………………………………………………………………………x CHAPTER I ............................................................................................................................... 1 INTRODUCTION ..................................................................................................................... 1 1.1 Background ................................................................................................................ 1 1.2 Problem Identification ............................................................................................... 3 1.3 Research Question .....................................................................................................