Former IBRA chief gets doctorate

JAKARTA: Former Indonesian Bank Restructuring Agency (IBRA) chief I Putu Gede Ary Suta achieved one of his goals in life when he received on Tuesday a doctorate in strategic management from the University of Indonesia's school of economics.

"Being a doctor has been a long-time dream, as I had virtually no chance of continue my studies due to my career. I thank all who have supported and encouraged me, especially those who told me that I could never be a doctor, no matter how many books I wrote and keynote speeches I give at seminars," Ary Suta said after being awarded the degree cum laude from dean Bambang P. Brodjonegoro and the school's postgraduate studies director, Rhenald Kasali.

In his dissertation, Ary Suta, 47, analyzed how corporate image -- built upon a company's social responsibility and good corporate governance programs -- has yet to become a major factor in improving the performance of company shares.

This is due to the emerging nature of Indonesia's stock market, which still has weak regulations, with most investors simply looking for short-term gains.

Ary Suta, who was also former chief of the Capital Market Supervisory Agency (Bapepam), is the first to earn a doctorate from the University of Indonesia.

Born in Denpasar, husband to Murti Haryati and father of four, Ary Suta previously earned a degree in economics from Surabaya's Airlangga University and an MBA from the University of Denver -- JP