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Journal of Indonesian Economy and Business
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Articles 11 Documents
Search results for , issue " Vol 22, No 4 (2007): October" : 11 Documents clear
AN EMPIRICAL STUDY OF THE RELATIONSHIPS BETWEEN STRATEGIC MANUFACTURING CAPABILITIES Iman, Nofie
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Dalam kacamata manajemen operasi, kapabilitas strategik mendukung danmembentuk strategi korporat, dan, pada gilirannya, akan membantu kesuksesanperusahaan dalam persaingan. Tujuan dari artikel berikut adalah untuk mengujihubungan antara kapabilitas pemanufakturan strategik pada perusahaan-perusahaanmanufaktur di Indonesia. Survei dilakukan menggunakan kuesioner berbasis internet danuji statistik, dalam hal ini Structural Equation Modeling (SEM), digunakan untukmemahami konsep ini.Analisis terhadap data yang diperoleh menunjukkan bahwa kapabilitas qualitymenjadi basis bagi kapabilitas delivery, yang juga menjadi basis bagi kapabilitasflexibility dan cost. Apakah kapabilitas tersebut dicapai secara eksklusif ataupun secarasimultan, terlihat adanya keterkaitan dengan implementasi sejumlah program peningkatantertentu. Pola umum dari akumulasi kapabilitas tersebut dapat digunakan untukmengestimasi perilaku potensial maupun cara kerja yang lebih inovatif.Keywords: manufacturing capabilities, strategic manufacturing, resource-based view
CONFLICT OF INTEREST ON OWNERSHIP VERSUS FREE CASH FLOW: DIVIDEND POLICY EFFECTIVENESS Mahadwartha, Putu Anom
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

Indonesia mempunyai masalah keagenan yang unik. Konflik antara prinsipal denganprinsipal lebih mempengaruhi nilai perusahaan dibandingkan konflik antara prinsipaldengan manajer (agen). Kebijakan dividen memegang peranan penting dalam mengatasimasalah keagenan. Dividen dapat menjadi mekanisme pengikat (bonding) untuk mengikatkepentingan manajemen dengan kepentingan pemegang saham. Selain itu aliran kasbebas, dan aset sebagai kolateral (collateral assets) juga memegang peranan pentinguntuk mengurangi masalah keagenan antara pemegang saham dengan pemegang utang(debtholders). Aset kolateral merupakan mekanisme covenant utang untuk mengurangikonflik antara pemegang saham dengan pemegang utang (debtholders).Penelitian ini menguji hipotesis substitusi dalam teori keagenan antara dividen danstruktur kepemilikan (manajerial dan outsiders). Penelitian ini berargumen walaupunkebijakan dividen, dan struktur kepemilikan (manajerial dan outsiders) merupakanmekanisme untuk mengurangi konflik keagenan namun semua mekanisme yang ada selalusaling meniadakan, karena manajemen sangat memperhatikan biaya keagenan dariadanya pengendalian konflik keagenan. Sedangkan kaitan antara struktur kepemilikan,aliran kas bebas, dan aset kolateral juga mempunyai efek yang berbeda terhadap dividen.Penelitian ini menguji lima hipotesis yaitu hipotesis mengenai efek substitusi, asetkolateral, dan hipotesis pengaruh aliran kas bebas dalam menpengaruhi dividendibandingkan dengan struktur kepemilikan. Sampel adalah perusahaan non-keuanganyang terdaftar di Bursa Efek Jakarta (sekarang Bursa Efek Indonesia) selama perioda1995 sampai dengan 2004. Penelitian ini menggunakan model Logit dengan Andrew danHosmer-Lemeshow Goodness-of-Fit Tests, dan Wald test untuk menguji hipotesis. Hasilpenelitian mendukung hipotesis substitusi, dan aset kolateral sebagai debt covenant.Hipotesis mengenai aliran kas bebas tidak terdukung. Hal ini mengindikasikan bahwamanajer tidak bersedia mengorbankan aliran kas bebas untuk pemegang saham, sehinggakebijakan dividen dalam mengendalikan konflik keagenan kurang efektif di Indonesia.Masalah keagenan melalui ekspropriasi aliran kas bebas oleh manajer tidak berdampakbesar pada nilai perusahaan dibandingkan dengan ekspropriasi aliran kas bebas olehpemegang saham mayoritas.Keywords: Ownership Structures, Free Cash Flow, Dividend Policy, Agency Theory
PENGARUH PERBEDAAN INDIVIDUAL DAN KARAKTERISTIK SISTEM INFORMASI PADA PENERIMAAN PENGGUNAAN TEKNOLOGI INFORMASI DALAM e-library Lina, Lina
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Using the Technology Acceptance Model (TAM) as a theoretical framework, this studyinvestigates the effect of a set of individual differences (computer self-efficacy andknowledge of search domain) and system characteristics (relevance, terminology, andscreen design) on intention to use digital libraries. The aim of this study is to test thecorrelation between perceived ease-of-use variable and perceived usefulness variable,beliefs (perceived ease-of-use and perceived usefulness) against behavior intention to use.This study also to test the relationship between individual differences (computer selfefficacy and knowledge of search domain) and system characteristics, which consist ofrelevance terminology and screen design against belief variables. The study replicatesTechnology Acceptence Model (TAM) by Hong et al (2002) and implements in e-libraryarea. Based on a sample 100 users of a university’s Gadjah Mada digital library, theresults strongly support the utilization of TAM in predicting users’ intention to adoptdigital libraries, and demonstrate the effects of critical external variables on behaviorintention through perceived ease of use and perceived usefulness. All of the individualdifferences and system characteristics have significant effects on perceived ease of usedigital libraries. In addition, relevance has strongest effect on perceived usefulness ofdigital libraries.Keywords: Individual differences, system characteristics, Technology Acceptance Model (TAM) perceived ease-of-use, perceived usefulness, e-library.
PERSISTENSI SKEWNESS RETURN POSITIF ANTAR PERIODA RETURN: SAHAM INDIVIDUAL DAN PORTOFOLIO (BURSA EFEK JAKARTA, 2001-2006) Sumiyana, Sumiyana
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This research investigates stock returns to be consistently positively skewed. Thefrequency of positive skewness is found to be relatively stable over varying time periods.Controversially, in regards to others empirical research, past positively-skewed returns donot predict future positively-skewed returns. This research used daily and weekly data inJSX (Jakarta Stock Exchange). Samples of the data are the firms ever listed in LQ 45indexes for the year of 2001-2006.The positively-skewed returns of individual stocks are relatively rare (small proportion).Furthermore, the positively-skewed returns are likely occured incidentally only.Sequentially, this research conducted to control using 100 portfolios that composed withfive stocks and 20 stocks in each portfolio. Having controlled, this research concludedequivalent results with individual stock before. This research also suggests that pastpositively-skewed returns do not predict future positively-skewed returns. Finally, theskewness of individual stocks and portfolios does not persist across different periods. Thisresearch inffered that investors in JSX face uncertainty.Keywords: skewness persistence, consistently, mean (first-moment), variance (secondmoment), skewness (third-moment), random portfolios, distribution of stock returns, multiperiod case.
STRATEGI PENYUSUNAN KOMODITAS UNGGULAN DAERAH Sugiyanto, Catur
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

This paper evalutes the determination of competitive products implemented by localgovernment. We use the five aspects of business feasibility and the Revealed ComparativeAdvantages (RCA) analysis. The five aspects include marketing, financial, technique andproduction, management and legal, and social and environmental aspects. The RCAmesures comparative advantages of a product in a region in compare to its competitorwithin the same province. The paper found the competitive product selection implementedby the local government are not always inline with the five aspects of business feasibilityand the RCA. The use of the 5 aspects can help the banking sector to finance thecompetitive products and the use of the RCA can increase the possibility of the sector tohelp solving the local economic problems.Keywords: Komoditi Unggulan, RCA, MFEP, Location Quotion, Jawa Tengah
RE-CODE YOUR CHANGE DNA: THE RHENALD KASALI’S VIEWS ON THE ORGANIZATIONAL CHANGE MANAGEMENT Ciptono, Wakhid Slamet
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (212.826 KB) | DOI: 10.22146/jieb.37187

Abstract

There is nothing permanent except change” (Greek Philosopher Heraclitus, 500 B.C.). In today’s truly global economy and global climate change, all organizations find themselves part of the era of dynamics change—change is the only constant in today’s technology-driven world. Change can be an opportunity as well as danger:” Rapid change means rapid obsolescence of one’s skills and competencies, unless champion efforts are made to update and maintain them through change management.” The purpose of change management (champions of change) is to help leaders learn how to change not only an organization’s strategy, structure, and operations; but also the perceptions, expectations, the thinking and behavior, and performance of people (elite and grass-root society)—and to change all these elements in ways that keep them focused and consistent (Nadler, 1998). Today’s organization leaders attest to its success through re-code their change DNA. Immensely valuable to managers at all levels, Rhenald Kasali, provides the practical advice and real-life examples that can help people become effective leaders of organizational change or reformation (solution-based leadership) through his book “Re- Code Your Change DNA. DNA, the useful acronym for Deoxyribo Nucleic Acid, is the “code” used within cells to form proteins. It is a living organism’s basic building block; such as, it controls biological destiny. Key to an organization’s operating destiny is its organizational DNA— the structural, management, and operating protocols that exist within the organizations (both public and business). For most utilities, their DNA developed over several decades in a predictable regulatory environment, with low turnover of key leaders and a continuing pattern of promotion from within. In recent years, market dynamics caused and influx of new management talent into the industry, bringing new thinking, behaviors, and values. Recoding an organization’s change DNA to adapt to a differently defined and structured market can increase institutional agility, accelerate readiness for external change (adaptability), and enable sustained the alignment of financial leadership (Spiegel et al., 2005). Kasali describes together the conceptual or theory and the contextual or reality and practice—whether the challenge is renewal of fundamental change or reformation, his book delivers real life depictions that will help those who invest the time to change successfully. Kasali’s descriptions of the practices re-code your change DNA is not without its minor flaws. He seems to have trouble in measuring the key performance indicators more generalizability and rigorous after recoding our change DNA (how to measure the thinking and behavior changes’ indicator), leaving the reader a bit confused. But there is more to praise than criticize in this excellent book. All in all, Re-Code Your Change DNA is a solid description of the organizational change management, its benefits, and how it can be effectively deployed. The author knows the subject matter and communicates it effectively and well. Readers will have to attune to the author’s views on the organizational change management while reading this book
AN EMPIRICAL STUDY OF THE RELATIONSHIPS BETWEEN STRATEGIC MANUFACTURING CAPABILITIES Iman, Nofie
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (193.2 KB) | DOI: 10.22146/jieb.6488

Abstract

Dalam kacamata manajemen operasi, kapabilitas strategik mendukung danmembentuk strategi korporat, dan, pada gilirannya, akan membantu kesuksesanperusahaan dalam persaingan. Tujuan dari artikel berikut adalah untuk mengujihubungan antara kapabilitas pemanufakturan strategik pada perusahaan-perusahaanmanufaktur di Indonesia. Survei dilakukan menggunakan kuesioner berbasis internet danuji statistik, dalam hal ini Structural Equation Modeling (SEM), digunakan untukmemahami konsep ini.Analisis terhadap data yang diperoleh menunjukkan bahwa kapabilitas qualitymenjadi basis bagi kapabilitas delivery, yang juga menjadi basis bagi kapabilitasflexibility dan cost. Apakah kapabilitas tersebut dicapai secara eksklusif ataupun secarasimultan, terlihat adanya keterkaitan dengan implementasi sejumlah program peningkatantertentu. Pola umum dari akumulasi kapabilitas tersebut dapat digunakan untukmengestimasi perilaku potensial maupun cara kerja yang lebih inovatif.Keywords: manufacturing capabilities, strategic manufacturing, resource-based view
CONFLICT OF INTEREST ON OWNERSHIP VERSUS FREE CASH FLOW: DIVIDEND POLICY EFFECTIVENESS Mahadwartha, Putu Anom
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (333.998 KB) | DOI: 10.22146/jieb.6489

Abstract

Indonesia mempunyai masalah keagenan yang unik. Konflik antara prinsipal denganprinsipal lebih mempengaruhi nilai perusahaan dibandingkan konflik antara prinsipaldengan manajer (agen). Kebijakan dividen memegang peranan penting dalam mengatasimasalah keagenan. Dividen dapat menjadi mekanisme pengikat (bonding) untuk mengikatkepentingan manajemen dengan kepentingan pemegang saham. Selain itu aliran kasbebas, dan aset sebagai kolateral (collateral assets) juga memegang peranan pentinguntuk mengurangi masalah keagenan antara pemegang saham dengan pemegang utang(debtholders). Aset kolateral merupakan mekanisme covenant utang untuk mengurangikonflik antara pemegang saham dengan pemegang utang (debtholders).Penelitian ini menguji hipotesis substitusi dalam teori keagenan antara dividen danstruktur kepemilikan (manajerial dan outsiders). Penelitian ini berargumen walaupunkebijakan dividen, dan struktur kepemilikan (manajerial dan outsiders) merupakanmekanisme untuk mengurangi konflik keagenan namun semua mekanisme yang ada selalusaling meniadakan, karena manajemen sangat memperhatikan biaya keagenan dariadanya pengendalian konflik keagenan. Sedangkan kaitan antara struktur kepemilikan,aliran kas bebas, dan aset kolateral juga mempunyai efek yang berbeda terhadap dividen.Penelitian ini menguji lima hipotesis yaitu hipotesis mengenai efek substitusi, asetkolateral, dan hipotesis pengaruh aliran kas bebas dalam menpengaruhi dividendibandingkan dengan struktur kepemilikan. Sampel adalah perusahaan non-keuanganyang terdaftar di Bursa Efek Jakarta (sekarang Bursa Efek Indonesia) selama perioda1995 sampai dengan 2004. Penelitian ini menggunakan model Logit dengan Andrew danHosmer-Lemeshow Goodness-of-Fit Tests, dan Wald test untuk menguji hipotesis. Hasilpenelitian mendukung hipotesis substitusi, dan aset kolateral sebagai debt covenant.Hipotesis mengenai aliran kas bebas tidak terdukung. Hal ini mengindikasikan bahwamanajer tidak bersedia mengorbankan aliran kas bebas untuk pemegang saham, sehinggakebijakan dividen dalam mengendalikan konflik keagenan kurang efektif di Indonesia.Masalah keagenan melalui ekspropriasi aliran kas bebas oleh manajer tidak berdampakbesar pada nilai perusahaan dibandingkan dengan ekspropriasi aliran kas bebas olehpemegang saham mayoritas.Keywords: Ownership Structures, Free Cash Flow, Dividend Policy, Agency Theory
PENGARUH PERBEDAAN INDIVIDUAL DAN KARAKTERISTIK SISTEM INFORMASI PADA PENERIMAAN PENGGUNAAN TEKNOLOGI INFORMASI DALAM e-library Lina, Lina
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (387 KB) | DOI: 10.22146/jieb.6490

Abstract

Using the Technology Acceptance Model (TAM) as a theoretical framework, this studyinvestigates the effect of a set of individual differences (computer self-efficacy andknowledge of search domain) and system characteristics (relevance, terminology, andscreen design) on intention to use digital libraries. The aim of this study is to test thecorrelation between perceived ease-of-use variable and perceived usefulness variable,beliefs (perceived ease-of-use and perceived usefulness) against behavior intention to use.This study also to test the relationship between individual differences (computer selfefficacy and knowledge of search domain) and system characteristics, which consist ofrelevance terminology and screen design against belief variables. The study replicatesTechnology Acceptence Model (TAM) by Hong et al (2002) and implements in e-libraryarea. Based on a sample 100 users of a university’s Gadjah Mada digital library, theresults strongly support the utilization of TAM in predicting users’ intention to adoptdigital libraries, and demonstrate the effects of critical external variables on behaviorintention through perceived ease of use and perceived usefulness. All of the individualdifferences and system characteristics have significant effects on perceived ease of usedigital libraries. In addition, relevance has strongest effect on perceived usefulness ofdigital libraries.Keywords: Individual differences, system characteristics, Technology Acceptance Model (TAM) perceived ease-of-use, perceived usefulness, e-library.
PERSISTENSI SKEWNESS RETURN POSITIF ANTAR PERIODA RETURN: SAHAM INDIVIDUAL DAN PORTOFOLIO (BURSA EFEK JAKARTA, 2001-2006) Sumiyana, Sumiyana
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (557.049 KB) | DOI: 10.22146/jieb.6491

Abstract

This research investigates stock returns to be consistently positively skewed. Thefrequency of positive skewness is found to be relatively stable over varying time periods.Controversially, in regards to others empirical research, past positively-skewed returns donot predict future positively-skewed returns. This research used daily and weekly data inJSX (Jakarta Stock Exchange). Samples of the data are the firms ever listed in LQ 45indexes for the year of 2001-2006.The positively-skewed returns of individual stocks are relatively rare (small proportion).Furthermore, the positively-skewed returns are likely occured incidentally only.Sequentially, this research conducted to control using 100 portfolios that composed withfive stocks and 20 stocks in each portfolio. Having controlled, this research concludedequivalent results with individual stock before. This research also suggests that pastpositively-skewed returns do not predict future positively-skewed returns. Finally, theskewness of individual stocks and portfolios does not persist across different periods. Thisresearch inffered that investors in JSX face uncertainty.Keywords: skewness persistence, consistently, mean (first-moment), variance (secondmoment), skewness (third-moment), random portfolios, distribution of stock returns, multiperiod case.

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