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EFFECT OF CORPORATE FINANCIAL PERFORMANCE USING RATIO ANALYSIS AND FINANCIAL ANALYSIS BASED ON VALUE ADDED TOWARD STOCK RETURN IN SECTOR COMPANY OF CONSUMER GOOD ON THE IDX PERIOD 2004 – 2008 Rudianto, Dudi
Business and Management Review Vol 3, No 1 (2012): Desember
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This study was conducted to determine the condition of  company's financial performance using financial ratios and financial analysis based on value added and the impact on stock returns consumer goods sector company listed on the IDX period 2004-2008. From the research conducted, the result that the overall financial performance of the company measured by using two measures of financial performance that shows good condition with an increasing trend. The deteriorating financial condition in 2008 was as a result of the global financial crisis that also adversely affect the market perception of the company's stock performance in the sector. Simultaneously, a significant difference between the financial ratios of the company (X1) and financial analysis based value added (X2) as a measure of financial performance of the company's stock return (Y) in the consumer goods sub-sector company listed on the IDX period 2004-2008, with a coefficient of determination of 60%. But partially only variable X1 which financial ratios covering CR, DAR, NPM and PBV has a significant relationship to stock returns and have a greater influence than financial analysis based value added (which includes EVA and MVA). Keywords: Financial performance, financial ratios, financial analysis based on value added and stock returns REFERENCES Agus Sartono dan Kusdhianto Setiawan, (1999), Adakah Pengaruh EVA Terhadap Nilai Perusahaan dan Kemakmuran Pemegang Saham Pada Perusahaan Publik?. Jurnal Ekonomi dan Bisnis Indonesia, Vol.14, No.4, hal. 124-136. Amin Widjaya Tunggal, (2001), Memahami Konsep Economic Value Added dan Value-Based Management. Penerbit Harvindo, Jakarta. Barker, Richard G., (1999). Survey and Market-based Evidence of Industry dependence in Analysts Preferences Between the Dividend Yield and Price-ernings Ratio Valuation Models. Journal of Finance & Accounting 26, (3) & (4), 0306-686X: 393-416. Bacidore, Jeffery M., Boquist, John A., Milbourn, Todd., and Thakor, Anjan V, (1997), The search for the best finance performance measure. Financial Analyst Journal, May-June: 11-20. Brigham, Eugene F. and Houston, Joel F. (2004). 10 th ed. Foundamentals of Financial Management. Thomson. South-Western. Dermawan Wibisono, 2000. Riset Bisnis. Edisi Pertama. Penerbit BPFE. Yogyakarta. Dewanto, (1988). Pengaruh EVA Terhadap Harga Saham. Jurnal Ekonomi dan Bisnis Indonesia, Vol. 14, No. 4: 124-126. Francis, Jack C. (1988), Management of Investment, 2nd ed., International Editions Financial Series, Singapore: McGraw Hill. Ferson, Wayne E.: and Harvey, Campbel. R., (1996). Fundamental Determinants of National Equity Market Returns: A Perspective on Country Risk and Asset Pricing. Journal of Banking and Finance, Fourtcoming. Ghozali, Imam. (2001). Aplikasi Analisis Multivariance dengan Program SPSS. Badan Penerbit Undip, Semarang. Gitman, Lawrence J. (2003), Principles of Managerial Finance, 10th ed., International Editions Financial Series, Boston: Addison-Wesley. Gujarati, Damodar N. (2003). Basic Econometric. Mc Graw Hill. International Edition Financial Series. Singapore. Hair, Joseph F., Anderson, Rolph E., Tatham, Ronal L., and Black, William C., (1998). Multivariate Data Analysis. 15th ed. Prentice-Hall, International, Inc. Hartono, Jogiyanto dan Chendrawati, (1999). ROA dan EVA: A Comparative Empirical Study. Gajah Mada International Journal of Business, Vol. 1, No.1, May, 45-49. Husnan, Saud, Hanafi, Mamduh M. dan Wibowo, Amin (1996). Dampak Laporan Keuangan terhadap Kegiatan Perdagangan saham dan Variabilitas Tingkat Keuntungan. Kelola, No. 11, Vol. V: 111-146. Jones, Charles P. (1996). Investments. Fifth Edition. John Wiley & Sons Inc. New York. Lee CM, (1996). Measuring Health, CA Magazine, April. Machfoed Mas’ud, (1994), Financial Ratio Analysis and The Prediction of Earning Changes in Indonesia, Kelola, No. 7/III/1994: 114-134. Rina Trisnawati, (1999). Pengaruh Informasi Prospektus pada Return Saham di Pasar Modal. Simposium Nasional Akuntansi II dan Rapat Anggota II. Ikatan Akuntansi Indonesia, Kompartement Akuntansi Pendidikan, 24-25 September: 1-3. Robbert Ang, (1997). Buku Pintar: Pasar Modal Indonesia. Mediasoft, Indonesia. Rousana M, (1997). Manfaat EVA Untuk Menilai Perusahaan di Pasar Modal di Indonesia. Usahawan, No. 4, Th. XXVI, April, 1997. Singgih Santosa, (1999). SPSS (Statistical Product and Service Solution). Penerbit PT. Alex Media Komputindo-Kelompok Gramedia, Jakarta. Syahib Natarsyah, (2000), “Analisis Pengaruh Beberapa Faktor Fundamental dan Risiko Sistematik terhadap Harga Saham (Kasus Industri Barang Konsumsi yang Go Publik di Pasar Modal Indonesia)”, Jurnal Ekonomi dan Bisnis Indonesia, Vol. 15, No. 3: 294-312. Stoner, James A.F., R. Edward Freeman, and Daniel R.Gilbert (1995), Management, 6th ed., New Jersey: Englewood Cliffs. Teguh Prasetyo (2000), Analisis Rasio Keuangan dan Nilai Kapitalisasi Pasar sebagai Prediksi Harga Saham di BEJ pada Periode Bullish dan Bearish, Simposium Nasional Akuntansi III, Ikatan Akuntasi Indonesia, Kompartemen Akuntan Pendidik, Agustus: 652-695. Triyono dan Jogiyanto HM, (2000), Hubungan Kandungan Informasi Arus Kas, Komponen Arus Kas, dan Laba Akuntansi dengan Harga atau Return Saham, Jurnal Riset Akuntansi Indonesia, Vol. 3, No. 1, Januari: 54-68.
The Service Delivery and Customer Relation Management In Increasing the Customer Value Pandjaitan, Dorothy R. H.
Business and Management Review Vol 3, No 1 (2012): Desember
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Banking services can not be separated from customer in which banking service delivery is used as a common yardstick to evaluate the service delivery and how well the customer relation is managed by the bank. Bank is required to deliver its service in order to maintain its customer loyalty and to increase customer value. The objective of this research is to analyze the influence of service delivery and customer relation management toward customer value. The subjects of this research are customers of “Siger Mas” and the “Simpeda” savings of Bank of Lampung. Three sub variables consisting of the level supporting physical availability, the supporting conveniences facilities, and personal contacts were employed to measure the service performance. Three sub variables consisting of the process of creating the customer value, responsibility, and process product in another hand are used to measure customer relation management. Customer value was measured by the benefit indicators and sacrifice burden of the customers. It was succeeded to collect data from a total of 431 respondents consisting of all customers of the “Sigermas” and the “Simpeda” Savings from five branches and headquarter of Bank Lampung. Result shows that service delivery and customer relation management influence customer value. However, service delivery has stronger influence than the customer relation management. Keywords: service delivery, customer relation management, customer value, customer loyalty. DAFTAR PUSTAKA Brandy, Michael K., 1999, “An Explanatory Study of Service Value in The USA and Equador”. International Journal of Service Industry Management. Vol.10. Christopher, Martin; Payne, Adrian, Ballantyne, David, 2010, Relationship Marketing: Bringing Quality, Customer Service and Marketing Together, Jordan Hill, Butterwoorth Heinemann. Curry, Jay, Adam, 2000, The Customer Marketing Method: How to Implement and Profit from Customer Relationship Management, Free Press, New York.Garbarino, Ellen, Marks Johnson, 1999, “The Different Rules of Satisfaction, Trust and Commitement in Relationship”, Journal of Marketing, Vol.63. Gronroos, C., 2001, Service Management and Marketing, First Edition, Maxwell MacMillan Publishing, Singapore. Hair, F., Joseph Jr; Robert Bush, P., David Ortinau J., 2000,  Marketing Research, Within a Changing Information Environment, MacGraw Hill. Hughes, Althur Middleton, 2003, The Customer Loyalty Solution, What Works (and what doesn’t) in Customer Loyalty Programs, MacGraw Hill. Kotler, Phillip and Amstrong, 2003, Marketing Management, The Millenium Edition, Prentice Hall. Kotler dan Keller, 2009, Marketing Management: Analysis, Planning, Implementation and Control, New Edition, Prentice Hall International Inc, New Jersey. Palmer, Adrian, 2001, Principles of Service Marketing, MacGraw Hill International, USA. Pandjaitan, Dorothy Rouly, 2005, Pengaruh Ekuitas Merek terhadap loyalitas pelanggan pada nasabah bukan PNS di Bank Lampung, Tesis, Fakultas Ekonomi Padjajaran. Riza A.N., Rukmana, 2005, “Pengaruh Tuntutan Pelanggan dan Kinerja Bauran Pemasaran Jasa terhadap Nilai Pelanggan serta Dampaknya pada Pengguna Jasa Telekomunikasi”, Jurnal Informasi dan Pemasaran, Vol VII No.21. Edisi April 2005. Rust, Roland. Antony Zahorik, 2000, Customer Satisfaction, Customer Retention and Market Share, Journal of Service Marketing, Vol. 13. No.2 Sirdeshmukh, Deepak, Jagdip Singh, and Barry Sabol, 2002, “Customer Trust, Value, and Loyalty in Relationship Exchange”, Journal of Marketing, Vol.66. Sugiono Aritonang, 2008, Pengaruh kinerja ekuitas merek dan Customer Relationship Management terhadap keunggulan bersaing dan dampaknya terhadap loyalitas pelanggan (survey pelanggan mobil di Jabodetabek), Fakultas Ekonomi Program Doktor Pascasarjana Universitas Padjajaran, Bandung. Zeithaml, A., Valerie A., Parasuraman A., Berry L., Leonard, 2010, Delevering Quality Service: Balancing Customer Perceptions and Expectations, The Free Press, New Jersey. Zeithaml, A., Valerie A., Mary Jo Bitner, 2010, Service Marketing, Integrating Customer Focus Across the Firm, MacGraw Hill.
Economic Trends and Macroeconomic Management In Indonesia: 1960s-1980s Argamaya, Argamaya
Business and Management Review Vol 3, No 1 (2012): Desember
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Tulisan ini membahas mengenai mekanisme penggerak ekonomi makro di Indonesia selama dua periode yakni periode 1960-1965 yang merupakan tahun-tahun yang berbahaya bagi Indonesia dan periode 1966-1989 yang merupakan tahun-tahun keberuntungan bagi perekonomian Indonesia. Indikator utama ekonomi makro menunjukkan kinerja yang mengesankan selama tahun-tahunter sebut. Penyesuaian dalam ekonomi makro memainkan peranan penting dalam menangani situasi yang kacau yang terjadi pada awal periode 1966-1989 serta goncangan baik internal maupun eksternal. Sistem dan pengawasan keuangan yang buruk serta masalah informasi asimetris, seperti kebijakan industri yang bias, kapitalisme, dan memuncaknya pinjaman cepat yang beresiko. Masalah pasar keuangan dan respon yang kurang tanggap membuat Indonesia rentan terhadap goncangan yang akan berdampak negatif pada sentimen pasar terhadap Negara. Kata Kunci: manajemen makroekonomi, pendapatan nasional, inflasi, money supply, kebijakan fiscal, kebijakan moneter, nilai tukar mata uang. This paper discusses the mechanisms of macro-economic drivers in Indonesia during the two periods; the period 1960-1965 which is a dangerous years for Indonesia and the period 1966-1989 which isa miracle years for the Indonesian economy. The main macroeconomic indicators showed an impressive performance over the years. Adjustments in macroeconomic plays an important role in dealing with the chaotic situation that occurred at the beginning of the period 1966-1989 as well as both internal and external shocks. Poor financial system and poor supervision and asymmetric information problems, such as industrial policy bias, capitalism, and rising up risky loans. Financial market issues and less-responsive responses madeIndonesia vulnerable to shocks that would bring a negative impact on market sentiment against the State. Keyword: macroeconomic management, capital income, inflation, money supply, fiscal policy, monetary policy, exchange rate.REFERENCES Ahmed, Sadiq, and Ajay Chhibber 1989. How Can Indonesia Maintain Creditworthiness and Noninflationary Growth?, World Bank Working Paper 291, World Bank, Washington, D.C. Ahmed, Sadiq, 1989. Indonesia: external shocks, policy response and adjustment performance, World Bank Report IDP 3a, World Bank, Washington, D.C. Ahmed, Sadiq, and Basant K. Kapur, 1990. How Indonesia's Monetary Policy Affects Key Variables', World Bank Working Paper 349, World Bank, Washington, D.C. Ahmed, Sadiq, 1993. Appropriate Macroeconomic Management in Indonesia's Open Economy, World Bank Discussion Paper 91, World Bank, Washington, D.C. Asian Development Bank, 2001. Corporate Governance and Finance in East Asia, ADB Publications, Manila.  Azis, Iwan J., 1999. `Exchange rate, capital flows and reform sequencing in Indonesia: policy trend and CGE model application', in J. de Brun and R. Luders (eds.), Macroeconomic Policy and the Exchange Rate, International Centre for Growth, San Francisco, CA. Azis, Iwan J., and ArieKuncoro, 2000. From standard approach to an economy-wide model of total factor productivity, Conference of the Impact of Hi-Tech on the Economy, Kuala Lumpur, Malaysia, September 11. Barichello, Richard R., and Frank R. Flatters, 1991. ‘Trade policy reform in Indonesia’, in Dwight H. Perkins and Michael Roemer (eds), Reforming Economic Systems in Developing Countries, Harvard University Press, MA.Bernanke, Ben S. and Alan S. Blinder, 1988. `Is it money or credit, or both, or neither? credit, money, and aggregate demand', American Economic Review, 78(2):435-439. Bernanke, Ben S. and Mark Gertler, 1989. `Agency costs, net worth, and business fluctuations', American Economic Review, 79(1):14-31. Bernanke, Ben S. and Mark Gertler, 1990. `Financial fragility and economic performance', Quarterly Journal of Economics, 105(1):87-114. Bernanke, Ben S. and Mark Gertler, 1995. `Inside the black box: the credit channel of monetary policy transmission', Journal of Economic Perspectives, 4(9):27-48. Booth, A., 1989. `Indonesia's agricultural development in comparative perspective', World Development, 17(8):1235-1254. Calvo, Guillermo A., Leonardo Leiderman, and Carmen M. Reinhart, 1994a.`The capital inflows problem: concepts and issues', Contemporary Economic Policy, 12:54-66. Calvo, Guillermo A., Leonardo Leiderman, and Carmen M. Reinhart, 1994b. `Capital inflows to Latin America: the 1970s and 1908s', in Edmar L. Bacha (ed.), Economics in a Changing World: development, trade, and the environment', Mcmillan, London. Calvo, Guillermo A., Leonardo Leiderman, and Carmen M. Reinhart, 1996. `Inflows to developing countries in the 1990s', Journal of Economic Perpectives, 10(2):123-39. Calvo, Guillermo A., 2001. `Economic policy in stormy waters: financial vulnerability in emerging economies', Journal of Applied Economics, 1:1-15. Campos J. Edgardo and Hilton L. Root, 1996. The Key to the Asian Miracle: making shared growth credible, Brookings Institute, Washington,D.C. Cardoso, Eliana A., and RudigerDornbusch, 1995. `Foreign private capital flows', in J. Behrman and T. Srinivasan (ed.), Handbook of Development Economics , North Holland. Chuhan, Punam, StijnClaessens, and NlanduMamingi, 1998. `Equity and bond flows to Latin America and Asia: the role of global and country factors', Journal of Development Economics, 55(2):441-465. Claessens, Stijn, Simeon Djankov and Larry H.P. Lang, 1998. East Asian Corporates: growth, financing and risks over the last decade, World Bank, Washington, DC. Claessens, Stijn, Simeon Djankov and Larry H.P. Lang, 1999. Who Controls East Asian Corporations?, Policy Research Working Paper 2054, World Bank, Washington, D.C. Claessens, Stijn, Simeon Djankov and Larry H.P. Lang, 2000. `The separation of ownership and control in East Asia corporations', Journal of Financial Economics, 58(1-2):81-112. Corbo, Vittorio and Leonardo Hernandez, 1996. `Macroeconomic adjustment to capital inflows: lessons from recent Latin American and East Asian experience', World Bank Research Observer, 11(1):61-85. Corden, Max W., 1984. `Booming sector and Dutch disease economies', Oxford Economic Papers, 36:350-380. Corden, W. Max, 1996. Pragmatic Orthodoxy: macroeconomic policies in seven East Asia economies, Occasional Paper 61, International Center for Economic Growth, San Francisco, CA. Corsetti, Giancarlo, Paolo Pesenti, and NourielRoubini, 1999. `What caused the Asian currency and Financial crisis?', Japan and the World Economy, 11:305-373. Dekle, Robert, and MahmoodPradhan, 1999.`Financial liberalization and money demand in the ASEAN countries', International Journal of Finance and Economics, 4:205-215. Douglas W. Diamond, Philip H. Dybvig, 1983. `Bank runs, deposit insurance, and liquidity', Journal of Political Economy, 91(3):401-419. Fane, George, 1999. `Indonesian economy policies and performance, 1960-98', World Economy, 22(5): 651-668. Fane, George, and Timothy Condon, 1996. `Trade reform in Indonesia, 1987-1995', Bulletin of Indonesia Economic Studies, 32(3):33-54. Fernandez-Arias, Eduardo, 1994. The New Wave of Private Capital Inflows, Policy Research Working Paper 1312, World Bank, Washington, D.C. Fernandez-Arias, Eduardo and Peter J. Montiel, 1995. The Surge in Capital Inflows to Developing Countries, Policy Research Working Paper 1473, World Bank, Washington, D.C. Ghosh, Swati, and Mari Pangestu, 1999. Indonesia: Macro-financial Linkages and Build of Vulnerabilities, ADB-World Bank Study. Gourinchas, Pierre-Olivier, Rodrigo Valdes and Oscar Landerretche, 2001. Lending booms: Latin America and the world, Economia, 1(2): 47-99. Hanna, Donald D., 1994. Indonesian Experience with Financial Sector Reform, World Bank Discussion Paper 237. Haque, NadeenUl, Donald Mathieson, and Sunil Sharma, 1996. Capital inflows to developing and transition countries: identifying causes and formulating appropriate policy responses, in IMF, 1996. World Economic Outlook, IMF Publication, Washington, D.C. Heller, Peter S., 1997, Fiscal Policy Management in an Open Capital Regime, IMF Working Paper 20, Washington, D.C. Hernandez, Leonardo and Oscar Landerretche, 1999. `Capital flows, credit booms and macroeconomic vulnerability: international experience', Money Affairs, 12(1): 1-36. Hill, Hal, 1994. `ASEAN economic development: an analytical survey – the state of the field', Journal of Asian Studies, 53(3): 832-866. Hill, Hal, 1995. The Indonesian Economy Since 1966: Southeast Asia's Emerging Giant, Cambridge University Press, UK. Hill, Hal, 1996. Indonesia's industrial policy and performance: "orthodoxy" vindicated, Economic Development and Cultural Change, 45(1):147-174 Hill, Hal, 2000. `Indonesia: the strange and sudden death of a tiger economy', Oxford Development Studies, 28(2): 117-139. Hill, Hal (ed.), 2002. The Economic Development of South East Asia, Volume I-IV, Edward Elgar, UK. International Monetary Funds, International Financial Statistics, various issues. Kaminsky, G. L. and Reinhart, C.M., 1999.`The twin crises: the causes of banking and balance-of-payments problems', American Economic Review, 89(3): 473-500. Kenward, Lloyd R., 1999. `Assessing vulnerability to financial crisis: evidence from Indonesia', Bulletin of Indonesia Economic Studies, 35(3):71-95. Khan, Mohsin S., and Carmen M. Reinhart (eds.), 1995, Capital inflows in the APEC region, IMF Occasional Paper 122, Washington D.C. Kim, Yoonbai, 2000. ``Causes of capital flows in developing countries', Journal of International Money and Finance, 19(2): 235-253. Koenig, Linda M, 1996. Capital inflows and policy responses in the ASEAN region, IMF Working Paper 25, Washington D.C. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny, 1998, `Law and finance', Journal of Political Economy, 106(6): 1113-1155. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny, 2000. `Investor protection and corporate governance', Journal of Financial Economics, 58(1-2): 3-27. Little, Ian M. D., Richard N. Cooper, W. Max Corden, and SarathRajapatirana, 1996. Boom, Crisis, and Adjustment: the macroeconomic experience of developing countries, Oxford University Press, Washington, DC. Manning, Chris, 1999. Poverty Decline and Labour Market Change in Indonesia Lessons From the Suharto Era, Development Studies Papers, RSPAS, Canberra. Mathieson, Donald and L. Rojas-Suarez, 1993, Liberalization of the Capital Account: experiences and issues , IMF Occasional Paper 103, Washington, D.C. McCawley, Peter, 1978. `Some consequences of the Pertamina crisis in Indonesia', Journal of South East Asian Studies, 9(1):1-27. McLeod, Ross H., 1997. `Explaining chronic inflation in Indonesia', Journal of Development Studies, 33(3):392-410. McLeod, Ross H., 1999. `Control and competition: banking deregulation and re-regulation in Indonesia', Journal of the Asia Pacific Economy, 4(2):258-297. McKinnon, Ronald I. and Huw Pill, 1999. `Exchange-rate regimes for emerging markets: moral hazard and international overborrowing', Oxford Review of Economic Policy, 15(3): 19-38 Mello, Luiz R. De and Kiichiro Fukasaku, 2000.`Trade and foreign direct investment in Latin America and Southeast Asia: temporal causality analysis', Journal of International Development, 12:903-924. Mishkin, Frederic S., 1991. Anatomy of Financial Crisis, NBER Working Paper No. 3934. Montgomery, John, 1997. The Indonesian Financial System: its contribution to economic performance, and key policy issues, IMF Working Paper 45. Montiel, Peter J., 1994. `Capital Mobility in Developing Countries: Some Measurement Issues and Empirical Estimates', The World Bank Economic Review, 8(3):311-350. Nasution, Anwar, 2000. `The meltdown of the Indonesian economy: causes, responses and lessons', ASEAN Economic Bulletin, 17(2):148-162. Paauw, D., 1977. Exchange Rate Policy and Non-extractive Exports, Core Group on Employment Strategy Discussion Paper 18. Prema-chandra, Athukorala and Peter G. Warr, 2002. `Vulnerability to a currency crisis: lessons from the Asian experience', World Economy, 25(1): 33-57. Obstfeld, Maurice, 1994. `International capital mobility in the 1990s', in P. Kenen (ed.), Understanding Interdependence: the macroeconomics of open economy, Princeton University Press. 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Sato, Yuri, 1993. `The Salim group in Indonesia: the development and behavior of the largest conglomerate in South East Asia', Developing Economies, 31(4):408-441. Siregar, Reza Y., 1999. `Real exchange rate targeting and inflation in Indonesia: theory and empirical evidence', Applied Financial Economics, 9:329-336.Smith, Bruce D., 2001\textbf{. `Banks, short-term debt and financial crises: theory, policy implications, and applications A comment', Carnegie-Rochester Conference Series on Public Policy, 54(1):73-83. Usui, Norio, 1997. `Dutch disease and policy adjustments to the oil boom: a comparative study in Indonesia and Mexico', Resource Policy, 23(4):151-162. Van Wijnbergen, Sweder, 1984. `The `Dutch disease': a disease after all?', Economic Journal, 94(373): 41-55. Warr, Peter G., 1986. `Indonesia's other Dutch disease: economic effects of the petroleum boom', J.P. Neary and S. van Wijnbergen (eds), Natural Resources and the Macroeconomy, Basil Blackwell, Oxford. 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Category Membership: Suatu Pendekatan Analisis Positioning pada Food Convenience Retail di Jakarta Fortunisa, Ananda; Trihartanto, Bambang
Business and Management Review Vol 3, No 1 (2012): Desember
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Category membership is a brand of excellence and functionality of a closest substitute product. In this case,marketers sort product attributes or benefits into two points, point of parity and point of difference, in order to formthe frame of reference of the product. Frame of reference can help marketers to find out who its competitors are andwhere to position himself in the membership category. This study aims to examine the factors forming the 7-Eleven 'spositioning and to determine 7-Eleven 's category membership in the retail business in Indonesia. Both of these isvery important to investigate, because 7-Eleven is not nor in convenience store neither in food store anyway. Thisstudy uses descriptive method verification, which is implemented through field data collection by distributingquestionnaires to 150 respondents in three outlets, Matraman, Plaza Festival, and Farnan Menteng. Respondentswere selected at 1;andom, and who had been shopping at 7-Eleven. Based on the perspective of the respondents, theresults showed that 7-Eleven is not clearly in the group membership categories, whether in the category ofcommodities business retailer or restaurant services retailer. This is because although 7 -Eleven has a patented foodproduct but 7-Eleven also sells merchandise day-to-day needs. The results suggest that 7-Eleven has to morefocusing in what types of retailer category, so it was able to under,stand who its competitors and how to deal with it.Keyword: category membership, positioning, food-convenience retail DAFTAR PUSTAKA Aaker, D.A., & Shansby, G.J. 1982. Positioning Your Product. Business Horizons, Vol. 25 May/June, pp.56-62. Ander, W.N. and Stern, N.Z. 2005. Winning at Retail. Beijing : Publishing House of Electronics Industry. Anderson, J.R. and Bower, G.H. 1973.  Human Associative Memory. Washington DC : Winston & Sons. Collier, David A., and Meyer, Susan M. 1995. A Service Positioning Matrix. International Journal of Operations & Production Management. Vol. 18 No. 12. pp. 1223-1244. Crawford, F. and Matthew, R. 2002. The Myth of Excellence. Beijing: China Citic Press. Deese, J. 1965.  The Structure of Associatiations in Languange and Thought. Baltimore. MD : John Hopkins Press. Dillon, W.R., Domzal, V. and Madden, T.J. 1986. Evaluating Alternative Product positioning strategies. Journal of Advertising Research. August/September, pp. 29-35. Fei, Li., Bu, Mi., Gao, Wang., and Xiang, Li. 2010. An Empirical Study on the Positioning Point of Successful Retail Enterprises in China. Nankai Business Review International Vol. 1 No. 2, pp. 152-165. Freud, S. 1924.  Collected Papers. London: Hogarth. Fuchs, Christoph., &  Diamantopoulos, Adamantios. 2010 Evaluating the Effectiveness of Brand-Positioning Strategies from Consumer Perspective. European Journal of Marketing Vol. 44 No. 11/12, 2010 pp. 1763-1786 . Galton, F. 1880. Psychometric Experiments. Brain. Vol. 2. Pp. 149 – 62. Javalgi, Rajshekhar (Raj) G., Joseph, W. Benoy.,  and Gombeski, William R. Jr. 1995. Positioning Your Service to Target Key Buying Influences: The Case of Referring Physicians and Hospitals. Journal of Services Marketing Vol. 9 No. 5 1995 pp. 42-52. Kalafatis, P. Stavros., Tsogas, Margos H., & Blankson, Charles. 2000. Positioning Strategies in Business Markets. MCB University Press : Journal of Business & Industrial Marketing, Vol 15 No. 62000, pp. 416-437. Kalra, A., & Goodstein, R.C. 1998. The Impact of Advertising Positioning Strategies on Consumer Price Sensitivity. Journal of Marketing Research. Vol. 35 No.May, pp.210-24. Keller, K.L. & Lehmann, D.R. 2006. Brands and Branding: Research Findings and Future Priorities. Marketing Science, Vol. 25 No. 6, pp. 740-59. Keyt, John C., Yavas, Ugur and Riecken, Glen. 1995. Importance-Performance Analysis A Case Study in Restaurant Positioning. International Journal of Retail & Distribution Management, Vol. 22. No. 5. pp. 35-40 Kotler, Philip & Amstrong, Gary. 2008. Prinsip-prinsip Pemasaran. Edisi 12. Jakarta : Erlangga. Kotler, Philip. 2000. Marketing Management. New Jersey : Prentice Hall. Kotler, Philip. 2003. Marketing Management. New Jersey : 11th ed. Pearson Prentice-Hall. Upper Saddle River. Levy, Michael & Weitz, Barton A. 2007. Retailing Management. New York : McGraw-Hill Irwin. Lusch, Robert., Dunne, Patrick M., & Carver, James R. 2011. Introduction to Retailing. South-Western : Cengage Learning. Marsden, P. 2000. The Werther Effect. Doctoral Thesis. Brighton: University of Sussex. Nasir, Moh. 1999. Metode Penelitian. Cetakan Keempat. Jakarta: Ghalia Indonesia. h 63. Pham, M.T., & Muthukrishnan, A.V. 2002. Search and Alignment in Judgment Revisions: Implications for Brand Positioning. Journal of Marketing Research, Vol. 39 No.1, pp.18-30. Philip., Keller, Kevin Lane., Koshy, Abraham., Jha, Mithileshwar. 2010. 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Pengaruh Struktur Modal dan Risiko Operasional terhadap Profitabilitas pada Industri Perbankan di Indonesia Margaretha, Farah; Nurul, Istania
Business and Management Review Vol 3, No 1 (2012): Desember
Publisher : Universitas Bakrie

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Abstract

The study’s purpose is to acknowledge the influence of capital structure and operational risk on profitability of banking industry in Indonesia. The samples are banking industries in Indonesian Stock Exchange for the period of 2004 up to 2009. Independent variables in this study included capital structure that measured by liability ratio and equity ratio, and operational risk that measured by portfolio concentration, whereas dependent variable is profitability that measured by profit margin. Beside that, control variabel is macroeconomics that measured by inflation rate. With using purposive sampling, the total of sample in this study is 22 companies of banking industries. Data analysis model are simple linear regression and t-test. Based on t-test, the result of capital structure that measured by both liability ratio and equity ratio has a significant impact to profitability, capital structure that measured by both liability ratio and equity ratio doesn’t has a significant impact to operational risk, and operational risk doesn’t has a significant impact to profitability. Meanwhile inflation rate doesn’t affect liability ratio, equity ratio, portfolio concentration, and profit margin, This result indicates that the company’s management has to consider capital structure, whereas can be influence the profitability. Keywords: capital structure, operatinal risk, profitability DAFTAR PUSTAKA Afza, T. & Nazir, M.S. (2009) Impact of Aggressive Working Capital Management Policy on Firms’ Profitability, Journal of Applied Finance, 15(8). Changchien, I.J. (2000). An exploration and empirical evidence for the influential factors of property-liability insurance industry’s capital structure, Insurance monograph, 62: 145-63. Chen, J.S., Chen, M.C. & Chen, T.H. (2009). Influence of Capital Structure and Operational Risk on Profitability of Life Insurance Industry in Taiwan, Journal of Modelling in Management, 4(1): 7-18. Chen, Y.C. & Tsai, C.H. (2000). Capital structure and risk in life company, Insurance Monograph, 18(1): 75-92.R Cummins, J.D. & Harrington, S.E. (1988). The Relationship between Risk and Return: Evidence for Property-Liability insurance stocks, Journal of Risk and Insurance, 55(1): 15-32. Cummins, J.D. & Sommer, D.W. (1996). Capital and Risk in Property-Liability insurance markets, Journal of Banking & Finance, 20: 1069-92. Gitman, Lawrence J. (2009). Principle of Management Finance, (11thEd.). Boston: Pearson Education, Inc. Jensen, M.C. & Meckling, W. (1976). Theory of the firm: managerial behavior, agency cost, and capital structure, Journal of Financial Economics, 3: 305-60. Lin, W.C. & Huang, H.M. (2002). Fair Surplus Value of the Property-Liability Insurer Under Catastrophe risk, Journal of Risk Management, 4(1): 1-18. Margaretha, Farah. (2005). Manajemen Keuangan Investasi dan Sumber Dana Jangka Panjang. Jakarta : Grasindo. Modigliani, F. & Miller, M.H. (1958). The Cost of Capital, Corporation Finance, and  The Theory of Investment, American Economic Review, 48: 261-97. Myers, S.C. & Majluf, N.S. (1984). Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have, Journal of Financial Economics, 13: 187-221. Staking, K.B. & Babbel, D.F. (1995). The Relation between Capital Structure, Interest rate Sensitivity, and Market value in the Property-liability Insurance Industry, Journal of Risk and Insurance, 62(4): 690-718.
Manajemen Transportasi Berkelanjutan Dalam Pengembangan Industri Pariwisata di Yogyakarta Haryanto, Joko Tri
Business and Management Review Vol 3, No 1 (2012): Desember
Publisher : Universitas Bakrie

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Abstract

As a tourist destination, it is very important for managing transport in Yogyakarta which giving attention to the quality of air. Management of the transportation becomes mandatory when Yogyakarta declared as an area excursions and cultural tourism. Sources of air pollutants in addition caused the growth of motor vehicles also caused by population growth. As a result, in addition to increased levels of pollution in the air, the beauty of the system is one of the city as a tourist attraction would be threatened. By using the system dynamics approach, the links between transport management and increased attention to air quality in Yogyakarta tourism activities can be explained by using a number of different scenarios with solutions whether Business As Usua (BAU)l, or other alternative solutions. By using the BAU scenario, PAD (Local Revenue) will increase to Rp2.764.957.000.000 in 2025 or raising around 26.3 percent. The increased PAD will be used to allocate the budget increased by 29.0 percent. While the other scenario, decreasing pollution 7.4 percent, with the increase in revenues a 27.4 percent over the past 25 percent, the budget increase of 30.2 percent. Keywords: System dinamics, Cultural tourism, Sustainable transportation  DAFTAR PUSTAKA Bappenas dan ADB, 2006. Peningkatan Kualitas Udara Perkotaan, Strategi dan Rencana Aksi Lokal, Aglomerasi Perkotaan Yogyakarta. Jakarta: 170 hlm; Bappeda Provinsi Yogyakarta, 2004. Profil Kesehatan Provinsi Yogyakarta. Yogyakarta: 189 hlm; Hasanudin, 2006. Konflik Kepariwisataan di Padang Pariaman. Artikel Ilmiah Penelitian Dosen Muda Fakultas Sastra Jurusan Sastra Daerah. Padang: Universitas Andalas; Irawati, Eka Putra, 2009. Kajian Perencanaan Penataan Kawasan Wisata Terpadu Pantai Padang (Studi Kasus Penataan Kawasan Pantai Padang-Padang Bay City. Laporan Penelitian DIPA Universitas Andalas. Padang: Universitas Andalas; Kementerian Kebudayaan dan Pariwisata Indonesia, 2004. Rencana Strategis Pembangunan Kebudayaan dan Kepariwisataan Nasional Tahun 2005-2009: Ringkasan Eksekutif. Jakarta: Kementerian Kebudayaan dan Pariwisata Indonesia. 234 hlm; Mualisin, Isnaini., 2007.Model Pengembangan  Pariwisata Berbasis Masyarakat di Kota Yogyakarta. Jurnal  Penelitian Bappeda Kota Yogyakarta 2 (2):34-36; Nirwandar, Sapta. 2005, Pembangunan Pariwisata di Era Otonomi Daerah, Laporan Bappenas. Jakarta; Pitana, I Gde dan Putu G. Gayatri, 2009. Sosiologi Pariwisata. Yogyakarta: Penerbit Andi. 95 hlm; Pitana, I Gde dan I Ketut Surya Diarta, 2009. Pengantar Ilmu Pariwisata. Yogyakarta: Penerbit Andi. 95 hlm; Persepsi Wisatawan Domestik. Jurnal Ekonomi Pembangunan 3(7): 33-49; Rahajeng, Anggi., 2008.Analisis Faktor Keputusan Wisata Budaya, Sejarah dan Alam Yogyakarta: Sammeng, Andi Mappi, 2000. Cakrawala Pariwisata.Jakarta: Ghalia.145 hlm; Yoeti, Oka. A, 2006. Pariwisata Budaya, Masalah dan Solusinya. Jakarta: PT. Pradnya Paramita. 165 hlm; Wardiyanta, 2006. Metode Penelitian Pariwisata. Yogyakarta: Penerbit Andi. 95 hlm;

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