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Gadjah Mada International Journal of Business
Published by Universitas Gadjah Mada
ISSN : 14111128     EISSN : 23387238     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Gadjah Mada International Journal of Business (GamaIJB) is a peer-reviewed journal published three times a year (January-April, May-August, and September-December) by Master of Management Program, Faculty of Economics and Business, Universitas Gadjah Mada. GamaIJB is intended to be the journal for publishing articles reporting the results of research on business, especially in the context of emerging economies. The GamaIJB invites manuscripts in the various topics include, but not limited to, functional areas of management, accounting, international business, entrepreneurship, business economics, risk management, knowledge management, information systems, ethics, and sustainability.
Arjuna Subject : -
Articles 10 Documents
 1 
Search results for , issue "Vol 13, No 3 (2011): September-December" : 10 Documents clear
The Behavior of Indonesian Stock Market: Structural Breaks and Nonlinearity Setianto, Rahmat Heru; Abdul Manap, Turkhan Ali
Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (339.188 KB)

Abstract

This study empirically examines the behaviour of Indonesian stock market under the efficient market hypothesis framework by emphasizing on the random walk behaviour and nonlinearity over the period of April 1983 - December 2010. In the first step, the standard linear unit root test, namely the augmented Dickey-Fuller (ADF) test, Phillip-Perron (PP) test and Kwiatkowski-Philllips-Schmidt-Shin (KPSS) test identify the random walk behaviour in the indices. In order to take account the possible breaks in the index series Zivot and Adrews (1992) one break and Lumsdaine and Papell (1997) two breaks unit root test are employed to observe whether the presence of breaks in the data series will prevent the stocks from randomly pricing or vice versa. In the third step, we employ Harvey et al. (2008) test to examine the presence of nonlinear behaviour in Indonesian stock indices. The evidence of nonlinear behaviour in the indices, motivate us to use nonlinear unit root test procedure recently developed by Kapetanios et al. (2003) and Kruse (2010). In general, the results from standard linear unit root test, Zivot and Adrews (ZA) test and Lumsdaine and Papell (LP) test provide evidence that Jakarta Composite Index characterized by a unit root. In addition, structural breaks identified by ZA and LP test are corresponded to the events of financial market liberalization and financial crisis. The nonlinear unit root test procedure fail to rejects the null hypothesis of unit root for all indices, suggesting that Jakarta Composite Index characterized by random walk process supporting the theory of efficient market hypothesis.     
An Investigation on the Audit Committees Effectiveness: The Case for GLCs in Malaysia Jamil, Nurul Nazlia; Nelson, Sherliza Puat
Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (222.611 KB)

Abstract

Financial reporting quality has been under scrutiny especially after the collapse of major companies. The main objective of this study is to investigate the audit committee’s effectiveness on the financial reporting quality among the Malaysian GLCs following the transformation program. In particular, the study examined the impact of audit committee characteristics (independence, size, frequency of meeting and financial expertise) on earnings management in periods prior to and following the transformation program (2003-2009). As of 31 December 2010, there were 33 public-listed companies categorized as Government-Linked Companies (GLC Transformation Policy, 2010) and there were 20 firms that have complete data that resulted in the total number of firm-year observations to 120 for six years (years 2003-2009).  Results show that the magnitude of earnings management as proxy of financial reporting quality is influenced by the audit committee independence. Agency theory was applied to explain audit committee, as a monitoring mechanism as well as reducing agency costs via gaining competitive advantage in knowledge, skills, and expertise towards financial reporting quality. The study is important as it provides additional knowledge about the impact of audit committees effectiveness on reducing the earnings management, and assist practitioners, policymakers and regulators such as Malaysian Institute of Accountants, Securities Commission and government to determine ways to enhance audit committees effectiveness and improve the financial reporting of GLCs, as well as improving the quality of the accounting profession.     
Investigating the Joint Effects of Strategy, Environment and Control Structure on Performance Gani, Lindawati; Jermias, Johnny
Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (220.035 KB)

Abstract

The purpose of this study is to investigate the effects of misfit between competitive environment, business strategy and control structure on performance. We argue that the misfit between competitive environment, business strategy and control structure has significant negative implications on shareholder value creation associated with firms’ Joint Venture formation. Based on data of publicly-traded US manufacturing firms that announce a joint venture formation, we found that firms that have perfect fit are valued higher than those with both strategy and structural misfits and also those with structural misfit. Contradictory results were found when comparing firms with perfect fit with those that have strategy misfit. Further analyses indicate that all those strategy misfit firms operate in high entry barriers, where firms can compete effectively using either innovation or cost efficiency strategy due to the fact that they possess resources that are difficult to be imitated by their competitors.     
The Causality between Corporate Governance Practice and Bank Performance: Empirical Evidence from Indonesia Utama, Cynthia A.; Musa, Haidir
Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (238.745 KB)

Abstract

The aim of this study is to examine the existence of causality between corporate governance practice and performance of commercial banks in Indonesia. We also investigate the influence of age, capital adequacy, and type of commercial banks on bank performance and examine the influence of the bank size, foreign ownership, and listing status on corporate governance practice. The result shows that corporate governance practice, bank size and capital adequacy ratio have positive influences on bank performance in Indonesia. However, bank performance does not influence corporate governance practice. This study also finds that regional banks have better performance than private banks. The results of the study support the Central Bank’s efforts to enhance CG practices in the banking sector, to strenghten banks’ capital base and its policy to encourage banks to merge to become larger.     
The Attitudinal and Behavioral Effects of Nonfinancial Measures Agritansia, Putri Paramita; Sholihin, Mahfud
Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (220.436 KB)

Abstract

A recent study by Lau and Moser (2008) found that the use of nonfinancial measures for managerial performance evaluation is positively associated with managerial performance via procedural fairness and organizational commitment. It is not clear, however, whether the findings are generalizable to other contexts. Using very different samples, the objectives of this study are to reexamine and to extend Lau and Moser’s model. Our paper is only able to partially support their model, suggesting that management control systems should be designed to fit the contexts.     
The Causality between Corporate Governance Practice and Bank Performance: Empirical Evidence from Indonesia Cynthia A. Utama; Haidir Musa
Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (238.745 KB) | DOI: 10.22146/gamaijb.5481

Abstract

The aim of this study is to examine the existence of causality between corporate governance practice and performance of commercial banks in Indonesia. We also investigate the influence of age, capital adequacy, and type of commercial banks on bank performance and examine the influence of the bank size, foreign ownership, and listing status on corporate governance practice. The result shows that corporate governance practice, bank size and capital adequacy ratio have positive influences on bank performance in Indonesia. However, bank performance does not influence corporate governance practice. This study also finds that regional banks have better performance than private banks. The results of the study support the Central Bank’s efforts to enhance CG practices in the banking sector, to strenghten banks’ capital base and its policy to encourage banks to merge to become larger.     
The Attitudinal and Behavioral Effects of Nonfinancial Measures Putri Paramita Agritansia; Mahfud Sholihin
Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (220.436 KB) | DOI: 10.22146/gamaijb.5483

Abstract

A recent study by Lau and Moser (2008) found that the use of nonfinancial measures for managerial performance evaluation is positively associated with managerial performance via procedural fairness and organizational commitment. It is not clear, however, whether the findings are generalizable to other contexts. Using very different samples, the objectives of this study are to reexamine and to extend Lau and Moser’s model. Our paper is only able to partially support their model, suggesting that management control systems should be designed to fit the contexts.     
The Behavior of Indonesian Stock Market: Structural Breaks and Nonlinearity Rahmat Heru Setianto; Turkhan Ali Abdul Manap
Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (339.188 KB) | DOI: 10.22146/gamaijb.5480

Abstract

This study empirically examines the behaviour of Indonesian stock market under the efficient market hypothesis framework by emphasizing on the random walk behaviour and nonlinearity over the period of April 1983 - December 2010. In the first step, the standard linear unit root test, namely the augmented Dickey-Fuller (ADF) test, Phillip-Perron (PP) test and Kwiatkowski-Philllips-Schmidt-Shin (KPSS) test identify the random walk behaviour in the indices. In order to take account the possible breaks in the index series Zivot and Adrews (1992) one break and Lumsdaine and Papell (1997) two breaks unit root test are employed to observe whether the presence of breaks in the data series will prevent the stocks from randomly pricing or vice versa. In the third step, we employ Harvey et al. (2008) test to examine the presence of nonlinear behaviour in Indonesian stock indices. The evidence of nonlinear behaviour in the indices, motivate us to use nonlinear unit root test procedure recently developed by Kapetanios et al. (2003) and Kruse (2010). In general, the results from standard linear unit root test, Zivot and Adrews (ZA) test and Lumsdaine and Papell (LP) test provide evidence that Jakarta Composite Index characterized by a unit root. In addition, structural breaks identified by ZA and LP test are corresponded to the events of financial market liberalization and financial crisis. The nonlinear unit root test procedure fail to rejects the null hypothesis of unit root for all indices, suggesting that Jakarta Composite Index characterized by random walk process supporting the theory of efficient market hypothesis.     
An Investigation on the Audit Committees Effectiveness: The Case for GLCs in Malaysia Nurul Nazlia Jamil; Sherliza Puat Nelson
Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (222.611 KB) | DOI: 10.22146/gamaijb.5484

Abstract

Financial reporting quality has been under scrutiny especially after the collapse of major companies. The main objective of this study is to investigate the audit committee’s effectiveness on the financial reporting quality among the Malaysian GLCs following the transformation program. In particular, the study examined the impact of audit committee characteristics (independence, size, frequency of meeting and financial expertise) on earnings management in periods prior to and following the transformation program (2003-2009). As of 31 December 2010, there were 33 public-listed companies categorized as Government-Linked Companies (GLC Transformation Policy, 2010) and there were 20 firms that have complete data that resulted in the total number of firm-year observations to 120 for six years (years 2003-2009).  Results show that the magnitude of earnings management as proxy of financial reporting quality is influenced by the audit committee independence. Agency theory was applied to explain audit committee, as a monitoring mechanism as well as reducing agency costs via gaining competitive advantage in knowledge, skills, and expertise towards financial reporting quality. The study is important as it provides additional knowledge about the impact of audit committees effectiveness on reducing the earnings management, and assist practitioners, policymakers and regulators such as Malaysian Institute of Accountants, Securities Commission and government to determine ways to enhance audit committees effectiveness and improve the financial reporting of GLCs, as well as improving the quality of the accounting profession.     
Investigating the Joint Effects of Strategy, Environment and Control Structure on Performance Lindawati Gani; Johnny Jermias
Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (220.035 KB) | DOI: 10.22146/gamaijb.5482

Abstract

The purpose of this study is to investigate the effects of misfit between competitive environment, business strategy and control structure on performance. We argue that the misfit between competitive environment, business strategy and control structure has significant negative implications on shareholder value creation associated with firms’ Joint Venture formation. Based on data of publicly-traded US manufacturing firms that announce a joint venture formation, we found that firms that have perfect fit are valued higher than those with both strategy and structural misfits and also those with structural misfit. Contradictory results were found when comparing firms with perfect fit with those that have strategy misfit. Further analyses indicate that all those strategy misfit firms operate in high entry barriers, where firms can compete effectively using either innovation or cost efficiency strategy due to the fact that they possess resources that are difficult to be imitated by their competitors.     

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