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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 4, No 3 (2002): September-December" : 10 Documents clear
DOES SIZE MATTER?: Technical Efficiency and Industry Size in Indonesia Richard V. Llewelyn, Richard V.; Sutrisno, Wang
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): 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 (53.502 KB)

Abstract

The debate over which size industry is best suited for Indonesiacontinues with proponents of both large and small sizes pointing out the benefits of each. However, little empirical analysis has been done regarding economic matters such as technical efficiency. Nonparametric analysis of technical efficiency for three sizes of firms in seven manufacturing sectors is estimated using linear programming techniques. Aggregated input and output data from BPS from 1991 to 1997 are used.Household size firms are found to be most efficient relative to the other sizes for five of the seven sectors analyzed. Large firms are relatively more efficient in ‘Food, Beverage, and Tobacco’ sector. Small companies are relatively less efficient than household firms in all but one case, but relatively more efficient than large firms in five of seven sectors. The results validate and perhaps explain the duel economy in Indonesia with both large and small firms existing in the same industry.When each sector is analyzed for each firm size, the ‘Non-MetallicMineral Products Other Than Petroleum and Coal’ sector is most efficient for all sizes of firms. The least efficient sector is the ‘Chemical and Plastics’ industry.The results suggest that government policy should be focused oncreating a stable environment for business, which promotes growth of efficient businesses, either large or small. Specific policies and intervention for small business development are not necessary, given the relative efficiency of small firms in Indonesia.
AN EMPIRICAL EXAMINATION OF THE DIVIDEND INFORMATION CONTENTS IN THE BALANCE SHEET: A Signaling Approach* Sartono, R. Agus; Sri Asih, Anna Maria
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): 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 (42.385 KB)

Abstract

This study examines whether the changes in the financial statements and dividends can together provide a better information transmittal system to deliver missing private information on the firm using Indonesian firms as the sample. In doing so, this study consider three components in evaluating the dividend signaling theory: the expected content favorableness, the sign of dividend change, and the role of dividend signal. Thefinding shows that in Indonesia, the market reactions to the dividend announcements depend on the role of dividend signals, whether it is confirmatory, clarificatory, or unclear. The other finding shows that this market is more concern to the content expected favorableness rather than to the dividend sign.
REAL STOCK RETURNS, INFLATIONARY TRENDS AND REAL ACTIVITY: Evidence from Malaysia Majid, M. Shabri Abdul
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): 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 (69.5 KB)

Abstract

This study explores the relationship between real stock returns and inflationary trends in the Malaysian economy. It attempts to test for the relationship between real stock return and inflation in light of Fisher hypothesis that asserts the independence of real stock return and inflation and Fama’s (1981) proxy effect framework which states that the negative real stock returns-inflation is indirectly explained by a negative real economic activity-inflation and a positive real stock returns-real economicactivity relationships. The finding shows that real stock returns are independent of inflationary trends in accordance with the Fisher hypothesis, which implies that the Malaysian stock market provides a good hedge against inflation. The Fama’s proxy hypothesis is then tested to check for the consistency of the relationships. The positive relationship between inflation and real economic activity and the positive relationship betweenreal stock returns and real economic activity that totally contradicts the Fama’s proxy hypothesis however are found, to some extent, be consistent with the explanation of conventional macroeconomic theories of the Philip’s curve.
SIZE EFFECT AND STOCK BEHAVIOR DURING THE EXPANSION AND CONTRACTION PHASES OF ECONOMIC CYCLE: An Empirical Evidence from Indonesian Stock Market Asri, Marwan
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): 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 (36.377 KB)

Abstract

Banz (1981) and Reiganum (1981) claim that, in terms of returncreation, small firms tend to perform better than large firms. They implicitly claim that the phenomena (which is known as size effect) is stable and exists over the period of examination. This study intends to investigate the existence of size effect in Indonesian market and more specifically, to test whether stages of economic cycle (expansion and contraction stages) determine the existence of the effect. The results of the study show that size effect does exist in the market for the whole period of observation (1991-2001). However, when the period is divided into two parts according to the stage of economic cycle, the  statistical analysis results are not supportive to the conclusion about the size effect.
ASSESSING ACCOUNTABILITY OF PERFORMANCE MEASUREMENT SYSTEM AND LOCAL GOVERNMENT BUDGETARY MANAGEMENT Mardiasmo, Mardiasmo
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): 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 (74.953 KB)

Abstract

Performance measurement system is an assessment tool, which assesses strategy implementation through financial and non-financial measures. Budget is one of the financial measures used to assess strategy implementation. It is a primary instrument of many function of decision, which is used as a tool to achieve organization goals. Public sector management has to fulfill vertical and horizontal accountability. To have a deeper understanding pertains to performance measurement system andlocal government budgetary management, this study assessed the existing performance measurement system and local government budgetary management in six municipal/districts. The result showed that the existing performance measurement system is an improper management tool, and that accountability of local government budgetary management is dominated by vertical accountability rather than horizontal accountability. It issuggested that each municipal/district should have its own revenue indica-tor and saving, increase its cost awareness and health and education sectordevelopment budget, implement New Public Management, and reform itsresponsibility system from vertical accountability to horizontal account-ability.
ASSESSING ACCOUNTABILITY OF PERFORMANCE MEASUREMENT SYSTEM AND LOCAL GOVERNMENT BUDGETARY MANAGEMENT Mardiasmo Mardiasmo
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): 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 (74.953 KB) | DOI: 10.22146/gamaijb.5388

Abstract

Performance measurement system is an assessment tool, which assesses strategy implementation through financial and non-financial measures. Budget is one of the financial measures used to assess strategy implementation. It is a primary instrument of many function of decision, which is used as a tool to achieve organization goals. Public sector management has to fulfill vertical and horizontal accountability. To have a deeper understanding pertains to performance measurement system andlocal government budgetary management, this study assessed the existing performance measurement system and local government budgetary management in six municipal/districts. The result showed that the existing performance measurement system is an improper management tool, and that accountability of local government budgetary management is dominated by vertical accountability rather than horizontal accountability. It issuggested that each municipal/district should have its own revenue indica-tor and saving, increase its cost awareness and health and education sectordevelopment budget, implement New Public Management, and reform itsresponsibility system from vertical accountability to horizontal account-ability.
DOES SIZE MATTER?: Technical Efficiency and Industry Size in Indonesia Richard V. Richard V. Llewelyn; Wang Sutrisno
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): 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 (53.502 KB) | DOI: 10.22146/gamaijb.5389

Abstract

The debate over which size industry is best suited for Indonesiacontinues with proponents of both large and small sizes pointing out the benefits of each. However, little empirical analysis has been done regarding economic matters such as technical efficiency. Nonparametric analysis of technical efficiency for three sizes of firms in seven manufacturing sectors is estimated using linear programming techniques. Aggregated input and output data from BPS from 1991 to 1997 are used.Household size firms are found to be most efficient relative to the other sizes for five of the seven sectors analyzed. Large firms are relatively more efficient in ‘Food, Beverage, and Tobacco’ sector. Small companies are relatively less efficient than household firms in all but one case, but relatively more efficient than large firms in five of seven sectors. The results validate and perhaps explain the duel economy in Indonesia with both large and small firms existing in the same industry.When each sector is analyzed for each firm size, the ‘Non-MetallicMineral Products Other Than Petroleum and Coal’ sector is most efficient for all sizes of firms. The least efficient sector is the ‘Chemical and Plastics’ industry.The results suggest that government policy should be focused oncreating a stable environment for business, which promotes growth of efficient businesses, either large or small. Specific policies and intervention for small business development are not necessary, given the relative efficiency of small firms in Indonesia.
REAL STOCK RETURNS, INFLATIONARY TRENDS AND REAL ACTIVITY: Evidence from Malaysia M. Shabri Abdul Majid
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): 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 (69.5 KB) | DOI: 10.22146/gamaijb.5390

Abstract

This study explores the relationship between real stock returns and inflationary trends in the Malaysian economy. It attempts to test for the relationship between real stock return and inflation in light of Fisher hypothesis that asserts the independence of real stock return and inflation and Fama’s (1981) proxy effect framework which states that the negative real stock returns-inflation is indirectly explained by a negative real economic activity-inflation and a positive real stock returns-real economicactivity relationships. The finding shows that real stock returns are independent of inflationary trends in accordance with the Fisher hypothesis, which implies that the Malaysian stock market provides a good hedge against inflation. The Fama’s proxy hypothesis is then tested to check for the consistency of the relationships. The positive relationship between inflation and real economic activity and the positive relationship betweenreal stock returns and real economic activity that totally contradicts the Fama’s proxy hypothesis however are found, to some extent, be consistent with the explanation of conventional macroeconomic theories of the Philip’s curve.
SIZE EFFECT AND STOCK BEHAVIOR DURING THE EXPANSION AND CONTRACTION PHASES OF ECONOMIC CYCLE: An Empirical Evidence from Indonesian Stock Market Marwan Asri
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): 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 (36.377 KB) | DOI: 10.22146/gamaijb.5391

Abstract

Banz (1981) and Reiganum (1981) claim that, in terms of returncreation, small firms tend to perform better than large firms. They implicitly claim that the phenomena (which is known as size effect) is stable and exists over the period of examination. This study intends to investigate the existence of size effect in Indonesian market and more specifically, to test whether stages of economic cycle (expansion and contraction stages) determine the existence of the effect. The results of the study show that size effect does exist in the market for the whole period of observation (1991-2001). However, when the period is divided into two parts according to the stage of economic cycle, the  statistical analysis results are not supportive to the conclusion about the size effect.
AN EMPIRICAL EXAMINATION OF THE DIVIDEND INFORMATION CONTENTS IN THE BALANCE SHEET: A Signaling Approach* R. Agus Sartono; Anna Maria Sri Asih
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): 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 (42.385 KB) | DOI: 10.22146/gamaijb.5387

Abstract

This study examines whether the changes in the financial statements and dividends can together provide a better information transmittal system to deliver missing private information on the firm using Indonesian firms as the sample. In doing so, this study consider three components in evaluating the dividend signaling theory: the expected content favorableness, the sign of dividend change, and the role of dividend signal. Thefinding shows that in Indonesia, the market reactions to the dividend announcements depend on the role of dividend signals, whether it is confirmatory, clarificatory, or unclear. The other finding shows that this market is more concern to the content expected favorableness rather than to the dividend sign.

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