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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 16 Documents
 1   2 
Search results for , issue "Vol 6, No 1 (2004): January-April" : 16 Documents clear
THE RECENCY EFFECT OF ACCOUNTING INFORMATION Hartono, Jogiyanto
Gadjah Mada International Journal of Business Vol 6, No 1 (2004): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1560.639 KB)

Abstract

This study tests the joint effects of dividend and earnings information. A study of joint effects is justified for the following reasons. First, dividends and earnings are considered two of the most important signaling devices (Aharony and Swary 1980) that investors use in evaluating stock prices. Second, dividends and earnings are garbled information (Ohlson 1989). Dividends and earnings may contain corroborating or disconfirming news. Third, investors may be have with memory, revising beliefs in complex ways in evaluating a sequence of information. Prior dividend studies that controlling for earnings announcement effects do not address these possibilities. Using Hogarth and Einhorns (1992) belief-adjustment theory, this study models the behavior of investor reactions to joint dividend and earnings surprises. The theory predicts that order and timing of dividend and earnings surprises have different effects on stock returns. When dividend and earnings surprises have opposite signs (mixedevidence), the theory predicts that later surprises have a larger impact on stock returns than do earlier surprises (the recency effect hypothesis). The evidence for the recency  effect hypotheses is relatively strong. In three out of four cases of mixed evidence (positive earnings, negative earnings and positive dividend surprises), the recency effect hypotheses are supported.
The Development of Small and Medium Entreprises Clusters in Indonesia Tambunan, Tulus; Supratikno, Hendrawan
Gadjah Mada International Journal of Business Vol 6, No 1 (2004): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Small and Medium Enterprises (SMEs) in Indonesia are very important not only for employment creation, but also as important sources of economic growth and foreign currencies generation through exports. Since the early 1980s, the Indonesian government has adopted SME development policy through a clustering approach. This paper reviews the existing empirical studies on development of SME clusters in Indonesia. This paper deals with two main questions. First, what are the critical success factors of development of an SME cluster. Second to what extent this policy has contributed to the dynamic of SME clusters in the country. The paper argues that in many cases, the development policy has not been so successful. In essence, most failures can be attributed to the fact that one or more critical factors for successful SME cluster development were either not existing or not addressed correctly. Neglecting cluster linkage to markets is one reason of the failure. Prerequisite for successful cluster development is the clusters potential to access to growing market, either domestic or abroad.
TIME-VARYING BETA AND VOLATILITY IN THE KUALA LUMPUR STOCK EXCHANGE Ibrahim, Mansor
Gadjah Mada International Journal of Business Vol 6, No 1 (2004): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The paper analyzes the relationship between beta risk and aggregate market volatility for 12sized-based portfolios for the case of Malaysia using daily data from January 1988 to December 2000. The analysis is conducted for the entire sample as well as various sub-samples corresponding to (i)the upward trend in the market from January 1988-December 1992; (ii) the huge influx of portfolio investments from January 1993-June 1997, and (Hi) the Asian crisis and its aftermath from July 1997-December 2000. The results generally suggest instability in beta risk due to its significant response to aggregate market volatility. Additionally, we also note that the direction of relationship between beta risk and market volatility seems to depend on stock market conditions or sub-samples used. Namely, beta risk seems to decrease with increasing market volatility for the whole sample as well as the first and the third sub-samples. However, for the second sub-sample, their relationship turns to be positive. Lastly, the author have evidence for the Malaysian case that size does not play significant role in the way beta risk responds to aggregate market volatility. These results have important implications for investment decisions as well as for event analyses employing the market model to generate abnormal returns.
THE EFFECT OF POLITICAL POWER ON BUDGET MONITORING: A Study of Fertilizer Industry in Indonesia Syakhroza, Akhmad
Gadjah Mada International Journal of Business Vol 6, No 1 (2004): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This study examines the role of political power on the process of budget monitoring in the context of the fertilizer manufacturing industry in Indonesia. The objectives of this study are: (a)to investigate the relationship between budget monitoring and managerial roles, (b) to examine the two-way interaction effect between budgets monitoring and politics on managerial roles, and (3)to identify the effect of departmental power on the two-way interaction between budgets monitoring and politics affecting managerial roles. The sample for this study consists of four public sector fertilizer-manufacturing enterprises in Indonesia. This study uses a questionnaire survey supplemented by structured interviews. The questionnaire, adapted from previous studies, utilizes a seven-point Lilcert scale. Respondents to the questionnaire were middle managers. The results provide substantial evidence that interaction between budget monitoring and politics affect managerial roles; and that the departmental power plays a significant role on such interactions.
THE ISLAMIC PERSPECTIVE ON THE CONSTRUCTION OFACCOUNTING DISCIPLINE Triyuwono, Iwan
Gadjah Mada International Journal of Business Vol 6, No 1 (2004): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The study attempts to elaborate critically the construction of accounting discipline that is based on Islamic values, especially in the aspects of ontology and epistemology. The analysis of the study begins with discussing a debate of modernism and postmodernism. Under this discussion, it is argued that modern knowledge (for example, accounting) which is constructed based on modern methodology has philosophical weaknesses and is now attacked by postmodernism. The discussion of post modernism leads us to Islamic perspective of knowledge that is the future orientation of how Shariate (Islamic) accounting discipline should be constructed.
Electronic Commerce Success Model: A Search for Multiple Criteria Achjari, Didi; Quaddus, Mohammed A.
Gadjah Mada International Journal of Business Vol 6, No 1 (2004): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The current study attempts to develop and examine framework of e-commerce success. In order to obtain comprehensive and robust measures, the framework accomodates key factors that are identified in the literature concerning the success of electronic commerce. The structural model comprises of four exogenous variables (Internal Driver, Internal Impediment, External Driver and Exgternal Impediment) and one endogenous variable (Electornic Commerce Success) eith 24 observed variables. The study that was administered within large Australian companies using questionaire survey concluded that benefits for both internal organization and external parties from the use of e-commerce were the main factor tro predict perceived and/or expected success of electronic commerce.
The Recency Effect of Accounting Information Hartono, Jogiyanto
Gadjah Mada International Journal of Business Vol 6, No 1 (2004): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

See in the full tex
SOME CHALLENGES TO THE ENFORCEMENT OF THE COMPETITION LAW IN INDONESIA Maarif, Syamsul
Gadjah Mada International Journal of Business Vol 6, No 1 (2004): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1608.945 KB)

Abstract

Indonesian competition law known as Law No. 5 of 1999 was adopted on the fifth of March 1999 and took effective a year later, the fifth of March 2000. Since the adoption of the Law we are witnessing business players have changed in the ways they run their businesses. We are also witnessing challenges that need to be dealt with if we want Law No5 effective to reach its objectives. This article discloses some of those challenges. The most difficult one to deal with is the resistance by the court to the existence of the Indonesian Antimonopoly Authority (KPPU).
SOME CHALLENGES TO THE ENFORCEMENT OF THE COMPETITION LAW IN INDONESIA Syamsul Maarif
Gadjah Mada International Journal of Business Vol 6, No 1 (2004): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1608.945 KB) | DOI: 10.22146/gamaijb.5531

Abstract

Indonesian competition law known as Law No. 5 of 1999 was adopted on the fifth of March 1999 and took effective a year later, the fifth of March 2000. Since the adoption of the Law we are witnessing business players have changed in the ways they run their businesses. We are also witnessing challenges that need to be dealt with if we want Law No5 effective to reach its objectives. This article discloses some of those challenges. The most difficult one to deal with is the resistance by the court to the existence of the Indonesian Antimonopoly Authority (KPPU).
THE RECENCY EFFECT OF ACCOUNTING INFORMATION Jogiyanto Hartono
Gadjah Mada International Journal of Business Vol 6, No 1 (2004): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1560.639 KB) | DOI: 10.22146/gamaijb.5536

Abstract

This study tests the joint effects of dividend and earnings information. A study of joint effects is justified for the following reasons. First, dividends and earnings are considered two of the most important signaling devices (Aharony and Swary 1980) that investors use in evaluating stock prices. Second, dividends and earnings are 'garbled' information (Ohlson 1989). Dividends and earnings may contain corroborating or disconfirming news. Third, investors may be have with memory, revising beliefs in complex ways in evaluating a sequence of information. Prior dividend studies that controlling for earnings announcement effects do not address these possibilities. Using Hogarth and Einhorn's (1992) belief-adjustment theory, this study models the behavior of investor reactions to joint dividend and earnings surprises. The theory predicts that order and timing of dividend and earnings surprises have different effects on stock returns. When dividend and earnings surprises have opposite signs (mixedevidence), the theory predicts that later surprises have a larger impact on stock returns than do earlier surprises (the recency effect hypothesis). The evidence for the recency  effect hypotheses is relatively strong. In three out of four cases of mixed evidence (positive earnings, negative earnings and positive dividend surprises), the recency effect hypotheses are supported.

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