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INDONESIA
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 12 Documents
 1   2 
Search results for , issue "Vol 9, No 2 (2007): May - August" : 12 Documents clear
The Response of Corporate Dividend Policy to The Abolition of Tax Credit in the United Kingdom (U.K.) Basuki, Hardo
Gadjah Mada International Journal of Business Vol 9, No 2 (2007): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (326.29 KB)

Abstract

By abolishing the tax credit on dividends received by tax-exempt financial institutions in 1997, the effective rate of tax for share-holders such as pension funds increases significantly, and the tax preference for dividends is significantly reduced. The tax-exempt shareholders mainly consist of pension funds and insurance companies with respect to their pension business. This tax-exempt community is the most influential shareholders in many U.K. companies, and their tax preference for dividends may have an important impact on corporate dividend policy.The objective of this study is to examine whether the aggregate dividend payment changes following the 1997 abolition of the tax credit. Using aggregate data in time series from 1974 to 1999, this study finds that the percentage of forecast error in Lintner’s model does not change significantly between the pre- and post-abolition periods. Hence, there is no evidence that aggregate dividend payment decreases following the abolition of tax credit. This could be interpreted that the aggregate sample of U.K. firms indicates a little intention of changing their dividend policies in response to the abolition of tax credit.This study also investigates whether individual U.K. companies respond to the 1997 abolition of tax-credit. The test results show that the majority of companies in the sample do not change their dividend policies after the abolition of tax credit. It is possible that companies are reluctant to cut their dividend payment since the existing dividend payout could be sustained in the long-run. They also avoid sending negative signals to the market. Thus, companies typically chose to keep a dividend level relatively stable following the tax change in 1997. Only the minority of the U.K. companies experience a decline in their dividend payment. This evidence supports the hypothesis that the abolition of tax credit on dividends results in a decrease in aggregate dividend payment in order to satisfy a tax clientele.
Coworker Exchange, Leader-Member Exchange, and Work Attitudes:P A Study of Coworker Dyads Wikaningrum, Tri
Gadjah Mada International Journal of Business Vol 9, No 2 (2007): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (263.261 KB)

Abstract

The purpose of this study is to examine how leader-member exchange (LMX) similarity might affect exchange quality between coworkers. This research also investigates the relationships of LMX and CWX (coworker exchange) to employees’ organizational commitment and job satisfaction. Each respondent from 76 nurses at three hospitals in Semarang were asked to rate the quality of the relationship he/she had with his/her supervisor, resulting in 76 LMX ratings. They were also asked to rate the quality of their relationships with each of their coworkers. A dyad was created where we had complete information on two employees rating one another. Once paired, a total of 146 dyads with complete LMX, CWX, and work attitude data were acquired. The results of this research indicate that the interaction between two coworkers’ LMX scores predicts CWX quality for the coworker dyad. After controlling for CWX, LMX quality is positively related to job satisfaction, but not to organizational commitment. Furthermore, after controlling for LMX, a greater diversity in a worker’s CWX relationship is negatively associated to his/her organizational commitment, but not to his/her job satisfaction. The interaction of CWX quality and CWX diversity, however, does not predict work attitude.
Re-Examining the Finance-Growth Nexus: Empirical Evidence from Indonesia Abd. Majid, M. Shabri
Gadjah Mada International Journal of Business Vol 9, No 2 (2007): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (190.285 KB)

Abstract

This paper empirically examines the short- and long-run relationships between financial development and economic growth during the post-1997 financial crisis in Indonesia by employing a battery of times-series techniques, such as Autoregressive Dis-tributed Lag (ARDL) model, vector error correction model (VECM), variance decompositions (VDCs), and impulse-response functions (IRFs). Based on the ARDL (2, 0, 1, 2) model, the study finds that there exists a long-run equilibrium between economic growth and financial depth, share of investment, and inflation. In the long run, inflation is found to be the only variable which significantly (negatively) affects economic growth, implying a crucial role of maintaining a low rate of inflation in promoting the economic growth in the country. As for the dynamic causalities among the variables, the study finds the bidirectional causation between economic growth and investment, while the unidirectional causation is only found running from financial depth to investment. The finding of independence between economic growth and financial development supports the view of “the independent hypothesis” of Lucas (1988). Finally, based on VDCs and IRFs, the study documents that the variations in the economic growth respond more to shocks in the price stability (inflation), followed by investment and financial development. Our findings indicate that if policy makers want to promote growth, attention should be focused on long-run policies, i.e., maintaining the low rate of inflation.
Strategic Alignment Impacts on Organizational Performance in Indonesian Banking IndustrY Iman, Nofie; Hartono, Jogiyanto
Gadjah Mada International Journal of Business Vol 9, No 2 (2007): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (245.057 KB)

Abstract

Strategic alignment has attracted the attention of researchers and practitioners for the last 15 years. This paper reports findings from a survey on the impacts of strategic alignment on organizational performance in the Indonesian banking industry. The survey was conducted through internet-based and postal questionnaires sent to selected companies.Structural Equation Modeling (SEM) is utilized to apprehend the strategic alignment concept as an emergent variable derived from the co-variation of  level of business strategy and level of IS/IT strategy. Hence, we explore the role of this emergent concept as a determinant of organizational performance. Analysis of the data reveals a generally positive impact towards the organizational performance.
The Indirect Costs of Financial Distress in Indonesia Wijantini, Wijantini
Gadjah Mada International Journal of Business Vol 9, No 2 (2007): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (296.879 KB)

Abstract

This paper presents quantitative estimates of the indirect cost of financial distress and its determinants. In order to measure the cost, this study estimates the annualized changes in industry-adjusted operation profit and sales from a year before the onset of distress to the resolution year. Using those approaches, the median of indirect financial distress cost is estimated between three and 11 percent annually. To the extent that the direct cost of financial distress reduces reported operating income, the estimated costs are overstated. The simple regressions analysis suggest that the indirect cost of financial distress significantly increases with size, leverage, number of creditors, and poor industry performance, but is not related to degree of bank loan reliance. The findings provide a weak support for the financial distress theory which suggests that conflicts of interest render the costs of financial distress.
Cointegration analysis on trading behavior in four SELECTED asean countries BEFORE MONETARY CRISIS Prawoto, R. Budi
Gadjah Mada International Journal of Business Vol 9, No 2 (2007): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (218.329 KB)

Abstract

This paper aims to analyze Indonesian position among the trading behavior in four selected ASEAN countries (according to their import-and-export products) using cointegration analysis. The demands for export and import are estimated before the monetary crisis erupted (1963 – 1995) using the dynamic OLS (DOLS) method. The Johansen Maximum Likelihood (JML) approach is also employed to compare the results obtained. The results show that foreign income has a significant impact on export demand, suggesting that foreign disturbance in the form of economic activities is likely to be transmitted to these countries. The Marshall Lerner conditions are easily met for the cases of Malaysia and Thailand (DOLS and JML). For Indonesia and the Philippines, the sum of the price elasticities of export and import demand are less than unity. This can be explained by the J-curve, in which the currency depreciations will first worsen the trade balance before it improves, and it takes a long time to affect the trade balance.
Cointegration analysis on trading behavior in four SELECTED asean countries BEFORE MONETARY CRISIS R. Budi Prawoto
Gadjah Mada International Journal of Business Vol 9, No 2 (2007): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (218.329 KB) | DOI: 10.22146/gamaijb.5595

Abstract

This paper aims to analyze Indonesian position among the trading behavior in four selected ASEAN countries (according to their import-and-export products) using cointegration analysis. The demands for export and import are estimated before the monetary crisis erupted (1963 – 1995) using the dynamic OLS (DOLS) method. The Johansen Maximum Likelihood (JML) approach is also employed to compare the results obtained. The results show that foreign income has a significant impact on export demand, suggesting that foreign disturbance in the form of economic activities is likely to be transmitted to these countries. The Marshall Lerner conditions are easily met for the cases of Malaysia and Thailand (DOLS and JML). For Indonesia and the Philippines, the sum of the price elasticities of export and import demand are less than unity. This can be explained by the J-curve, in which the currency depreciations will first worsen the trade balance before it improves, and it takes a long time to affect the trade balance.
The Response of Corporate Dividend Policy to The Abolition of Tax Credit in the United Kingdom (U.K.) Hardo Basuki
Gadjah Mada International Journal of Business Vol 9, No 2 (2007): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (326.29 KB) | DOI: 10.22146/gamaijb.5600

Abstract

By abolishing the tax credit on dividends received by tax-exempt financial institutions in 1997, the effective rate of tax for share-holders such as pension funds increases significantly, and the tax preference for dividends is significantly reduced. The tax-exempt shareholders mainly consist of pension funds and insurance companies with respect to their pension business. This tax-exempt community is the most influential shareholders in many U.K. companies, and their tax preference for dividends may have an important impact on corporate dividend policy.The objective of this study is to examine whether the aggregate dividend payment changes following the 1997 abolition of the tax credit. Using aggregate data in time series from 1974 to 1999, this study finds that the percentage of forecast error in Lintner’s model does not change significantly between the pre- and post-abolition periods. Hence, there is no evidence that aggregate dividend payment decreases following the abolition of tax credit. This could be interpreted that the aggregate sample of U.K. firms indicates a little intention of changing their dividend policies in response to the abolition of tax credit.This study also investigates whether individual U.K. companies respond to the 1997 abolition of tax-credit. The test results show that the majority of companies in the sample do not change their dividend policies after the abolition of tax credit. It is possible that companies are reluctant to cut their dividend payment since the existing dividend payout could be sustained in the long-run. They also avoid sending negative signals to the market. Thus, companies typically chose to keep a dividend level relatively stable following the tax change in 1997. Only the minority of the U.K. companies experience a decline in their dividend payment. This evidence supports the hypothesis that the abolition of tax credit on dividends results in a decrease in aggregate dividend payment in order to satisfy a tax clientele.
Coworker Exchange, Leader-Member Exchange, and Work Attitudes:P A Study of Coworker Dyads Tri Wikaningrum
Gadjah Mada International Journal of Business Vol 9, No 2 (2007): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (263.261 KB) | DOI: 10.22146/gamaijb.5596

Abstract

The purpose of this study is to examine how leader-member exchange (LMX) similarity might affect exchange quality between coworkers. This research also investigates the relationships of LMX and CWX (coworker exchange) to employees’ organizational commitment and job satisfaction. Each respondent from 76 nurses at three hospitals in Semarang were asked to rate the quality of the relationship he/she had with his/her supervisor, resulting in 76 LMX ratings. They were also asked to rate the quality of their relationships with each of their coworkers. A dyad was created where we had complete information on two employees rating one another. Once paired, a total of 146 dyads with complete LMX, CWX, and work attitude data were acquired. The results of this research indicate that the interaction between two coworkers’ LMX scores predicts CWX quality for the coworker dyad. After controlling for CWX, LMX quality is positively related to job satisfaction, but not to organizational commitment. Furthermore, after controlling for LMX, a greater diversity in a worker’s CWX relationship is negatively associated to his/her organizational commitment, but not to his/her job satisfaction. The interaction of CWX quality and CWX diversity, however, does not predict work attitude.
Re-Examining the Finance-Growth Nexus: Empirical Evidence from Indonesia M. Shabri Abd. Majid
Gadjah Mada International Journal of Business Vol 9, No 2 (2007): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (190.285 KB) | DOI: 10.22146/gamaijb.5597

Abstract

This paper empirically examines the short- and long-run relationships between financial development and economic growth during the post-1997 financial crisis in Indonesia by employing a battery of times-series techniques, such as Autoregressive Dis-tributed Lag (ARDL) model, vector error correction model (VECM), variance decompositions (VDCs), and impulse-response functions (IRFs). Based on the ARDL (2, 0, 1, 2) model, the study finds that there exists a long-run equilibrium between economic growth and financial depth, share of investment, and inflation. In the long run, inflation is found to be the only variable which significantly (negatively) affects economic growth, implying a crucial role of maintaining a low rate of inflation in promoting the economic growth in the country. As for the dynamic causalities among the variables, the study finds the bidirectional causation between economic growth and investment, while the unidirectional causation is only found running from financial depth to investment. The finding of independence between economic growth and financial development supports the view of “the independent hypothesis” of Lucas (1988). Finally, based on VDCs and IRFs, the study documents that the variations in the economic growth respond more to shocks in the price stability (inflation), followed by investment and financial development. Our findings indicate that if policy makers want to promote growth, attention should be focused on long-run policies, i.e., maintaining the low rate of inflation.

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