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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 617 Documents
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The Impact of the Tick Size Reduction on Liquidity: Empirical Evidence from the Jakarta Stock Exchange Purwoto, Lukas; Tandelilin, Eduardus
Gadjah Mada International Journal of Business Vol 6, No 2 (2004): May-August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

On July 3, 2000, the Jakarta Stock Exchange (JSX) reduced its tick size from Rp25.00 to Rp5.00. This study examines the impact of the tick size reduction on the JSX bid-ask spread, market depth, and trading activity. Using daily data, this study finds that the rupiah spread, percentage spread, and depth decreased significantly. All of these findings are not surprising since they are consistent with previous studies conducted in several different markets.In contrast to previous studies, this study finds that the key variable in determining the difference in performance of JSX stocks following the tick size reduction is the price of the stock. Specifically, all the trading activity measures e.g. in the number of trades, share volume, and rupiah volume, increased for low-priced stocks. Conversely, trading activity decreased for high-priced stocks. The possible explanation is that absolute tick size Rp5.00 is too small in economic terms for JSX high-priced stocks, so those decrease the investors’ willingness to trade.
Testing of the Ricardian Equivalence proposition: An Empirical Examination for Malaysia (1962-2006) Ismail, Ismadi; Ismail, Abdul Ghafar; Amiruddin, Rosilawati
Gadjah Mada International Journal of Business Vol 10, No 2 (2008): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This paper investigates the effects of debts and budgetary deficit on real variables using structural Vector Error Correction Model (VECM) method with long-run restrictions. We compare our estimates of the impulse responses with those based on levels Vector Auto-Regressive (VAR) with standard recursive order restrictions. The test is conducted on the Malaysian data covering the period of 1962-2006. The empirical results do not support the existence of “Ricardian Equivalence” hypothesis. The effects of budgetary deficit and government spending have a significant influence on private consumption and private investment.
What Factors Constitute Structures of Clustering Creative Industries? Incorporating New Institutional Economics and New Economic Sociology into A Conceptual Framework Ismalina, Poppy
Gadjah Mada International Journal of Business Vol 14, No 3 (2012): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Creative industries tend to cluster in specific places and the reasons for this phenomenon can be a multiplicity of elements linked mainly to culture, creativity, innovation and local development. In the international literature, it is pretty well recognized that creativity is frequently characterized by the agglomeration of firms so that creative industries are not homogeneously distributed across the territory but they are concentrated in the space. Three theories are becoming the dominant theoretical perspectives in agglomeration economies theory and they are increasingly being applied in industrial clusters analysis to study the effect of clustering industries. The theories are Marshall’s theoretical principles of localization economies, Schmitz’s collective efficiency and Porter’s five-diamond approach. However, those have adequately theorized neither the institutionalization process through which change takes place nor the socio-economic context of the institutional formations of clustering creative industries. This text begins by reviewing three main theories to more fully articulate institutionalization processes of an economic institution. Specifically, this paper incorporates new institutional economics (NIE) and new economic sociology (NES) to explain the processes associated with creating institutional practices within clustering creative industries. Both streams of institutional theory constitute that economic organizations are socially constructed. Next, this text proposes the framework that depicts the socio-economic context better and more directly addresses the dynamics of enacting, embedding and changing organizational features and processes within clustering creative industries. Some pertinent definitions are offered to be used in a conceptual framework of research about how economic institutions like clustering creative industries constitute their structures.    
Efficiency and Productivity Performance of the National Private Banks in Indonesia Omar, Mohd. Azmi; Abd. Majid, M. Shabri; Rulindo, Ronald
Gadjah Mada International Journal of Business Vol 9, No 1 (2007): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This study investigates the efficiency and productivity performance of the national private banks in Indonesia during the period of 2002-2004. The data consist of 21 national private banks including two Islamic banks. Productivity is measured by the Malmquist Index using Data Envelopment Analysis (DEA) technique. Overall, the result shows that the Total Factor Production (TFP) Index of the national private banks has considerably increased for the whole industry, in which technical change is found to be a more important source of productivity growth to the Indonesian Banking Industry compared to efficiency change. Furthermore, the result also shows that the efficiency of two Islamic banks is above the average efficiency of the national private banks.
Alliance formation: A Study of the Malaysian Automobile Supporting Industry Abdul Ghani, Ahmad Bashawir; Tull, Malcolm
Gadjah Mada International Journal of Business Vol 12, No 3 (2010): September - December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Competition  in  global  industries  is  shifting  increasingly from  inter-firm  rivalry  to  rivalry  between  networks  of  firms. Strategies of individual  firms are thus contingent on the degree of interdependence that exists between them and the parent firm in the network. The present study examines the effect of network affiliation on a member firm’s decision to enter a foreign market and  international  strategic  alliance  formation.  Affiliate  firms have two options available to them: (1) enter into a competitive strategic alliance with a competitor or (2) enter into a symbioticstrategic alliance with  the parent firm of the network organiza-tion.  We tested  this assertion  using  data  from archival  sources on  sixty-five  Japanese  automobile  suppliers  that  had  set  up strategic  alliances  in  Malaysia  and  that  belonged  to  various inter-organizational  networks.  Results  indicate  that  when  affili-ate firms are dependent on the parent firm, they prefer to form symbiotic  strategic  alliances.  Conversely,  affiliate  firms  prefer competitive  strategic  alliances  with  competitors  when  they  are not  dependent  on  the  parent  firm. ALLIANCE  FORMATIONA Study of the Malaysian Automobile Supporting IndustryKeywords: automobile industry; joint venture; mode of entry; networks; strategic alliances
Cooperation and Competition among Clustered MSEs in East Java Hoetoro, Arif
Gadjah Mada International Journal of Business Vol 16, No 3 (2014): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

There has been a common picture in economic development that micro and small enterprises (MSEs) tend to conglomerate in various clusters for the sake of gaining location advantages. These MSEs then create inter-firm linkages and business strategies as the two play an important role in their performance. By taking selected manufacturing MSEs that operate in various small industrial clusters in East Java, Indonesia, this research examined the relationships between the inter-firm linkages and business strategies applied simultaneously by MSEs and their impacts on the firm’s performance. Viewed from the perspective of a co-opetition strategy, the results of this study revealed that some types of inter-firm linkages and business strategies matter for the MSEs’ performance. However, within small industrial clusters, inter-firm linkages seem to be less effective compared to business strategies in affecting a firm’s performance.    
Fraudulent Financial Statement: Evidence from Statement on Auditing Standard No. 99 Suyanto, Suyanto
Gadjah Mada International Journal of Business Vol 11, No 1 (2009): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The goals of this study are to empirically identify fraud risk factors and construct a model to predict the likelihood of financial statement frauds based on SAS No. 99. Employing logistic regression on 143 firms, this research  finds that fraud risk factor proxies for Pressure—net profit/total assets—and Opportunity— inventory/total assets ratio, related party transactions, and Big 4—are significantly associated with fraudulent financial statements, whereas none of the fraud risk factor proxies for Rationalization is significantly associated with fraudulent financial statements. Consistent with prior research, it seems that the likelihood of fraudulent financial statements is easier to be observed publicly using fraud risk factor proxies for Pressure and Opportunity rather than Rationalization. The constructed model can correctly classify firms with a relatively high success rate.
PROMOTING INTRA-FIRM TRANSFER OF KNOWLEDGE THROUGH COMPETITION AND SHARING A Field Study Jermias, Johnny
Gadjah Mada International Journal of Business Vol 5, No 1 (2003): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This paper examines three main concerns about intra-firm transfer on knowledge in the management accounting and strategic management literature: the ability of real-world organizations to learn productively, the levels of aggregation in which the productive learning occurs, and the types of management interventions that are both desirable and productive. Based on a field study conducted in several business units of a multinational corporation, this paper reports how management makes conscious andsystematic efforts to transform ideas from the best practice within the company as well as from its competitors.The company uses Management By Olympic Systems to accelerate learning through competition and sharing. The system utilizes Olympic principles and integrates individual and team concepts to achieve the Olympic targets. A broad range of Olympic targets in terms of financial and non-financial linked to the company’s incentive systems is used to improve business operations, to motivate managers and employees, and to meet stakeholders’ expectations.
Is Earnings Management Informational or Opportunistic? Evidence from ASEAN Countries Wardani, Dewi Kusuma; Kusuma, Indra Wijaya
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This study explores the informational and opportunistic characteristics of earnings management in ASEAN countries. Earnings management has an impact on the profitability of the companies. A positive relation between earnings management and future profitability reveals that earnings management is informational. However, negative a relation between earnings management and future profitability indicates that earnings management is opportunistic. This study uses data from the OSIRIS database. Four hundred and eighty five (485) companies from the Philippines, Indonesia, Malaysia, Singapore, and Thailand are used as a sample. This study focuses on 2 types of earnings management: (1) accrual earnings management and (2) real earning management. Modified Jones model is used for the accrual earnings management. Real earnings management follows Roychowdury (2006). The results show that the characteristics of earnings management are not consistent. Real earnings management is informational in Thailand, but opportunistic in Indonesia. Accruals earnings management is informational in the Philippines, but opportunistic in Malaysia. Country factors such as culture may explain the inconsistency of the results in ASEAN.Keywords: accruals earnings management; ASEAN countries; future profitability; informational; opportunistic; real earnings management
Program Perceived Value and Program Satisfaction Influences on Store Loyalty: Insights from Retail Loyalty Progam Omar, Nor Asiah; Musa, Rosidah; Nazri, Muhamad Azrin
Gadjah Mada International Journal of Business Vol 9, No 3 (2007): September - December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Investigations to determine whether program perceived value could influence program satisfaction, program card loyalty and store loyalty are critical to elucidate the roles and significance of the constructs and advancing management practice. Accordingly, in line with this research direction, this study aims to assess the effects of program perceived value offered by few leading retail superstores and departmental stores in Malaysia on its members’ loyalty towards the store. The data set utilized in this study has been obtained via quota sampling technique, where a sample of 153 retail loyalty programs’ members was analyzed. An integrative conceptual model was developed and tested using Structural Equation Modeling using AMOS program. The results exemplify that program perceived value is a strong driver of program satisfaction and program card loyalty. Unexpectedly, program perceived value is not a significant predictor of store loyalty but, it has an indirect effect on store loyalty mediated by program satisfaction. Continuous plea in marketing management is to make marketing instruments more efficient. In recent years introduction of customer relationship marketing instruments is strongly advocated, both in marketing theory and practice. Several researchers (e.g., Berry 1983; Berry and Parasuraman 1991; and Gronroos, 1994) have changed the focus of a marketing orientation from attracting short-term, discrete transactional customers to retaining long-lasting, intimate customer relationships. In fact Roberts, Varki, Brodie (2003), further suggested that it is best to describe relationship marketing as the formation of “bonds” between the company and the customer. Achieving an effective relationship in a consumer context is considered to be even more challenging than it is in a business-to-business context, given the generally more polygamous character of consumers as opposed to business customers (Keng and Ehrenberger 1984; Pressey and Matthews 1998).

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