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Gadjah Mada International Journal of Business

GAMAIJB
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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 Pro-poor Policy of Microfinance in Indonesia Agus Eko Nugroho
Gadjah Mada International Journal of Business Vol 11, No 3 (2009): September - December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This paper discusses and proposes the policy issues associated with the development of microfinance industry in Indonesia. Despite its capability of financing small-scale businesses, the development of the microfinance industry is far behind that of commercial banks. The policy focus on developing sound financial practices of microbanks has ignored the role of semi-formal and informal microfinance institutions (MFIs) in serving poor people. Compliance with the sound banking practices could inevitably drive microbanks away from serving the poor. Regarding the capability of informal and semi-formal MFIs of outreaching the poor, the challenges to microfinance policy in Indonesia is to develop inclusive financial systems through which the progress of microbanks goes in a parallel direction with the developments of semi-formal and informal MFIs, such as cooperatives and rotating saving and credit associations (ROSCAs).

ORGANIZATIONAL AND PERSONALITY EFFECTS ON MANAGERS’ JOB STRESS: Is It Different for Malaysian Men and Women? Aizzat Mohd. Nasurdin; T. Ramayah; S. Kumaresan
Gadjah Mada International Journal of Business Vol 6, No 2 (2004): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

The purpose of this paper is to determine the influence of organizational variables (conflict, blocked career, alienation, work overload, and unfavorable work environment) and personality variables (neuroticism, extraversion, openness, agreeableness, and conscientiousness) on job stress among managers working in the electronics sector in 4Malaysia and whether this relationship varies according to their gender. Analyses of 285 responses using hierarchical regression revealed that four of five organizational variables (blocked career, alienation, work overload, and conflict) had significant positive effects on job stress. In terms of the personality traits, neuroticism and conscientiousness were found to be significantly and positively related to stress. Extraversion and agreeableness, on the other hand, had significant negative effects on job stress. Gender was found to moderate the effects of all the independent variables on job stress at the 0.01 level. Implications for managerial practice and future research are discussed.

Phenomoenology Study on Financial Performance and Management Accountability of Special Autonomy Funds Allocated for Education at the Province of Papua, Indonesia John Agustinus
Gadjah Mada International Journal of Business Vol 15, No 1 (2013): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Special autonomy in education is regarded as a great blessing for the Papua people. They have high expectation that Special autonomy funds allocated for education will elevate their living quality including school provisions and living standard. The population of the research, however, perceived that such wishes and expectations did not match with the reality. It is assumed that there had been mismanagement of the funds. The study is aimed at reviewing special autonomy financial performance and its management accountability. The study is performed through a qualitative approach with a phenomenological strategy— a study which is conducted at particular setting in a real live (natural setting) to investigate and understand phenomena. The data were collected from government employee, NGO officers, the target population, and other resources by observation, in-depth interviews, and library reviews. The results show that local government officials lack of capacity in handling the funds and there had been poor budget management as indicated from four management functions —planning, executing, reporting, and monitoring of educational funds— which were not implemented appropriately. A concept as a set of law and regulation that shapes Special Autonomy fund management of Papua Province is needed. Therefore, an integrated mechanism of building compliance and control system of educational funds management is necessary to reach the Value for Money (effectiveness, efficiency, and economics) of education budget. It is recommended that knowledge building and understanding on the financial performance as mandated in Special Autonomy Article will strengthen the achievement of the target as stated in the vision, mission, and objectives which supported by a construct culture of transparency, frankness, accuracy, and accountability.

Investigating the Simultaneity of Corporate Hedging and Debt Policies: Empirical Evidence from Indonesia Iman Sofian Suriawinata
Gadjah Mada International Journal of Business Vol 7, No 2 (2005): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

The primary objective of this paper is to investigate the simultaneity of corporate hedging and debt policies. Using a pooled sample of Indonesian non-financial listed firms covering the periods of 1996-2001, the present study finds evidence that corporate hedging and debt policies are simultaneously determined. That is, the use of debts motivate firms to hedge; but simultaneously, hedging increases debt capacity and induces firms to borrow more in order to take advantage of the tax benefits arising from additional debt capacity. Another important finding is that financially distressed firms –as indicated by their debt restructuring programs– are less motivated to hedge, because such firms will see that the option values of their equity will increase as their cash-flow volatilities increase. Therefore, financially distressed firms tend not to hedge; or at least, hedge lesser compared to those of firms that do not experience financial distress.

Stock Market Integration: Are Risk Premiums of International Assets Equal? Kusdhianto Setiawan
Gadjah Mada International Journal of Business Vol 16, No 1 (2014): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This paper studies previous research on capital market integration and applies a simple international capital asset pricing model by considering the incompleteness in market integration and heteroscedasticity of the market returns. When we disregarded those two factors, we found that stock markets were integrated and the law of one price on risk premiums prevails. However, when the factors were considered, the markets were just partially integrated.

AN INVESTIGATION OF EARNINGS MANAGEMENT IN INDONESIAN MANUFACTURING INITIAL PUBLIC OFFERINGS Tatang Ary Gumanti
Gadjah Mada International Journal of Business Vol 5, No 3 (2003): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This paper examines whether the issuers of Indonesian manufacturing initial public offerings (IPOs) manage the firm's reported earnings by making income increasing discretionary accruals. The absence of market-determined prices for IPO shares prior to the offering has made issuers and underwriters to use nonprice information. The test was performed on a sample of 45 IPOs that went public during the period of July1991 through December 1994. The model used in this study follows the one developed by Friedlan (1994). The results show that there is no evidence that earnings management occurs among the sample firms. In other words, this study is unable to reject the null hypothesis that the issuers of Indonesian IPOs exercise accounting discretion that increases the reported earnings in the periods prior to the offering. In contrast, the study finds strong evidence of earnings management in the period after the offering, which could be interpreted as issuers trying to maintain the firm's performance after the offering by making income increasing discretionary accruals.

An Empirical Assessment of the Role of Organizational Citizenship Behavior in Explaining Academic Success: Some Evidence from East Malaysian Sample Magdalene Ang Chooi Hwa; T Ramayah
Gadjah Mada International Journal of Business Vol 12, No 1 (2010): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Management researchers have consistently reported the significant role of organizational citizenship behavior (OCB) in predicting individual success in organizational settings. This topic, however, has been largely ignored in the business education environment. Given the demonstrable benefits of OCB enactment in terms of influencing performance evaluations and organizational rewards, we emphasize the importance of examining the role of OCB in predicting student performance and their eventual career success. This endeavor holds important implications for students who are on the threshold of entering the industry. Using a self-administered questionnaire, we collected data from a total of 177 undergraduate students from two different schools in a Malaysian public university. Analysis reveals that of the three distinct dimensions of OCB, only one (consisting of altruism and courtesy items) has influences on both measures of student performance (i.e., productivity and cumulative grade point average). Implications of these findings are discussed.

About the Author About the Authors
Gadjah Mada International Journal of Business Vol 15, No 2 (2013): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Female Directors and Firm Performance: Evidence from UK Listed Firms Pananda Pasaribu
Gadjah Mada International Journal of Business Vol 19, No 2 (2017): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

The impact of female directors on firm performance has lacked consistency in the previously conducted empirical studies, which may be due to the endogeneity problem, or certain characteristics (i.e. governance, industry, competition). This study examines the relationship between female directors and firm performance by addressing those problems. This study analyses all non-financial UK listed firms during the period 2004-2012 and employs several econometric models. The regression results indicate that there is little evidence that female directors have a positive and strong relationship with firm performance. But, further analysis reports that the UK’s small listed firms experience a positive significant effect, because small firms do not suffer from the problem of over-monitoring and they have more flexibility in composing their boards of directors.

TIME-VARYING BETA AND VOLATILITY IN THE KUALA LUMPUR STOCK EXCHANGE Mansor Ibrahim
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

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.

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