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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.

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Articles 617 Documents

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The Volatility–Variability Hypotheses Testing and Hedging Effectiveness of Precious Metals for the Indonesian and Malaysian Capital Markets Robiyanto Robiyanto; Sugeng Wahyudi; Irene Rini Demi Pangestuti
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

This study evaluates the use of futures contracts for precious metals to hedge against stock market risks and their hedging effectiveness on the Indonesian Stock Exchange (IDX) and the Kuala Lumpur Stock Exchange (KLSE). This study found that gold was the most effective hedging instrument, since it produced the highest hedging effectiveness both on the IDX and the KLSE among the other precious metals. None of the hedged portfolios had a higher Sharpe’s ratio than the unhedged one on the IDX; however, all the hedged portfolios on the KLSE had a higher Sharpe’s ratio than the unhedged ones. Almost all the hedged portfolios could produce a higher Treynor’s ratio than the unhedged portfolios, both on the IDX and the KLSE. In general, this study concluded that studying some precious metals could reduce the investment risk, which was shown through the variance produced by the smaller portfolios, while gold can improve the risk-adjusted performance.

The Impact of the Tick Size Reduction on Liquidity: Empirical Evidence from the Jakarta Stock Exchange Lukas Purwoto; Eduardus Tandelilin
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

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.

CAN ACCOUNTING INFORMATION ACT AS A PROXY FOR EX ANTE UNCERTAINTY IN INITIAL PUBLIC OFFERINGS? Tatang Ary Gumanti
Gadjah Mada International Journal of Business Vol 5, No 2 (2003): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This paper reviews and summarizes previous works and the rationale for the proposition that accounting information is in fact value relevant in the determination of an initial public offering IPO).Theoretical and empirical evidence has indicated that certain accounting measures can he used as proxies for total firm risk, that is, they could determine the riskiness of a corporation. The literature also advocates that accounting information is relevant in determining the value and thus the riskiness of a corporation through the use of accounting analysis. Since most of the information available in the prospectus is accounting information, it is arguable that this information represents a potential source for assessing the issuing firm. Some scholars have also advocated the possibility of using accounting information in assessing the value of firm making an IPO. Numerous papers have provided analytical and empirical evidence of the association between accounting numbers and the value of IPOs. The conclusion generally comes to show that information in the prospectus is value relevant concerning the IPO. The paper shows that it is indeed an arguable to use accounting information in the valuation of an IPO. Accordingly, it is an empirical issue whether accounting information has the property in explaining the ex-ante uncertainty of an IPO.

Influence of Employee Involvement in Total Productive Maintenance Practices on Job Characteristics: The Malaysian Scenario Aizzat Mohd. Nasurdin; Muhamad Jantan; Wong Wai Peng; T. Ramayah
Gadjah Mada International Journal of Business Vol 7, No 3 (2005): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

The main goal of this study is to examine whether the extent of involvement in Total Productive Maintenance (TPM) practices has a positive effect on job characteristics. Data was gathered from a sample of 184 respondents derived from manufacturing companies in Malaysia. Results from the regression analyses revealed that the extent of employee’s involvement in TPM practices is positively related to the five core job dimensions (skill variety, task identity, task significance, autonomy, and feedback). Theoretical and managerial implications of the findings are discussed.

Technology Readiness and E-Commerce Adoption among Entrepreneurs of SMEs in Bandung City, Indonesia Novika Candra Astuti; Reza Ashari Nasution
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

The emergence of internet-based electronic commerce offers considerable opportunities for companies to expand their customer base, enter new product markets, and rationalize their business. The Indonesian government has initiated and implemented a series of plans and activities to promote technology use to increase SMEs’ performance. Despite such efforts, technology adoption rate are still low. Therefore, it is important to understand the factors affecting an entrepreneurs’ decision on internet adoption, by measuring technology readiness (TR). The purpose of this study is to investigate TR and the extent to which E-commerce is adopted amongst entrepreneurs. This study is replication of Parasuraman’s study on the Technology Readiness Index (TRI). Questionnaires were distributed using a convenience sampling method to 190 entrepreneurs of SME in Bandung city. The findings indicate that entrepreneurs are moderate in terms of their TR. There are significant differences in terms of TR across entrepreneurs’ backgrounds (gender, age, education, and income). In relation to internet adoption by those surveyed, as their use of media promotion is still low, there were only 36.3 percent who adopted it. The results clearly indicate the need to provide support to SMEs to adopt and use e-commerce. These results have implications not only for managers of SMEs but also for government agencies in developing countries such as Indonesia. The findings have implications for researchers and practitioners by identifying TR drivers (optimism and innovativeness), and barriers (discomfort and insecurity), that contribute to effectively leveraging the Internet in an important area for SMEs.

An Examination of Perceived Quality, Satisfaction, and Loyalty Relationship: Applicability of Comparative and Noncomparative Evaluation Licen Indahwati Darsono; C. Marliana Junaedi
Gadjah Mada International Journal of Business Vol 8, No 3 (2006): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This paper evaluates alternative measurement approaches to investigating the relationship amongst perceived quality, customer satisfaction, and loyalty. The authors define and measure the constructs within a relative attitudinal framework and compare these results to a noncomparative or individual evaluation of brands. In addition, loyalty is measured by and defined as a behavioral and attitudinal loyalty. The object of this research is teh botol whilst the subjects are undergraduate students in Surabaya and Yogyakarta. The proposed model, with satisfaction as a mediator between quality and loyalty, is found to be an acceptable representation of data across three brands of teh botol and for both comparative and noncomparative evaluation. The use of relative attitude, however, indicates a much stronger relationship amongst perceived quality, satisfaction, and loyalty than the attitude towards a brand when they are performed in individual evaluation. With respect to predictive ability, this study’s findings suggest that comparative evaluation has higher degree of applicability than does noncomparative evaluation.

The Importance and Usefulness of Corporate Annual Reports in Malaysia Nazli Anum Mohd. Ghazali
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

The purpose of this study is to examine the perceived importance and usefulness of corporate annual reports in Malaysia and to determine if there is a difference between the perceptions of preparers and users of corporate annual reports. Data for this study were collected using a questionnaire survey conducted in late 2006 and early 2007. Preparers are represented by chief financial officers while users by investment analysts. The mean scores for preparers and users are compared using the independent samples t test and the non-parametric Mann-Whitney test to determine if there are any statistically significant differences in their opinions. The findings reveal that preparers rank the annual report as the most important source of corporate information. Users, on the other hand, rank the annual report as the second most important after the visits to companies. However, the difference in the mean scores of preparers and those of users on the importance of annual reports is not significant at 5 percent level. The difference in the mean scores for the visits to companies is, on the other hand, statistically significant at 5 percent level. An implication for this finding is whether the annual report serves the information needs of analysts for decision-making purposes. An opportunity thus arises for future research to examine information needs of analysts and if there is a gap between information provided in annual reports and that required by analysts. Keywords: corporate annual reports; disclosure; Malaysia; transparency

Trading Behavior of Foreign Vis a Vis Local Investors in The Indonesian Stock Market Soemarso Slamet Rahardjo
Gadjah Mada International Journal of Business Vol 17, No 1 (2015): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This paper studies the behavior of foreign, local investors and total market in a stock trading. The analysis is focused on their implementation of positive feedback strategy, the existence of mean reverting process and their sensitivity toward expected capital gain and losses. The result reveals that both of these two investors apply the positive feedback strategy, at a different degree. The investment horizon of the foreign investors is shorter than the local investors. There is a mean reverting pattern in the price volatilities. The convergence period for local investor is 2.4. The market needs 1.8 month. No convergence period for foreign investors. The local investors and total market are neutral toward expected gain and losses. The foreign investors are more sensitive to capital loss. Previous price and volume changes have a leverage effect to the current demand of foreign investors. The local investors are affected by changes in price only.

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 in Management, Faculty of Economics and Business, Universitas Gadjah Mada

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 Johnny Jermias
Gadjah Mada International Journal of Business Vol 5, No 1 (2003): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

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.

Page 43 of 62 | Total Record : 617

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