Gadjah Mada International Journal of Business
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.
Articles
617 Documents
Testing of the Ricardian Equivalence proposition: An Empirical Examination for Malaysia (1962-2006)
Ismadi Ismail;
Abdul Ghafar Ismail;
Rosilawati Amiruddin
Gadjah Mada International Journal of Business Vol 10, No 2 (2008): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
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DOI: 10.22146/gamaijb.5571
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
Poppy Ismalina
Gadjah Mada International Journal of Business Vol 14, No 3 (2012): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
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DOI: 10.22146/gamaijb.5454
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
Mohd. Azmi Omar;
M. Shabri Abd. Majid;
Ronald Rulindo
Gadjah Mada International Journal of Business Vol 9, No 1 (2007): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
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DOI: 10.22146/gamaijb.5603
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
Ahmad Bashawir Abdul Ghani;
Malcolm Tull
Gadjah Mada International Journal of Business Vol 12, No 3 (2010): September - December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
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DOI: 10.22146/gamaijb.5502
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
Aknowledgement
Editor in Chief
Gadjah Mada International Journal of Business Vol 16, No 3 (2014): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
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DOI: 10.22146/gamaijb.5662
The Performance of Socially Responsible Investments in Indonesia: A Study of the Sri Kehati Index (SKI)
Abdul Hadi Zulkafli;
Zamri Ahmad;
Eky Ermal M
Gadjah Mada International Journal of Business Vol 19, No 1 (2017): January- April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
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DOI: 10.22146/gamaijb.17959
This study examines the performance of the Sri Kehati Index (SKI) against the Jakarta Composite Index (JCI) as the market index, using respective daily index prices from the 1st of January 2009 to the 31st of December 2014. This study uses the risk-adjusted return of Sharpe’s Index, the Adjusted Sharpe’s Index (ASI), Treynor’s Index, Jensen’s Alpha Index, the Adjusted Jensen’s Alpha Index (AJI) and Sortino’s Ratio to examine the performance of the SKI and the JCI. Except for Sharpe’s Index and the Adjusted Sharpe’s Index, the risk-adjusted return performance of the SKI, (Treynor, Jensen’s Alpha, Adjusted Jensen’s Alpha and Sortino) outperforms the JCI as the conventional benchmark. However, Jensen’s Alpha is the only performance measure that is significant and therefore supports that the SKI outperforms the JCI during the overall period from 2009 to 2014. As there is a contradiction between the adjusted returns of Sharpe’s Index/Adjusted Sharpe’s Index and Jensen’s Alpha Index, the hypothesis that the SKI presents a higher risk adjusted performance than the JCI does cannot be accepted. Even though the performance of SKI in this study is slightly lower over the whole period of the study, it is still generating competitive returns.
Electronic Commerce Success Model: A Search for Multiple Criteria
Didi Achjari;
Mohammed A. Quaddus
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
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DOI: 10.22146/gamaijb.5530
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.
AKNOWLEDGEMENT
Gama IJB
Gadjah Mada International Journal of Business Vol 17, No 3 (2015): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
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DOI: 10.22146/gamaijb.8544
An Empirical Analysis of Cash Flow and Investment Fluctuations Using Firm-Level Panel Data
Abdul Ghafar Ismail;
Nur Azura Sanusi
Gadjah Mada International Journal of Business Vol 7, No 1 (2005): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
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DOI: 10.22146/gamaijb.5562
Since the pioneering work of Gurley and Shaw (1955), the attempt has been done to justify money as a primary focal point of macroeconomic theorizing. However, other researchers argue that variables such as financial development and indicators are also important to be linked with macroeconomic performance. Here, if money can be thought as means of production and consumer goods as the ultimate end toward which production is directed, and then capital also occupies a position that is both logically and temporarily intermediate between original means and ultimate ends. This temporarily intermediate status of capital is not in serious dispute, but its significance for macroeconomic theorizing is rarely recognized. The firms’ decision to acquire funds through debt and equity financings affects the capital structure, and, in the firm’s balance sheet, the impact of capital appears to influence the inventory investment. Hence, the significance of capital structure –induced inventory distortions in the context of firm-level is the basis for our article. The sample for our analysis is compiled from the balance sheets of listed syaria firms in the Kuala Lumpur Stock Exchange for the period 1995-2000.
Is Earnings Management Informational or Opportunistic? Evidence from ASEAN Countries
Dewi Kusuma Wardani;
Indra Wijaya Kusuma
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
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DOI: 10.22146/gamaijb.5437
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