| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 23-33 |
| Abstraksi Narasi | : | This study explains the simultaneity of dividend and capital structure decision using the agency cost framework. Noronha et al, (1996) found that the simultaneity if dividend and capital structure decisions only occurred on low growth and no blockholder firms. Increasing dividend payment and debt simultaneously is used to decrease the agency cost by shifting the monitoring activity to capital market. The findings of this study can be summarized as follows. (1) Simultaneity of dividend and capital structure decisions accurs only on the firms with characteristics of low growth and no blockholder. Four variables are tested as determinants of the simultaneity. These varibles are: inside holding, number of share-holders, earnings volatility and non-debt tax shield. Only non-debt tax shield variable is found to be a significant determinant. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 95-102 |
| Abstraksi Narasi | : | A discussion about natural resource management and property right has long been carried out among scholars. Thousand years ago, resources were accessible for all. Under these circumstances, the establishment of property right for using the resources was not necessary as there was no dispute among humans on claiming a right to use resources. However, nowadays, the way of live of hunting and gathering could not be maintained anymore. Otherwise,natural environment would degrade much more under which human being could no longer sustain his life. Given to that context, the paper attempt to didiscuss, firstly, whether the property right system is a solution for sustaining theecosytem and, secondly, how to make the system effective for managing natural resources. Since the complexity of the matter cannot be fully assessed in all these respects at once, the study will focus on water resources. The study concludes that the common property right system is a right choice to overcome the dispute among people regarding the use of fresh water. The main reasons are the externality that happens when the people`s activity has an external effect to the increased-pollution of fresh water,and non-divisibility and non-tradability of water. Nevertheless, the establishment of common property right system alone is insufficient since the probllems of the provision of fresh water include controlling the discharge of industrial pollution in waterways that involves many parties. In dealing with the problems, a restricted common property right regime is needed. In other words, the role of the state in regulation-making is required. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 59-83 |
| Abstraksi Narasi | : | This research undertook to study a decentralized service agent in two different administrative locations as well as perceptual periods. The decentralized service agent (Driving License Department) was premised to be a step the government towards self-reinvention The study sites were Sleman (rural district) and Kota Yogyakarta (Yogyakarta city) all located in Yogyakarta Province, Indonesia. The two perceptual periods are hereby identified and devined as pre-reforms (1989-1997) and post reforms (June, 1998-1999). Crucial too was to identify the direction of service delivery by establishing the existence a gap, the importance of variables along the two dimensiona i.e. expectation and perception as well as investigating whether the service delivery matched the clients` perception. There was little perceived service Quality since the expactation dimension outweighed the perception dimension and hence a gap existed that called for improvement in service delivered by the Licensing Department. The contruct used harnessed a combination of the Parasuraman etal (1988) SERVQUAL and an extension by two more variable adapted from Gaster (1996). This contributed for the seven attributes (variables) used for the two dimensions in establishment of the Perceived Service Quality in the Driving Licensse Department. Analysis was carried out, and the findings helped to come up wth several conclusion and recommendations for future research. Being an exploratory work. ,whereby little theoritical as well as literature existed. i.e. related to the relationship between Reinvention of Government and Reaffirming Total Quality Service, one cannot ignore the ground work aid by this research as regards to blending of the Reinvention and TQS concepts. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 85-93 |
| Abstraksi Narasi | : | The current human interaction that happens in the public office, business, school, factory, and cafe or street corner in the modern world is taking place at the helm of the "network of the network". Ironically, there has been a a seismic shift of human communications. At the center of t, all is the Internet. Linked by mass communications and multinedia networks, the world`s technologically-enabled public sector is not left behind, hitherto, forging ahead their shared interests into a fledging one crucial mission: to achive higher efficiency, effectiveness, and performance in the delivery of public services. However, experience shows that this fact is far from the reality to developing countries` public sector due to many key factors. Perhaps fundamental among them is the absence of policy commitment to investing more an education, training, and development that could otherwise promise viable, competent, and highly developed human resources, ready to speed-up the internet culture. Therefore, this paper, which is a though piece, looks the origin and development of the Internet. Althought the administrative state appears in total disarray to curb the Internet, yet, its origin is directly linked to government`s owen effort that focused to anable a small, elite group of researchers to share critical scientific information. Meanwhile, the development and spread of the Internate are connected to the trends of privatization, globalization, and its promisa. This paper also examines the current pros from it. Public sector turned to online resources for many of their core functions, including economic development, human and social service delivery and engagement with citizens. Despite the present government`s paradoxical situation on handing the cyberspace, finally, this paper concludes that whatever policy objectives toward an appriopriate direction and development of the Internet, public sector in turn, should recognize the need to establish a negotiating link and cooperation not just with the private sector but also with the "third sector" that have been so important in prodding the policy direction on the internet. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 35-44 |
| Abstraksi Narasi | : | This paper aims, for the first time in Indonesia, at identifying the manager`s opinion and practice on long-term financing decisions. This observational research is based on 232 qustionnaires, which were sent to the managers of companies listed on the Jakarta Stock Exchange (JSX). This study wants to know the corporate preference in raising new funds, do they tend to maintain target capital structure or prefer to use a financing hierarchy. This research has found that managers of public companies in Indonesia tend to follow a financing hierarchy in raising new capital rather than maintaining thier target capital structure. In addition, retained earnings and commo stock are still the most important fund source to finance companies investment. When confronted with attractive new investment, most of managers will take this opportunity and carry out actions. Which consequently deviate from their target capital structure. Thus, managers are likely to be much more flexible to their target capital structure. Further, averange industry debt ratio and dividend pay out play an important role in determining a firm`s debt ratio. Meanwhile, almost of all the respondents agree that their securities are not fairly priced in the market. |
| Nama Pengarang | : | Nugroho, Agus Eko, Agus Sartono, Raphael Lengesa Nombo, Wachinga Gikonyo Simon, Poppy Ismalina, Jogiyanto Hartono, Ignatius Roni Setyawan, Sari Wahyuni |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 45-57 |
| Abstraksi Narasi | : | Using an error correction model, this study shows that a link exists between the weaknesses in economic fundamentals and the rapid depreciation of the rupiah exchannge rate. The weakness in the Indonesian economic fundamentals was indicated by the rise in the ratio of balance of payment deficit-to-foreign reserves. However, the impact of the rise in this ratio on the change in the rupiah exchange rate is affected by the rise in the domestic and foreign interest rate differential. In this chase, the rise in foreign and domestic interest rate differential reduces the impact of the rise in the ratio of deficit in balance of payment to foreign reserves. On the other hand, the decrease in the ratio of balance of payment deficit to foreign reserves contribute to apprectiation of the rupiah exchange rate resulting form the ise in foreign and domestic interest rate differential. Finally, the dummy variable used to copture the effect of the lacked credibility of Soeharto`s government shows that the presence of the weakness in the government`s credibility led to the rapid depreciation of the rupiah exchange rate. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 267-292 |
| Abstraksi Narasi | : | In these times of volatile markets pushed by unrelenting changes and amorphous business environments, adaptive leadership tools in a learning organization have never been more important. This article explores the Learning Organization: what it is and why the 21th Century (and beyond) Corporation leadership must embrace the three pillars of Generative/Adaptive Learning, System Thinking, and the Digital Economy approach in building what is emerging as a Learning Organization paradigm. It insists that Information Technology and the Digital Economy will be the DNA of a learning organization. The article proposes a systems view of learning organization while at the same time exploring the vitality of information technology (IT) and the core themes making up the Digital Economy in the development of a learning organization. The article axplores a possible Learning Organization framework: its orientations, and facilitators. The article finally examines the managerial implications, before a bief conclusion. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 327-335 |
| Abstraksi Narasi | : | This paper is a summary of recent research on the benefits of privatization, applied to the Indonesian economy. For the macroeconomy, it first examines the effect of government size (i.e., government spending on goods and services, excluding tranfer payments and interest on debt) on economic growth, arguing that after some point a larger government results in negative `spillover effects` and lower rates of growth. Time series estimates of the model are provided for Australia and Indonesia. From a micro point of view, the paper also examines the effects of less government regulation and more competitive markets on private incentives to produce more output, more efficiently, and to accumulate capital. An example is taken from the case of rice production in Vietnam, under market reform, with lessons drawn for Indonesia. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 351-368 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 255-265 |
| Abstraksi Narasi | : | Since the debate of the crisis, economist and policymakers have given much belated attention to institutional development and, in particulkar, the issue of good governance. This paper argues that in governance reform, basic ethics must be agreed uponas norms of behavior before rules of behavior (i.e. institution) can be estabilished and enforced. Good behavior applies generally only if it is enforced by informal group sanctions. The crisis of professionalism and ethics and the alienation of the Sino-Indonesian business elite after the May 1998 riots were contributing to the meltdown of the modern business setor. This paper argues that these two massive problems are potentially soluble. A national debate about professionalism and business ethics would be a means not only to lay foundations for good governance within business and between business and government but also to renegotiate the social contract between pri and non-pri Indonesians. This paper set up the problem by briefly reviewing the nature and cause of the present " strike by capital" in Indonesia, making comparison with the capital strike of the 1950s and 1960s, then examines the impact in terms of de-globalization, and discusses the opprtunity cost of the exodus of Sino-Indonesia. |
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