| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 1-23 |
| Abstraksi Narasi | : | This study reexamines whether the occurrence of merger waves can be explained by the neoclassical hypothesis or the behavioral hypothesis. Using merger data for the period spanning 1990 through 2001, this study directly compares the two theories and finds that, in general, merger waves occur at the time the capital liquidity is high, firms’ stocks are overvalued, and deregulatory events exist. These suggest that the existence of an economic motivation for transactions and the availability of lower transaction cost and/or overvalued stock to generate large volume of transactions may cause industry merger waves to cluster in time |
| Nama Pengarang | : | Wahyuningsih, Tanamal, Johnny, Soegiharto, Tandelilin, Eduardus, Junarsin, Eddy, Tri Widodo, Teck Heang Lee, Ali, Azham Md. |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 25-46 |
| Abstraksi Narasi | : | This study investigates customer satisfaction based on a typology of consumer search behavior. The findings demonstrate that the type of consumer as defined by whether and how they search for information (passive, rational-active, and relational-dependent) has different level of satisfaction. Rational-active and relationaldependent consumers are found to be the dominant consumer types who actively search for information before purchasing a product and thus perceive a higher level of satisfaction than do passive consumers. The identification of satisfaction within each type of consumer provides a reason for customers to repurchase the same product, or recommend it to other people. As a result, companies will be able to achieve an increase in profitability. Recommendations for companies and future research directions are presented. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 113-132 |
| Abstraksi Narasi | : | This study evaluated the value-relevance of accounting informaion (earnings and cash flows) in Indonesia to predict a firm`s future operating cash flows. The predictive usefulness of earnings and cash flow in association with future cash flows is of interest for three reasons. They including providing empirical evidence on the relevant accounting information to assess a firm`s future cash flows, information about the behavior and properties of Indonesian accounting information, and evidence of-or at least providing a basis for evaluating- the validity of the Indonesian accounting Standards Committee (KPSAK) assertion on the usefulness of accounting information to assess future cash flows. The study evaluated three cash flow prediction models that employed cash flow, earnings, and a combination of earnings-cash flow variables. The models were applied on a firm-specific data set. The data used in this study were semi-annual data for the 61 sample firms (manufacturing firms) listed in the Jakarta Stock Exchange spanning the years 1990-1997. The results of this study supported the proposed hypothesis that cash flow data provided better information to assess a firm`s future cash flows than earnings data. Since this study employed manufacturing firms only, future research is necessary to avaluate the robustness of the results to other population of firm and/or by using an alternative deflator of earnings and cash flows, such as consumer price index (CPI) or market value of the firms. Further extensions of this study include additional refinements of the prediction models on an industry-specific basis and disaggregating cash flow variable into operating, investing, and financing components in order to measure the value-elevance of the statement of cash flows. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 37-61 |
| Abstraksi Narasi | : | This study is an event study that aims to inveestigate how successful the banking reforms measures that has already been done by the Indonesian government in order to strengthen its banking system. There were two events to be investigated in this study. First (1) The Banking reforms announcement on March 13, 1999 which consists of the closure of 38 private banks, the taken-over of 7 private banks, 9 private banks will be recapitalized, and let 73 private banks to continue their operation without joining the recapitalization program; second (2) on may 28,1999 Minister of Finance issued government bonds amounted to Rp. 103,831 trillion to complete the private banks` recapitalization, and also issued the order government bonds to rrepay the obligation of frozen commercial banks` and rural banks` regarding liquidity support, to Bank Indonesia amounted to Rp. 53,779 trillion. These two events above, are expected to be good news or favorable information for investors on the Jakarta Stock Exchange (JSX), and should be responded positively by investors which indicates significanly increases on banking stocks after the event dates. Thirteen sample of banking stocks which were listed on the Jakarta Stock Exchange (JSX) at the beginning of 1997 were used to investigate the reaction of banking stocks around the dates of these two events. By using the paired-samples mean difference test, we did not find significant differences between abnormal returns before and after the event dates. Furthermore, the cumulative abnormal return of banking stocks around the banking reforms announcement on March 13, 1999 and the issuance of government bonds announcement on may 28, 1999 were decreasing gradually until it reached the negative area. Trading Volume Activity (TVA) test, on the banking stock volume around the banking reforms announcement on March 13,1999 has found that TVA of banking stocks after the event date was significantly greater than TVA on banking stocks before the event date. The result was not faound on the issuance of government bonds event. In general, from these results, it can be concluded that the banking reforms measures done by the government was not successfully implemented from the market`s point of view. The abnormal return tests have been conducted, yet it is still found a significant abnormal return around both the banking reforms announcement on March 13, 1999 and the issuance of government bonds announcement on May 28, 1999. These findings did not support the semi-strong efficiency of the Jakarta Stock Exchange (JSX). |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 133-143 |
| Abstraksi Narasi | : | Much of the literature culture is related to the crafting of strategic organizational culture. This is viewed as a lee-way to attainment of competitive advantage in the field of quality production at the expanse of the impact that culture could have in not only influencing the consumer behavior buut more importantly is designing and planning marketing strategies in the era of globalization. This paper, therefore, undertakes to examine various cultural settings and along which their implications will be dealt with in detail in order to display the interactive relationship that prevails between culture and its attributes, and consumer behavior on one hand, and the implication of theirinteraction to strategize for global market opportunities by avoiding culture-marketing clash on the other hand. This paper will not provide a set of proposed strategies that should be adopted bya global marketer in order to avoid the cultural dilemmas. At best it will attempt to pin-point those areas of cultural settings that calls for intensive if not extensive understanding and familliarizing at the same note in this critical era of market competition as we head for the yet to be defined the third millenium. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 85-97 |
| Abstraksi Narasi | : | Recently, stock valuation model using the earning multiple approach (PER) is more popular among investors and analysis. This popularity has caused this model to seem to be the most perfect model among other valuation models. In response to the fact above, this research tries to give empirical evidence whether PER`s cross-sectional moddel can in determining the fairness of stock price trade in Jakarta Stock Exchange. Evaluation of the capability of PER`s cross-sectional model in determining the common stock price was conducted by developing three regression models from different time periods, namely the years of 1995, 196, and 1997. The regression models used in this research was the one developed by Whitbeck-Kisor (1973). The model employed growth, dividend payout ratio (DPR), and standard deviation of growth (q-growth) as independent variable. This research was intended to test the consistency of the model in assessing stock prices. The result of this research showed that each model eveloped at different time periods, though with the same sample and method, gave different results. The differences were in the significant level and in the weight of influence of independent variables to the coresponding dependent variables. As a stock valuation model, a regression model should perform-consistenly from period to the period, so normal PER of a stock could be predicted based on the model that was by historical data. The results of this research conclude that PER cross-sectional model is inconsistent in determining the common stock to buy or to sell in shortterm. Nevertheless, the models can be helpful in finding the variable and to set of the weight that determines the PER ata point of time. Stock valuation using earning multiplier approach is approriate if investors have an assumption that the market taste and situation at the valuation period is the same as the period when the model is developed. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 99-112 |
| Abstraksi Narasi | : | This paper discusses the methodology dominantly used in accounting research, namely, mainstream accounting research methodology. This methodology which relies on the methodology of natural sciences and is called hypothetico-deductive approach assumes that human beings are passive objects and has no power to create social realities. As a result, accounting tends to be seen as an objective information separated froms its social environment. This belief has created many disadvantages to the development of accounting practices and accounting research itself. Accounting research tends to be separated from accounting practices. Consequently, a lot of research fidings cannot be applied in accounting practice. Thus, accounting research and accounting theorizing may not produce a real answer to the accounting problems. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 1-36 |
| Abstraksi Narasi | : | The global economic context within which Indonesia has been able to grow rapidly over the past 30 year period is expected to be significantly different to that in the next 30 years. While there are a host of factors expected to contribute to this change, there is perhaps none more fundamental than the combined effect of the trend toward international economic deregulation and the on going revolution in information and communications technologies, leading to the emergency of what many refer to as the global knowledge economy. An important implication of the emergence of the global knowledge economy is a fundamental transformation in consumption and production activities all over the world. This is turn suggests that demand conditions in international trade should be changing rapidly in favor of more knowledge intensive products and industries.Thus, orientation to world demand growth can represent a useful indicator of a particular country`s ability to participate in the global knowledge economy. The first section of this paper will measure Inonesian export orientation to world demand growth as a means to assess the challenge posed by changing global conditions to the Indonesian economy, and also to assess Indonesia`s comparative performance within those changing circumstances over the 1980-95 period. The results of the empirical analysis in this section suggest that Indonesia has been improving its orientation toward high growth industries, particularly in the post-deregulation period, but nevertheless continues to exhibit a less dynamic export structure than most other countries in the region. The second section provides a more qualitive analysis of those demand side pressures which compel low wage and commodity exporting countries such as Indonesia to upgrade to more knowledge intensive activities. These include international trends which affect demand for agriculture and other primary products as well as recent trends within manufacturing which adversely affect low technology and labor intensive producers. |
| Nama Pengarang | : | Tandelilin, Eduardus, David Ray, Imam Wahyudi, Marwan Asri S.W, Anton N. Heveadi, Wachinga Gikonyo Simon, Muhammad Fendi Susiyanto, Ignatius, Supriyadi |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 63-84 |
| Abstraksi Narasi | : | The study was organized into two major concerns: first, identifying the gains from international diversification in emerging stock markets from the Philippine and the Indonesian perspectives and determining which perspective yields the greater gains; and second, determining how many securities must be included to obtain on optimal investment portfolio from the Philippine and Indonesia perspective. The empirical results indicate that there are gains from international diversification, both from the Philippine and Indonesian perspectives, in two eight emerging stock markets. Generally the gains are greater from the Indonesian perspective than the Philippine perspective in all country combinations. Further, this study found that the number of stocks needed to form an optimum domestic investment portfolio was bigger for the Indonesian investor`s perspective (at 15 stocks) than for the Filipino investor (14). |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Gadjah Mada International Journal of Business |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 83-96 |
| Abstraksi Narasi | : | The research examines the application of Ajzen`s theory of planned behavior of the behavior of rail transport consumers. The investigation was focused on the effects of attitudes (A), subjective norms (SN) and perceived behavioral control(PC) on behavioral intention (I) of Argo Lawu real transport consumers travelling from Yogyakarta to Jakarta. Itentional influence was disregarded for some limitations. During the economic crisis, consumers especially air transport consumers, behave more rationally intheir transport mode choise; and train became the major mode of alternative choice. The theory of planned behavior has been successfully tested in the subjects` behavioral ssetting. Findings of the research indicated that consumers` attitudes towards behavior, subjective norms, and perceived behavioral controls have a significant effect on their intention o use the service. Beta coefficient of perceived behavioral control variable has been majoring among the variables in the influence on behavioral intention variable. |
Unduh Dokumen Berkas PDF Utama