EBUMY2036 - Digital Repository

Transcription

Proceeding
ISSN 0215-2487
FEB
Publication
Office
Eddy Junarsin, Ph.D.
Prof. Wihana Kirana Jaya, Ph.D.
B. Raksaka Mahi, Ph.D.
Prof. Djoko Susanto, Ph.D.
Prof. Sukmawati Sukamulja, Ph.D.
Sekar Mayang Sari, Ph.D.
Deden Dinar Iskandar, Ph.D.
Prof. John Malcolm Dowling, Ph.D.
Prof. Mohamat Sabri Hassan, Ph.D.
Prof. Stein Kristiansen, Ph.D.
Prof. Pacha Malyadri, Ph.D.
Prof. Jae Il Kim, Ph.D.
Daniel Suryadarma, Ph.D.
Arianto Patunru, Ph.D.
Isaac Marcelin, Ph.D.
Prof. Shenghui Tong, Ph.D.
Prof. Thomas Cleff, Ph.D.
Arif Daryanto, Ph.D.
Bayu Sutikno, Ph.D.
Prof. Mudrajad Kuncoro, Ph.D.
Prof. Lincolin Arsyad, Ph.D.
Prof. Jogiyanto Mustakini, Ph.D.
Fuad Rakhman, Ph.D.
Akhmad Akbar Susamto, Ph.D.
Prof. Tri Widodo, Ph.D.
Nurul Indarti, Ph.D.
Prof. Indra Bastian, Ph.D.
Jessica Dunn, Ph.D.
Universitas Gadjah Mada
Universitas Indonesia
Sekolah Tinggi Ilmu Ekonomi YKPN
Universitas Atma Jaya Yogyakarta
Universitas Trisakti
Universitas Diponegoro
University of Hawaii at Manoa, U.S.
Universiti Kebangsaaan Malaysia, Malaysia
University of Agder, Norway
Osmania University, India
Seoul National University, Korea
Australian National University, Australia
Australian National University, Australia
University of Maryland Eastern Shore, U.S.
Central University of Finance and Economics, China
Pforzheim University, Germany
Institut Pertanian Bogor
Murray State University, U.S.
Contents
Role Conflict And Role Ambiguity On Local Government Internal Auditors: The
Determinant And Impacts .............................................................................................. 3
Business Ethics For Business Sustainability In Muhammadiyah Hospital: Evidence
From Ponorogo, Indonesia ............................................................................................. 4
Effect Of Other Comprehensive Income Oncost Of Equity Capital (Evidence From
Indonesia) ....................................................................................................................... 5
Study Literacy On Institutional Theory For Performance Measurement Systemin
Indonesian Goverment ................................................................................................... 6
The Role Of Corporate Governance On The Effect Of Earnings Management On The
Firm Value ..................................................................................................................... 7
Auditee Satisfaction At Inspectorate General Of Ministry Of Finance In Indonesia .. 8
Role Of Inflation And Ios As Moderating Variables On Strengthening Corporate
Values Through Company Performance ...................................................................... 10
Achievement As Gift And Prestige: Formulating Anticipated Emotion Of Others As
New Determinant Of Consumer Motivation................................................................ 11
The Quest For Inauthenticity: How Indonesia Bikers Co-Produce Value Through
Brand Camouflage ....................................................................................................... 12
The Determinants Of Inefficiency Of The Islamic Banks In Indonesia ...................... 13
The Relationship Between The Use Of Performance Measurement System,
Organizational Factors, Accountability, And Performance Of Public Sector
Organization ................................................................................................................. 14
Equity Market Timing, Corporate Strategy, And Capital Structure ............................ 15
Pls Vs Interest: Which One Is More Profitable And Promoting Justice? .................... 15
Green Intellectual Capital And Financial Performance Of Corporate Manufacture In
Indonesia ...................................................................................................................... 17
Equity-Based Compensations, Earnings Management, And Investment Decisions.... 18
A Measurement Of Performance: Students Involvement In Organization .................. 19
Moral Hazard Testing (Risk Transfer Behavior) In The Deposit Insurance System
Based On Fair Premium For Determining Coverage Limit ......................................... 20
Socially Responsible Investment Towards Business Sustainability In Management
Function Model: Evidence From Indonesia ................................................................. 21
Capital Intensity, Openness, And Economic Growth Of Asean 5 ............................... 22
Excess Cash Holdings As An Indicator Of Agency Problems .................................... 23
The Trend Of The Returns To Educations In Indonesia During 1993 To 2007 .......... 24
Strategic Position Analysis In Achieving Sustainable Competitive Advantage In Riau
Coastal Region ............................................................................................................. 25
Purchase Intention Behavior Of Syariah Financial Product ........................................ 26
Dynamic Portfolio And Intertemporal Consumption Strategy Under Defaulty Assets
...................................................................................................................................... 27
Bank Lending Portfolios To Small Businesses, Profitability And Interest Margin:
Study On State-Owned Banks And Local Government-Owned Banks In Indonesia .. 28
Business Ethics Course Doesn’t Matter To Improve Student Moral Reasoning ......... 29
Performance Appraisal At Goverment Own Company: Evidence From Melaka,
Malaysia ....................................................................................................................... 30
Two Steps Of Ricardian Equivalence: A Case Study In Indonesia ............................. 31
1
The International Fisher Effect Theory: Application In Asean-3 ................................ 32
The Impact Of Leadership Style, Organizational Culture And Organizational
Commitment To Organizational Performance (Empirical Study On College Of
Muhammadiyah In East Java) ...................................................................................... 33
Household Food Demand In Response To Earthquake: A Linear Approximate Almost
Ideal Demand System Approach ................................................................................. 34
2
ROLE CONFLICT AND ROLE AMBIGUITY ON LOCAL GOVERNMENT
INTERNAL AUDITORS: THE DETERMINANT AND IMPACTS
Agil Novriansa
Faculty of Economics, Universitas Sriwijaya, Indonesia. Email:
(agilnovriansa@gmail.com)
Bambang Riyanto LS
Faculty of Economics and Business, Universitas Gadjah Mada, Indonesia. Email:
(bambang_rls@yahoo.com)
ABSTRACT
The bureaucratic reform at the local government level inIndonesiainitiated
2012 has made local government internalauditors to be an important part
of government governance systems. The role oflocal government
internalauditorsis expanded to include not only in the area of
auditoversight, but also area anti-corruption-related andconsulting
activities. These fundamental changes may potentially induce role
conflictandrole ambiguity among internal auditors. The objective of this
study is to examine empirically the determinantsand consequences ofrole
conflictandrole ambiguity among local government internal auditors. More
specifically, this study attempts to examine the extent to which
formalization determines role conflict and role ambiguity; it further tests
the impact of role conflict and role ambiguity on commitment to
independence and job performance. Questionnaires are distributed to
248local governmentinternalauditorsfrom 12Regional Inspectoratesin the
provinces ofYogyakarta, SouthSumatra,and East Java. A total of 176
responses received, and 124 useable responses of the 176 responses are
analysed to test the hypotheses. Using Structural Equation ModellingPartial Least Square the results show that formalizationnegatively related
torole conflictandrole ambiguity, role ambiguity have a negative impact
oncommitmenttoindependence, role conflicthave a positive impactonjob
performance, androle ambiguityhave a negative impactonjob performance.
These findings serves as an important external validity evidence onthe
phenomena associated with role conflictandrole ambiguitythat occursin
the
public
sector,
especiallyoninternal
auditorsatlocal
governmentinstitutions.
Keywords: role conflict, role ambiguity, formalization, commitment to
independence, job performance
3
BUSINESS ETHICS FOR BUSINESS SUSTAINABILITY IN
MUHAMMADIYAH HOSPITAL: EVIDENCE FROM PONOROGO,
INDONESIA
Anna Marina
Universitas Muhammadiyah Surabaya, Indonesia.
(a_m-rina@yahoo.com)
Sentot Imam Wahjono
Universiti Teknikal Malaysia Melaka, Malaysia.
(wahjono@utem.edu.my)
ABSTRACT
This aims of study is to find business ethics to the hospital with regard to internal
factors (Values Hospital), external factors (Professional Ethics Hospital, Medical
Professional Ethics, Accountants Professional Ethics, and Islamic Business Ethics),
and contemporary environmental factors (Asean Economic Community in 2015 ).
This study used a qualitative approach with a phenomenological analysis techniques
to process data collected through in-depth interview, outside observation, and
documentations. Source of data derived from key informants consisted of 6 persons
management, 20 employees, and 10 hospital customers. Theory of Business Ethics
Islam is used to guide the findings of Business Ethics RSUAP from RSUAP values,
interpretation of Professional Ethics Hospital, Medical Professional Ethics,
Accountants Professional Ethics, and the influence on the implementation of the
Asean Economic Community 2015 also conducted in-depth discussions with 4 expert
informants for triangulation purposes involving expertise in the field hospital, Islam,
Kemuhammadiyahan, and international economic expertise to test the validity and
reliability of data.The findings of this research is the Code of Ethics RSUAP with
14components including Standards of Conduct, Governance hospital, professionals,
business integrity that is capable of facing international business environment
including AEC. The findings of this research can be used to redesign the vision and
mission of the organization as a basis for achieving better performance. Implications
of the findings of this research is the need for business ethics in the design of systeminternal values, professional ethics, business ethics of Islam, and external challenges.
Keywords: Islamic Business Ethics, Muhammadiyah hospital, professional
ethics, phenomenology, Asean Economic Community 2015.
4
EFFECT OF OTHER COMPREHENSIVE INCOME ONCOST OF
EQUITY CAPITAL (EVIDENCE FROM INDONESIA)
Alex Johanes Simamora
(alexjohanessimamora@gmail.com)
ABSTRACT
In Indonesia, convergence of IFRS has given change on presentation of
financial statement, especially in income statement. According to Statement of
Financial Accounting Standard no. 1 (Pernyataan Standar Akuntansi Keuangan no. 1)
that has been converge to IFRS, other comprehensive income stated in income
statement. Other comprehensive income is differences between fair value and
historical value. Other comprehensive income is a result of the use of fair value, one
of IFRS principles.
The use of fair value will increase financial statement relevance. The more
relevant information of financial statement, the less information risk will be taken by
investor. Less information risk makes cost of equity will be decreased, because of
expected return decreasing by investor.
This research is aimed to examine effect of statement of other comprehensive
income on cost of equity capital. Samples of this research are manufacture companies
listed in Indonesian Stock Exchange (Bursa Efek Indonesia) from year 2011-2013.
Cost of equity capital is measured by Ohlson Model.
The results of this research shows that other comprehensive income affect cost
of equity capital negatively. It indicates that other comprehensive income increase
financial statement relevance, reduce information risk and decrease cost of equity
capital.
Keywords: Other Comprehensive Income, Cost of Equity Capital, Ohlson Model,
IFRS (International Financial Reporting Standard)
5
Study Literacy on Institutional Theory for Performance
Measurement Systemin Indonesian Goverment
Muhammad Gowon C.A.
Diponegoro University, Indonesia
(gowon@unja.ac.id)
ABSTRACT
Increasing attention to non-financial measurements reflect the increasing needs to
manage the information due to the intense competition and constant changing of
organizational environment. The process is based on the organization's relationship
with the environment. The dimension makes an in-depth analysis of the relationship
between Performance Measurement System (PMS) and organizational environment.
Dimension that causes in-depth analysis of the factors and its relationships is
expressed latter in accordance with the theory that differentiate assumptions institutional, contingency and complexity theory. By combining three main theories, it
can be concluded that the level of uncertainty and the environmental organization will
react according to the features and contents of the PMS in different organizations.
The purpose of this study is to analyze the internal and external environments of
organizations, particularly government organizations in Indonesia, which has issued a
presidential decree of the Republic of Indonesia number 29/2014 regarding
Government Performance Accountability System/SAKIP.
Keywords: institutional theory, complexity theory, contingency theory, performance
measurement system, government performance accountability.
6
THE ROLE OF CORPORATE GOVERNANCE ON THE EFFECT OF
EARNINGS MANAGEMENT ON THE FIRM VALUE1
Surifah
Faculty of Economics, Cokroaminoto University of Yogyakarta
(surifahganis@yahoo.com)
Abstract
The restriction of the company for not doing earnings management is
impossibility. Corporate governance (CG) is one of instruments to overcome or at
least minimize such problem. This research aims to provide empirical evidence about
the effect of CG and earnings management on firm value, and the role of the CG on
the effect of earnings management on firm value. This research is important to explain
the effectiveness of CG implementation in influencing earnings management in order
to lead to earnings management efficiently.
This study uses the data of national commercial banks listed in Indonesia
Stock Exchange, for the period of 2006-2013. The research sample consists of 29
banks for 8 years with 232 total numbers of observations. The research variable
consists of dependent variable which is the value of the firm as measured by Tobin's
Q, independent variable which is earnings management based on real activity and a
special accrual bank, and a moderating variable which is corporate governance as
measured by the index CG.
The result shows that CG index robustly affects performance, controlled by
both the ownership concentration level and the size of the bank. Corporate
governance has positive effects on firm value. The bigger the corporate governance
disclosure score, the higher the market value of the bank becomes. These results
indicate that market respond to the corporate governance disclosure, so the company
market price increases. The results show that CG index reinforces positive influence
on AEM and REM to the performance. These results indicate that corporate
governance practices are able to steer earnings management away from opportunistic
to efficiency spectrum.
Key words: corporate governance, earnings management, and firm value.
1
I express my gratitude to Dr. Krismiaji for editorial assistance.
7
AUDITEE SATISFACTION AT INSPECTORATE GENERAL OF
MINISTRY OF FINANCE IN INDONESIA
Kartika Djati
Sebelas Maret University
(kartikadjati@gmail.com)
Rahmawati
(rahmaw2005@yahoo.com)
Payamta
(payamta@yahoo.com)
Abstract—
The purpose of the study is to investigate auditee satisfaction from internal
audit activities that conducted by Inspectorate General of Ministry of Finance. This
research is using the independent variable such as audit
planning, audit
implementation, reporting of audit results, and follow-up recommendation of the
audit result.
Design/methodology/approach that used in this research is the development from The
results research of Elliot, Dawson, and Edwards (2007) that internal auditing is often
seen result does not add value for the organization or management and Samelson,
Lowensohn, and Johnson (2006) regarding the relationship between the quality of
auditing with complete customer satisfaction auditees on local government agencies.
The Research is using Multiple Regression Models and questionnaires submitted to
auditees-Echelon unit I of the Ministry of Finance such as the Directorate General of
Taxes (DJP), the Directorate General of Budget (DJA), and Directorate General of
Fiscal Balance (DJPK). Respondents research are the officials level from the
Echelon IV until Echelon II. As for the layout of the respondents research are located
in the province of Jakarta (DJP, DJA, and DJPK) and Banten (DJP).
Generally of the research results show that the audit planning, the audit
implementation, and the reporting of audit results give significant influence to the
auditees satisfaction, whereas the follow-up the recommendation of the audit results
have no effect. Analysis of the results of research based on the echelon unit I in DJP
show that the audit planning, audit implementation, and reporting of audit results
influence significantly to the auditees satisfaction. In DJA, the audit implementation
and in DJPK, the reporting of audit results give influence significantly to the auditees
satisfaction. Based on the location of the respondent, the results show that in the
province of DKI Jakarta, the audit planning, the audit implementation, and the
reporting of audit results give influence significantly to the auditees satisfaction,
whereas in Banten Province the audit implementation only give affect significantly to
the auditees satisfaction.
The limitation of research is the hectic of respondents activity so that the total of
questionnaires that is delivered does not returned completly and the research location
only two province.
8
The results of research can give input for improving Inspectorate General
performance and making development research on auditee satisfaction at public
sector in the future.
Keywords-component; internal audit; auditee satisfaction
9
ROLE OF INFLATION AND IOS AS MODERATING VARIABLES ON
STRENGTHENING CORPORATE VALUES THROUGH COMPANY
PERFORMANCE
Sriyono
Program Study of Magister Management
Muhammadiyah University (UMSIDA)
(sriyono@umsida.ac.id)
,
ABSTRACT
The growth rate good company will be able to increase
the value of the company. Meanwhile, to obtain a good rate of
growth, company managers must be able to maintain the
company's position in any economic condition
This study aims to determine how role of inflation and
IOS as a moderating variables on Strengthening corporate
values through company performance, whether the role of
inflation and IOS as a moderating variables has significant
effect to strengthening corporate value. It is very important to
know because the inflation and IOS has effect to Corporate
Value
Data of research collected since 2008 to 2013,
hypothesis testing is using Moderating Regression Analysis,
and we will know that role of inflation and IOS. Managers will
be easier to manage what steps should be decided to
Strengthening corporate values
The result of this study showed that the inflation and
IOS has significant rule and positive as moderating variable to
influence corporate value through company performance.
Key Word : inflation, IOS, moderating, company performance
10
Achievement as Gift and Prestige: Formulating Anticipated
Emotion of Others as New Determinant of Consumer Motivation
Dr. Bilson Simamora
Marketing Department, Kwik Kian Gie School of Business, Jakarta
(bilson.simamora@kwikkiangie.ac.id)
ABSTRACT
Emotion is central component of consumer behavior. This concept, that is borrowed
from psychology, is now widely and applied studied in marketing. Two major
approaches used by marketing researchers are, first, behavior causes emotions and
second, emotions cause behavior. In the second approach, marketing researchers
study anticipated emotions of the actors and their consequences on the actors’
behavior. The interesting question, how is anticipated emotion of others on the actor’s
behavior? This study is purposed to answer that question. The author studies potential
emotions of others that accompany future individuals’ achievement when
achievement is considered as gift to significant others or prestige source for the
individuals. In doing so, the author develops anticipated emotion of others concept,
conceptual model, and related propositions. Discussion, direction for further research,
and the contributions of the study to the academicand practical worlds are also
presented.
Keywords: anticipated emotion of others, gift giving behavior, prestige-seeking
consumer behavior, consumer achievement motivation.
11
The Quest for Inauthenticity: How Indonesia Bikers Co-Produce
Value through Brand Camouflage
Dr. Bilson Simamora
Marketing Department, Kwikkiangie School of Business, Jakarta, Indonesia
(bilson.simamora@kwikkiangie.ac.id)
ABSTRACT
Service dominant logic (SDL) concept posits that co-production of value process
occurs during pre-production stages. This study holds that that process can also be
occurred during consumption stage through brand camouflage. To prove this notion,
the author studied the Indonesia most successful China-made motorcycle Kaisar Ruby
Moge consumers, among which brand camouflage is almost a must. Netnography was
utilized as research method. Data are collected from brand community websites,
motorcycle blogs, and virtual forum of fans. This research found that bikers co-create
experiential, social values, self-expression and collective self-esteem values through
brand camouflage. Values are hierarchical in nature and the main source of them is
objective inauthenticity. The author suggests that ‘easy to cammouflage’ can be used
as unique selling proposition in motorcycle marketing. Others researchers are
suggested to study brand camouflage further to ensure its external validity.
Keywords: Value co-creation, brand camouflage, objective inauthenticity
12
THE DETERMINANTS OF INEFFICIENCY OF THE ISLAMIC BANKS
IN INDONESIA
Yuventus Effendi
Fiscal Policy Agency, Ministry of Finance
(yeffendi@fiskal.depkeu.go.id)
ABSTRACT
In the recent years, the number of Islamic Commercial Bank and Business Unit
increases significantly. Nevertheless, net profit of these banks decreased significantly
in 2014. On the other hand, the Islamic Rural Banks which have slower growth of
bank networks are able to manage insignificant profit reduction. Therefore, this study
aims to estimate level of inefficiency for both the Islamic Commercial banks and
Islamic Rural Banks. Moreover, this study also estimates the determinants of
inefficiency at the Islamic banks. There are two main contributions of this study: this
study differentiates the Islamic banks into two categories and identifies causes of
inefficiency. The methodology which is utilised in this study is the Stochastic Frontier
Analysis based on monthly data in period 2009-2014. There are several main findings
of this study. Firstly, the depositors fund has important role to determine ability of
financing for both types of bank. Secondly, regarding of inefficiency, the Islamic
Rural Banks always efficient in the period of observation in this study, while the
Islamic Commercial Banks have lower level of efficiency. Thirdly, increasing ROA
which has negative and statistically significant estimated parameter is important to
reduce inefficiency in the Islamic Commercial Banks.
Keywords: Islamic Banking, Inefficiency, Stochastic Frontier Analysis
JEL Clasiffication: E51, E52, G21
13
THE RELATIONSHIP BETWEEN THE USE OF PERFORMANCE
MEASUREMENT SYSTEM, ORGANIZATIONAL FACTORS,
ACCOUNTABILITY, AND PERFORMANCE OF PUBLIC SECTOR
ORGANIZATION2
Muhammad Ahyaruddin
Faculty of Economic and Business Universitas Muhammadiyah Riau
(ahyaruddin.muhammad@gmail.com)
Rusdi Akbar
Faculty of Economics and Business Universitas Gadjah Mada
(rusdi.akbar@ugm.ac.id)
ABSTRACT
This research studies about accountability and performance of public sector
organizations. Specifically, this research provides empirical evidence on relationship
of the use of performance measurement system (operational, incentive, and
exploratory) and organizational factors (contractibility, management commitment,
and legislative mandate) to the accountability and organizational performance.
Institutional theory, especially institutional isomorphism is utilized as theoretical
ground and provides substantial contributions in implementing performance
measurement system practice and accountability in public sector organization. This
research uses mixed method and employs Structural Equation Modelling-Partial Least
Square (SEM-PLS) and Thematic Content Analysis to analyze and interpret the data.
The results which are conducted to the SKPD officers in local government of
Yogyakarta Province shows that management commitment has a positive associated
with accountability and organizational performance. Then, legislative mandate has
also a positive associated with accountability. However, this research does not have
any significant associated among three role of the use of performance measurement
system on accountability and organizational performance.
Keywords: performance measurement system, organizational factors, accountability,
institutional theory, mixed method.
2
This research was funded by In Search of Balance (ISB) Master Scholarship batch 3
(2015) cooperation between Universitas Gadjah Mada and Agder University,
Norwegia.
14
EQUITY MARKET TIMING, CORPORATE STRATEGY, AND
CAPITAL STRUCTURE
Rahma Rina Wijayanti
Faculty of Economics and Business, Universitas Gadjah Mada
(rahmarina@ymail.com)
ABSTRACT
Funding decision which issuing equity when high price and buy back when low
price called as equity market timing (Baker & Wurgler, 2002). According to
Chathoth and Olsen (2007) the company need corporate strategy that encourages
managers to meet the stakeholders interests. The purpose of this research is by
corporate strategies in terms of liquidity and growth expected to enhance the trust
shareholders when issuing equity so that the company have low capital structure.
The data used is financial reports that listed in NYSE period 2009-2013 and
obtained from the Osiris Database. The company that to be sampling is industrial
companies that have been IPO and a year after IPO. Total sample of industrial
companies that listed in NYSE and IPO period 2009-2013 consisted of 33 financial
report. Total sample of industrial companies that listed in NYSE and a year after IPO
period 2009-2013 consisted of 132 financial report.
The test result period IPO 2009-2013 among the equity market timing and capital
structure not supported. The result of interaction effect among the equity market
timing and liquidity toward capital structure indicate that the higher liquidity, so that
company have high leverage. The result interaction effect among equity market
timing and assets growth toward capital structure indicate that the higher company
growth so that company have low leverage. The test period a year after IPO 20092013 indicate company that issued equity when high price and have high liquidity
then company have low capital structure. Meanwhile, company that issued equity
when high price and have high growth then company have high capital structure.
Keywords : IPO, Equity Market Timing, Capital Structure, Liquidity, Growth
PLS vs Interest: Which one is more Profitable and Promoting
Justice?
15
(Risk-Return Analysis of Profit and Loss Sharing vs Interest Rate Using
Monte Carlo Simulation)
Andi Irawan
STEI TAZKIA Bogor
(guladua@gmail.com)
Aisha Putrina Sari
Faculty of Economics and Business University of Indonesia
(putrina.aisha@gmail.com)
Rahmat Mulyana
Institut Pertanian Bogor
(rahmatmulyana@gmail.com)
ABSTRACT
After more than 20 years developing in Indonesia, the low level of participation of the
Sharia Banks in Profit and Loss Sharing Financing has become one of the problem in
the Industry. This model of financing is unique to Sharia Banking, supported by many
Ulama and Scholars and account for its superiority over conventional banking.
Necessary fatwas has been established but Sharia Banks still faced difficulties in the
implementasion of PLS contract and choose to involve in less risky product.
Previously, lack of HR both in quantity and quality was major internal problem but it
has shifted to technical problem namely lack of management tools and risk-return
analytical tools since more universities open sharia banking program. One of
difficulties in the application of PLS contract is the problem of risk-return
identification since the nature of PLS contract is ex-post. Using Monte Carlo
Simulation to business plan, this paper finds that PLS has bigger potential of return
compared to conventional interest and shows risk-return indicatior such as IRR, NPV
and EBITDA as the basis of PLS. This simple yet powerful method can be employed
by sharia banks as management and risk-return analysis tools to assess and evaluate
PLS contract with financing partner.
Keywords : Profit loss sharing, Banking, Monte Carlo Simulation
16
GREEN INTELLECTUAL CAPITAL AND FINANCIAL PERFORMANCE
OF CORPORATE MANUFACTURE IN INDONESIA
Erinos NR
Economic Faculty Padang State University
(erinos_nr@yahoo.co.id)
Rahmawati
Doctoral Economic and Business Programe
(rahmaw2005@yahoo.com)
ABSTRACT
This study aimed to further investigate the influence of Green Intellectual
Capital to financial performance of manufacture companies listed in Indonesian Stock
Exchange. The independent variable of this research is element of Green Intelectual
Capital. Dependent variable is Financial performance. Intellectual Capital calculation
using Pulic methods, that is consisting of VACA (Value Added Capital Assets),
VAHU (Value Added Human Capital), STVA (Structural Value Added). Corporate
Social Responsibility (CSR) measured by action of corporate to public environment.
Financial performance is measured by using the Return On Assets (ROA). The
research is using secundery data from companies annual report. Data analysis is
multiple regression and then measured by Guilford standar value (1956).
Result of research found that green intellectual capital has positive effect to
financial performance but the effect is not significant. It is caused by imbalance
investment in intellectal capital elements. Management only prioritize to invest in
human capital and than invest in STVA enough to high but invest to VACA is very
low. CSR action by corporate is not influence to financial performance, because
community of Indonesian consume is not care to CSR action by corporate. They are
more interested to low price and high quality product. This is the effect of low income
per capita. This study suggests, invest to intellectual capital must be balanced to
achieve high financial performance in future and CSR action by corporate subject to
increase people income.
Key word: Green Intellectual Capital, Value Added Capital Assets, Value Added
Human Capital, Structural Value Added, Corporate Social responsibility, Financial
performance.
17
EQUITY-BASED COMPENSATIONS, EARNINGS MANAGEMENT,
AND INVESTMENT DECISIONS
Siti Rokhaniyah
STIE Swasta Mandiri Surakarta
(syauqi_syahida@hotmail.com)
Singgih Wijayana
FEB Universitas Gadjah Mada
(singgihw@ugm.ac.id)
ABSTRACT
This research estimated that earnings management were positively related to
investment decisions, as previous finding. There for, rquity-based compensation
becomes an alternative to motivate managers to make optimal long-term investment
decision. The high equity-based compensation could reduce the effect of earnings
management on investment decisions allegedly.
With opportunistic earnings management assumption, the presumption was
proved by regression analysis that conducted on manufacturing firms in the United
States on 2009-2012 (from COMPUSTAT database). Earnings management were
proxied by discretionary accruals, equity-based compensations were measured by the
ratio of stock options to total compensations, investment decisions were computed by
adding the current period investment. Therefore, by 95 percent level of confidence,
the findings of this study support previous studies which stated that earnings
management were positively related to investment decisions. In addition, there are
interaction effects of earnings management and equity-based compensations on the
association betwen earnings management on investment decisions, as well as
empirical results on the primary analysis, 1st sensitivity analysis, 2nd sensitivity
analysis, and 3rd sensitivity analysis.
In the 4th sensitivity analysis, researcher obtained empirical evidence stated
that earnings management were positively related to over investment. Equity-based
compensation has a role in reducing the effect of earnings management to over
investment.
Keywords: earnings management, equity-based compensations, investment decisions,
over investment
18
A MEASUREMENT OF PERFORMANCE: STUDENTS INVOLVEMENT
IN ORGANIZATION
Hujjatullah Fazlurrahman
Universitas Negeri Surabaya
(Fazlurrahman23@gmail.com)
Hafid Kholidi Hadi
Universitas Negeri Surabaya
(hafid_kholid@yahoo.com)
Purpose - This paper compares students’ performance based on their activities in
organization. This study will explore and discuss the uses performance theory.
Methodology – It is a causality study which uses multiple regression for data
analyzing. The samples of this research are undergraduate students and Sampling
method used is judgement sampling the sample size are 114.
Research limitations/implication – This research contrasts students’ activities in
organization without considering the quality of activities.
Originality/value – This paper suggests contribution to board of director university`s
policy.
Keywords – Student performance, activity in organization, policy
Paper type – Research paper
19
Moral Hazard Testing (Risk Transfer Behavior) in the Deposit
Insurance System Based on Fair Premium for Determining
Coverage Limit
Firman Pribadi
Universitas Muhammadiyah Yogyakarta
(Pribadi.Firman@gmail.com)
Eduardus Tandelilin
(tandelilin@yahoo.com)
Suad Husnan
(suadhusnan@ugm.ac.id)
Manduh M. Hanafi
(mamduhmh@ugm.ac.id)
ABSTRACT
This research tries to answer a problem that commonly rises in the Deposit Insurance
system which is still new, the right value of coverage limit for the Deposit Insurance
system in Indonesia. The coverage limit which is too high will encourage moral
hazard from the IDIC banks to the IDIC, while the coverage limit which is too low
can affect the stability of the financial system of a country. The results of the study
show that the coverage limit of IDR 100 million per account and 1 billion per account
indicates the occurrence of moral hazard from the banks of the IDIC to the IDIC.
However, the results also show that the encouragement toward moral hazard behavior
from the banks of the IDIC to the IDIC is not too big when the coverage limit is up to
IDR 100 million per account. Thus, the results and the model of this research can be
used as a consideration by the Deposit Insurance agency (LPS) in determining the
optimal coverage limit.
20
SOCIALLY RESPONSIBLE INVESTMENT TOWARDS BUSINESS
SUSTAINABILITY IN MANAGEMENT FUNCTION MODEL:
EVIDENCE FROM INDONESIA
Astrie Krisnawati
Faculty of Economics and Business, Telkom University, Bandung, Indonesia
(astriekrisnawati@telkomuniversity.ac.id)
Gatot Yudoko
School of Business and Management-Institut Teknologi Bandung,
Indonesia
(gatot@sbm-itb.ac.id)
Yuni Ros Bangun
School of Business and Management-Institut Teknologi Bandung,
Indonesia
(yuniros@sbm-itb.ac.id)
ABSTRACT
Every investment activity aims to gain financial profit. It has been also generally
accepted that business is oriented to economical aspects as key measures in assessing
a company’s performance. Along with the dynamics of business world, the paradigm
has been shifting, economical achievement is no longer the only determinant of the
success of business. Currently, business sustainability becomes a crucial consideration
in doing investment. Instead of focusing only on economical aspect, a company also
has other important responsibilities to be delivered to stakeholders, i.e. in social and
environmental aspects. This study regards Corporate Social Management (CSR) as a
system of management which includes management functions of planning,
organizing, actuating, and controlling. The purpose of this research is to depict the
linkage between socially responsible investment and business sustainability which
integrates the triple bottom line aspects, i.e. economy, social, and environment into a
management function model. Applying a qualitative approach with case study
method, this research takes samples based on purposive sampling technique from
listed companies in Indonesia those are constituents of SRI (Social and Responsible
Investment)-KEHATI Index at Indonesia Stock Exchange. Data are gathered by
conducting in-depth interview with CSR managers of the selected samples. Some
respondents answer the questions of the interview in writing. This study results a
management function model of CSR as the finding. The result might be enhanced by
further research through a quantitative measurement of the relationship between the
variables within the model.
Keywords: Business Sustainability, Social and Responsible Investment,
Management Function
21
CAPITAL INTENSITY, OPENNESS, AND ECONOMIC GROWTH OF
ASEAN 5
Ni Putu Wiwin Setyari
Economics and Business Faculty of Udayana University, Indonesia
(wi2nset@yahoo.co.id)
Surya Dewi Rustariyuni
(surya_dewi2002@yahoo.com)
Luh Putu Aswitari
ABSTRACT
Openness has proven to be an important driving factor of economic growth.
The globalization characteristics today has become very extensive therefore openness
has several dimensions, namely the trade (goods and services), FDI (foreign direct
investment / FDI), the circulation of people (including those with high skill) and
internationalization of research, technology, and knowledge. Openness in
international trade helps each country to specialize in products where they have
comparative advantages, improve product competitiveness and economies of scale.
While openness in international investment contributes to the improvement of the
productive capacity, job creation, human capital improvement, while supporting
overall revenue growth.
The past decade was a testament the rapid growth of international trade and
financial systems in ASEAN. The openness in international trade and comparative
advantage effect to economic growth are not conclusive so far. Classical theory states
that the country whose relatively rich in capital and more open to international
activities be more advanced than the relatively countries who richer in labor. That
prediction pushes developing countries try to change their labor intensive industrial
structure become capital intensive to encourage economic growth. The estimation
results indicate the theory supporting and openness in financial system, which is FDI,
has more significant effects to economic growth than openness in trade.
Key Words: foreign direct investment, economic growth of open economies, capital
intensity of industrial structure, and impact of globalization
JEL Classification: F21, F43, E22 F62
22
EXCESS CASH HOLDINGS AS AN INDICATOR OF AGENCY
PROBLEMS
Ernie Hendrawaty
Department of Management, The University of Lampung, Indonesia
(ernie.hendrawaty@feb.unila.ac.id)
ABSTRACT
The paper examine implications of excess cash holdings on firm value based on
agency theory. For this purpose, this research use a sample of Indonesian non
financial public firms for the period 2000-2011 whose cash holdings exceed normal
cash holdings. This paper use panel regression techniques to estimate cash holdings.
Refer to that estimation, from total 1828 observations, 672 of them set cash holdings
exceed cash holdings normal. First, this research find that excess cash holdings has a
negative effect on firm value. Second, the negative effects of excess cash holdings on
firm value is stronger for financially unconstrained firms classified by multiple
criterions (paying dividends, high cash flow, low MTB and low debt). Third to fifth,
the negative effects of excess cash holdings on firm value is stronger for more
concentrated ownership, for more dispersed ownership and for more financial
distress. Overall, these empirical findings show that excess cash holdings can be a
significant indicator of agency problem.
Key words: excess cash holdings, agency problem, agency theory.
23
The Trend of the Returns to Educations in Indonesia During
1993 to 2007
Nenny Hendajany
(nennyhendajany@gmail.com)
Tri Widodo
(widodo.tri@ugm.ac.id)
Eny Sulistyaningrum
(eny@ugm.ac.id)
ABSTRACT
This paper describes the rate of return to education in Indonesia. The purpose of this
paper was to determine how the trend of return to education from 1993 to 2007. By
using Mincer equation, we analyzed return to education in Indonesia with using
Indonesia Family Life Survey (IFLS) data collected in 1993, 1997, 2000, and 2007.
Mincer specification linked between income and education. Income used in this paper
was real income of a person who works. The estimation of the rate of return to
education started by separating each year data. Then, it used pool data by adding year
variable and multiplication variable between year and education. Estimation was also
carried out by comparing between men and women. Further, estimation was divided
into two age cohorts, young cohort and old cohort. All the results of estimation
indicated a decreasing rate of return, the greatest decrease occurred on men with old
cohort.
Keywords: education, return to education, Mincer equation, trend
24
Strategic Position Analysis In Achieving Sustainable Competitive
Advantage In Riau Coastal Region
Marhadi
Economic Faculty University Of Riau
(marhadifeur@yahoo.com)
Zulkarnain
Samsir
ABSTRACT
This study aims to determine the strategic positions of small food and beverage
businesses with variable Entrepreneurial competence , entrepreneurial behavior and
sales performance using General Electrict Analysis saw strengths and weaknesses ,
opportunities and threats small businesses of food and drinks by using SWOT
Analysis.
This research was conducted on a small business unit of food and drinks in
Bengkalis. The sampling method used purposive sampling method with a total
sample of 150 small businesses . Data analysis that using qualitative descriptive
methods and approaches Matrix SWOT analysis ( Strengths, Weaknesses ,
Opportunities, and Threats) analysis and GE ( General Electrics ) .
This study is expected to provide contribution thoughts on entrepreneurship
related theory of entrepreneurship that the learning process of entrepreneurs and new
entrepreneurs . Contribute to the empirical literature in the field of entrepreneurship ,
especially for other researchers who made the same assessment .
Keywords : Competence Entrepreneur, Entrepreneurial Behavior , Sales
Performance , General Electrict Analysis, SWOT Analysis
25
PURCHASE INTENTION BEHAVIOR OF SYARIAH FINANCIAL
PRODUCT
Anton A Setyawan
University of Muhammadiyah Surakarta
(anton.setyawan@ums.ac.id)
ABSTRACT
This study explores purchase intention of syariah financial product. The purpose of
the study is to identify factors of consumer’s intention to use syariah financial
product. Framework of the study is TRA model proposed by Ajzen and Fishbein
(1980). The design of this study is qualitative approach. This study employs focus
group discussion and in depth interview in data collection. Focus group discussion in
this study involves 6 syariah financial product which have experienced with syariah
and conventional financial institution. In depth interview has been accomplished with
3 different managers from syariah financial institutions. To analyze data, this study
applies content analyses. Findings in this study are consumer’s evaluate syariah
financial product by comparing benefits of the product with conventional financial
product. Concept of non economic benefit and religious aspect has also discussed in
this study.
Keywords: purchase intention, beliefs, benefits, religiousity
26
Dynamic Portfolio and Intertemporal Consumption Strategy
under Defaulty Assets
Nora Amelda Rizal
Faculty of Economic and Businesss, Telkom University Bandung
(nora.a.rizal@gmail.com)
Budi Arta Surya
School of Business and Management, Institut Teknologi Bandung
(Budhi.Surya@SBM-ITB.ac.id)
Sudarso Kaderi
School of Business and Management, Institut Teknologi Bandung
(Sudarso_KW@SBM-ITB.ac.id)
ABSTRACT
This research aims to find an optimal solution for dynamic portfolio in finite-time
horizon under defaulty assets, which means that the assets has a chance to be
liquidated in a finite time horizon, e.g corporate bond. Beside investing on those
assets, investors will also have benefit in the form of consumption. As a reference in
making investment decisions the concept of utility functions and volatility will play a
role. Optimal portfolio composition will be obtained by maximizing the total expected
discounted utility of consumption in the time span during the investment is executed
and also to minimize the risk, the volatility of the investment. Further the reduced
form model is applied since the assets prices can be linkaged with the market risk and
the credit risk. The interest rate and the rate of inflation will be allowed as a
representation of market risk, while the credit spread will be used as a representation
of credit risk. The dynamic of asset prices can be derived analytically by using Ito
Calculus in the form of the movement of the three risk factors above. Furthermore,
this problem will be solved using the stochastic dynamic programming method by
assuming that market is incomplete. Depending on the chosen utility function, the
optimal solution of the portfolio composition and the consumption can be found
explicitly in the form of feedback control. This is possible since the dynamic of the
wealth process of the control variabel is linear. To apply dynamic programming as
well as to find solutions we use Backward Stochastic Differential Equation (BSDE)
where the solution can be solved explicitly, especially where the terminal value of the
investment target is chosen random.
Keywords: Optimal Portofolio, Defaulty Assets, Dynamic Programming, Optimal
Stochastic Control, Backward Stochastic Differential Equation, Incomplete Market
27
Bank Lending Portfolios to Small Businesses, Profitability and
Interest Margin: Study on State-Owned Banks and Local
Government-Owned Banks in Indonesia
Mokhamad Anwar
Faculty of Economics and Business, the University of Padjadjaran, Indonesia
(anwardade@gmail.com)
ABSTRACT
This study examines bank lending portfolios devoted to small businesses
and their relationship with bank performances during the period of 20022010.The study employed descriptive and inferential statistics to explain
data characteristics of small business loans provided by Indonesian stateowned banks (SOBs) as well as local government-owned banks (LGOBs)
and investigate their contribution on their profitability and interest margin.
The results of the study reveal that small business loans significantly
affected Indonesian bank performances in terms of bank profitability and
net interest margin over the study period. In addition, the findings testified
that the magnitude of small business loans in affecting bank performances
were higher than those of other loans in both models examined. Bank size
and bank credit risk had also any impacts on bank profitability and interest
margin respectively. Small size banks were more effectively operated
compared to their peers from large size banks over the study period. The
other findings also show that a lower in bank default risk had an impact on
the enhancement of bank profitability and net interst margin.
Keywords:
Small business lending, bank profitability, bank interest margin
28
BUSINESS ETHICS COURSE DOESN’T MATTER TO IMPROVE
STUDENT MORAL REASONING
Ascaryan Rafinda
Universitas Jenderal Soedirman
(ascaryan.rafinda@yahoo.com)
Bambang SBI
Thiya Septiana
ABSTRACT
The aim of this research is identify and measure the effectiveness of the
business ethics courses at Business School. The effectiveness of the business ethics
course can be seen from the students' ability to absorb values that are taught during
the lectures. Ability to absorb the value is assessed by the ability of the student’s do
moral reasoning on a situation that raises ethical dilemma. Quasi-experimental
methods conducted on students who join business ethics course. Total 136
participants are from accounting students join this experiment. Focus group
discussion and pilot test was conducted to examine the understandability of the
experimental instrument. The 122 participants were valid from manipulation check of
pre-test and post-test. T-test independent sample was used to test the score between
pre-test and post-test. Moral reasoning was measured using a defining issue test (DIT)
to categorize the participants with high moral reasoning and low moral reasoning. The
result shows that is not difference score between pre-test and post-test student who
join business ethics class. It means that student moral reasoning doesn’t improve by
joining business ethics course at Business School. These results imply that we should
re-examine the business ethics course syllabus for future research.
Keywords: Business Ethics Education, Quasi-Experimental, Moral Reasoning.
29
PERFORMANCE APPRAISAL AT GOVERMENT OWN
COMPANY: EVIDENCE FROM MELAKA, MALAYSIA
Sentot Imam Wahjono
(wahjono@utem.edu.my)
Shamala Devi a/p Perumal
(shamaladevi@gmail.com)
Andi Wardhana
(andiw@yahoo.com)
Anna Marina
(a_m-rina@yahoo.com)
ABSTRACT
Performance appraisal is one of the most critical Human Resource roles that
bring the comprehensive success to an organization, also at Goverment own company.
It is also an essential to state the extensive defeat and dissatisfaction with this
evaluation which possible to face more pose challenges. So, supervisor should play a
significant role in performance appraisal where it can increase employee job
satisfaction level in an organization. This paper investigates the relation between
performance appraisal with job satisfaction and quality of supervisor-employee in
Syarikat Air Melaka Berhad (SAMB) in Malaysia. The aim of the research is to
determine whether performance appraisal relation with job satisfaction which is
known as human resource management outcome with or without quality of supervisor
– employee as a moderator variable. Using data from 150 employees of Syarikat Air
Melaka Berhad (SAMB), employee’s performance experience were recognized.
Regression analysis was used to analyze to examine the relation between performance
appraisal with job satisfaction with or without quality of supervisor–employee. In
addition, this study is also giving some recommendation on improving the
relationship between supervisor and employee in an organization. Lastly, this research
study also will give suggest on how to improve the relationship of supervisor –
employee where it can increase the level of job satisfaction among employees in
Syarikat Air Melaka Berhad (SAMB).
Key-words: Performance Appraisal, Job Satisfaction, Quality of Supervisor –
Employee.
30
TWO STEPS OF RICARDIAN EQUIVALENCE: A CASE STUDY
IN INDONESIA
Adhitya Wardhono
Department of Economics, Faculty of Economics, The University of Jember
(adhitya71@gmail.com)
Agus Ferdianto
(aferdianto2210@yahoo.com)
M. Abd. Nasir
(abdulnasir1705@gmail.com)
ABSTRACT
Ricardian Equivalence is analyzed through the influence of deficit fiscal policy on
consumption, the fiscal deficit policy of Soeharto regime and reform there is a
difference, the difference lies in the policy as outlined in the preparation of
government budgets. Soeharto regime applied budget concept of the T-account
model, while the reform applied the budget concept of I-account. The differences of
concept budgetting affect the deficit fiscal policy, while the component of deficit
fiscal policy consists of budget deficits, government spending, government debt, and
tax revenue. The purpose of this paper is to determine the effect of the differences in
Soeharto regime and reform toward deficit fiscal policy component, as well as to
determine the effect of deficit fiscal policy to domestic consumption, and to
determine the Ricardian Equivalence phenomena and formation. Based on these
objectives, an analysis tool used is Ordinary Least Squared (OLS) and Two Stage
Least Squared (TSLS), with time series data from the years 1969-2013. The analysis
showed that the difference reign did not significantly affect the components of
deficits fiscal, and Ricardian Equivalence occurred in Indonesia by the year 19691981 as Ricardian first period, and 1982-2013 as the second period of Ricardian.
Keywords: Consumption, Fiscal Policy, Ricardian Equivalence, TSLS
31
THE INTERNATIONAL FISHER EFFECT THEORY:
APPLICATION IN ASEAN-3
Adhitya Wardhono
Economics Department, Economics Faculty, University of Jember
(adhitya71@gmail.com)
Lailatul Maghfiroh
(mlmfiroh@gmail.com)
Ciplis Gema Qori’ah
(ciplis_qoriah@yahoo.com)
ABSTRACT
The ASEAN Economic Community (AEC) which aims to accelerate economic
growth and improve economic stability in the ASEAN region is expected to
overcome the economic problems and crisis. On the other hand, although the
AEC should be implemented in 2015 but most of the ASEAN countries are still in
the process of preparation so that ASEAN governments have to do the
evaluation. Based on the concept of international fisher effect theory, countries
that have implemented the international economic system can be measured by
the exchange rate. The fluctuation of exchange rate on international economic
activities were determined by interest rates and inflation. From the description
above, this paper aims to determine the behavior of interest rates and inflation on
the exchange rate based on the theory of international fisher effect in ASEAN
except Laos, Brunei and Myanmar. This paper used panel data method over the
sample period of January 2012 to July 2013. The results show that independent
variables, interest rates and inflation significantly influenced the exchange rate.
Furthermore, the estimation results indicate that the model used was the random
effects models. It can be concluded that the international economy ASEAN-3 in
accordance with international fisher effect theory.
Keywords: ASEAN Economic Community, International Fisher Effect Theory, Panel
Data.
32
THE IMPACT OF LEADERSHIP STYLE, ORGANIZATIONAL
CULTURE AND ORGANIZATIONAL COMMITMENT TO
ORGANIZATIONAL PERFORMANCE (Empirical Study On College
of Muhammadiyah in East Java)
Nurul Qomariah
Universitas Muhammadiyah Jember
(qomariahn66@yahoo.com)
Budi Santoso
Ade Puspito
ABSTRACT
The aim of this study was to determine the effect of variables of leadership styles,
organizational culture and organizational commitment to organizational performance
at the University of Muhammadiyah in East Java. The independent variable in this
study is the style of leadership, organizational culture and organizational commitment.
The dependent variable is the performance of the organization. The method used in
this research is by using path analysis with the help of software SPSS 20. The
population of this study are all university leaders of Muhammadiyah in East Java.
Total respondents 126. The findings of this study showed that the variables of
leadership style and organizational commitment influence on organizational
performance while variable organizational culture does not affect the organization's
performance.
Keywords: Leadership Style, Organizational Culture, Organizational Commitment.
33
Household Food Demand in Response to Earthquake: A Linear
Approximate Almost Ideal Demand System Approach
Eny Sulistyaningrum
Faculty Economic and Business, Universitas Gadjah Mada
(eny@ugm.ac.id)
ABSTRACT
Natural disasters are always associated with the disruption of local economies and
hurting the local people. Consequently, those conditions cause the price of goods and
services to increase. Households usually respond to those difficulties by cutting their
consumption especially for non-necessity goods. Hence this paper discusses the
pattern of food demand when the earthquake occurs. In addition, it also observes the
price and expenditure elasticities of food demand by estimating a Linear Approximate
Almost Ideal Demand System (LA-AIDS). As elasticity is a measure of demand
response when there is a change in price because of earthquake, it can predict the
amount of food which should be provided. This paper also examines the effect of
earthquake on living standards of households, whether there is any different impact
for the poor and the rich. It finds that food demand estimations on rice and oil have
price inelastic demand, while vegetable, meat, and fish are price elastic.
Furthermore, poor households are more likely to have a greater negative impact than
rich households although the effect is quite small.
Key words: Earthquake, food demand, LA-AIDS
JEL: D1, D6, I3
34
Contact Us
http://gamaiceb.feb.ugm.ac.id/
Phone: +62 274 551209 or +6282242036868, E-mail: gamaiceb@ugm.ac.id,
Office: 3rd Floor West Wing Faculty of Economics and Business
Universitas Gadjah Mada, Sosio Humaniora Street 1, Bulaksumur, Sleman,
Yogyakarta, Indonesia 55281

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