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Financial Statement Dalam Perusahaan Asuransi document sample
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HERDING BETWEEN INSTITUTIONAL AND
INDIVIDUAL INVESTORS: THE JAPANESE CASE
Mamduh M. Hanafi
Universitas Gadjah Mada
ABSTRACT
Artikel ini membandingkan perilaku herding antara investor institusional dengan
investor individual menggunakan data Jepang. Artikel ini menemukan bahwa investor
institusional melakukan herding lebih besar pada saham kecil. Artikel ini juga
menemukan bahwa herding oleh investor institusional nampaknya tidak mempunyai efek
negatif (destabilizing) dalam jangka pendek. Dalam jangka panjang, artikel ini
menemukan pembalikan harga (reversal) untuk saham dimana investor institusional
melakukan herding. Artikel ini menemukan bahwa saham yang dilepas investor
institusional mempunyai reaksi harga yang negatif, nampaknya tindakan pelepasan
tersebut didorong oleh motivasi yang rasional. Artikel ini juga menemukan bahwa
perdagangan oleh investor institusional mempunyai pengaruh yang lebih besar terhadap
harga; investor institusional nampaknya tidak melakukan perdagangan umpan balik
positif (positive feedback trade). Saham yang mempunyai kepemilikan institusi paling
stabil mempunyai kinerja yang paling baik.
Keywords: herding, Japan, efficient markets.
ADAKAH PENGARUH PERNYATAAN PRESIDEN GUS DUR
TERHADAP PERILAKU KURS RP/US$,
1 JANUARI 1999 – 30 APRIL 2002?:
STUDI EMPIRIS DENGAN METODE BOX JENKINS (ARIMA)
Mudrajad Kuncoro
Dosen Fakultas Ekonomi UGM
Hikmah Inayah
Alumnus Program Magister Manajemen UGM
ABSTRACT
This study attempts to analysis Rupiah/US$ exchange rate using ARIMA
(Autoregressive Integrated Moving Average) method. It explores to what extent impacts
of political variable, in term of the (former) President Abdurrachman Wachid’s (Gusdur)
statement, on the exchange rate fluctuation. Two main sources of data were used: first,
daily exchange rates of Rp/US$ over the period of Januari 1st, 1999 to April 30th , 2002;
second, media reports on Gus Dur’s statement which comed up every Friday. The
empirical results found that yesterday’s exchange rates and trend influenced the current
exchange rates significantly, as shown by AR (1) and trend variable. More importantly,
depreciation of Rupiah was caused by political (news) variable, especially Gus Dur’s
statement. The last indicates the evidence of Friday effect in the case of Rp/US$ during
Gus Dur regime.
Keywords: ARIMA Method; Autoregressive; Moving Average; News (Gus Dur’s
statement); Trend
PROFIL DAN MOTIVASI ENTREPRENEUR WANITA
DI YOGYAKARTA
Nurul Indarti
Diah Retno Wulandaru
Universitas Gadjah Mada
ABSTRACT
This study aims to describe entrepreneurial motivation of women entrepreneurs in
Yogyakarta. Previous studies paid great attention to the idea that people are motivated to
use their jobs as mechanisms for satisfying their needs.
Research that explored gender issue is still growing debate in the area of
management. This study questions how four psychological needs influence women
entrepreneurs. Survey approach was conducted to answer such research questions.This
study uses 96 respondents representing 63% response rate.
Findings revealed that young women entrepreneurs were strongly motivated by
achieving performance, followed by affiliation, autonomy and dominance. It also showed
that women entrepreneurs had lower need for affiliation and higher need for dominance
than women employees had. This results imply that recognition or appreciation and
adequate resources should be available to support women entrepreneurs to fulfill their
needs for achievement and to exercise their leadership style.
Keywords: women entrepreneur, motivation, need for achievement, need for affiliation,
need for autonomy, need for dominance.
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI
STATUS PERUSAHAAN PASCA IPO DENGAN ANALISIS
MULTINOMIAL LOGIT
Luciana Spica Almilia
Meliza Silvy
STIE PERBANAS Surabaya
ABSTRACT
This research has a purpose to provide empirical evident about factors that affect
firms status after IPO. The examined factors on this research are firm characteristics
including financial ratio, industry structure, firm’s sensitivity to macroeconomic
variables, underwriter reputation and ownership structure.
The samples consist of 84 firms which had positive net income, positive equity
book value and still listed until 2002; 24 firms which had negative net income from 2000
through 2001 and still listed; 48 firms which had negative net income and negative equity
book value from 2000 through 2001 and still listed; and 19 firms which delisted from
1999 through 2002. Moreover, it is chosen by purposive sampling. The statistic method
used to test on the research hypothesis is multinomial logit regression. Indirect method
and direct method technique is used to gain a model that has the highest classification
power in determination firms status after IPO.
The result show that direct method had a higher classification power rather than
indirect method. This research also indicate that firm characteristic include financial
ratio, industry structure, firm’s sensitivity to macroeconomic variables, and underwriter
reputation is a significant variables in determination firms status after IPO
Keywords: financial distress, financial ratios, multinomial logit, macroeconomic variable
KERJASAMA TIM LINTAS FUNGSI DAN KINERJA MANAJEMEN PROYEK
Benediktus Elnath Aldi
Universitas Atmajaya Jakarta
Hargo Utomo
Universitas Gadjah Mada
ABSTRACT
This paper examines the linkage between cross-functional teamwork and project
management performance. The main thrust of the study is continuing debates on how
cross-functional teamwork contributes to project management performance: on-time, on-
budget, and on-purpose. The level of influence was observed based on six critical factors:
the clarity of super-ordinate goals, conformity of project team members to organization
rules and procedures, physical proximity of each project team members, accessibility of
project team members, knowledge sharing amongst project team members, and fairness
of selection process of the project team members.
The study uses combination of survey and case studies approach to answer such
complex question. Samples were driven from 44 healthcare projects under the
coordination of Health Department in East Java involving 88 respondents in the study.
The hierarchical regression analysis was then used to explain major antecedents of
cross-functional teamwork on the performance of project management.
The study concludes that successful project management accounts multi-
dimensional issues. The clarity of super-ordinate goals and physical proximity of team
members have positive and significant influence in the performance of cross-functional
teamwork. These invite further research to improve generalizability of the study.
Keywords: project management, performance, cross-functional teamwork.
THE DILUTION EFFECT OF ACCOUNTING INFORMATION
Jogiyanto Hartono
Universitas Gadjah Mada
ABSTRACT
Riset ini meneliti efek gabungan antara kejutan-kejutan dividen dan laba. Dengan
menggunakan belief-adjustment theory yang dikenalkan oleh Hogarth and Einhorn’s
(1992), riset ini menguji perilaku dari reaksi investor terhadap waktu (timing) dari
pengumuman-pengumuman dividen dan laba. Teori ini memprediksi bahwa untuk
kejutan-kejutan konsisten yang terjadi pada waktu bersamaan, mereka mempunyai
pengaruh yang lebih kecil di return saham dibandingkan dengan kejutan-kejutan
konsisten yang terjadi secara berurutan (hipotesis ini disebut dengan hipotesis efek dilusi
atau the dilution effect hypothesis).
Hipotesis-hipotesis efek dilusi ini didukung di satu dari empat skenario yaitu
terjadi pada waktu kejutan-kejutan laba positip. Hipotesis-hipotesis ini tidak didukung
untuk kejutan-kejutan dividen negatip, kejutan-kejutan dividen positip dan kejutan-
kejutan laba negatip.
Key words: the dilution effect, belief adjustment theory, belief revision, Hogarth and
Einhorn, behavioral finance, behavioral accounting, behavioral market research,
contemporaneous announcements, simultaneous announcements, joint announcements,
noncontemporaneous announcements, sequential announcements, mixed evidence,
consistent evidence.
THE EFFECT OF MANAGERIAL ORIENTATION
ON SALESPERSONS’ JOB SATISFACTION
BM. Purwanto
Universitas Gadjah Mada
ABSTRACT
Studi ini mengungkap efek orientasi manajerial terhadap kepuasan kerja tenaga
penjual. Kepuasan kerja merupakan konstruk yang sangat penting bagi manajer karena
memiliki efek yang signifikan terhadap perilaku dan kinerja tenaga penjual. Responden
adalah tenaga penjual jasa asuransi jiwa dari 12 perusahaan asuransi jiwa yang
beroperasi di Indonesia. Data dikumpulkan dengan menggunakan kuesioner. Two-step
approach to SEM digunakan untuk menguji model hubungan struktural antara konstruk-
konstruk yang mencerminkan orientasi manajerial (komitmen manajemen terhadap
kualitas layanan, pemberdayaan, evaluasi berdasar perilaku, dan evaluasi berdasar
hasil) dan kepuasan kerja. Hasil pengujian menunjukkan bahwa komitmen manajemen
terhadap kualitas layanan akan mendorong manajemen untuk memberdayakan tenaga
penjualnya. Manajemen yang berupaya memberdayakan tenaga penjual cenderung
menggunakan sistem evaluasi berdasar perilaku dari pada menggunakan sistem evaluasi
berdasar hasil. Evaluasi berdasar perilaku berefek positif terhadap kepuasan kerja,
sedangkan evaluasi berdasar hasil cenderung berefek negatif terhadap kepuasan kerja
tenaga penjual.
Keywords: salesperson, management commitment to service quality, empowerment,
behavior-based evaluation, outcome-based evaluation, job satisfaction, two-step
approach to SEM.
