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Gadjah Mada International Journal of Business
Published by Universitas Gadjah Mada
ISSN : 14111128     EISSN : 23387238     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Gadjah Mada International Journal of Business (GamaIJB) is a peer-reviewed journal published three times a year (January-April, May-August, and September-December) by Master of Management Program, Faculty of Economics and Business, Universitas Gadjah Mada. GamaIJB is intended to be the journal for publishing articles reporting the results of research on business, especially in the context of emerging economies. The GamaIJB invites manuscripts in the various topics include, but not limited to, functional areas of management, accounting, international business, entrepreneurship, business economics, risk management, knowledge management, information systems, ethics, and sustainability.
Arjuna Subject : -
Articles 557 Documents
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Who Moves the Malaysian Stock Market— the U.S. or Japan?: Empirical Evidence from the Pre-, During, and Post-1997 Asian Financial Crisis Mohd. Yusof, Rosylin; Abd. Majid, M. Shabri
Gadjah Mada International Journal of Business Vol 8, No 3 (2006): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (537.161 KB)

Abstract

This paper examines long run co-movements between Malaysian stock market and the two largest stock markets in the world: the U.S. and Japan. By employing time-series analysis, i.e., cointegration, variance decompositions, and impulse response functions, the paper seeks to investigate which market actually leads the Malaysian stock market before, during, and after the 1997 Asian financial crisis periods. The results indicate that there is a co-movement of these markets only in the post crisis period. The Japanese stock market is found to significantly move the Malaysian stock market compared to U.S. stock market for the post-crisis period. At the same time, there seems to be a growing proportion of bilateral trade between Malaysia and Japan during the mentioned period. This finding seems to be consistent with the view that the stronger the bilateral trade ties between two countries, the higher the degree of co-movements (Masih and Masih 1999; Bracker et al. 1999; Pretorius 2002; Ibrahim 2003; Kearney and Lucey 2004). Our finding implies that the opportunities of gaining abnormal profits through investment diversification during the post-crisis period in the Malaysian and Japanese stock markets are diminishing as the markets move towards a greater integration. This further implies that any development in the Japanese economy has to be taken into consideration by the Malaysian government in designing policies pertaining to Malaysian stock market.
Psychological Factors and Reference Potential of Market Mavens Puspa, Jofi
Gadjah Mada International Journal of Business Vol 11, No 3 (2009): September - December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The function of a market maven in the information transfer processes is apparently related to one’s psychological states such as inherent knowledge and involvement level. Understanding reference potential of mavens seems to be relevant to comprehend the implicit value of a maven in the communication process. This study shows that (1) apparently, maven groups can be clearly distinguished from a non-maven group on the basis on inherent personal knowledge level and involvement level; (2) market mavens have a high reference potential which confirmed their function in WOM-information.
INTRAGROUP COOPERATION VS. INTRAGROUP COMPETITION: A Meta-Analytical Study
Gadjah Mada International Journal of Business Vol 6, No 3 (2004): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This study examines whether intragroup cooperation outperforms intragroup competition. Intragroup cooperation is a work setting when individuals in a group perceive that their goal attainments are positively related; while intragroup competition is a work setting when individuals in a group perceive that their goal attainments are negatively related. Performance is defined as group productivity level, speed of solving problems, and quality of the group outcomes.Meta-analytical method is used to test the hypothesis. The method combines and compares eight studies from various research disciplines i.e., education, psychology, organization, and business and accounting. The studies being analyzed also vary in terms of the research and experimental setting such as manufacturing operations and problem solving games.Meta-analytical study is relatively rare in Indonesia, so that this study is important to introduce and to show the importance and the benefit of the analysis for concluding a large number and different research in a similar domain of research question.  In a simple term, a meta-analysis is a quantitative literature review. However, the analysis has a more powerful procedure (than the conventional literature review) to indicate more clearly, and in quantitative terms, the consistency, the differences and similarities of previous studies.The author found that intragroup cooperation outperforms intragroup competition is held across different experimental subject educational backgrounds such as education, psychology, and business and accounting. However, the extent of the difference in performance is higher in the subjects with psychology background than that of the subjects with business and accounting background. The reason is that business and accounting subjects are more exposed to competitive environments than those whose backgrounds are psychology and sociology.
Balance Sheet Vulnerability and Macroeconomic Management in Indonesia Goeltom, Miranda Swaray
Gadjah Mada International Journal of Business Vol 7, No 2 (2005): May-August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The economic and financial crises hitting Indonesia in 1997 have triggered a significant economic downturn. A critical issue addressed is how common shocks during crisis period have brought about macroeconomic outcome. The paper briefly discusses the problems, response and lessons learnt in the country’s effort to restore the economy to its long-term potential growth path. By examining balance sheet conditions across sectors in the economy, it is shown that even though some progress has been achieved, overall balance sheet conditions are still vulnerable to further shocks that may hit the economy, so that efforts to restore economic growth and stability face substantial challenges. Considering these constraints, Indonesian macroeconomic policy makers focus their efforts on strengthening financial markets, among others, by developing bond markets and implementing banking architecture. However, various constraints will remain unless the government speeds up the necessary reforms, mostly institutional in nature.
In Search for Anchors The Fundamental Motivational Force in Compensating for Human Vulnerability Riyono, Bagus; Himam, Fathul; -, Subandi
Gadjah Mada International Journal of Business Vol 14, No 3 (2012): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The purpose of this study is to develop a new integrative theory of motivation drawn from the existing theories and data. The method used is a combination of meta-ethnography and grounded theory. The second phase of the study employed a thought experiment to test the newly developed theoretical propositions of motivational force. The first phase of the study revealed a central phenomenon for the occurrence of motivational force, i.e. “In Search for Anchors,” which is a result of the paradox between freedom to choose and human vulnerability. “Freedom to choose” is the central factor of a motivational model that includes “urge,” “challenge,” “incentive,” and “meaning.” These five factors are motivational sources, which have holistic-dynamic-integrative interaction. Human vulnerability is the other side of the motivational model that comprises risk, uncertainty, and hope that ignite motivational force. The dynamic interaction of risk, uncertainty, and hope is represented in a mathematical formula that produces the strength of the force, (R – H)2 x U, which can be potrayed in a “twin-peak” curve. The thought experiment was conducted to test the hypothetical formula. The result shows that the “twin-peak” hypothesis is supported but the shape of the curve is found to be not symmetrical. The data show that hope is the strongest motivational force, therefore the formula is modified into = (R – U)2 x H. The implication of the study and the utility of the new theory are discussed.        
Efficiency of S&P CNX Nifty Index Option of the National Stock Exchange (NSE), India, using Box Spread Arbitrage Strategy Girish, G. P.; Rastogi, Nikhil
Gadjah Mada International Journal of Business Vol 15, No 3 (2013): September - December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Box spread is a trading strategy in which one simultaneously buys and sells options having the same underlying asset and time to expiration, but different exercise prices. This study examined the efficiency of European style S&P CNX Nifty Index options of National Stock Exchange, (NSE) India by making use of high-frequency data on put and call options written on Nifty (Time-stamped transactions data) for the time period between 1st January 2002 and 31st December 2005 using box-spread arbitrage strategy. The advantages of box-spreads include reduced joint hypothesis problem since there is no consideration of pricing model or market equilibrium, no consideration of inter-market non-synchronicity since trading box spreads involve only one market, computational simplicity with less chances of mis-specification error, estimation error and the fact that buying and selling box spreads more or less replicates risk-free lending and borrowing. One thousand three hundreds and fifty eight exercisable box-spreads were found for the time period considered of which 78 Box spreads were found to be profitable after incorporating transaction costs (32 profitable box spreads were identified for the year 2002, 19 in 2003, 14 in 2004 and 13 in 2005) The results of our study suggest that internal option market efficiency has improved over the years for S&P CNX Nifty Index options of NSE India.     
Hard Cover in Chief, Editor
Gadjah Mada International Journal of Business Vol 16, No 3 (2014): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Hard Cover    
Business Location and Success: The Case of Internet Café Business in Indonesia Indarti, Nurul
Gadjah Mada International Journal of Business Vol 6, No 2 (2004): May-August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This research aims to examine the relationship between business location decision and business success. The case is Internet café business in Indonesia. This research is addressed to answer these main questions: (1) what factors do underlie location decision for an Internet café business?; and (2) does location decision determine success of Internet café business? A field research is conducted to answer these questions.Factor analysis applied to 17 location factors reveals five underlying dimensions of business location decision. They are centrality, business environment, business venue, cost, and labor. Based on responses from 93 Internet cafés in three locations (i.e. Yogyakarta, Surabaya, and Lombok), the author finds that favorable location of business is positively related to business success. More specifically, a regression analysis reveals that availability of utilities, proximity to schools/universities and security affect business success in a positive direction, while proximity to highways, being in commercial center affect in a negative direction. The independent variables explain 23 percent of total variance.
The Evolution in Value Relevance of Accounting Measures in Indonesia Eko Suwardi
Gadjah Mada International Journal of Business Vol 22, No 1 (2020): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.54059

Abstract

This paper utilizes the model of share price, which is derived from the valuation model of residual income, to rigorously assess the evolution of value relevance of accounting measures in Indonesia, an emerging market country which has its landscape of equity valuation changed substantially. Using two different approaches, cross sectional and panel regressions, the results indicates a strong linear association between share price and accounting measures. Cross-sectional yearly price regressions provide a strong evidence of non-linear changes on the value relevance of accounting measures over time.  Moreover, using panel data analysis, the results of unconditional comparison tests reveal that that the increased value-relevance of the balance sheet would be offset by a reduction of the value-relevance of earnings per share during IFRS regime. It could potentially contribute to explain the decrease in value relevance of accounting numbers during the switchover to IFRS in Indonesia.
On the Nexus Between CSR Practices, ESG Performance, and Asymmetric information Berto Usman; Oscar Tiago Fontes Bernardes; Paulus Sulluk Kananlua
Gadjah Mada International Journal of Business Vol 22, No 2 (2020): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.54053

Abstract

The purpose of this paper is to test the relationship of CSR practice­–asymmetry information and ESG performance–asymmetry information. We conjecture that there might be a particular role where the disclosure of non-financial information is deemed useful in truncating the level of asymmetry information. Using the data from two different countries, Indonesia (Asia) and Portugal (Europe), we extracted 37 companies with time period of observation ranges from 2012 to 2016. To manifest the empirical test, we use CSR report (CSR_Rep), CSR committee (CSR_com), CSR assurance (CSR_ass) and GRI adoption as the proxies of CSR practice, while the proxies of ESG performance are represented by Environmental (ENVscr), Social (SOCscr), and Governance (GOVscr) pillar scores as obtained from Thomson Reuters ASSET4 database. Bid-ask spread is used as the surrogate indicator of asymmetry information. The empirical test reveals that only variable GRI and SOCscr show negative and significant association with bid-ask spread. Whilst, the remaining variables of CSR practice (CSR_rep, CSR_com, CSR_ass), and ESG performance (ENVscr and GOVscr) are negatively associated with asymmetry information (Spread) but statistically insignificant. Our results suggest that CSR practice and ESG performance are weakly associated with asymmetry information, in which most of CSR practices and ESG performance need a time lag to allow them to be value relevant information in mitigating the level of asymmetry information.

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