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Gadjah Mada International Journal of Business

GAMAIJB
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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.

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Articles 6 Documents

Search results for , issue "Vol 1, No 2 (1999): September" : 6 Documents clear

GAINS FROM INTERNATIONAL DIVERSIFICATION AND DOMESTIC PORTFOLIO IN EMERGING STOCKS MARKETS: PHILIPPINE AND INDONESIAN PERSPECTIVES Eduardus Tandelilin
Gadjah Mada International Journal of Business Vol 1, No 2 (1999): September
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

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 an optimal investment portfolio from the Philippine and Indonesia perspectives.The empirical results indicate that there are gains from international diversification, both from the Philippine and Indonesian perspectives, in two to eight emerging stock markets. Generally the gains are greater from the Indonesian perspective than the Philippine perspective in all countrycombinations.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).

MAINSTREAM ACCOUNTING AND ITS PARADIGM: A CRITICAL ANALYSIS Imam Wahyudi
Gadjah Mada International Journal of Business Vol 1, No 2 (1999): September
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

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 from 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 findings cannot be applied in accounting practice. Thus, accountingresearch and accounting theorizing may not produce a real answer to the accounting problems.

THE PREDICTIVE ABILITY OF EARNINGS VERSUS CASH FLOW DATA TO PREDICT FUTURE CASH FLOWS: A FIRM-SPECIFIC ANALYSIS Supriyadi Supriyadi
Gadjah Mada International Journal of Business Vol 1, No 2 (1999): September
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study evaluated the value-relevance of accounting information (earnings and cash flows) in Indonesia to predict a firm’s future operating cash flows. The predictive usefulness of earnings and cash flows in association with future cash flows is of interest for three reasons. They include 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 IndonesianAccounting 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 (JSX) 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 evaluate the robustness of the results to otherpopulations of firms 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 variables into operating, investing, and financing components in order to measure the value-relevance of the statement of cash flows.

PRICE EARNINGS RATIO (PER) MODEL CONSISTENCY: EVIDENCE FROM JAKARTA STOCK EXCHANGE Prof. Marwan Asri, M.B.A., Ph.D.; Antonius N. Heveadi
Gadjah Mada International Journal of Business Vol 1, No 2 (1999): September
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Recently, stock valuation model using the earning multiplier approach (PER) is more popular among investors and analysts. 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 togive empirical evidence whether PER’s cross-sectional model can be used in determining the fairness of stock price traded 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, 1996, 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 (s-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 developed at different time periods, though with the same sample and method, gave different results. The differences were in the significance level and in the weight of influence of independent variables to the corresponding dependent variables. As a stock valuation model, a regression model should perform consistently from period to period, so normalPER of a stock could be predicted based on the model that was developed by historical data.

THE HOUR TO UNDERSTAND AND FAMILIARIZE WITH CULTURAL SETTINGS FOR MARKETING IN THE THIRD MILLENNIUM Wachinga Gikonyo Simon
Gadjah Mada International Journal of Business Vol 1, No 2 (1999): September
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Much of the literature about 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 expense of the impact that culture could have in not only influencing the consumerbehavior but more importantly in 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 their interaction 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 by a 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 familiarizing at the same note in this critical era of market competition as we head for the yet to be defined the third millennium.

THE IMPACT OF BANK RESTRUCTURING ANNOUNCEMENT ON THE BANKING STOCK PRICES: The Cases of Indonesia’s Banking Reforms on March 13, 1999, and The Issuance of Government Bonds on May 28, 1999 Muhammad Fendi Susiyanto
Gadjah Mada International Journal of Business Vol 1, No 2 (1999): September
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study is an event study that aims to investigate 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 other government bonds to repay the obligations of frozen commercial banks’ and rural banks’ regarding its 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 significantly increases on banking stocks after the event dates.Thirteen samples 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 of banking stocks before the event date. The result was not found 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).

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