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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 10 Documents

Search results for , issue "Vol 14, No 1 (2012): January - April" : 10 Documents clear

Developing a Seasonal Cash Demand Simulation for Agricultural Cooperatives (Village Unit Cooperative) in Indonesia Santoso, Budi
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1727.048 KB)

Irrespective of the success of the Indonesian Government to achieve self-sufficiency of rice in 1985, and the rice price stabilization, paddy growers still suffer from a very low price for their produce. Koperasi Unit Desa (KUDs) âin Indonesian, or Village Unit Cooperative (VUC) have been entrusted with the marketing of rice paddies although their performance has always been less than satisfactory. One problem experienced by the KUDs is not having sufficient cash to purchase and process paddies into rice. The purpose of this study is to develop and validate a simulation model to represent cash flows during one paddy plantation season for a KUD (VUC). The simulation model is a decision support tool that enables a KUDâs (VUC) management to determine the maximum quantity of paddies to be purchased; the minimum borrowing and additional borrowing; and the earnings before taxes. An investigator- administrated questionnaire was used to collect historical data of the twenty randomly selected KUDs (VUC) on Lombok Island to validate the sub-models of the simulation model. The Kolmogorov- Smirnov Goodness of Fit (two-sample), linear regression, correlation and t- tests were used to validate the simulation model. The validation results have shown that the sub-models of the simulation model are valid, and these may contribute to the valid results of the simulation model. This study has found that the limitations of the paddy storage building, drying floor, and milling machine owned by the KUDs (VUC) may restrict the KUDs (VUC) from buying the entire paddies harvested. Therefore, further research is needed to find out the minimum capacities of those facilities enabling the KUDs (VUC) to work efficiently.Keywords: agricultural cooperatives (Village Unit Cooperative); seasonal demands; cash flows; simulation; validation

Does Environmental Uncertainty Affect Entrepreneursâ Orientation and Performance? Empirical Evidence from Indonesian SMEs Herani, Rina; Andersen, Otto
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (216.458 KB)

Small and medium enterprises (SMEs) have a critical role in economic growth in Indonesia and become the backbone for job creation, poverty alleviation, and safeguard during the crisis. However, they are highly exposed to uncertain environments. The present study aimed to investigate the influence of SMEsâ entrepreneurial orientation on business performance when uncertain environments exist. A total of 152 Indonesian SMEs were studied in order to assess this relationship. Moderated regression analysis is performed as the main statistical procedures to analyse the moderating role of environmental uncertainty on the influence of entrepreneurial orientation on business performance. Surprisingly, the result of the present study did not confirm the previous predominant studies which found that entrepreneurialorientation dimensions are positively associated with business performance in growing in an uncertain environment. Indonesian entrepreneurs were reluctant to innovate, be proactive, and take risks when an uncertain environment exists. The present study was an endeavour to provide better insight in explaining the inconsistent and ambiguous findings from existing literature.

Does Knowledge Stickiness Affect a Firmâs Innovation Capability? Empirical Evidence From Indonesian Furniture SMEs Indarti, Nurul
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (211.039 KB)

This study aims to examine the relationship between knowledge stickiness and a firmâs innovation capability in the context of developing countries, i.e., Indonesia. The main research question addressed by this study is: does knowledge stickiness affect a firmâs innovation capability? Using data from 100 small- and medium-sized furniture enterprises (SMEs), the study finds that product innovations are predominant over process and organizational ones. However, incremental innovations are often more preferred than radical ones. This study also finds that the firms absorb knowledge from various sources to undertake innovations. Buyers, Internet, and suppliers are the significant sources, for sensory, coded, and theoretical knowledge. Buyers are also the main source of a great extent of various knowledge domains related to product, process, and organizational innovations. In general, the furniture firms do not pay considerable attention to planning stages when introducing innovations, as indicated by the fact that not all innovations are preceded by initiatives, except for really new processes and organizational innovations whose impact on the firmsâ revenue is less visible. Out of four dimensions of knowledge stickiness used in this study, three of them (i.e., knowledge interconnectedness, sensory knowledge, and coded knowledge) are proven to have significant impact on a firmâs innovation capability. We find, knowledge interconnectedness and coded knowledge have a positive impact, while sensory knowledge influences a firmâs innovation capability in a negative direction. All in all, this study provides empirical evidence that knowledge stickiness has a significant impact on a firmâs innovation capability (explains 36% of total variance).

Is Earnings Management Informational or Opportunistic? Evidence from ASEAN Countries Wardani, Dewi Kusuma; Kusuma, Indra Wijaya
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (195.28 KB)

This study explores the informational and opportunistic characteristics of earnings management in ASEAN countries. Earnings management has an impact on the profitability of the companies. A positive relation between earnings management and future profitability reveals that earnings management is informational. However, negative a relation between earnings management and future profitability indicates that earnings management is opportunistic. This study uses data from the OSIRIS database. Four hundred and eighty five (485) companies from the Philippines, Indonesia, Malaysia, Singapore, and Thailand are used as a sample. This study focuses on 2 types of earnings management: (1) accrual earnings management and (2) real earning management. Modified Jones model is used for the accrual earnings management. Real earnings management follows Roychowdury (2006). The results show that the characteristics of earnings management are not consistent. Real earnings management is informational in Thailand, but opportunistic in Indonesia. Accruals earnings management is informational in the Philippines, but opportunistic in Malaysia. Country factors such as culture may explain the inconsistency of the results in ASEAN.Keywords: accruals earnings management; ASEAN countries; future profitability; informational; opportunistic; real earnings management

The Link of Abnormal Accrual Mispricing and Value- Glamour Stock Anomaly: Evidence from the Indonesian Capital Market Ekawati, Erni
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (212.238 KB)

The purpose of this study is to investigate whether abnormal accrual mispricing acknowledged in accounting literature is a manifestation of documented value-glamour anomaly in finance literature. This study proposes the traditional value-glamour proxies (sales growth, book-to-market, earningprice, cash flows-price, and size) and CFO/P ratio (ratio of operating cash flows and stock price) to explain the mispricing of abnormal accruals. Using a sample of 540 firm-year observations of companies listed on the Jakarta Stock Exchange (JSE) from the period of 1993 to 2003, the study finds that individually, only either the E/P or CFO/P ratio can pick up the mispricing attributed to abnormal accruals. These results can be interpreted as follows: (1) as captured by E/P ratio, abnormal accrual mispricing is due to the marketâs inability to understand managersâ attempts to manage reported earnings; (2) as captured by the CFO/P, the market is unable to assess the persistence of cash flows. From a practical standpoint, this study has simplified the research agenda related to asset pricing. The result suggests that a researcher can control for the abnormal accrual mispricing and the value-glamour anomaly parsimoniously via just one variable, E/P ratio.Keywords: business performance; entrepreneurial orientation; environmental uncertainty

The Link of Abnormal Accrual Mispricing and Value- Glamour Stock Anomaly: Evidence from the Indonesian Capital Market Erni Ekawati
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

The purpose of this study is to investigate whether abnormal accrual mispricing acknowledged in accounting literature is a manifestation of documented value-glamour anomaly in finance literature. This study proposes the traditional value-glamour proxies (sales growth, book-to-market, earningprice, cash flows-price, and size) and CFO/P ratio (ratio of operating cash flows and stock price) to explain the mispricing of abnormal accruals. Using a sample of 540 firm-year observations of companies listed on the Jakarta Stock Exchange (JSE) from the period of 1993 to 2003, the study finds that individually, only either the E/P or CFO/P ratio can pick up the mispricing attributed to abnormal accruals. These results can be interpreted as follows: (1) as captured by E/P ratio, abnormal accrual mispricing is due to the market’s inability to understand managers’ attempts to manage reported earnings; (2) as captured by the CFO/P, the market is unable to assess the persistence of cash flows. From a practical standpoint, this study has simplified the research agenda related to asset pricing. The result suggests that a researcher can control for the abnormal accrual mispricing and the value-glamour anomaly parsimoniously via just one variable, E/P ratio.Keywords: business performance; entrepreneurial orientation; environmental uncertainty

Developing a Seasonal Cash Demand Simulation for Agricultural Cooperatives (Village Unit Cooperative) in Indonesia Budi Santoso
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Irrespective of the success of the Indonesian Government to achieve self-sufficiency of rice in 1985, and the rice price stabilization, paddy growers still suffer from a very low price for their produce. Koperasi Unit Desa (KUDs) –in Indonesian, or Village Unit Cooperative (VUC) have been entrusted with the marketing of rice paddies although their performance has always been less than satisfactory. One problem experienced by the KUDs is not having sufficient cash to purchase and process paddies into rice. The purpose of this study is to develop and validate a simulation model to represent cash flows during one paddy plantation season for a KUD (VUC). The simulation model is a decision support tool that enables a KUD’s (VUC) management to determine the maximum quantity of paddies to be purchased; the minimum borrowing and additional borrowing; and the earnings before taxes. An investigator- administrated questionnaire was used to collect historical data of the twenty randomly selected KUDs (VUC) on Lombok Island to validate the sub-models of the simulation model. The Kolmogorov- Smirnov Goodness of Fit (two-sample), linear regression, correlation and t- tests were used to validate the simulation model. The validation results have shown that the sub-models of the simulation model are valid, and these may contribute to the valid results of the simulation model. This study has found that the limitations of the paddy storage building, drying floor, and milling machine owned by the KUDs (VUC) may restrict the KUDs (VUC) from buying the entire paddies harvested. Therefore, further research is needed to find out the minimum capacities of those facilities enabling the KUDs (VUC) to work efficiently.Keywords: agricultural cooperatives (Village Unit Cooperative); seasonal demands; cash flows; simulation; validation

Does Environmental Uncertainty Affect Entrepreneurs’ Orientation and Performance? Empirical Evidence from Indonesian SMEs Rina Herani; Otto Andersen
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Small and medium enterprises (SMEs) have a critical role in economic growth in Indonesia and become the backbone for job creation, poverty alleviation, and safeguard during the crisis. However, they are highly exposed to uncertain environments. The present study aimed to investigate the influence of SMEs’ entrepreneurial orientation on business performance when uncertain environments exist. A total of 152 Indonesian SMEs were studied in order to assess this relationship. Moderated regression analysis is performed as the main statistical procedures to analyse the moderating role of environmental uncertainty on the influence of entrepreneurial orientation on business performance. Surprisingly, the result of the present study did not confirm the previous predominant studies which found that entrepreneurialorientation dimensions are positively associated with business performance in growing in an uncertain environment. Indonesian entrepreneurs were reluctant to innovate, be proactive, and take risks when an uncertain environment exists. The present study was an endeavour to provide better insight in explaining the inconsistent and ambiguous findings from existing literature.

Does Knowledge Stickiness Affect a Firm’s Innovation Capability? Empirical Evidence From Indonesian Furniture SMEs Nurul Indarti
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study aims to examine the relationship between knowledge stickiness and a firm’s innovation capability in the context of developing countries, i.e., Indonesia. The main research question addressed by this study is: does knowledge stickiness affect a firm’s innovation capability? Using data from 100 small- and medium-sized furniture enterprises (SMEs), the study finds that product innovations are predominant over process and organizational ones. However, incremental innovations are often more preferred than radical ones. This study also finds that the firms absorb knowledge from various sources to undertake innovations. Buyers, Internet, and suppliers are the significant sources, for sensory, coded, and theoretical knowledge. Buyers are also the main source of a great extent of various knowledge domains related to product, process, and organizational innovations. In general, the furniture firms do not pay considerable attention to planning stages when introducing innovations, as indicated by the fact that not all innovations are preceded by initiatives, except for really new processes and organizational innovations whose impact on the firms’ revenue is less visible. Out of four dimensions of knowledge stickiness used in this study, three of them (i.e., knowledge interconnectedness, sensory knowledge, and coded knowledge) are proven to have significant impact on a firm’s innovation capability. We find, knowledge interconnectedness and coded knowledge have a positive impact, while sensory knowledge influences a firm’s innovation capability in a negative direction. All in all, this study provides empirical evidence that knowledge stickiness has a significant impact on a firm’s innovation capability (explains 36% of total variance).

Is Earnings Management Informational or Opportunistic? Evidence from ASEAN Countries Dewi Kusuma Wardani; Indra Wijaya Kusuma
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

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