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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 10 Documents
 1 
Search results for , issue "Vol 8, No 2 (2006): May - August" : 10 Documents clear
INTERDEPENDENT ANALYSIS OF LEVERAGE, DIVIDEND, AND MANAGERIAL OWNERSHIP POLICIES: Agencies Perspectives Hardjopranoto, Wibisono
Gadjah Mada International Journal of Business Vol 8, No 2 (2006): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (239.825 KB)

Abstract

This paper attempts to investigate interdependent mechanism among leverage, dividend, and managerial ownership policies. This paper considers firm size and economic conditions to control their effect on the relationship among the three policies. The interrelationship between leverage, dividend, and managerial ownership policies will be tested using two-stage least squares. Five exogenous variables are employed in simultaneous equation: current assets and structure of assets as leverage determinants, book to market and return on investment as dividend determinants, and relative return to risk as managerial ownership determinant. The research employs year 1994-2004 data, with 1717 firm years. The research findings can be summarised as follows. First, there is a negative relationship between managerial ownership and leverage policies as suggested by agency theory. Second, there is a relationship between managerial ownership and dividend policies, but the relationship between leverage and dividend is insignificant. Third, the relationship between leverage and dividend is insensitive to economic condition and firm size. Fourth, all exogenous variables have significant effect on endogenous variables, except relative return. Fifth, the effects of exogenous variables are not sensitive to control variables. Sixth, we find that managers show self-interest behaviours by reducing managerial ownership when the economic condition worsens.
The Impact of the Abolition of tax credit on ex-dividend day abnormal returns in the united kingdom (uk) market Basuki, Hardo
Gadjah Mada International Journal of Business Vol 8, No 2 (2006): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (289.743 KB)

Abstract

The ex-dividend day returns are composed of the capital gains component and the dividends component. This study mainly examines the relationship between the 1997 abolition of the tax-credit and the ex-dividend day abnormal stock returns in the UK market (London Stock Exchange). The 1997 abolition of the tax credit on dividend effectively reduced the income of pension funds and other tax-exempt shareholders who had a strong preference for dividends. This study finds that the ex-day abnormal returns (AR) declined from +0.0580 percent during the pre-abolition periods to -0.1459 percent during the post-abolition periods. This decline is statistically significant with a t-value of 2.0431. From these results it would appear that the ex-dividend day AR changed following the 1997 abolition of tax credits on dividends. Moreover the comparison tests of ex-day drop-off ratios between pre-and post-abolition periods show that drop-off ratios for all dividend yield groups increased significantly from 0.519 in the pre-abolition periods to 0.574 over the post-abolition periods with a t-value of 2.183. Thus, the decrease on ex-day AR was further supported by a significant increase in the average price-drop to dividend ratios.The decline in the ex-day AR for the post-abolition periods seems to be driven primarily by quintile 5 (the highest dividend yield quintile). Quintile 5 exhibits strong dividend preference and this preference is likely caused  by the  imputation system that provides a tax advantage to the tax exempt shareholders. This finding appears to suggest that the highest dividend yield securities are likely to be held by tax-exempt investors such as pension funds that were affected by the abolition of the tax credits on dividend.
Using International Trade Data for Evaluating the Product Specific Competitiveness and Supplied Product Quality of Countries: A Successful Example of Applied Theory Cleff, Thomas
Gadjah Mada International Journal of Business Vol 8, No 2 (2006): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (265.482 KB)

Abstract

This paper proposes a simple regression-based method for reducing the complexity of decisions in the international procurement process. Based on foreign trade data, the method uses indicators, which allow a product specific cross-section and longitudinal-section valuation of the international competitiveness and the supplied product quality of all potential supplier countries. The method thus provides a variety of information for procurement departments, including the present level and the dynamic of competitiveness and product quality for the potential supplier countries within every product group of the international product nomenclature (Combined System and the Harmonised System). Potential supplier countries --the companies of which have proven to be particularly competitive in the different product quality stages-- are identified. This pre-selection of countries enables the companies to limit their search for potential suppliers to the selected supplier countries. High search costs are subsequently reduced and trend prognoses can be constructed.
A SEQUENTIAL MODEL OF INNOVATION STRATEGY—COMPANY NON-FINANCIAL PERFORMANCE LINKS Ciptono, Wakhid Slamet
Gadjah Mada International Journal of Business Vol 8, No 2 (2006): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (411.801 KB)

Abstract

This study extends the prior research (Zahra and Das 1993) by examining the association between a company’s innovation strategy and its non-financial performance in the upstream and downstream strategic business units (SBUs) of oil and gas companies. The sequential model suggests a causal sequence among six dimensions of innovation strategy (leadership orientation, process innovation, product/service innovation, external innovation source, internal innovation source, and investment) that may lead to higher company non-financial performance (productivity and operational reliability). The study distributed a questionnaire (by mail, e-mailed web system, and focus group discussion) to three levels of managers (top, middle, and first-line) of 49 oil and gas companies with 140 SBUs in Indonesia. These qualified samples fell into 47 upstream (supply-chain) companies with 132 SBUs, and 2 downstream (demand-chain) companies with 8 SBUs. A total of 1,332 individual usable questionnaires were returned thus qualified for analysis, representing an effective response rate of 50.19 percent. The researcher conducts structural equation modeling (SEM) and hierarchical multiple regression analysis to assess the goodness-of-fit between the research models and the sample data and to test whether innovation strategy mediates the impact of leadership orientation on company non-financial performance. SEM reveals that the models have met goodness-of-fit criteria, thus the interpretation of the sequential models fits with the data. The results of SEM and hierarchical multiple regression: (1) support the importance of innovation strategy as a determinant of company non-financial performance, (2) suggest that the sequential model is appropriate for examining the relationships between six dimensions of innovation strategy and company non-financial performance, and (3) show that the sequential model provides additional insights into the indirect contribution of the individual dimensions of innovation strategy (partially mediators) to company non-financial performance —productivity or operational reliability. The findings provide empirical evidence extending the previous model of Zahra and Das. These findings also provide a basis for useful recommendations to upstream and downstream SBU managers attempting to implement a sequential model of innovation strategy —company non-financial performance links. This study shows that upstream SBUs rely on external innovation sources. They will acquire innovation policies through business partnership development (such as Joint Operation Body for Enhanced Oil Recovery or JOB-EOR, Joint Operation Body for Production Sharing Contract or JOB-PSC); licensing agreements (Technical Assistance Contract or TAC, Consortium Cooperation System); or acquisition with other firms (Joint Operating Contract or JOC). In contrast, downstream SBUs emphasize on generating internal innovation sources to develop their own in-house R&D efforts. The downstream SBUs should make extensive policies of internal innovation sources in their attempts to control the distribution of oil-based fuel and transmission of natural gas for domestic and international markets effectively. Both policies would enhance understanding and ultimately contribute to the improvement of company financial performance —sales, net profit margin, return on assets.
ASSESSING FACTORS AFFECTING the REPAYMENT RATE OF MICROFINANCE INSTITUTIONS: A Case Study of Village Credit Institutions of Gianyar, Bali Arsyad, Lincolin
Gadjah Mada International Journal of Business Vol 8, No 2 (2006): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (281.062 KB)

Abstract

This paper attempts to assess the influence of several factors on the repayment rate of the Village Credit Institutions (Lembaga Perkreditan Desa or simply LPDs) in Gianyar district in Bali. Using a quantitative approach (logistic model) the findings of this study indicate that the Balinese social custom, including social values, norms, and sanctions (informal institutions) have an influence on sustaining the high repayment rate of the LPDs. This finding conforms to the some previous studies using institutional approach that reveal the high repayment rate of the LPDs in Gianyar district is influenced by their institutional arrangement that based on custom regulation which includes social norms, sanctions, and involvement of custom village leader in screening process and contractual enforcement of loan (informal institutions), by regulations set up by the Central Bank (formal institutions), and by the mechanism of collecting loan repayments applied by the LPDs management.
ASSESSING FACTORS AFFECTING the REPAYMENT RATE OF MICROFINANCE INSTITUTIONS: A Case Study of Village Credit Institutions of Gianyar, Bali Lincolin Arsyad
Gadjah Mada International Journal of Business Vol 8, No 2 (2006): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (281.062 KB) | DOI: 10.22146/gamaijb.5618

Abstract

This paper attempts to assess the influence of several factors on the repayment rate of the Village Credit Institutions (Lembaga Perkreditan Desa or simply LPDs) in Gianyar district in Bali. Using a quantitative approach (logistic model) the findings of this study indicate that the Balinese social custom, including social values, norms, and sanctions (informal institutions) have an influence on sustaining the high repayment rate of the LPDs. This finding conforms to the some previous studies using institutional approach that reveal the high repayment rate of the LPDs in Gianyar district is influenced by their institutional arrangement that based on custom regulation which includes social norms, sanctions, and involvement of custom village leader in screening process and contractual enforcement of loan (informal institutions), by regulations set up by the Central Bank (formal institutions), and by the mechanism of collecting loan repayments applied by the LPDs management.
INTERDEPENDENT ANALYSIS OF LEVERAGE, DIVIDEND, AND MANAGERIAL OWNERSHIP POLICIES: Agencies Perspectives Wibisono Hardjopranoto
Gadjah Mada International Journal of Business Vol 8, No 2 (2006): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (239.825 KB) | DOI: 10.22146/gamaijb.5619

Abstract

This paper attempts to investigate interdependent mechanism among leverage, dividend, and managerial ownership policies. This paper considers firm size and economic conditions to control their effect on the relationship among the three policies. The interrelationship between leverage, dividend, and managerial ownership policies will be tested using two-stage least squares. Five exogenous variables are employed in simultaneous equation: current assets and structure of assets as leverage determinants, book to market and return on investment as dividend determinants, and relative return to risk as managerial ownership determinant. The research employs year 1994-2004 data, with 1717 firm years. The research findings can be summarised as follows. First, there is a negative relationship between managerial ownership and leverage policies as suggested by agency theory. Second, there is a relationship between managerial ownership and dividend policies, but the relationship between leverage and dividend is insignificant. Third, the relationship between leverage and dividend is insensitive to economic condition and firm size. Fourth, all exogenous variables have significant effect on endogenous variables, except relative return. Fifth, the effects of exogenous variables are not sensitive to control variables. Sixth, we find that managers show self-interest behaviours by reducing managerial ownership when the economic condition worsens.
The Impact of the Abolition of tax credit on ex-dividend day abnormal returns in the united kingdom (uk) market Hardo Basuki
Gadjah Mada International Journal of Business Vol 8, No 2 (2006): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (289.743 KB) | DOI: 10.22146/gamaijb.5620

Abstract

The ex-dividend day returns are composed of the capital gains component and the dividends component. This study mainly examines the relationship between the 1997 abolition of the tax-credit and the ex-dividend day abnormal stock returns in the UK market (London Stock Exchange). The 1997 abolition of the tax credit on dividend effectively reduced the income of pension funds and other tax-exempt shareholders who had a strong preference for dividends. This study finds that the ex-day abnormal returns (AR) declined from +0.0580 percent during the pre-abolition periods to -0.1459 percent during the post-abolition periods. This decline is statistically significant with a t-value of 2.0431. From these results it would appear that the ex-dividend day AR changed following the 1997 abolition of tax credits on dividends. Moreover the comparison tests of ex-day drop-off ratios between pre-and post-abolition periods show that drop-off ratios for all dividend yield groups increased significantly from 0.519 in the pre-abolition periods to 0.574 over the post-abolition periods with a t-value of 2.183. Thus, the decrease on ex-day AR was further supported by a significant increase in the average price-drop to dividend ratios.The decline in the ex-day AR for the post-abolition periods seems to be driven primarily by quintile 5 (the highest dividend yield quintile). Quintile 5 exhibits strong dividend preference and this preference is likely caused  by the  imputation system that provides a tax advantage to the tax exempt shareholders. This finding appears to suggest that the highest dividend yield securities are likely to be held by tax-exempt investors such as pension funds that were affected by the abolition of the tax credits on dividend.
Using International Trade Data for Evaluating the Product Specific Competitiveness and Supplied Product Quality of Countries: A Successful Example of Applied Theory Thomas Cleff
Gadjah Mada International Journal of Business Vol 8, No 2 (2006): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (265.482 KB) | DOI: 10.22146/gamaijb.5621

Abstract

This paper proposes a simple regression-based method for reducing the complexity of decisions in the international procurement process. Based on foreign trade data, the method uses indicators, which allow a product specific cross-section and longitudinal-section valuation of the international competitiveness and the supplied product quality of all potential supplier countries. The method thus provides a variety of information for procurement departments, including the present level and the dynamic of competitiveness and product quality for the potential supplier countries within every product group of the international product nomenclature (Combined System and the Harmonised System). Potential supplier countries --the companies of which have proven to be particularly competitive in the different product quality stages-- are identified. This pre-selection of countries enables the companies to limit their search for potential suppliers to the selected supplier countries. High search costs are subsequently reduced and trend prognoses can be constructed.
A SEQUENTIAL MODEL OF INNOVATION STRATEGY—COMPANY NON-FINANCIAL PERFORMANCE LINKS Wakhid Slamet Ciptono
Gadjah Mada International Journal of Business Vol 8, No 2 (2006): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (411.801 KB) | DOI: 10.22146/gamaijb.5617

Abstract

This study extends the prior research (Zahra and Das 1993) by examining the association between a company’s innovation strategy and its non-financial performance in the upstream and downstream strategic business units (SBUs) of oil and gas companies. The sequential model suggests a causal sequence among six dimensions of innovation strategy (leadership orientation, process innovation, product/service innovation, external innovation source, internal innovation source, and investment) that may lead to higher company non-financial performance (productivity and operational reliability). The study distributed a questionnaire (by mail, e-mailed web system, and focus group discussion) to three levels of managers (top, middle, and first-line) of 49 oil and gas companies with 140 SBUs in Indonesia. These qualified samples fell into 47 upstream (supply-chain) companies with 132 SBUs, and 2 downstream (demand-chain) companies with 8 SBUs. A total of 1,332 individual usable questionnaires were returned thus qualified for analysis, representing an effective response rate of 50.19 percent. The researcher conducts structural equation modeling (SEM) and hierarchical multiple regression analysis to assess the goodness-of-fit between the research models and the sample data and to test whether innovation strategy mediates the impact of leadership orientation on company non-financial performance. SEM reveals that the models have met goodness-of-fit criteria, thus the interpretation of the sequential models fits with the data. The results of SEM and hierarchical multiple regression: (1) support the importance of innovation strategy as a determinant of company non-financial performance, (2) suggest that the sequential model is appropriate for examining the relationships between six dimensions of innovation strategy and company non-financial performance, and (3) show that the sequential model provides additional insights into the indirect contribution of the individual dimensions of innovation strategy (partially mediators) to company non-financial performance —productivity or operational reliability. The findings provide empirical evidence extending the previous model of Zahra and Das. These findings also provide a basis for useful recommendations to upstream and downstream SBU managers attempting to implement a sequential model of innovation strategy —company non-financial performance links. This study shows that upstream SBUs rely on external innovation sources. They will acquire innovation policies through business partnership development (such as Joint Operation Body for Enhanced Oil Recovery or JOB-EOR, Joint Operation Body for Production Sharing Contract or JOB-PSC); licensing agreements (Technical Assistance Contract or TAC, Consortium Cooperation System); or acquisition with other firms (Joint Operating Contract or JOC). In contrast, downstream SBUs emphasize on generating internal innovation sources to develop their own in-house R&D efforts. The downstream SBUs should make extensive policies of internal innovation sources in their attempts to control the distribution of oil-based fuel and transmission of natural gas for domestic and international markets effectively. Both policies would enhance understanding and ultimately contribute to the improvement of company financial performance —sales, net profit margin, return on assets.

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