Performance Evaluation Of Mutual Funds In Indonesia

This paper is an empirical assessment of the performance of mutual fund managers in terms of “market timing” and “selectivity”, within the framework suggested by Treynor and Mazuy (1966) and Henriksson and Merton (1981). The relevant data set is a balanced panel of fifty five mutual funds, over a seventeen-month period beginning on February 2008 until June 2009. The result find that only four mutual fund have a good performance in market timing and four mutual fund have a good performance in stock selection. Both methods have a good indicator to reflect mutual funds performance.market timing, stock selection, mutual funds

The Effects of Corporate Governance on Company Performance and Dividends in Three Asean Countries

This study aims to investigate the effects of corporate governance on company performance and dividends paid by the company. In developing countries where the protection system against public investors is still weak, corporate governance becomes important. This study uses a sample of manufacturing companies in three developing countries. i.e., Indonesia, Malaysia, and Thailand. The variables that represent corporate governance are board characteristics and ownership structure. Board characteristics comprise board size, independent board, and board gender, while the ownership structure uses managerial ownership and institutional ownership. The results show that in Indonesia, corporate governance has no significant effect on company performance and dividends. In comparison, in Malaysia, the female board has a positive effect on both performance and dividends paid. Whereas in Thailand, institutional ownership has a negative effect both on performance and dividends paid. The results also consistently show that debt and company size have an effect on performance and dividends in the three countries

THE CULTURAL TOURISM: AN INDONESIAN PERSPECTIVE

Nowadays, Travel and Tourism is an important economic activity in most countries around the world. As well as its direct economic impact, the sector has significant indirect and induced impact. This paper has objective to inform impact of Tourism Sector to the National Economic growth, describe ASEAN tourism conditions, and Indonesia practices for Tourism sector. There are many opportunities and challenges in the field of tourism. ASEAN countries have the same problem with Indonesia. The main weaknesses are in the areas of infrastructure and business environment, regulatory framework and human resources. Furthermore, this paper will explain Indonesia's tourism strateg

EFFECT OF SERVICE QUALITY AND PATIENT SATISFACTION ON BEHAVIORAL INTENTION

Service quality is an essential aspect in realizing patient satisfaction and behavioral intention in the health service industry. The behavioral intention has been identified as an essential construct in measuring organizational success and affects patient visits. This study aims to determine service quality and patient satisfaction on behavioral intention in the Husada Utama Hospital. This study was quantitative causal research to determine the effect of two or more variables. Primary data collected with a questionnaire include the perceived service quality scale, patient satisfaction scale, and behavioral intention scale. This study's sample was 150 respondents; consist of inpatients room for class 1, 2, and 3 that met inclusion criteria. The sampling method for this study was purposive sampling.  Data analyzed using SEM AMOS to analyze measurement model, structural model, and hypothesis test. This study found that: service quality has a significant positive effect on patient satisfaction, service quality has a significant positive effect on behavioral intention, and there was no positive effect of patient satisfaction on behavioral intention. Service quality has a positive effect on behavioral intention, so patients' increasing behavioral intention can be done by improving the service quality. Further research needs to be conducted to analyze the effect of service quality on the behavioral intention with patient's satisfaction as a mediator; further research also needs to develop a patient's behavioral intention enhancement program

BIAS ASPECT IN DECISION MAKING FOR BUYING LIFE INSURANCE IN INDONESIA

This research aims to learn about the irrationality in Indonesian society when making purchase decision related to life insurance. This irrationality caused by the multiple aspects such as excessive optimism, representativeness bias, overconfidence, herding effect, availability, confirmation bias and framing effects. This study will describe how the life insurance purchase decisions are seen from seven aspects of bias. This research is positivism basic research in quantitative and descriptive. This research data obtained by survey method where this method using questionnaires. The number of samples in this study was 160 people. The results of this description will be used to address the main problem of this research. Aspects of representativeness bias are not used in this study because the respondent data reliability is very low. Descriptive statistical test results from this study indicate that only availability bias and framing effects contained in life insurance purchase decision. Aspects of availability bias are a dominant aspect of life insurance purchase decision. In addition, this study also indicates that there are differences between men and women. The aspect of availability bias and framing effect occurred on men, but for women only framing bias effect occurred. This study also indicates that there is difference bias result in terms of different age of respondent and the duration of life insurance ownership. Overall, this study shows that there is no bias aspect in the life insurance purchase decision

Strategi Kontemporer Bisnis

Buku “Strategi Kontemporer Bisnis” berisikan materi manajemen strategi kontemporer yang sedang berkembang saat ini. Buku ini pembahasannya dimulai dari bab satu yang berisi deskripsi keberhasilan dan kegagalan strategi, dan kemudian dilanjutkan dengan evaluasi dari teori manajemen srategi. Kemudian pada bab dua, dilanjutkan dengan konsep dasar strategi mulai dari pembahasan arti strategi, hingga pembentukan visi, misi dan tujuan, serta diakhiri perspektif tentang strategi. Pada bab tiga akan dibahasan proses analisis lingkungan eksternal dan internal dan diakhiri dengan berbagai macam alat yang dapat digunakan dalam pengembangan strategi. Pada bab empat pembahasan akan masuk pada lingkup global dimana bisnis saat ini tidak terlepas dari persaiangan global. Bab lima akan dibahas konsep inovasi, penekanan pada nilai startegis dan bagaimana strategi dapat disesuaikan dengan kondisi lingkungan terkini. Bab enam pembahasan akan masuk etika bisni dan strategi bisnis digital yang semakin berkembang pasca pandemic Covid-19. Bab tujuh akan dibahas berbagai pengukuran kinerja strategis. Dilanjutkan bab delapan yang berisi tentang tantangan bisnis kedepan. Untuk bab Sembilan hingga sebelas akan dibahas ringkas konsep strategi samudera biru

Study On Dividend Policy in Indonesian Capital Market

This research aims to test dividend signaling theory in an Indonesian capital market. Signaling theory states that dividend policy has information content that can influence to share price. Examination of theory of signaling is related to research phenomena in other countries indicating that by percentage there is degradation of company which is pay dividend and there even exist mentioning this as phenomenon of disappearing dividend. Examination of theory of signaling is also related to the research result showing the existence or inexistence of the influence of dividend policy to share price. Besides, in this research is also conducted by examination of agency theory. This research of agency theory tests the influence of: (1) Free Cash Flow to share price, (2) Structure of Ownership to share price, and (3) Structure of ownership to dividend policy. This research also tests life cycle theory, seen influence of cycle of company life to dividend policy. Companies which enter in growth phase tend not to pay a lot of dividend, compared to company at matured step. This research use quantitative approach by using method of path analysis. This research use samples in the form of company allocating dividend for period 1995-2005 which listed on PT Jakarta Stock Exchange. Final samples which are utilized in this research are equal to 1052 year observation. This research also tests sensitivity, widened time of even from 1 day at especial model, becoming 5 and 10 day. Besides test of sensitivity is also conducted changed approach of market model become mean adjusted model in determining expected return. Research finding indicates that signaling theory still relevant in influencing movement of share price. Besides, research finding also supports agency theory told by Jensen in seeing influence of free cash flow to share price. For the influence of structure of ownership to share price, the result supports entrenchment argument. While influence of structure of ownership to dividend policy found by result which do not support agency theory. Life Cycle theory in this research is obtained by result which is research confirmation before all, where there are influence of cycle step of company life to dividend policy

Pengaruh idiosyncratic risk dan likuiditas saham terhadap return saham

Penelitian ini menguji pengaruh idiosyncratic risk dan likuiditas saham terhadap return saham. Penelitian mengggunakan data 50 perusahaan di Bursa Efek Indonesia periode 2009-2011. Variabel independen adalah idiosyncratic risk dan likuiditas saham, serta variabel kontrol berupa ukuran perusahaan. Dengan menggunakan panel data dan pooled least square diperoleh hasil bahwa idiosyncratic risk memiliki pengaruh negatif signifikan terhadap stock return, likuiditas saham berpengaruh positif signifikan, dan ukuran perusahaan berpengaruh negatif signifikan. Hal ini memberikan implikasi bahwa perusahaan dengan idiosyncratic risk kecil akan lebih disukai investor yang tidak mampu melakukan diversifikasi, sehingga permintaan dari individual dan insitusi secara bersamaan akan mendorong harga saham dan memberikan return yang lebih tinggi

MANAGERIAL OVERCONFIDENT AND FIRMFINANCING DECISION: AN INDONESIAN CASE

Purpose – This research aims to determine the effect of managerial overconfidence and firm characteristics on financing decision of a firm. Design/methodology/approach – This research uses panel data to follow the panel model testing by using Common Effect (CE), Fixed Effect Model (FEM), and Random Effect Model (REM), to test the effect of managerial overconfidence and firm characteristic onfinancing decision of firms listed in Bursa Efek Indonesia in the period of 2006 – 2015. Findings – Researcher founds: First, the higher the confidence of an executive, judged by the profile photo, the smaller the debt used by the firm; Second, the higher the past performance of a ratio, measured from the cash flow on operational activity to total asset, the debt used by the firm tends to decrease. Third, a higher education level of the executive tends to increase the usage of debt by the firm; Fourth, the past working experience ofa CEO will make him able to face many situationsby using the available information and likely to be unbiased. These abilities will formhis confidence, resulting in less usage of debt by the firm. Finally, gender does not have a significant effect on the size of debt in a firm. Practical Implications – the finding indicates that behavioral factor, such as managerial overconfidence, can explain the reason of the usage of debt in a firm. Originality/Value – the research that uses behavioral finance aspect to explain the financing decision in a firm is still relatively rare conducted in Indonesia

PERSPEKTIF PEMASARAN: STRATEGI GLOBAL ATAU REGIONAL?

Although in both economic literatures and practices the most frequently used catchword is "globalization", the current company environment in reality is not characterized by such worldwide multilaterally or an increasing degree of homogeneity in customer tastes. Recent research suggests that globalization is a myth. Far from taking place in a single global market, most business activities by large firms take place in regional blocks especially in A FTA, NAFTA, and European Union. Nevertheless, some indications point to a transition from regionalization to globalization in the long run