Financial attitude and financial performance of export MSMEs: Financial well-being as a mediating

This study aims to analyze the effect of financial attitudes on financial well-being and financial performance moreover, it analyses financial well-being to mediate the effect of financial attitudes on MSME financial performance. This is explanatory research with quantitative data analysis method. The unit of analysis is the 112 small and medium sized enterprises (SMEs) in the handicraft industry that exportin Banyuwangi Regency. Samples were drawn using saturation and census sampling. Structural Equation Modeling (SEM) analysis, explain that there is a direct effect of financial attitudes on financial well-being and financial performance and financial well-being can mediate the effect of financial attitudes on financial performance. This study concludes that the financial attitude of MSMEs for export handicrafts in Banyuwangi Regency contributesto financial well-being and improving financial performance and financial well-being is able to improve financial performance and is able to mediate the effect of financial attitudes on MSME financial performance. This study’s practical implication is that the export of handicraft (MSMEs) in Banyuwangi Regency need to have a financial attitude to develop a knowledge of personal financial orientation such as the ability to create effective financial planning records

RELATIONSHIP BETWEEN HUMAN CAPITAL AND MSMES PERFORMANCE WITH COMPETITIVE ADVANTAGE AS A MEDIATION

The numerous batik industries in Indonesia, including the province of East Java, are evidence of the fast-paced growth of batik in that country. Batik Businesses in East Java continue to perform poorly due to management issues that are numerous and interconnected. The resource-based theory emphasizes internal elements in elucidating business strategy through competitive advantage as a variable that influences the impact of human capital on the performance of Batik SMEs in East Java. The sampling strategy used in this research was proportional random sampling, with numbered samples drawn from 140 East Javan batik SMEs. A structural equation modeling (SEM) study demonstrates how human capital affects MSMEs' performance and competitive advantage. The link between human capital and the success of batik MSMEs in East Java can be mediated by competitive advantage. Based on the research findings, suggestions are put forward for science. The results of this research can enrich references and scientific repertoire related to Resource-Based Theory and can be implemented in MSMEs who want to get good performance by owning, mastering, and utilizing intangible assets through human capital. Batik SMEs in East Java need to improve leadership skills to be more cooperative with employees and partners and improve relations between employees, partners, and consumers, for further researchers can conduct a study of the business environment and network (networking) efforts to improve the performance of MSMEs

ANALISIS RETURN, ABNORMAL RETURN, AKTIVITAS VOLUME PERDAGANGAN DAN BID-ASK SPREAD SAHAM DI SEPUTAR PENGUMUMAN STOCK SPLIT (Studi pada Perusahaan Manufaktur di BEJ)

ABSTRACT Event study is a study which analyze any market reactions to an event which its information is published as announcement. The stock split can influence the market depend on the existence of the content of the information in the stock split phenomenon or not. If the stock split contains information then the market will react and vice versa. The objective of this research is to find out the difference of return, abnormal return, trade volume activity, and stock’s bid-ask spread before, in the moment, after the stock split announcement. The research sample is done by purposive sampling method, and there are 24 manufacturing companies which announce stock split between 1999-2001. Statistical experiment used is T-test experiment (paired two samples for means). The Observation period which is done in 11 day, consist of 5 day before, 1 day in the moment, and 5 day after the stock split. The result of this research shows that there is a significant difference between return and abnormal return in the period of between at the moment, and after the stock split. The result in the before-after stock split period shows that there is no significant difference. The result in the variable activity of stock’s trade volume shows that there is no signification difference in the before-at the moment and after period, but in the result of before-after period show that there is significant difference there. And the result of bid-ask spread variable shows that there is significant different in the before-at the moment and after period of stock split, but in the before-after period the result shows that there is no significant different there. And the result of bid-ask spread variable shows that there is significant different in the before-at the moment and after period of stock split, but in the before-after period the result shows that there is no significant different there. Cumulatively, this research gives a conclusion that stock split have no information contents so that the market in general give no reaction. But, the stock split it self can influence the level of stock’s liquidity which has possibility to press on the ownership proportion of the old investor. Key Word: Stock split, Return, Abnormal return, TVA and Bid-ask Spread</h2

Peran Kemampuan Inovasi Pemediasi Pengaruh Modal Intelektual Dan Orientasi Kewirausahaan Terhadap Kinerja Umkm (Studi Pada Usaha Mikro, Kecil Menengah “Batik” Di Jawa Timur)

Perkembangan batik di Indonesia sangat pesat hal ini dapat dilihat dari banyaknya industri batik yang ada di Indonesia, tak terkecuali propinsi Jawa Timur. Pengelolaan UMKM batik masih menghadapi permasalahan yang beragam dan saling terkait antara permasalahan yang satu dengan lainnya sehingga menyebabkan penurunan terhadap kinerja UMKM batik di jawa Timur. Melalui pendekatan Resource-Based Theory (RBT), bagaimana sumber daya internal pada UMKM Batik di Jawa Timur dapat meningkatkan kinerja UMKM melalui peran modal intelektual sebagai aset tak berwujud dan orientasi kewirausahaan yang merupakan perilaku wirausahawan dalam mengelola usaha untuk mengembangkan ide-ide baru menjadi sebuah kemampuan inovasi. Tujuan penelitian ini adalah memperoleh bukti empiris pengaruh modal intelektual dan orientasi kewirausahaan terhadap kinerja UMKM serta menguji dan menganalisis kapabilitas inovasi memediasi pengaruh modal intelektual dan orientasi kewirausahaan terhadap kinerja UMKM batik di Jawa Timur. Populasi dalam penelitian ini adalah pemilik UMKM Batik di Jawa Timur dengan jumlah sampel sebanyak 140 responden. Analisis data yang digunakan dalam penelitian ini adalah Structural Equation Modeling. Hasil penelitian menunjukan bahwa modal intelektual dan orientasi kewirausahaan memberikan pengaruh terhadap kinerja UMKM batik di Jawa Timur, selain itu, kapabilitas inovasi mampu memediasi pengaruh modal intelektual dan orientasi kewirausahaan terhadap kinerja UMKM. Hasil penelitian ini dapat memperkaya referensi dan khasanah ilmu pengetahuan yang berkaitan dengan teori Resource-Based Theory (RBT) bahwa melalui pemanfaatan sumber daya yang mencakup modal intelektual, orientasi kewirausahaan dan kapabilitas inovasi oleh pemilik UMKM batik di Jawa Timur dalam penerapan strategi bisnis mampu meningkatkan kinerja UMKM. Bagi pemilik UMKM batik di Jawa Timur perlu meningkatkan modal intelektual terkait modal sosial dengan menjalin kerjasama dengan pengusaha batik lain dan menyisihkan sebagian kecil keuntungan untuk kepentingan warga sekitar. Pemilik UMKM batik di Jawa Timur, lebih proaktif untuk mencari peluang pasar dan memasarkan produk baru ke dalam pasar yang baru. Selain itu, Pemilik UMKM batik di Jawa Timur. Pemilik UMKM batik di Jawa Timur perlu meningkatkan inovasi produk melalui penciptaan produk dengan motif yang berbeda dan menciptakan produk dengan kombinasi warna yang serasi. Bagi peneliti selanjutnya dapat melakukan kajian lingkungan bisnis dan jaringan (networking) usaha guna meningkatkan kinerja UMKM