PRAKTEK WINDOW DRESSING PADA REKSA DANA SAHAM DI INDONESIA TAHUN 2008-2012

The existence of market anomaly patterns in the stock market led to retun the stock is no longer random. This is contrary to the efficient market hypothesis. In the case of mutual fund, a market anomaly attention is january effect where the high returns in January. This market anomaly pattern is one indication of window dressing. In mutual funds, window dressing conducted by fund managers by improving the performance of the portfolio prior to presentation to shareholders. One of the main reasons of window dressing practice on mutual funds are the targets to be achieved each year end. If the target is not reached, there is an attempt to change such that the target is achieved because it affects the increase in managed funds. This study aims to prove whether there is window dressing practise in equity mutual funds in Indonesia. This study was conducted using 22 equity mutual funds in Indonesia from 2008 to 2012. The results of this study indicate that there is a practice of window dressing in the event the period of 20 days compared to 30 days

How entrepreneurs anticipate the future market: An initial approach of a future market anticipation model for small businesses

This research examines and presents a new model concerning how small entrepreneurs predict what markets will be like in the future through considering the competitors, prices, finances, labor costs, raw materials, and progress of the ASEAN economic community. This study applies a descriptive explanatory technique. It also utilizes a quota sampling method with a structural equation model and qualitative descriptive technique. The research results reveal that companies’ entrepreneurial actions and backgrounds had a positive influence on anticipating the future. Next, future anticipation had a positive effect on the additional effort, market performance, and consumer value. It was also discovered that the entrepreneurial learning process consisted of three stages for employers. The learning process was done through parents as employees and from their direct exposure as entrepreneurs. This is considered hybrid entrepreneurship. This study attempts to fill the research gap pertaining to the lack of models on future market anticipation (FMA) by providing an appropriate quantitative research framework and new perspectives on exploring research into FMA for SMEs. Future studies need to focus on examining the function of the learning process as it pertains to hybrid entrepreneurship, as examined from a number of viewpoints

Production Externalities in the Wood Furniture Industry in Central Java

This paper exploits micro firm level data to examine the impact of spatial clustering and links to foreign buyer networks on firm performance in the wood furniture industry in Central Java, Indonesia. The analysis is based on an annual manufacturing survey. We identify the impact of specialization of the cluster, diversification, and links to foreign buyer networks. For this purpose, a production function framework is developed. The results lend support to the view that clustering of large and medium scale specialized firms improves firm performance, while clustering of small scale specialized firms and clustering of diverse firms are not conducive to firm performance. We also find a clear positive association between involvement in exporting activities and firm performance