Authors:Yoseva Maria Pujirahayu Sumaji, Wen-Hsi Lydia Hsu, Ubud Salim Pages: 1 - 13 Abstract: Capital flows as one part of this economic growth is sourced from the capital markets namely Indonesia stock exchange. The capital markets have a function of economics because capital markets provide a facility or vehicle which brings together two interests, namely those who have excess funds and those who need funds. Before investing, investors should set a goal of investing and the magnitude of the funds invested. Any investment decisions taken have the risks borne by the investor, either investment in bonds or stocks. Stocks with known characteristics of high risk-high return, which means the stock provides an opportunity to earn high profits but also potentially high loss risk. Value at Risk (VaR) models has been extensively used not only in the banking sector but also in calculating in many sectors. The aim of this paper is to outline Value at Risk methodology by giving more emphasis on variance covariance method, historical simulation, and Monte Carlo model. The model used to investigate the applicability and usefulness of VaR in stock investment in Indonesia Manufacturing companies. Using the methodologies as described, the maximum potential loss on each stock and its portfolio of nine stocks calculated at 95% confidence level. The models were validated using back testing and Kupiec test. The research found that there are different results of VaR calculated using variance covariance, historical simulation, and Monte Carlo models. However, variance covariance model is the valid one to measure the maximum potential loss of stocks. PubDate: 2017-08-31 Issue No:Vol. 6, No. 1 (2017)
Authors:Sulastri Sulastri, Chichi Andriani, Yuki Fitria Pages: 14 - 26 Abstract: The purpose of this study is to establish and differentiate the concept and implementation of task function and task relation in Minangkabau leadership concept. This leadership concept implemented by three parties, namely, ninik mamak (clan leader), alim ulama (ecclesiastic)) and cerdik pandai (intellectual). This study collected data by survey questionnaire administered to formal and informal leaders in Padang, West Sumatra, Indonesia. The sample was 720 leaders selected through purposive sampling in 4 districts in Padang. The instrument in this study was developed based on Minangkabau alternative leadership and transformational leadership. Data were analyzed using discriminant analysis. PubDate: 2017-08-31 Issue No:Vol. 6, No. 1 (2017)
Authors:Rini Safitri, Ben Roy Do, Dodi Wirawan Irawanto Pages: 27 - 39 Abstract: In the service industry, customer perception of the corporate brand is often based on the employee they interact with. Employer branding can be beneficial to attract and retain employees, as doing so can distinguish the company from competitors. Employer branding may also make the employee live with the brand, called brand citizenship behavior. Using data collected from employees of a largest telecommunication company in Indonesia, the present study explores the relationship between employer branding and brand citizenship behavior, with brand-person fit and brand commitment as possible mediators. Data was collected by online questionnaire and processed using Amos. Results show employer branding influences brand citizenship behavior either directly or indirectly through brand commitment, but not through brand-person fit. PubDate: 2017-08-31 Issue No:Vol. 6, No. 1 (2017)
Authors:G. J. Hofstede, R. M. Dooley Pages: 40 - 52 Abstract: This article shows that leadership excellence is not uniformly perceived in one multinational. This study was done in a company active mainly in the USA, Malaysia and Singapore, half the management population (414 managers) joined in 39 focus sessions to define leadership excellence. This provided 4000 statements. 105 themes were extracted and submitted to exploratory factor analysis. The seven factors that emerged signify leadership styles. They were labeled: dependable optimist, approachable helmsman, focused people developer (universal); caring parent, proactive guide (eastern); passionate professional, vision-implementing team player (western). The main finding in one company there is partial, but not full consensus about excellent leadership. The findings are practical and they have a message about deep cross-cultural differences. The themes are relevant for leadership development in other multinational companies. The leadership factors have value for organization development and leadership training. PubDate: 2017-08-31 Issue No:Vol. 6, No. 1 (2017)
Authors:Mursalim Mursalim, Abdullah Sanusi, Hendra Gunawan, Nur Alamzah Pages: 53 - 67 Abstract: This study aimed to describe the influence of customer satisfaction, efficiency and optimal capital structure to the increase of the performance of transportation companies in Indonesia. The study was designed in the relationship between variables. The data used is secondary data obtained through the Indonesian Capital Market Directory (ICMD) and the website of 22 companies that were used as samples for 3 years. Data were analyzed using descriptive and inferential statistics analysis to test the hypothesis. The result showed that the efficiency affected customer satisfaction and was reflected in the sales growth of the company. However, it did not have an impact on the level of capital structure as reflected in DER and the performance which reflected in ROA. We also found that there were an indirect effect between the efficiency on the capital structure and performance through customer satisfaction. We also found that there are significant indirect influence between the efficiency and the performance through customer satisfaction and capital structure. Customer satisfaction capital affect the structure. When customer satisfaction is high, which is reflected in higher sales growth aspect, it will have an impact on the high capital structure, which is reflected in DER. The result shows that customer satisfaction has an effect on the performance. When customer satisfaction is high, which is reflected in higher sales growth aspect, it will have an impact on the high performance, which is reflected in aspects of ROA. The result also indicates that capital structure affect the performance. When capital structure is high, which is reflected by the high DER aspects, it will impact on the high performance, which is reflected on aspects of ROA. PubDate: 2017-08-31 Issue No:Vol. 6, No. 1 (2017)
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