International Journal of Applied Business Research
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The Determinants of Capital Structure: A Comparative Study between Sharia and Non-Sharia Manufacturing Companies in Indonesia Stock Exchange (IDX)
Get PDFEvery company has a long-term goal to maximize the value of the company, which also means to maximize the prosperity of its shareholders. One of the ways to achieve this goal is to determine the optimal capital structure. The optimal capital structure allows the company to bear the low average cost of the capital. Therefore, the decision of capital structure is one of the most important decisions.Go public manufacturing companies in Indonesia Stock Exchange are divided into two groups; the sharia and non-sharia companies. Sharia companies, including the sharia manufacturing ones, have specific rule in the use of funds as the company capital. The rule states that the maximum use of usury-based debt is by 45%. At the same time, the theories about capital structure and research results support the use of debt as the main source of funds. This study used data obtained from the Indonesian Capital Market Directory and Summary of Company Performance for the period of 2011-2017. They were analyzed by using panel data for multiple regression analysis and difference tests. The results show significant differences between sharia and non-sharia manufacturing companies with a probability of 0,000. Moreover, almost all determinant factors such as Size, Tangibility, Profitability, and Gross Domestic Product have significant effects on Book Leverage as an indicator of Capital Structure for both groups of companies
The International and Domestic Tourists Behavior in Australia: Quality vs. Quantity Issue in Regional Tourism Development Perspective
Get PDFTourism contributes to regional development and generates income for destinations. However, in many cases, the growth of tourist numbers does not necessarily result in an equivalent rise in economic contribution. The search for quality tourists over the quantity of tourists is certainly an important goal of regional development managers, but the efforts required to implement such an approach, especially the detailed documentation of tourist behavior while visiting the region, pose a challenge for most. This is perhaps why the analysis of quality vs quantity of tourists has been limited. This study focuses on the Great Ocean Road Region in Australia; an area that is experiencing increased visitor numbers but is not seeing commensurate economic growth. A fine-grained analysis of the international and domestic tourists is employed to determine behavior-based tourist quality, including the measurement of their traveling behavior, overnight visitation pattern, expenditure, and regional dispersal. Data was collected from 311 domestic tourists and 562 international tourists. Descriptive statistical methods were used in analyzing data. Results indicate that the domestic tourists were of a higher quality than the international tourists; they stayed longer, spent more, and were more widespread across the region than the international tourists. Hence, high-quality tourists can be a valuable resource and should be a priority for regional tourism development
Islamic Banks Performance: An Assessment using Sharia MaqashidIndex, Sharia Conformity and Profitability and CAMELS
Get PDFIndonesian Islamic banking system has existed for more than 25 years old. However, at this age, it still has not had its own instrument for measuring performance and still adopts the orthodox measuring instrument which is restricted to financial ratio measurement only. The use of this orthodox measuring instrument as the only tool to evaluate the Islamic banks performance is considered less suitable, both in terms of the features and the purposes of Islamic banking in general. Therefore, this study aims to evaluate the performance of Islamic banks using the Sharia Maqashid Index, Sharia Conformity and Profitability (SCnP) and CAMELS approaches. The population of this study was all Islamic Commercial Banks listed in Bank Indonesia from 2012-2016, while the data analysis technique used the quantitative research with descriptive approach. The Sharia Maqashid Index approach has three variables; educating people, establishing justice, and achieving public interest. The Sharia Conformity and Profitability (SCnP) approach has two variables; Sharia Conformity and Profitability. Meanwhile, the CAMELS approach has five variables; Capital, Asset Quality, Management, Earning, and Liquidity. The results of the research using the Sharia Maqashid Index approach shows that Bank Muamalat is in the first rank, followed by Bank Syariah Mandiri, BNI Syariah, and Bank Mega Syariah. By using the SCnP approach, the research shows that there are no Islamic banks in the upper right quadrant that has high sharia suitability and high profitability. Moreover, the CAMELS approach shows that all Islamic banks are quite healthy. The application of these performance measurement approaches become a factor that plays a dual role for the achievement of financial performance and sharia conformity
The Level of Internet Adoption in Business Reporting: The Nigerian Perspectives
Get PDFIn recent years, a paradigm shift has occurred regarding the way firms report their activities. Instead of using the traditional approach, otherwise called paper-based reporting, the trend has switched into the use of a more sophisticated approach referred to as internet or web-based reporting. This study examines the extent of internet implementation in business reporting by emphasizing on the listed manufacturing companies in Nigeria. For the purpose of this study, all manufacturing companies listed on the Nigerian Stock Exchange constitute the population. The purposive sampling procedure was employed to select forty-five out of ninety listed companies. Primary data were obtained from a thematic questionnaire that uses validated scales. The data collected were analyzed using both descriptive and inferential statistics. Specifically, Principal Component Analysis (PCA) was the inferential statistic used to evaluate the extent to which manufacturing companies employ the internet in reporting their financial and non-financial activities. The results show that the listed manufacturing companies are at the exploratory stage. The internet is employed either as an extension activity or enrichment exercise to the hard copy business reporting model. This study offers a guide to stakeholders of the listed manufacturing companies to enhance their competitive advantage by employing technology in reporting their activities
Loyalty Model for Ethnic Restaurants: The Role of Quality and Value
Get PDFRecent research discusses the need for a better understanding of customer perceptions about ethnic restaurant attributes such as qualities and values in influencing the process of customer loyalty and ethnic restaurant competitiveness. This study aims to analyze the importance of quality and value in influencing loyalty in ethnic restaurants. The sample in this study are 210 respondents who visit ethnic restaurants twice in the past month. Data are collected using questionnaire survey which was done in around Bandung Raya. The analysis technique used is the Structural Equation Model with Partial Least Square. The results showed that the quality of ethnic restaurants such as food quality and physical environment quality directly influence loyalty. Meanwhile, service quality has an indirect effect on loyalty through value. Then, price value and emotional value directly influence loyalty. This study provides a better understanding of scholars and managers in ethnic restaurants about restaurant quality, value, and loyalty. This study suggests that the quality of ethnic restaurants, such as food quality, service quality, and physical environment quality can be valuable indicators for increasing values and loyalty, as well as being an attractive marketing strategy for the preferences of different market segments for ethnic restaurant experiences
Uncovering Indonesian Millennial's Halal Food Purchase Intention: Halal Value and Halal Logo as the Antecedents
Get PDFThis study attempts to uncover the Millennial’s decisional factors in purchase intention of Halal food in Indonesia, while heavily considering Halal food as a credence consumer good. After an analysis of 248 respondents using PLS-SEM, several interesting findings are obtained. Millennial’s understanding of Halal Value and Halal Logo serves as the antecedents of Purchase Intention of Halal food which is mediated by Attitude and Trust. Further analysis is also carried out herein by examining the moderating effect of gender with Multi-Group Analysis. For result, the distinct paths and significant difference of effects can be spot on the female and male group which shall provide deeper insights to any relevant stakeholders, especially food providers
Fan Loyalty Toward International Football Team: The Role of Brand Image
Get PDFThe study of fan loyalty in sports marketing mostly is focused on spectator attachment and brand athlete. However, lack of studies examines the fan loyalty formulation toward the international team using brand image. This study aims to examine the influence of two brand image dimensions (attributes and benefits) in creating fan loyalty toward the international team. This study applies the covariance-based structural equation model for analyzing the data. The sample consists of 335 international team football fans in Indonesia. These results reveal that both attributes and benefits are pivotal factors in influencing attitudinal loyalty as well as behavioral loyalty. Further, the result shows that the effect of attributes on attitudinal loyalty is higher compared to behavioural loyalty. These findings extend the existing knowledge on the relationship between brand image and customer loyalty in a sports context and provide useful implications for practitioners to retain their fan loyalty
Covid-19: Can Halal Food Lessen the Risks of the Next Similar Outbreak?
Get PDFAs COVID-19 is a zoonosis virus that involves wildlife as its primary host (i.e. bat) like the previous outbreaks (SARS and MERS), it is prudent to reduce the transmission risk from wildlife consumption. Such an approach should be enforced to mitigate the risk of a future outbreak akin to COVID-19. However apparently, it is not a simple task to change such a consumption culture in a short time, though the devastating socio-economic impacts obviously have been yielded. Concerned with the current outbreak impacts, this study attempts to propose a prophylactic strategy through Halal food, an Islamic diet tradition, as a way to lessen the risk of a future outbreak akin to COVID-19. Tayyib(wholesome) principle which is often associated with Halal food can make Halal food not only “permissible” upon Islamic teaching but also “good” and “clean” to consume. As Tayyibredefines the conventional Halal food concept, it underlines more strongly on the medical facet of Halal food, i.e. food safety and health. According to Islamic teaching, Halal food encourages the consumption of domestic animals and more plant-based food. Meanwhile at the same time, it also heavily establishes the procedures of food safety and maintains the integrity of its credence status. Based on these, this study claims that more Halal food consumptions can lessen the risk of future outbreaks like COVID-19
The Liquidity and Intellectual Capital Impact on the Stability of Islamic Microfinance Institutions: Evidence from Peak Season Period
Get PDFThe term of Peak Season in financial institutions may still be peculiar in the eyes of the world, but in Indonesia, this phenomenon is a real thing. It has succeeded in making some financial institutions susceptible and even bankrupt. Peak season is not unconventional from the high season, but it is far more compact. Peak session, as it means in this study, is the period in which people simultaneously withdraw their savings for seasonal needs such as Eid session, school season, New Year session, and another equal occasion. This study aims to (1) analyze the effect of liquidity risk and intellectual capital on the stability of Baitul Maal wa Tamwil Islamic Microfinance Institutions (BMT IMFI) in the peak season periods, and (2) analyze the co-movement relation between liquidity and credit risk in BMT IMFI in West Bandung Regency during 2013 -2017. By using monthly data and fixed effect estimation techniques in the Generalized Moments Method (GMM) model, this study found that liquidity risk negatively affects the stability level of IMFI. Meanwhile, the intellectual capital of BMT IMFI has a positive effect on its stability level. Based on the analysis, this study also found some interesting results for BMT IMFI liquidity management policies in the Peak Season period. Furthermore, the testing on the relation between IMFI BMT’s liquidity risk and credit risk shows an insignificant result to find out the existence of a co-movement between these two risks
Customer Satisfaction toward Online Purchasing Services: Evidence from Small & Medium Restaurants
Get PDFThis study examines shopper satisfaction toward an online purchasing model in small and medium restaurants (SMRs), including the quality of e-service and food, with perceived value as the determinants. For this research purpose, 392 data gathered from online restaurant shoppers in Bandung, Indonesia. This study adopts the Structural Equation Model (PLS) to evaluate shopper satisfaction relations with its determinants as well as consequences. The results uncover that both the quality of e-service and food on shopper satisfaction is essential, and disclose the partial mediation function of perceived value to assess the relationship between both qualities on shopper satisfaction. This study offers a guide to SMR managers to enhance their business performance by focusing on the quality of food, instead of focusing on both the quality of e-service and food. In terms of online service-based businesses, this research implies that the SMRs need to collaborate with reliable online platform service providers