Jurnal Manajemen dan Kewirausahaan
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DEVELOPMENT STRATEGY OF NATURAL TOURISM IN PANCAR MOUNTAIN NATURAL PARK
Full text linkThe purposes of this study are to identify the internal and external factors and to determine the best strategy for developing natural tourism in Pancar Mountain Natural Park. This study employs a descriptive method through surveys using a purposive sampling method. The analysis tools used are IFE and EFE, IE Matrix, SWOT Matrix and QSPM. Recommended strategies are: 1) product development strategy, 2) market penetration, 3) optimizing the cooperation of stakeholders, 4) defining the area and boundary of Pancar Mountain Natural Park, 5) increasing citizen participation and 6) increasing the role of associations
THE VALUATION OF INITIAL SHARE PRICE USING THE FREE CASH FLOW TO FIRM METHOD AND THE REAL OPTION METHOD IN INDONESIA STOCK EXCHANGE
Full text linkThe purposes of this study were to determine fair share value, to analyze the factors that influence undervalue and overvalue, and to determine the best valuation method. This study made valuation using real options method and free cash flow to firm method. The results of partial logistic regression on Free Cash Flow to Firm showed that tenor variable and equity variable had positive and significant effects, while dummy variable had a negative and significant effect. In the real option model, tenor variable and implied volatility variable had positive and significant effects, while sheets of share variable had a negative and significant effec
PERFORMANCE EVALUATION OF PROPERTY AND REAL ESTATE COMPANIES LISTED ON INDONESIA STOCK EXCHANGE USING DATA ENVELOPMENT ANALYSIS
Full text linkThis paper aimed to evaluate perfomance of property and real estate companies listed in Indonesia Stock Exchange using the DEA method. Samples were 23 companies listed from 2009–2012. Results showed that some companies are relatively efficient each year. However, only one company consistently had technical efficiency equal to 1. The main cause of inefficiency from 2009–2011 was scale inefficiency while inefficiency happened in 2012 was pure technical inefficiency. Overall the companies operate efficiently un-der constant returns to scale is showing an increase from 17.39%–39.13%
RELATIONAL MARKETING AND CUSTOMERS SHIFTING TENDENCY IN ISLAMIC BANKING IN EAST JAVA
Full text linkThe purpose of this study was to explain the relationships between relational bonds, customers’ value, and customers’ loyalty of three consumer groups of Islamic banking in East Java. Samples were obtained from 613 Islamic banks’ customers in East Java and were analyzed using SEM. The findings were: For stayers, the three types of bonds raised utilitarian and hedonistic values, which raised loyalty. For dissatisfied switchers, only structural bond affected the utilitarian value, which raised loyalty. For satisfied switchers, social bond affected hedonistic value, while structural bond affected utilitarian value
KINERJA KEUANGAN BERBASIS PENCIPTAAN NILAI, FAKTOR MAKROEKONOMI, DAN RETURN SAHAM SEKTOR PERTANIAN
Full text linkTujuan dari penelitian ini adalah: (1) menganalisis kinerja keuangan menggunakan EVA, MVA, Q-Tobin, (2) menganalisis pengaruh EVA, MVA, Q-Tobin dan faktor makroekonomi terhadap return saham, (3) mengembangkan implikasi manajerial. Data dikumpulkan dari 8 perusahaan sektor pertanian yang ter-daftar di BEI sebelum tahun 2005. Hasil menunjukkan sebagian besar perusahaan memperoleh EVA negatif, MVA positif, dan nilai q < 1. Variabel MVARET dan Q-TobinRET berpengaruh signifikan terhadap return saha
MANAJEMEN LABA: PRO-KONTRA PEMAKNAAN ANTARA KREDITUR DAN DEBITUR DALAM PROSES PEMBIAYAAN KREDIT
Full text linkEarnings management has been a hot topic. As long as along with the Indonesian Financial Accounting Standard, this cannot be considered as earnings management. However, the accountants tend to apply the particular treatment to meet their specific interests. The creditors do not consider whether there is earnings management, but they will apply many other more comprehensive evaluation techniques. This study applied unobtrusive observation. By doing this, the researchers were able to uncover the existing earnings management as well as the variety of debtors’ and creditors’ considerations
ANALISIS EKSPLANATORI FAKTOR DAYA SAING INDUSTRI KECIL (Studi Pada Sentra Industri Kecil Batik Di Kota Jambi)
Full text linkThis study analyzed the factors that can increase the competitiveness of traditional batik Jambi. It used competitiveness theories of Rostow (1999) and Porter (2000). The survey was conducted on 49 SMEs, 100 owners and handicraftsmen. Method that used was factor analysis and multiple regressions. The results proved that the variable products, infrastructure, government policies, human resources and science and technology simultaneously have influenced 75.8% to increase competitiveness batik Jambi. Variable infrastructure, human resources and science and technology partially affected the competitive-ness of batik Jambi
PEMBIAYAAN MUDHARABAH, RISIKO, DAN PENANGANANNYA (Studi Kasus pada Bank BTN Kantor Cabang Syariah Malang)
Full text linkMudharabah is a cooperation between two or more parties, in which the owner of the capital entrusts the manager, amount of capital with profit-sharing agreement. The faced risks are information asymmetry and moral hazard. The purposes of this study were to minimize the risks and understand the solutions. This research used problem solving method. The research object was BTN Syariah Malang Branch. The result of this study indicated that the risks can be minimized by determining specific conditions that must be obeyed
PENGARUH IDIOSYNCRATIC RISK DAN LIKUIDITAS SAHAM TERHADAP RETURN SAHAM
Full text linkThis study examined the effect of idiosyncratic risk and liquidity of shares on stock return. It used data of 50 companies on the Indonesia Stock Exchange 2009–2011 period. The independent variable was the idiosyncratic risk and the liquidity of the shares, as well as control variables such as firm size. Using panel data and pooled least square, result show that idiosyncratic risk had a significant negative effect on stock return, liquidity of the shares had significant positive and significant negative effect of firm size. This means that firms with small idiosyncratic risk that small investors will be preferred, so the demand from individuals and institutions simultaneously will push stock prices and provide a higher return
KETERLIBATAN KERJA SEBAGAI PEMEDIASI PENGARUH KEPRIBADIAN PROAKTIF DAN PERSEPSI DUKUNGAN ORGANISASIONAL TERHADAP KEPUASAN KERJA
Full text linkThis study examined proactive personality effect and perceived organizational support on job satisfac-tion with job involvement as a mediator variable, using data 200 employees. The results showed proactive personality and perceived organizational support in a positive and significant effect on job satisfaction through job involvement. Theoretical implications supported the theory and existing researches. Managerial implications suggested the organization to consider proactive personality and perceptions of organizational support as a important factor to encourage more employees involved in work that can improve job satis-faction