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Full-Text Articles in Business

Human Capital Development Role Of Hr During Mergers And Acqusitions, Yasmeen Rizvi Apr 2010

Human Capital Development Role Of Hr During Mergers And Acqusitions, Yasmeen Rizvi

The South East Asian Journal of Management

The need for corporate firms to gain competitive advantage in a highly competitive global environment has necessitated the adoption of innovative strategies, one of them being mergers and acquisitions. Selden and Colvin (2003) have stated that 70%-80% of acquisitions fail, meaning that they create no wealth for the share owners of the acquiring company. Schmidt (2003) has identified five major roadblocks to M & A success, three of which are HR issues. It has been established that there is a strong direct correlation between human resource involvement and 'success' in mergers and acquisitions (Schmidt, A.J., 2003). A positive association was …


Is Bangladeshi Rmg Sector Fit In The Global Apparel Business? Analyses The Supply Chain Management, Nuruzzaman Nuruzzaman, Ahasanul Haque, Rafiq Azad Apr 2010

Is Bangladeshi Rmg Sector Fit In The Global Apparel Business? Analyses The Supply Chain Management, Nuruzzaman Nuruzzaman, Ahasanul Haque, Rafiq Azad

The South East Asian Journal of Management

In recent years, supply chain management (SCM) has been developed as essential management philosopy and practice for all business operations. As with other business management principles, SCM also applies to the textile and apparel industries. All the parties or members should cooperate with its downstream customers and upstream suppliers to achieve supply chain goal. This paper was designed as an exploratory study to investigate SCM practice and to create competitive advantages in textille and garments (apparel) industries through efficient supply chain management from the perspective of business process. Current conditions of SCM practice in textille and garments industries in Bangladesh …


Successful Partnerships: A Matter Of Experience?, Frits D. J. Grotenhuis Apr 2010

Successful Partnerships: A Matter Of Experience?, Frits D. J. Grotenhuis

The South East Asian Journal of Management

Statistics indicate that most mergers and acquisitions are not very successful. At the same time, similar reasons for success and failure have been reported over the past decades by different scholars. Frequent mentioned reasons are related to finansial or legal issues during the pre-merger phase and cultural or integration issues during the post-merger phase. This far, hardly any study examined the learning effect of previous mergers and acquisitions experiences. This paper focuses on the post-merger integration phase of mergers and acquisitions, and the learning elements. First results indicate that managers can learn from previous experience and thus increase changes for …


Market, Country And World Effects On Regional Equity Market Integration, Chee Wooi Hooy, Kim Leng Goh Jan 2010

Market, Country And World Effects On Regional Equity Market Integration, Chee Wooi Hooy, Kim Leng Goh

The Indonesian Capital Market Review

This study explores the fundamental driving forces of regional equity market integration in a trading bloc. The determinant factors are categorized into market attribute, economic fundamentals and world information. Our sample consists of 26 equity markets of ive regional trading blocs, namely AFTA, CER, EFTA, EU and NAFTA over the period of January 1999 to August 2005. We measure market integration based on pricing errors as proposed by Korajczyk (1996) and Levine and Zervos (1998). Using panel regressions, our results show that equity integration in these trading blocs is driven internally, where only individual-market volatility and economic fundamentals play a …


Financial Transmission Mechanism Between Financial Centers And Peripheries, Yuki Masujima Jan 2010

Financial Transmission Mechanism Between Financial Centers And Peripheries, Yuki Masujima

The Indonesian Capital Market Review

The causes of contagion effects during periods of crisis are still unable to be fully explained by fundamental factors. This paper focuses on non-fundamental explanatory factors such as inancial centers' shock ampliication effects induced by global portfolio investors and extends Kaminsky and Reinhart (2003)'s center-periphery framework by introducing three time zones for the analysis of conditional distribution of 37 countries' daily stock returns from 1994 to 2003, and accessibility of stock markets to investigate if inancial centers stabilize or amplify shocks. Centers such as U.S. and Germany played a vital role in propagating turmoil in G7 countries and spreading shocks …


Market Integration And Financial Crisis: New Evidence From Asian Paciic Markets, Adwin Surja Atmadja, Yanhui Wu, Wan Juli Jan 2010

Market Integration And Financial Crisis: New Evidence From Asian Paciic Markets, Adwin Surja Atmadja, Yanhui Wu, Wan Juli

The Indonesian Capital Market Review

We investigated the stock market integration among national equity indices in eight countries from the period of 1995 to 2009, which was then clustered into four sub-sample periods. The multivariate time series analyses were employed to observe the degree and the existence of the integration. We found a cointegrating vector in each of three sub-sample periods. Interestingly, in the 1997 inancial crisis, we found that there was no indication of cointegration relationship among the equity indices. The results of block causality tests and the accounting innovation analysis indicate that the short run dynamic interactions among the stock indices became more …


Performance Measurement Model For The Consumer Industry Listed On Indonesia Stock Exchange: Dea And Sfa Approaches, T. Handono Eko Prabowo, Emilyn Cabanda Jan 2010

Performance Measurement Model For The Consumer Industry Listed On Indonesia Stock Exchange: Dea And Sfa Approaches, T. Handono Eko Prabowo, Emilyn Cabanda

The Indonesian Capital Market Review

This research attempts to provide performance measurement model for the consumer industry listed on Indonesia Stock Exchange (IDX) by using the data envelopment analysis (DEA) and the stochastic frontier analysis (SFA). There were 36 panel irms analyzed over the period of 2000-2005 or 216 pooled observations. The output variable was total sales and input variables were labor, inventory, ixed assets and capital. Z-variables are age of the irm, size of the irm, market share and time period. Empirical indings reveal that the average technical eficiency (mean TE) for consumer industry was 0.6630. The study indicates the existence of output slacks …


Price Manipulation In Indonesian Capital Market: Empirical Analysis On Stockbroker’S Behavior And Interaction Pattern Between Domestic Investors And Foreign Investors, Buddi Wibowo Jan 2010

Price Manipulation In Indonesian Capital Market: Empirical Analysis On Stockbroker’S Behavior And Interaction Pattern Between Domestic Investors And Foreign Investors, Buddi Wibowo

The Indonesian Capital Market Review

Price manipulation in stock market transaction is an important issue when developing investor conidence and market integrity is a priority. Price manipulation is prevalent in emerging markets, which still have institutional problems and lack regulations. A stock market as a mutual company has an institutional problem when a stock broker instead of being an intermediary, behaves like a dealer and a principal for some stocks. A stock broker has strong incentives to give a signal to public investors about price of some stocks in order to get an unfair proit. A usual pattern of manipulation done by stock broker is …


Adoption Of E-Business Technologies And Suppliers Performance In Thai Automotive Supply Chains, Parveen Farooquie, Jamal A. Farooquie Oct 2009

Adoption Of E-Business Technologies And Suppliers Performance In Thai Automotive Supply Chains, Parveen Farooquie, Jamal A. Farooquie

The South East Asian Journal of Management

Collaborative efforts, economies of time and cost, competitive service quality, and technological flexibility are among the key concerns of operations for successful supply chains. Implementation of web-based technologies has contributred significantly towards the achievement of such objectives of supply chains. The presents study examines the various aspects of e-business technologies adoption with reference to the first-tier suppliers associated with the automotive supply chains in Thailand. The paper also investigates the impact of employing e-business technologies on the suppliers' performance.


An In-Depth Study Of Assesing The Factors Affecting Higher Education In South-East Asia: A Case Study Of Two Universities, Edward Sek Khin Wong, Teoh Ngee Heng Oct 2009

An In-Depth Study Of Assesing The Factors Affecting Higher Education In South-East Asia: A Case Study Of Two Universities, Edward Sek Khin Wong, Teoh Ngee Heng

The South East Asian Journal of Management

The purpose of this study is to determine whether or not selected factors are related to faculty job satisfaction and dissatisfaction at two selected private unversities in South-East Asia. It is an attempt to find out how faculty members feel about their jobs. What pleases them in their work? What are the intrinsic rewards they attain? What brings dissatisfaction or tends to frustrate them? Hence, this study employs the Herzberg Two-Factor theory to determine how selected factors are related to job satisfaction of university faculty members. The conclusions drawn from this study are that the major sources of job satisfaction …


Relationship Between Pay Level, Pay Structure And Job Commitment In Malaysian Public Community College: The Mediation Role Of Distributive Justice, Azman Ismail, Yusof Ismail, Zalina Ibrahim, Clara Ong Guat Leng, Perry Tan Chee Kiong Oct 2009

Relationship Between Pay Level, Pay Structure And Job Commitment In Malaysian Public Community College: The Mediation Role Of Distributive Justice, Azman Ismail, Yusof Ismail, Zalina Ibrahim, Clara Ong Guat Leng, Perry Tan Chee Kiong

The South East Asian Journal of Management

This study was conducted to measure the mediating effect of distributive justice on the relationship between pay level, pay structure, and job commitment. A survey research method was used to gather 194 usable questionnaires from academic staff of 15 Malaysian public community colleges (MPCC). Outcomes of testing mediating model using a stepwise regression analysis showed that distributive justice has increased the effect of pay design features (i.e., pay level and pay structure) on job commitment. This result confirms that distributive justice does act as a full mediating variable in the pay design models of the organizational sector sample. In addition, …


Ten-Year After The Asian Financial Crisis: Understanding Spread Determinants On New Emerging Market Bonds, Gracia S. Ugut Jul 2009

Ten-Year After The Asian Financial Crisis: Understanding Spread Determinants On New Emerging Market Bonds, Gracia S. Ugut

The Indonesian Capital Market Review

The spread determinants of emerging market bonds have shown some similarity with the non-investment grade bonds. In the study, the author found that there are significant numbers of quantitiable factors to explain the variance in the risk premium. The factors were classified into company speciic variables and macroeconomic variables, such as rating, term, and secondary market spread, interest rate change and rising price of commodities. For the unexplained variance in risk premiums, the study suggested some explanation on the underwriter's effectiveness in presenting the issuer to the investors and correlation of the emerging-market debt to the other asset classes.


The Relationship Between The Movements Of Capital Markets In Developed Economies And Their Emerging Market Counterparts In The Asian Paciic Region, Noor Azlinna Azizah, Zamri Ahmad Jul 2009

The Relationship Between The Movements Of Capital Markets In Developed Economies And Their Emerging Market Counterparts In The Asian Paciic Region, Noor Azlinna Azizah, Zamri Ahmad

The Indonesian Capital Market Review

This research revisits at the relationship between the movements of capital markets in developed economies and their emerging market counterparts in the Asian Paciic region using market indices of the American, British, Malaysian, Singaporean, Mainland Chinese, Hong Kong Special Administrative Region (SAR), Indian, Japanese and Australian markets for the periods 1997 to 2007. The Johansen's Cointegration Test, and Vector Correction Model Test were used to determine the long term relationship between the markets. This study inds that the Asian markets are very much inluenced by the events in the United States rather than other developed markets. Of all the markets …


Integration Versus Segmentation In Asian Financial Market: The Prospect Of Regionalism In Asia, Herlina Yoka Roida Jul 2009

Integration Versus Segmentation In Asian Financial Market: The Prospect Of Regionalism In Asia, Herlina Yoka Roida

The Indonesian Capital Market Review

This paper draws the prospect of regionalism among inancial market in Asia (Indonesia, Malaysia, Philippine, Singapore, China, Hong Kong, Japan and South Korea). The irst part examines the correlation among them that lead to regional integration. The second part shows the possibility of integration or segmentation between Asia countries and world. The next part, tries to draw whether last inancial crises 1997 gave different result to the integration process. The correlation between Asia regional return and world return is tested by F-test (degree of signiicant 5%). The inal part of this paper gives a picture as to how the prospect …


Reporting Intellectual Capital In Annual Reports: Evidence From Indonesia, Parulian Sihotang, Yulia Sanjaya Jul 2009

Reporting Intellectual Capital In Annual Reports: Evidence From Indonesia, Parulian Sihotang, Yulia Sanjaya

The Indonesian Capital Market Review

This exploratory study which replicates the content analysis methodology of Guthrie et all (1999, 2004) towards Intellectual Capital (IC) disclosures in the annual report has set several objectives. Primarily, the empirical investigation assesses the extent to which Indonesian listed companies are publicly reporting their IC both the amount and type of information being reported. Secondly, the investigation also examines the extent to which the various categories of IC are represented in the annual reports of the sample companies. Finally, the study explores the extent to which the level of IC disclosures could be related to companies' characteristics such as industry …


How The Indonesia Stock Exchange Reacts To Information: A Speed Of Adjustment Coeficients Study, Yessy Peranginangin Jul 2009

How The Indonesia Stock Exchange Reacts To Information: A Speed Of Adjustment Coeficients Study, Yessy Peranginangin

The Indonesian Capital Market Review

This study applies the ARMA model to estimate the speed of adjustment coeficients, as suggested by Theobal and Yallup (2004), in the IDX. There is not suficient evidence to conclude that the IDX overreacts to information. However, the indings suggest that the market either underreacts or fully adjusts to information. The IDX displays signiicant underreactions at weeky intervals that occur after the full adjustment. Investors' reaction is not sensitive to the size and liquidity of the indices. Size alone could not provide suficient explanation for the different adjustment pattern across sector indices.


The Typology Of Conflict Management Style, Julian Ming-Sung Cheng, Bayu Sutikno Apr 2009

The Typology Of Conflict Management Style, Julian Ming-Sung Cheng, Bayu Sutikno

The South East Asian Journal of Management

This paper proposes a triple model of typology of conflict management style, which incorporates three factors: (1) interaction concerns (cooperation versus competitiveness), (2) individualistic versus collectivistic cultures, and (3) environmental uncertainty (stable versus dynamic). The objectives are achieved by reviewing literature on the typology of conflict management style from the working of Blake and Mouton's (1964) model to Freeman and Browne's (2004) model. The findings highlight the triple model of typology of the conflict management style. It is based on an internal factor (interaction concerns between actors, cooperation versus competitiveness) and two external factors, such as cultural dimension (individualism-collectivism) and …


Industrial Diversification And Shareholders' Value In China: The Case Of Shanghai Listed Manucfaturing Firms, Henk Von Eije, Jiong Jin Apr 2009

Industrial Diversification And Shareholders' Value In China: The Case Of Shanghai Listed Manucfaturing Firms, Henk Von Eije, Jiong Jin

The South East Asian Journal of Management

The fast growing economy and institutional and economic reforms made the Chinese equity markets the third largest in Asia. This leads to strategies of industrial diversification within Chinese firms. Financial theory suggests that industrial diversification may have advantages in emerging markets, because conglomerates are better able to cope with market imperfections than focused firms. Moreover, diversification through investing in many shares may be costly in imperfect markets. Negative effects of diversification can be found if hubris generates too large take-over premiums or if managers consume perks related to company size. Also, tunneling and propping may reduce company value. We show …


Experiential Insights From Managing Joint Ventures In Indonesia : Reflection On Past Lessons And Future Challenges, Teddy Pawitra Apr 2009

Experiential Insights From Managing Joint Ventures In Indonesia : Reflection On Past Lessons And Future Challenges, Teddy Pawitra

The South East Asian Journal of Management

Joint ventures as one of the many form of strategic alliance are now ubiquitous phenomena in most Asian countries such as Indonesia and others. The trend to establish joint ventures with foreign firms has been growing in popularity since the onset of 1980s. In 2007, the value of realized foreign direct investment in Indonesia had reached USD 9,076.6 million which represented 842 projects (Investment Coordinating Board, Oct. 2007). However, particular data regarding the magnitude of investment in joint ventures are not available because foreign direct investments are not further specified into joint ventures and wholly owned subsidiaries. The development of …


Disinvestment In India - A Stakeholders' Management Perspective, Vilas Kulkarni, Amit Kumar Srivastava Apr 2009

Disinvestment In India - A Stakeholders' Management Perspective, Vilas Kulkarni, Amit Kumar Srivastava

The South East Asian Journal of Management

India adopted mixed economy after independence, aiming socialistic pattern, through heavy investment in the public sector enterprises (PSE) the performance of which later became a matter of concern. Therefore, Government of India (GOI) started reform programs to reduce the size and expenditure of the public sectors, and restructuring the PSEs. In 1991 GOI initiated a radical economic reform to increase the private sectors participation and the efficiency of public sector investment. Therefore, the management of various stakeholders become crucial for the success or failure of the disinvesment policies. This paper investigates the disinvestment in National Alumunium Company Limited (2002-03 and …


Management Style Of Chinese Business Owners In The Chiang Rai Province Of Thailand, John Walsh, Sittichai Anantarangsi Apr 2009

Management Style Of Chinese Business Owners In The Chiang Rai Province Of Thailand, John Walsh, Sittichai Anantarangsi

The South East Asian Journal of Management

New challenges face Thailand's economy as it exits the factory age and struggles towards higher value-added economic activities. One important component of new economic development will be encouraging more foreign investment, particularly in the provinces of the country away from Bangkok. China is becoming an increasingly important investment and trade partner for Thailand and the creation of an industrial estate in the northern province of Chiang Rai is in part intended to encourage additional Chinese investment in the country. However, providing space alone is insufficient to understand the need of investors, including their current and future demand for skilled labour. …


R&D Expenses And Share Value In The Japanese Stock Market, Sophie Nivoix, Pascal Ngunyen Jan 2009

R&D Expenses And Share Value In The Japanese Stock Market, Sophie Nivoix, Pascal Ngunyen

The Indonesian Capital Market Review

The growing influence of technology in business activities is driving many firms to devote a greater amount of resources to research and development. It is therefore crucial to understand how the stock market evaluates the benefits of R&D. In this paper, our aim is to investigate whether Japanese investors have rewarded firms that heavily invest in R&D. We first document that R&D expenses have remained fairly stable relative to sales in the past eight years, but with large variations within and between industries. We then show that R&Dfirms have achieved a higher return relative to non-R&D firms. However, our regressions …


Intraday Speed Of Adjustment And Realized Variances In The Indonesia Stock Exchange, Zäafri Ananto Husodo, Thomas Henker Jan 2009

Intraday Speed Of Adjustment And Realized Variances In The Indonesia Stock Exchange, Zäafri Ananto Husodo, Thomas Henker

The Indonesian Capital Market Review

We examine the intraday trading and price dynamics for frequently traded stocks at the Indonesian Stock Exchange. Using trade price, time series generated at one, two, three, five, ten, fifteen, thirty and sixty-minute intervals, we estimate the speed of adjustment and the corresponding realized variance of these series. The objective of the estimation is to infer the noise impact to the deviation of observed prices from their fundamental value. The result from the speed of adjustment estimate is consistent with the realized variance estimator. Both conclude that the 50 most frequently traded stocks in the Indonesia Stock Exchange adjust to …


Volatility Forecasting Models And Market Co-Integration: A Study On South-East Asian Markets, Erie Febrian, Aldrin Herwany Jan 2009

Volatility Forecasting Models And Market Co-Integration: A Study On South-East Asian Markets, Erie Febrian, Aldrin Herwany

The Indonesian Capital Market Review

Volatility forecasting is an imperative research field in financial markets and crucial component in most financial decisions. Nevertheless, which model should be used to assess volatility remains a complex issue as different volatility models result in different volatility approximations. The concern becomes more complicated when one tries to use the forecasting for asset distribution and risk management purposes in the linked regional markets. This paper aims at observing the effectiveness of the contending models of statistical and econometric volatility forecasting in the three South-east Asian prominent capital markets, i.e. STI, KLSE, and JKSE. In this paper, we evaluate eleven different …


Structural Model Of The Idx Credibility, Djoko Wintoro Jan 2009

Structural Model Of The Idx Credibility, Djoko Wintoro

The Indonesian Capital Market Review

Indonesia Stock Exchange (IDX) needs to increase its credibility for the purpose of increasing favorable investment environment for both domestic and foreign investors. The perception of stockbrokers is used to develop structural model of the IDX credibility as measured by stock trading volume and frequency. Factor analysis overview has found three important group regulations: stock trading services, stock trading protection, and stock trading efficiency - which are influent to the credibility of IDX. Structural equation modeling analysis confirms that those three group regulations positively influence the credibility of IDX.


Factors Influencing Purchase Preferences Of Store Brands: Examples From Hypermarkets In Malaysia, Norbani Che Ha, Sharifah Latifah Syed Abdul Kadir Oct 2008

Factors Influencing Purchase Preferences Of Store Brands: Examples From Hypermarkets In Malaysia, Norbani Che Ha, Sharifah Latifah Syed Abdul Kadir

The South East Asian Journal of Management

This study is to investigate factors that describe consumers' perceptions towards store brands, and important factors that influence consumers towards purchasing store brands. The factor, such as, price, product quality, product risk, familiarity, involvement, intrinsic and extrinsic cues, and familiarity are used to gauge the purchase preferences. The study is carried out in Klang Valley involving two most popular hypermarkets in Malaysia that are Tesco and Giant. Out of 444 consumers that were intercepted and asked to participate only 300 accepted to participate and completed the questionnaire, resulting to 68% response rate. Results of the study indicate that factors such …


Perceived Boundarylessness In Relation To Success Factors: A Descriptive Study Of Nine Bangalore Organizations In The It Sector, Mary Mathew, Randhir Reghunath Pushpa Oct 2008

Perceived Boundarylessness In Relation To Success Factors: A Descriptive Study Of Nine Bangalore Organizations In The It Sector, Mary Mathew, Randhir Reghunath Pushpa

The South East Asian Journal of Management

The importance of organization boundaries and their nature of permeability is of special concern in a globalized world. The role of systems theorists and that of boudary management intervention theorists show the need to study the people sub system more. Managerial perceptions are critical in this context. Sensing and perceiving boundarylessness will lead to a better consciousness of boundary management. This paper describes the way nine HR managers perceive their boundaries in the IT sector of Bangalore. The managers are asked about various types of boundaries namely, vertical, horizontal, external, geographic, and psychological boundaries. The boundaries are also understood in …


Control And Organizational Learning In Mncs: An Analysis Through The Subsdiaries Sector, Olivier De La Villarmois, Christophe Benavent, Firmanzah Firmanzah Oct 2008

Control And Organizational Learning In Mncs: An Analysis Through The Subsdiaries Sector, Olivier De La Villarmois, Christophe Benavent, Firmanzah Firmanzah

The South East Asian Journal of Management

For any large complex organization the problem of ensuring its constituent activity in accordance with overall policy and, at the same time adopt to its environment, is a central and continuing concern. Thus, the fundamental question which must be answered is 'what control mechanism can facilitate the adaptation process in the local market?' In multinational corporations (MNCs), the control mechanism, imposed by headquarters, has an objective to integrate the subsidiaries' activities to the global strategy. however, the presents on the local market necessitates the adaptation to the local environment characteristics. The objective of this paper is to contribute solving the …


Negative Attitudes Toward U.S. Products: Malaysian Muslim Consumers' Perspective, Khairul Anuar Bin Mohammad Shah, Md Nor Othman Prof. Dr. Oct 2008

Negative Attitudes Toward U.S. Products: Malaysian Muslim Consumers' Perspective, Khairul Anuar Bin Mohammad Shah, Md Nor Othman Prof. Dr.

The South East Asian Journal of Management

Consumer attitudes toward foreign products from various countries can vary significantly from one country to another. Consumer attitudes and behavioural intentions in a country can also vary overtime due to a change in the country's level of industrialization, marketing development, and lifestyle. Therefore, it is beneficial for this study to identify the attitudes of the consumers towards foreign products in a particular market. The sources of negative attitudes such as country of origin effects (Han, 1988), consumer ethnocentrism (Shimp and Sharma, 1987), and consumer animosity (Klein, Etteson, and Morries, 1998), are the factors that can influence the willingness of the …


Simultaneous Relationship Between Ownership Structure, Corporate Governance, And Firm Value In Indonesia, Kim Sung Suk Apr 2008

Simultaneous Relationship Between Ownership Structure, Corporate Governance, And Firm Value In Indonesia, Kim Sung Suk

The South East Asian Journal of Management

The primary objective of this study is to test the simultaneous relationship between the firm value, the corporate governance practice, and the ownership structure on a sample of 114 companies quoted in the Jakarta Stoke Exchange (JSX). The study finds that the corporate governance practice fails to affect the firm value, but the firm value is a positive predictor of corporate governance practice. Further, the influence of corporate governance practice on the firm value becomes less when the wedge of the firm becomes higher. The ownership structure and the firm value have no systematic relationship. Controlling shareholders and foreign blockholders …