Analisis Komparasi Kinerja Reksadana Saham Syariah Indonesia dan Malaysia

Permata Wulandari, S.E, M.Si*)


This research purpose to analyze comparative performance between syariah stock
mutual fund in Indonesia and Malaysia using Sharpe, Treynor, Jensen Alpha and
appraisal ratio index completed with Treynor Mazuy model to analyze market timing
and stock selection mutual fund performance. Based on result found that for the year
2008, syariah stock mutual fund in Malaysia better in performance based on Sharpe,
Treynor, Jensen, stock selection and market timing. For the year 2009, syariah stock
mutual fund in Malaysia better in performance based on Sharpe, Treynor, Jensen,
but not for appraisal ratio and stock selection measurement. No one has significant
market timing performance. For the year 2008-2009, syariah stock mutual fund
Malaysia better on the whole performance measurement and also have better stock
selection and market timing performance.

KEYWORDS : Syariah stock, appraisal ratio, stock selection, market timing


Pengembangan Instrumen Pengukuran Shopping Values untuk Mengukur Perilaku Belanja Konsumen

Anton A Setyawan*

This research analyzes the measurement of personal shopping value. Research in
marketing which measure the relationship among construct have similar problems.
The correlations among construct is very low or different from the theory. This
problem occur due to problems in validity and reliability of the construct. This
research overcome this problem by conducting scale purification of PSV instrument.
PSV instrument is the measurement of personal shopping value. Personal shopping
value contains of two dimensions, they are hedonic value and utilitarian value. The
respondents of this research are undergraduate student in business. We use
convenience sampling methods. The tools of analysis in this research are EFA and
SEM. The result shows that PSV is not a recommended measurement in analyzing the
shopping value behavior.

KEYWORDS : personal shopping value, hedonic value, utilitarian value, validity, reliability.


Daya Tarik Pekerjaan Menjual di Kalangan Mahasiswa dan Implikasinya Bagi Pendidik dan Rekruiter

Tjetjep Djatnika*)
Ilham Lucky Hartanto**)


This study investigated the attitudes of students toward sales job as a career a
combination of convenience and cluster sampling design was used to draw a sample
size of 420 students. A self administered structured questionaire was used to collate
data. Using ANOVA, confirmatory factor, and cross tabulation analysis, the study
revealed that their attitudes and intention toward sales job are generally negative.
In terms of their attitudes significant differences exist between engineering and
commerce students; -marketing and non marketing; who have or not at least one
family member who works in sales related area; who have or not exposure to selling
experience. In terms of their intention, significant differences only exist between
students who have or not at least one family member who works in sales related area;
have exposure or not to sales experience. About more than two third of respondents
consider willing to take sales job as a future career provided all available prefered
options are exhausted. As majority of their parents’job are civil cervants, so it is
suspected to have association with low interest in sales job. So educators, corporate
recruiters, have to work together to increase the attractiveness of selling job as a
promising career. Unless the educators are able to change and form students’attitudes
toward sales job so no graduate is willing to work as a professional salesperson.

KEYWORDS: Attitudes, intention, sales, recruit.


Pekerja Pengetahuan (Knowledge Workers): Konsepsi dan Tantangan Pengelolaan

Sri Raharso*)


In today’s dynamic global economy, knowledge is viewed as a key strategic and
competitive resource by organizations. It is widely proclaimed that management of
knowledge is essential to competing in the “new environment” and can provide
organisations with a competitive advantage. Firms are increasingly dependent on
knowledge workers as they compete through their employees’ know-how. Thus, the
most important competitive assets for most organizations are the skills, expertise and
experience of their people, and it’s incumbent upon them to offer people the facilities
they need to better gain, retain, use and convey their knowledge. Hence, knowledge
workers play a major role in the success of an organization, and the management of
knowledge has become important. Management of knowledge workers is an important
area of concern not only because of the predominance of knowledge workers in the
workforce but more importantly because of the impact these knowledge workers have
on organizational performance. As such, managing knowledge workers requires a
different approach than traditional hierarchical management.

KEYWORDS : knowledge, knowledge worker, management


Dana Pensiun kita, kenapa melemah?

Sari Wahyuni *)


This paper is trying to portrait the Indonesian fund condition which is decreasing all
over the time. The data shows that the number of pension fund were 344 in the year
2001 and its became 288 in the year 2007.On the top of that, a research conducted
by World Bank and OECD (2009) indicated that the amount of employee who
guaranteed by pension fund is just only 20% of the total working population in
Indonesia.The results of this study indicated some important variables that impede
the development of our pension fund. One of the most prominent problem is related
with the overlapping regulation with other social welfare in Indonesia, no drivers/
incentive from the government, the lack of good corporate government and limited
socialisation about the fund itself.

KEYWORDS : Indonesia, pension fund, good corporate governance, social welfare.


Pola Interaksi Guru-siswa dan Pengaruhnya terhadap Kepuasan Siswa dalam Belajar

Agus Prianto *)


The Research on student satisfaction is very important in line with the increasingly high
cost of education which must be paid by the parent. It is no secret, that to study at the
quality education then the parent have to spend big money. So, it is to be fair if then the
parents have higher demands on the quality of teaching of the teacher. The quality of
teaching of the teacher determined by patterns of interaction developed by teachers.
This study examines how influence patterns of interaction between teachers and
students who are soft, rational, and harsh effect on student satisfaction. The results
showed that soft and rational interaction between the teacher and the student has
strong influence on student satisfaction, while harsh interaction between the teacher
and the student has weak influence on student satisfaction.

KEY WORDS : Soft interaction, rational interaction, harsh interaction, student satisfaction


Anomali Liburan di Pasar Modal Indonesia (Studi Kasus Pada Perusahaan Kelompok LQ-45)

Tatang Ary Gumanti*)
Marentin Nita Nigara**)


The purpose of this study is to examine whether abnormal return was found on the
long weekend holidays in Indonesian capital market, in particular for companies
listed in the LQ-45 for the year of 2004. A sample of 24 firms meeting the criteria of
sample selection were examined covering a period from 2nd January to 30th
December 2004. The results indicate that the average abnormal return on the days
just before and after the holiday is not significantly different from zero. In other
words, there is no evidence of abnormal return. The study only documents three out
of eleven holidays where the difference on average abnormal returns between pre
and post holiday is significant and in the expected direction. The study comes to a
conclusion that the holiday anomaly is not evident among LQ-45 firms for year 2004.

KEYWORDS : Abnormal returns, holiday anomaly, efficient market hypothesis
capital market.


Positive Accounting Theory dan Corporate Social Responsibility: Implikasi Sosial Science

Elizabeth Lucky Maretha Sitinjak*)


Positive Accounting Theory (PAT) and Corporate Social Responsibility (CSR) in a social
science perspective are the implications of accounting practices, or behavior of accountants,
no need for the verification given by the theory of accounting, as practitioners can turn
to accommodated theory. This can be seen from subjective-objective dimension of social
research. The paradigm should shift from corporate who seek maximum profits for
personal gain will be shifted to the prosperity of the interests of stakeholders. This is
because we get a positive accounting theory to explain and predict accounting practice
in the corporate environment. CSR as a corporate social responsibility program must set
aside in part to help workers gain the internal and surrounding communities through
health services and social humanitarian.

KEYWORD: Positive accounting theory, corporate social responsibility, social science,
accounting practice.


Kolaborasi Tangible dan Intangible Asstes Hotel


Dosen Tourism & Hotel Management, Universitas Ciputra

Sejumlah kalangan mencemaskan persaingan yang ketat di industri perhotelan.
Occupancy hotel meningkat tidak sematamata peningkatan jumlah kunjungan
wisatawan / visitors, tetapi lebih didasarkan pada diferensiasi dan keunggulan kompetitif
yang selanjutnya menentukan daya saing tiap hotel. Aspek inilah, yang secara khusus
mengambil sample hotel berbintang empat dan lima di Surabaya, yang ditelaah dalam
buku yang merupakan penyajian ulang disertasi penulis yang juga merupakan General
Manager Surabaya Plaza Hotel, Deputy Vice President Marketing Prime Plaza Hotels &
Resorts, dan Ketua Dewan Pariwisata Indonesia (DEPARI) Jatim. .............