ORIGINAL RESEARCH ARTICLE | Dec. 30, 2018
The Fair Share Price That Has the Largest Market Capitalization Empirical Studies of Sectors Related to Indonesian National Logistics System Policy
Andi Desfiandi, Abshor Marantika
Page no 1274-1284 |
10.36348/sjbms.2018.v03i12.001
The emitem companies are competing in improving their performance through an offering of stock price progress. Market stock price is the price that occurs in the market at a certain moment determined by market participants. Declining stock price condition indicates the company's position. The decline in investor interest in investment is reflected in the decline in stock prices. This applies also to related companies as well as to national logistics system policies. The objective of this study was to determine the purchase decision, sales decision, and stockholding decision by using an analytical method dividend discounted Model (DDM), price earnings ratio (PER), and price book value (PBV) on companies listed on the national logistics system. Based on the DDM approach, it is known that the average fair stock price is cheaper than the stock market price. This is because the rate of return that is estimated (k) is smaller than the dividend growth (g). If the company gives dividends continues to rise but the stock market price indicates a stable value, then this is not good for the company because it will make the fair value of shares with the method of deviden discounted model get negative results. Based on the PER approach, it is known that the average fair price of shares is more expensive than the stock market price. This is because the measuring instrument above calculates PER by comparing earnings per share. After that the results are multiplied by the expected EPS. Based on PBV approach Average stock fair price > 1, so that the valuation of fair price of shares is worth overvalued. This is because the measuring instrument for calculating the fair value of the stock using the price book value method takes the value of the total equity.
Keywords: Stock price, dividend discounted, price earnings, price book
ORIGINAL RESEARCH ARTICLE | Dec. 30, 2018
Model Organizational Commitment: Analysis of Emotional Intelligence, Rewards, and Job Satisfaction (Survey of the Jabodetabek XYZ Life Insurance Agent)
Tri Legionosuko, Yudi Sutrasna
Page no 1285-1294 |
10.36348/sjbms.2018.v03i12.002
This study aims to analyze the influence of emotional intelligence, rewards and job satisfaction on organizational commitment both partially and simultaneously. The design of this study is quantitative using the survey method. The population of this study is life insurance agents who work for insurance companies that control the market share in the JABODETABEK region. The sample size in this study was determined through a minimum sample size formula for the iterative measure of correlation coefficients, in order to obtain a sample of 200 life insurance agents. This study uses multiple linear regression analysis techniques. SPSS 22.00 analysis tool. The results of this study are that emotional intelligence, rewards and job satisfaction have a positive and significant effect on organizational commitment both partially and simultaneously. There are still other factors that influence organizational commitment apart from three variables of emotional intelligence, rewards and job satisfaction
ORIGINAL RESEARCH ARTICLE | Dec. 30, 2018
The Effect of Career Development and Compensation to the Job Satisfaction and its Implementation to the Organizational Commitment for the Employee of General Secretariat of Foreign Ministry
Seventino Willianto, M. Havidz Aima, Shinta Amalina Hazrati Havidz
Page no 1295-1304 |
10.36348/sjbms.2018.v03i12.003
The existence of human resources in an organization is a valuable asset for the organization itself. Civil Servants (PNS) or now called the State Civil Apparatus (ASN) as human resources in government become the backbone of the government in running the government. In accordance with Law No. 39 of 2008 concerning the State Ministry, it is stated that the Ministry of Foreign Affairs is one of 3 (three) ministries that cannot be dissolved by the President. Thus the position of the Ministry of Foreign Affairs has a significant role in the government. So with these conditions, it is important for the Ministry of Foreign Affairs to have human resources who are committed to remembering their actions not only in the country but giving Indonesia's image to the international world. The objectives of this study are to find out and explain the effect of career development (x1) and compensation (x2), on job satisfaction (y1) to organizational commitment (y2) in the Ministry of Foreign Affairs. The sample of this research is the employee of general secretariat of foreign ministry by employing descriptive statistics and data analysis technique using SmartPLS version 3.2.7 as the research methodology. The research reveals that career development, compensation, and job satisfaction have positive effect to the organizational commitment, both partially and simultaneously. Partially, only career development has insignificant effect to the job satisfaction, while the remaining variables have significant effect.
ORIGINAL RESEARCH ARTICLE | Dec. 30, 2018
Purchase Decision: Analysis of Price Perception, Process and Quality of Product (Case Study on Sharia KPR Finance Product in PT Bank Permata’s Sharia Business Unit)
Hapzi Ali, Adji Budianto
Page no 1305-1317 |
10.36348/sjbms.2018.v03i12.004
The purpose of this study is to find out how the perception of price, process and quality of Product influences purchasing decisions with a case study of sharia KPR financing products in PT Bank Permata Syariah Business Unit. There was significant gap between target and sharia KPR finance realization achievement until August 2018 because the target was not achieved. In addition, the ranking of Bank Permata Syariah which is still far below shows that the contribution of KPR financing is not yet high. This is caused by many factors including the price / margin factor offered to customers who are still less competitive, the financing process and product quality that still need to be improved. The design of this research is explanatory. The samples taken in this study were the customers of Bank Permata Syariah in the South Tangerang Region who already had Sharia KPR financing and filled out questionnaires. They were taken by using the accidental sampling method with some specified criteria. The sampling technique was Purposive Sampling Method on 1504 of total population of customers of Bank Permata Syariah in the South Tangerang Region. By using the Slovin formula, 100 customers was obtained as samples. Analysis method of this research was qualitative method with Multiple Linear Regression as analysis tool, and helped by SPSS version 23.0. Before the analysis was carried out, the questionnaire instrument test was carried out with validity and reliability tests and classic assumptions. After that, it was analyzed by Multiple Linear Regression followed by a test of determination analysis (RSquare), partial hypothesis testing (t test) and simultaneous (F test) with a 5% error tolerance level. The results showed that there was an influence of price perceptions on purchasing decisions partially, the process of purchasing decisions partially, product quality on purchasing decisions partially and perceptions of price, process and product quality simultaneously influenced purchasing decisions for Sharia KPR financing products at Bank Permata Syariah
REVIEW ARTICLE | Dec. 30, 2018
Fiscal Policy and Its Relationship with Economic Growth: A Review Study
Omar Mohammad Abad Alkasasbeh, Nazatul Faizah Haron
Page no 1318-1323 |
10.36348/sjbms.2018.v03i12.005
The fiscal policy reflects the state use of its economic programs, which includes revenues and expenditures in the best way. This is done by directing the state economic plans to determine the sources of income and how to spend them, and what are the most important spending trends such as wages of government employees and various service projects, to achieve the highest levels of economic balance. Economic growth represents the process of increasing real income in a cumulative and continuous manner over a period of time, where this increase must be greater than the rate of population growth. The aim of this paper is to review the research work conducted on fiscal policies and economic growth, noting that there are two types of fiscal policy; the first type is spending, while the second type is taxation. In addition, according to previous research, the relationship between fiscal policy and economic growth is not clear and consistent, where in some cases a positive relationship, while in others it may be a negative relationship. In this paper we will discuss the concept of fiscal policies, economic growth and the relationship between those two variables through some of previous research.
ORIGINAL RESEARCH ARTICLE | Dec. 30, 2018
Factors Influencing Consumers’ Willingness to Purchase Genetically Modified Organism (GMO) Food Products in Klang Valley, Malaysia
Mohi Uddin, Mohd Aminul Islam, MM Ismail Hossin
Page no 1324-1337 |
10.36348/sjbms.2018.v03i12.006
The results of the survey showed that consumers generally know (53.3%) what genetically modified organisms (GMOs) are, but they do not have enough information about the genetic modification process. The main concerns of consumers about GMO foods are their carcinogenic effects to human. The usage of GMOs in health sector and in preventing environmental pollution were the most approved areas by the consumers, whereas the majority of consumers disapproved the use of genetic modifications in food applications. This study shows that knowledge, perceived risks, attitude, labeling have a significant relationship with willingness to purchase GMO food products based on the survey conducted in Klang Valley, Malaysia. The study showed importance of willingness to purchase GMO food products to determine the success of the business with human needs. So, this study will help the GMO food products entrepreneur to plan and run their business accordingly to achieve success. In addition to that, the survey data will be helpful to the GMO authority, to understand the behavior intention of the consumers of Malaysia, which will help them for further research as well as to take adequate measures for the better managerial implications of the GMO food products company in Malaysia
REVIEW ARTICLE | Dec. 30, 2018
Implementation of TQM in Public Universities of Bangladesh: Challenges and Resolutions: A Review
MMI Hossin, MA Islam, M Uddin
Page no 1338-1347 |
10.36348/sjbms.2018.v03i12.007
Education intends to promote such values and improve people’s capacity that sustains environment and development issues of any countries. Education helps to create awareness, welfare attitudes, skills and behaviour as well as a sense of ethical responsibilities among the people. Education has different levels such as primary, secondary, higher secondary and university education. Among these, university or higher education is one of the fastest growing parts of the education system. In these contexts, higher education should be standard, welfare and sustainable development oriented. One of the key aims of higher education is to anticipate the needs of the economy and prepare highly skilled workers to make it competitive. This is especially important for a developing country like Bangladesh. Because, it is badly needed to build up our human capital, and higher education can play vital role in this regard that promotes to the growth of economy, achieve and sustain a high-quality workforce. But higher education is now globalized and in many ways commercialized affair. As a result, quality of higher education is ignored, and business attitude prioritized, especially in the context of third world countries. As a developing country, in Bangladesh, this scenario is more vulnerable.
ORIGINAL RESEARCH ARTICLE | Dec. 30, 2018
Population Growth and Economic Development in Nigeria
Jonathan E. Ogbuabor, Godwin C. Udo, Fidelia N. Onuigbo
Page no 1348-1354 |
10.36348/sjbms.2018.v03i12.008
Nigeria currently ranks as the seventh most populous country in the world. However, there is no consensus in the empirical literature on the effect of this growing population on economic development. This study contributes to the ongoing investigations into the effect of population growth on economic development in Nigeria. The study used annual time series data for the period 1980 to 2016 and adopted the OLS regression technique. The results indicate that population growth retards economic development in Nigeria. However, the results further show that credit to the private sector is an important driver of economic development in Nigeria both in the short-run and long-run. Among others, the study concludes that policies that can control the escalating population; ensure that the existing population becomes more productive; and deepen the availability of credits for the private sector will enhance economic development in Nigeria
ORIGINAL RESEARCH ARTICLE | Dec. 30, 2018
The Impact of Foreign Direct Investment on Economic Growth in Nigeria: New Empirical Evidence
Jonathan E. Ogbuabor, Uchechukwu I. Ebo, Fidelia N. Onuigbo
Page no 1355-1360 |
10.36348/sjbms.2018.v03i12.009
This study seeks to contribute to the ongoing investigation on the growth effect of foreign direct investment in Nigeria. The study utilized annual time series data for the period 1981-2016 and the OLS estimation technique. Apart from the long-run estimation, the study also captured the short-run dynamics using an error correction model. The findings show that the role of FDI remained muted both in the long-run and short-run. However, the study established that growth in gross fixed capital formation and the dynamics of the naira to U.S. dollar exchange rate play important roles in economic growth in Nigeria, at least in the long-run. The study therefore concludes that there is need for Nigerian government to evolve and implement policies that can drive the inflow of foreign direct investments into the productive sectors of the economy in order to enhance the productive capacity of the economy. Such policies should encourage a stable economic and political environment that will enhance the confidence in foreign investors in the domestic economy
REVIEW ARTICLE | Dec. 30, 2018
Potential Productivity and Yield Gap of Binasoybean-2 in the Research Station and Farm Level
Syful Islam, Md. Habibur Rahman, Mohammad Rashidul Haque, and Md. Mohsin Ali Sarkar
Page no 1361-1365 |
10.36348/sjbms.2018.v03i12.010
The study was conducted in five major Binasoybean-2 growing areas of Bangladesh, namely Noakhali, Laxmipur, Chandpur, Barisal, Comilla. The major shares of total cost were human labour, power tiller, fertilizer and irrigation. The average total cost of production in field level of Binasoybean-2 is Tk. 31382.71. The net returns were Tk. 39738.40, Tk. 32353.80, Tk. 31467.89, Tk. 30499.63 and Tk. 20688.88 ha-1 followed by Chandpur, Laxmipur, Noakhali, Barishal, Comilla, respectively. The highest net return (Tk. 39738.40 ha-1) was found at Chandpur district and the lowest net return (Tk. 20688.88 ha-1) comes from Comilla district for Binasoybean-2. The undiscounted benefit cost ratio over full cost basis were 2.29, 2.02, 2.01, 1.98 and 1.65 for Binasoybean-2 in field level for Chandpur, Noakhali, Laxmipur, Barishal and Comilla, respectively. The highest Benefit Cost Ratio (BCR) is 2.29 in Chandpur district and the lowest BCR is 1.65 in Comilla district. The highest yield gap between research station and field level was in Comilla (397.50 kg ha-1) and lowest in Chandpur (83.50 kg ha-1). The yield gap between research station and farm level in percentage were 18.30, 8.49, 11.48, 40.43 and 21.30 for Binasoybean-2 in Noakhali, Chandpur, Laxmipur, Comilla and Barishal, respectively. Binasoybean-2 growers faced various constraints to Binasoybean-2 cultivation like, disease and pest infestation, non-availability of quality seed and fertilizer at proper time, lack of soil moisture during sowing time, lack of credit facilities etc. Binasoybean-2 production in the study areas is profitable. Binasoybean-2 farmers received higher return on their investment
ORIGINAL RESEARCH ARTICLE | Dec. 30, 2018
Companies Dedicated To the Cultivation, Preparation and Conservation of Cereals, Vegetables, Legumes and Fruits in Peru
Espinoza-Espinoza Luis A, Moreno-Quispe Luz A, Nuñez-Perales JM, Bedon-Pajuelo LS, Moreno RM
Page no 1366-1371 |
10.36348/sjbms.2018.v03i12.011
The business concentration related to post-harvest and agro-food processing is scarcely widespread in the scientific literature, especially in emerging countries such as Peru. The objective was: a) to know the territories where the companies dedicated to the cultivation, processing and conservation of cereals, vegetables, legumes and fruits are located in Peru, b) to know the quantity of these companies and c) to identify the size of these agro-food companies. Material and method: This is an observational, descriptive and transversal study. The International Standard Industrial Classification version 3.0 and the classification database of the companies that reported the Ministry of Production from January 1 to December 31, 2015 were used. In Peru there are 7995 companies; 5042 are dedicated to the cultivation of cereals, 908 to vegetables and legumes and 2045 to fruits, nuts and plants for beverages and spices. The territories that host these economic activities are: Ucayali with 848 (16.8%) companies, Lima with 281 (30.9%) and Madre de Dios with 518 (25.3%) companies respectively. For the elaboration and transformation of food products, Lima is the city that houses 4683 companies, more than the rest of the cities. According to the business size there are 7828 (97.9%) and 10720 (98.3%) microenterprises corresponding to the cultivation and processing of these foods. Conclusions: It is important to know the socio-economic and agrifood reality, public-private investment to enhance the human capital and the economy of the Peruvian territories with more sustainable and environmentally friendly activities
ORIGINAL RESEARCH ARTICLE | Dec. 30, 2018
The Effect of Work Discipline and Training on Employee Performance: A Case in a Power Plant Company in North Sumatera, Indonesia
Chandra Tobing, Sukaria Sinulingga, Iskandarini
Page no 1372-1377 |
10.36348/sjbms.2018.v03i12.012
The purpose of this study is to investigate the effect of work discipline and training on employee performance. This type of research is quantitative associative. Population in this research is all employees of production section totaling 61 people. Method of data analysis in this research is multiple linear regression model. In the data processing process, the author used Statistical software Product and Service Solution (SPSS). The finding of the results are work discipline has a significant effect on employee performance; training has a significant effect on employee performance. Research has proven work discipline, and training simultaneously have a significant effect on employee performance. Employment discipline will increase if the written framework, work standards, monitoring and the provision of material and non-material compensation are evaluated and the company applies. The authors recommend that the company enable written and clear job descriptions, written work standards, improve monitoring and provide material and non-material compensation, to increase employee performance. Companies should increase the intensity of employee training, the skills, the productivity of the employees are constantly growing
ORIGINAL RESEARCH ARTICLE | Dec. 30, 2018
The Strategy of Promotion Mix for Achieving Target Outstanding Financing on Indonesia Exim Bank in Medan Area
Yansen Salim, Amrin Fauzi, Isfenti Sadalia, Yossie Rossanty
Page no 1378-1383 |
10.36348/sjbms.2018.v03i12.013
The purpose of this study is to investigate and analyze the significant promotion mix factors that have an effect on the outstanding lending decision and formulate a suitable strategy for Indonesia Exim bank. The type of research used is correlational research and if based on data type is quantitative research. The population of this research is the debtors from Indonesia Exim bank in the Medan region from 2012 to 2016, totaling 30 companies. Data analysis in this research uses multiple linear regression model. In the process of data processing, the authors are assisted using the Statistical Product and Service Solution (SPSS) data processing application. The results have found that advertising, personal sales, public relations, and direct sales simultaneously have an influence on lending decisions. Partially, advertising and public relations have a significant influence on loan decisions, while personal sales and direct sales have no significant effect on lending decisions
ORIGINAL RESEARCH ARTICLE | Dec. 30, 2018
The Effect of Trust, Security, Quality of Service and Perceived Risks on Online Purchasing Decisions
Julius Parulian Hutasoit, Zakaria Wahab, Agustina Hanafi, Muchsin Saggaf Shihab
Page no 1384-1393 |
10.36348/sjbms.2018.v03i12.014
The purpose of this study was to find out the effect of trust, security, quality of service and perceived risks on online purchasing decisions. To investigate thehypotheses of the research, data were collected through distributing questionarre with a samplesize of 385 samples.The questionnaire consisted of a list of statements submitted to respondents to obtain data relating to research. The methodology was conducted usingStructural Equation Modeling (SEM) program, and LISRELsoftware to perform factor analysis. The study revealed that trust variable on online Purchasing Decisions (PD) had positive and not significant effect with t-value of 1.38 and the estimated value of 0,19. The effect of Security Variable on Purchasing Decisions (PD) had a positive and not significant effect with t-value of 0.87 and estimated value of 0.12. The effect of Quality of Serivice (QS) on Purchase Decisions (PD) had a positive and significant effect with t-value of 6.03 and estimated value of 0.37. The effect of the Perceived Risk Variable on Purchasing Decisions (PD) had a positive and significant effect with t-value of 5.82 and estimated value of 0.44. The Quality of Serivice (QS) variable had a dominant effect on online purchasing decisions through Social Networking Websites compared to the Perceived Risk variables, Trust Variables and Security Variables