Accountability Via Reporting Mechanism: The Case of Pertubuhan Ikram Malaysia

Salsabila Abd. Rahima*, Nawal Kasimb, Siti Aqilah Talibc, Roshayani Arshadd, a,b,dAccounting Research Institute (ARI), Level 12, Menara SAAS, UiTM Shah Alam, 40450 Shah Alam, Selangor, cInternational Islamic University Malaysia, 53100 Jalan Gombak, Selangor, Email: a*salsabilaabdrahim@gmail.com

The value and importance of the existence of non-governmental organisations (NGOs) has been debated among the public, funders and academicians across the globe. Thus, there is an urgent need to evaluate the accountability and outcomes of NGOs. Funders have started to question the value of the NGOs, whether the activities conducted by NGOs positively impact the communities that they serve. There is also concern about the accountability of NGOs as there are very limited reports provided by NGOs. In Malaysia, there is a significant number of NGOs registered under the Registry of Societies (ROS), among which almost half are faith-based NGOs such as Pertubuhan IKRAM Malaysia. This paper attempts to examine the reporting mechanism used by IKRAM, a faith-based NGO, to portray their activities and the impacts on the communities it serves in ensuring its accountability. Through interviews with the important players in the organisation and a content analysis of its annual report, we found that IKRAM has performed beyond the regulators’ requirement by including a section on ‘social outcome report’ to fulfill its accountability in accordance to the organisation’s objectives. The report, and in particular this section, is highly beneficial to the stakeholders, especially the donors and funders, who can utilise this information to better understand the flow of funds and the contributions of IKRAM to the society. Pages 1 to 20




Sources of Funding for Private Tahfiz Institutions in Kuala Selangor

Rohayu Yusopa*, Radziah Mahmudb, Nurshamimi Sablic, Nurul Fatma Aziz Awangd, Noorlaila Ghazalie, a,b,c,d,eUniversiti Teknologi MARA Selangor, Puncak Alam Campus, Malaysia, Email: a*rohayu831@uitm.edu.my,  bradzi132@uitm.edu.my,  cnurshamimi@uitm.edu.my,  dnurulfatma@uitm.edu.my,  enoorl278@uitm.edu.my

This study intends to identify the existing and potential source of funds for Tahfiz Institutions (TIs) in Malaysia. Past literature suggested that sources of funding for non-profit organisations generally will contribute to sustainable funding for TIs survival. The main source of funding for TIs in Malaysia is fees. However, it is insufficient since the amount charged is minimal and most TIs are faced with the problems of uncollectible fees from the poor and needy students. Besides that, the challenge of getting a grant from the government, a lack of donations from the public, and giving free accommodation and fees to asnaf students has troubled TIs to maintain their cash in-flow. Therefore, TIs should seek other sources of revenue to generate sustainable financing, which can potentially lead to their long-term success. We conducted interviews with the top management of six TIs around Kuala Selangor. The findings show that among other sources of funds for the TIs are the contribution from public and corporate organisations, religious funds, and government and business income. In the future, we hope that there will be more government institutions and private sectors involved in the progress of TIs by contributing their expertise and funding to create a future holistic Tahfiz generation. Pages 21 to 35




 C-REITs and I-REITs in the Malaysian Market: Performance and Diversification Benefits

Shamsul Bahrain Mohamed-Arshada*, Fikriyah Abdullahb, a,bSchool of Economics, Finance and Banking, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia, Email: a*sham961@uum.edu.my

This study examines the performance and diversification benefits using a sample of 17 Conventional Real Estate Investment Trusts (C-REITs) and three Islamic Real Estate Investment Trusts (I-REITs) in Bursa, Malaysia during the period from January 2005 to December 2017. The surviving and non-surviving Real Estate Investment Trusts (REITs) during the study period are included to ensure the findings would not suffer from survivorship bias. To achieve the study objective, the Sharpe index, Treynor index and Jensen index are employed to evaluate the performance of both REITs. As a benchmark, the returns on the Kuala Lumpur Composite Index (KLCI) and EMAS indices are used as a proxy for the overall market portfolio returns while the risk-free rate is represented by the three-month Malaysian Government Security. The results show that I-REITs are able to generate slightly higher average monthly returns than that of the C-REITs. Furthermore, the I-REITs have lower risk; either total risks as measured by standard deviation or systematic risks as measured by beta when compared to the C-REITs. According to the Sharpe index, both REITs are unable to outperform the market indices. Meanwhile, by using the Treynor index, both REITs are able to outperform the market benchmarks. Moreover, I-REITs perform better than C-REITs for both risks adjusted measurements. However, based on the Jensen index, both REITs do not only have a similar performance with that of the market benchmarks, but also with one another. In addition, investors may enjoy more diversification benefits if equities are combined with the I-REITs instead of the C-REITs, as the correlation between the I-REITs and the market benchmarks is lower than that of the C-REITs. Pages 36 to 49




The Role of Knowledge Management in Strategic Decision-Making in Higher Education Institutions (HEIs):  A Proposed Model

Esra AlDhaena, aDepartment of Management and Marketing, Ahlia University, Manama, Kingdom of Bahrain, Email: aesaldhaen@ahlia.edu.bh

Higher education institutions (HEIs) around the world are facing serious challenges towards planning and implementing their own strategic plans. Previous studies have been conducted to evaluate the strategic decision-making process in HEIs, and the factors that influence strategic planning. It was identified that rationality and intuition play a vital role towards effective planning. This paper intends to propose a model to evaluate the extent of knowledge required to support rationality and intuition leading to strategic decisions at HEIs. The paper will demonstrate the different types of knowledge and their relationship with rationality and intuition, leading to effective decision-making in HEIs. The findings of this paper will support researchers and HEIs, as well as policy makers, to develop or revise current practices of strategic planning and knowledge sharing. Pages 50 to 57




An Analysis of the Use of Accounting Information on the Small and Medium Enterprises in Indonesia

Niswah Baroroha, Heri Yanto, Kiswantob,  Putri Nur Rahmawatic, Indah Anisykurlillahd, a,b,c,dAccounting Department, Universitas Negeri Semarang, Indonesia, Email: a*niswahbaroroh@mail.unnes.ac.id

This study aims to analyse the use of financial accounting information and management accounting for small enterprises in Indonesia. The research sample was taken using an incidental sampling technique in 200 small and medium enterprises (SMEs) in the industrial sector, which are considered to adequately represent the condition of SMEs in Indonesia in general. The analysis technique used is descriptive and the hypotheses are tested using SEM. The results show that accounting knowledge, work motivation, corporate culture, and perceptions on the accounting benefits have a positive influence on the use of accounting information. Originality in this study is the discovery of a new model for the implementation of financial and management accounting by combining the internal factors of the owners in the form of knowledge, perception, and work motivation with the external factors, such as corporate culture as a determinant of the use of accounting information for entrepreneurs. Pages 58 to 68




Efforts to Increase Listening Ability Through Interactive Multimedia on Dokkai Learning in Japanese Language Education Program of UNNES

Lispridona Dinera*, Sudi Esti Utamib, Endang Kurniatic, Maria Johana Ari Widayantid, a,b,c,dFakultas Bahasa dan Seni, Universitas Negeri Semarang, Indonesia, Email: a*lisjoost@yahoo.com

This research was conducted utilising a research and development approach and aimed at: (1) developing integrative thematic-based dokkai learning media as a learning resource in chodokkai subjects, and designing material in the appropriate learning material to be used in media on integrative thematic-based dokkai learning media; (2) knowing the feasibility of learning media for dokkai learning; and (3) knowing the effectiveness of using integrative thematic-based dokkai learning media. This research was conducted on second year students in the Japanese education study program of the Universitas Negeri Semarang (UNNES) in 2018. The improvement of listening ability through picture media on integrative thematic-based dokkai learning was implemented through classroom action research (CAR) approaches; it is a research activity conducted in class. Picture media on integrative thematic-based learning is packaged in the form of PPT. The results showed that after two cycles, the students' course grade increased and was completed. Pages 69 to 84




Waste Bank Governance in Local Indonesia: Problems and Opportunities

Andi Samsu Alama*, Andi Lukman Irwanb, Haryantoc, a,bDepartment of Government, Faculty of Political and Social Sciences, Hasanuddin University, Makassar, Indonesia, cDepartment of Political Science, Faculty of Political and Social Sciences, Hasanuddin University, Makassar, Indonesia, Email: a*andi.samsu@unhas.ac.id

This article will look at the extent of the success of the waste bank while examining the waste management model in Indonesia by using the basic concept of governance as a theoretical basis for examining the waste management model. The research was carried out in Parepare, a satellite city located in South Sulawesi, eastern Indonesia. The main argument of the article is that the waste management that has occurred in Parepare, using the Waste Bank method, has so far been ineffective. Of the 32 waste bank units that were formed, only one garbage bank is still operating. These findings will confirm if the model of waste bank management in developing countries is still at a very alarming level. Apart from the reasons associated with the availability of inadequate public budgets, facilities for waste processing are still very limited. Pages 85 to 99




 The Collaboration of Visual Property and Semarangan Dance: A Case Study of Student Creativity in ‘Generation Z’

Eko Sugiartoa, Wahyu Lestarib, aVisual Arts Education Department, Faculty of Languages and Arts, Universitas Negeri Semarang, Indonesia, bDance Education Department, Faculty of Languages and Arts, Universitas Negeri Semarang, Indonesia, Email: aekosugiarto@mail.unnes.ac.id,  bwahyu_pyarlestarid@mail.unnes.ac.id

This study aims to explain the creativity of Generation Z Indonesian students in terms of their ability to collaborate on visual property and the traditional dance of Semarang in senior high school, specifically SMA 9 Semarang, Indonesia. The study was conducted using a qualitative approach to the case study, which focuses on performance studies (media and motion offerings) in interactions, work processes and dance work. The results showed that some traditional dances in Indonesia have not developed because of obedience to the rules of movement patterns and very strict presentation. Semarangan is a type of dance that can develop because it applies a local-global approach as its development strategy. The form of creativity in the development of traditional dance is shown by the interesting collaboration between property-visuals and the presentation of dance movements. Students in many Indonesian schools are interested in traditional dance. Pages 100 to 110




Utilising the Helmet as a Drawing Field and the Application of Drawing Knowledge

Ali Ramadhana, Hady Soedarwantob, Rika Medinac, a,bProduct Design Department, Design and Creative Art Faculty, Universitas Mercu Buana, Indonesia, cIndustrial Design, Beijing Institute of Technology, 5 Zhongguancun St, Haidian, 100811 Tiongkok, Email: aali.ramadhan@mercubuana.ac.idbbhady.soedarwanto@mercubuana.ac.id, cmedinarika2209@gmail.com

A helmet is one of the protectors used to protect the head from injuries caused by collisions. Drawing is an activity that enables the expression of ideas and the required fields. One field is the place where drawing can be carried out. Currently, helmets are produced in a large selection of models and colours, including images. By using a qualitative method and a literature review, experimental observation and unstructured interviews as a data collection method, the results show that helmets have become one of the fields that can be utilised for drawing by applying techniques that use simple or machined equipment. Pages 111 to 128




 Policy Model Implementation for Village Community Empowerment in Wajo Regency

Andi Mamua*, Rakhmatb, Yunusc, Atta Irene Alloranted, aDoctoral Program, Faculty of Social and Political Sciences, Hasanuddin University, b,c,dPublic Administration, Faculty of Social and Political Sciences, Hasanuddin University

This study aimed to analyse the implementation of an empowerment program in Wajo Regency and to elaborate the model for the implementation of an empowerment program in Wajo District. The study used qualitative methods with a Grindle implementation model analysis approach. Data-collection strategies were observation, interviews, document studies and focus group discussions. Data components analysis included data reduction, data presentation and drawing conclusions. The results showed that the implementation of the empowerment policy in Wajo fluctuated due to the policy context and policy environment, which contribute to implementing empowerment policies. Empowerment policies are still difficult to implement in the field, but certain villages have implemented empowerment program policies that have been going well. The fluctuating situation is triggered by several things, including the interests of the target group. The social environment is a catalyst for policy implementation as it can accelerate the realization of community empowerment policies. Pages 129 to 139




Zakat and Tax: A Comparative Study in Malaysia

Abdo Yousef Qaid Saada, Alya Mubarak Al Foorib, aInstitute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur, Malaysia, bSultan Qaboos University, College of Economics and Political Sciences, Sultanate of Oman, Email: aabdoiibf@hotmail.com,  bamalfori@squ.edu.om

This study discusses the concept of zakat and taxation. The objectives of this study are to: (1) ascertain the perceptions of Muslims in Malaysia about zakat; and (2) provide the current practices of zakat and tax in Malaysia by identifying the reasons why the Muslims are reluctant to pay zakat. The study argues that there may be a lack of regulation of the zakat institution in Malaysia, which limits the success of the objective of zakat. Finally, the findings of this study indicate that there is no proper collection and distribution process for zakat in Malaysia, so the amount of zakat should be deducted automatically from bank accounts, in addition to being regulated under the federal constitution. Pages 140 to 151




 The Role of Strategic Sense in Reducing Organisational Decline: Case Study of the Najaf Cement Factory

Hashim Fawzi Alabadia*, Majid Jabbar Ghazzayb, and Natalya Ahmed Alkaseerc, a,cDepartment of Business administration, Faculty of Administration and Economics, University of Kufa, Najaf, Iraq, bAl.furat Al.Awsat Technical University, Kufa. Iraq, Email: a*hashimf.alabadi@gmail.com

This study examines strategic sense and its role in reducing the occurrence of organisational decline for a sample of 102 workers in Najaf Cement Factory. The study is based on the basic assumption that strategic sense prevents organisational decline, and that this decline will occur in the absence of a healthy environment by the management of the laboratory using strategic sense. The scientific significance of the study stems from the fact that the results will help provide an understanding of organisational trends and behaviours by looking at the dimensions of strategic sense and linking them to the dimensions of organisational decline and reduction. A questionnaire was used as the main data-collection tool. A number of statistical methods were used to validate the study hypotheses, such as arithmetic mean, standard deviation, simple correlation coefficient and regression analysis. The results of the study supported most of its hypotheses. Achieving success in the work of the researched laboratory requires the dimensions of strategic sense to be discovered and reflected on with regard to the treatment of indicators of organisational decline, in order to ensure the provision of industrial services acceptable to the beneficiary. Pages 152 to 173




Blends as Discourse Markers for Enhancing Students’ Competency of English Vocabulary at Prince Sattam bin Abdulaziz University, Saudi Arabia

Mohammed Abdulmalik Alia*, Mohammed Ilyasb, a,bDepartment of English, College of Science and Humanities, Prince Sattam bin Abdulaziz University Saudi Arabia,

This research aims to investigate various vocabulary learning patterns of the Saudi learners majoring in English language at Prince Sattam Abdulaziz University. Studies have revealed that English as first language/English as second language (EFL/ESL) language abilities, which include both reading and writing, are heavily dependent on learners’ vocabulary competency. A common practice in vocabulary learning is decoding and building vocabulary through word recognition and its meaning. However, despite several syntactical and morphological patterns for decoding and practice, some barriers still exist for Saudi learners in decoding their meaning accurately and cohesively. This research is based on investigating how the acquisition of blends can happen, and how it can be used comfortably as discourse markers. A blend (also termed a portmanteau) is not linguistic jargon, though its construction looks uncommon or abnormal. It is a type of lexical item in which the beginning of one word is combined with the final part of another word – for example, ‘brunch’ is a combination of ‘breakfast’ and ‘lunch’, and ‘smog’ comes from ‘smoke’ and ‘fog’. This study has also attempted to segment portmanteaus according to their affixes and roots or morphemes, which could be seen as a theoretical and methodological contribution to the study of psycholinguistics. This study recommends a Vocabulary Acquisition Model (VAM) for vocabulary instructors to teach blends or portmanteaus. Pages 174 to 195




Marketing Communication Influencing Perceptions of Banana Flour Purchasing Decisions

Adisak Suvittawata, aSchool of Management Technology, Suranaree University of Technology Nakorn Ratchasima Province, Thailand 30000, Email: aadisak@sut.ac.th

Thailand is well known for its delicious and decorative desserts made from rice and banana flour. But one of the main ingredients, banana flour, is less known in the Western world. Banana flour is actually the starch of green bananas (Musa spp.) and was historically used in tropical countries in place of wheat flour. Banana starch is predicted to reach a market value of US$730 million by the end of 2027. Banana flour is a resistant starch that passes through the intestine undigested and therefore offers a number of health benefits for the treatment of obesity and diabetes. However, consumers need to be made aware of the cost benefit analysis of banana flour through marketing communication. This quantitative research project focused on the market communication influence on the perceptions of banana flour shoppers and their purchasing decisions. It concentrated on the perceptions of the banana flour shoppers. The main focus points of the research were: consumer perspectives on advertising, public relations, marketing activities, word of mouth, sales promotion and direct marketing. We also explored consumer attitudes towards and perceptions of banana flour, which were all positive although the purchasing behaviour was lacking. It is hoped to replicate this study at other retail outlets in Thailand and in neighbouring countries, as well as around the world. Pages 196 to 214




The Effect of Ownership Structure and Intellectual Capital on Firm Value with Firm Performance as an Intervening Variable

Noorlailie Soewarnoa*, Achmad Hilal Akbar Ramadhanb, a,bDepartment of Accountancy, Faculty of Economics and Business, Universitas Airlangga, Email: a*noorlailie-s@feb.unair.ac.id  

This study aims to examine and analyse the effect of ownership structure and intellectual capital on firm value with the firm’s performance as an intervening variable. The research sample was taken from the Indonesia Stock Exchange in 2016; it consisted of 302 firms that fulfilled the requirements of this research. Data were analysed by using the Structural Equation Modelling (SEM) analysis method with the SmartPLS 6.0 program. This study found empirical evidence that: (1) ownership structure can increase firm value, the implication being that the structures of foreign ownership, managerial ownership and institutional ownership have been able to directly increase the firm value; (2) intellectual capital is able to increase firm value, meaning that the Value Added Intellectual Coefficient (VAIC TM) can directly increase firm value; (3) ownership structure can improve firm performance, showing that foreign ownership structures, managerial ownership and institutional ownership can improve firm performance; (4) intellectual capital can improve firm performance, demonstrating that the Value Added Intellectual Coefficient (VAICTM) has been able to motivate firm performance; (5) firm performance can increase firm value, indicating that firm performance that is proxied by ROA and ROE can be improved; 6) firm performance fully mediates the effect of ownership structure on firm value; and (7) firm performance fully mediates the effect of intellectual capital on firm value. Pages 215 to 236




Bank Financial Soundness and the Disclosure of Banking Sustainability Reporting in Indonesia

Sandra Sukma Embuningtiyasa, O R Puspasarib, Anak Agung Gede Satia Utamac*, R I Ardiantid, a,b,c,dDepartment of Accountancy, Faculty of Economics and Business, Universitas Airlangga, Email: c*gde.agung@feb.unair.ac.id

Sustainability reporting is a model of reporting company information to stakeholders that integrates several reports, namely financial, social, and environmental, which are integrated in one reporting package. The purpose of sustainability reports is to provide information to stakeholders that the company does not merely prioritise aspects of profit, but also pays attention to social factors and environmental sustainability. This study aims to investigate whether disclosure of sustainability reporting on banking companies that are measured using content analysis is influenced by bank soundness, which includes risk profile non performing loans (NPL) and loan to deposit ratios (LDR), good corporate governance (GCG), earnings that use ROA as indicators, and capital that is measured by CAR ratio. The sample used  is 7 conventional banks in Indonesia that was determined using the purposive sampling method, while the period  of analysis was from 2014-2018. Multiple regression analysis was used to analyse the data. The results show that NPL, LDR and CAR don’t affect the disclosure of sustainability reporting. While the GCG and earning (ROA) do influence the disclosure of sustainability reports in conventional banking companies in Indonesia. Pages 237 to 247




Vessel Automatic Operational Identification System (AOIS): A Proposed System to Prevent Illegal Fishing in Indonesia

Debby Ratna Daniela*, Shinta Pratiwib, Ivana Laksmonoc, a,b,cUniversitas Airlangga, Email: a*debby.daniel2006@gmail.com

Two-thirds of parts of Indonesian territory is oceans that have a high potential  to produce marine and fishery products that should be used to support the Indonesian economy, but  this is affected by the existence of illegal fishing practices carried out by other countries. Our research used a qualitative exploratory research methodology, which aims to design an operational information system through implementing the automatic identification system by installing the LAPAN Satellite in order to detect the illegal vessels entering Indonesia, and to increase the national income from non-tax revenue. The result of this research assists in detecting all vessels  carrying out illegal fishing practices, in that the process can be viewed  using data flow diagrams, flowcharts, entity relationship diagrams, and examples of reports and illustrations of notifications.  Further research about legal information systems can be implemented to deal with illegal fishing. Pages 248 to 264




The Impact of Good Corporate Governance on the Disclosure of Corporate Social Responsibility

Dian Novitasaria, Yustrida Bernawatib, a.bDepartment of Accountancy, Faculty of Economics and Business, Universitas Airlangga, Email: a*idadiklat@yahoo.co.id

The purpose of this research is to understand the influence of Good Corporate Governance on the Disclosure of Corporate Social Responsibility in companies listed in the 2013-2018 period of BEI that published a Sustainability Report. Good Corporate Governance was proxied with the Independent Board of commissioner Proportion, Board of commissioner Measurement, Managerial Ownership, and Institutional Ownership. Sampling was done with a saturated sample method until the amount of samples obtained reached 110 companies. This research used a regression analysis method, testing with the Determination Coefficient Test (R2) and p test. Based on the Regression analysis result, it can be concluded that the Board of commissioner Proportion, Board of commissioner Measurement and Institutional Ownership do not have a significant influence on the Disclosure of Corporate Social Responsibility. Whereas Managerial Ownership has a significant influence on the Disclosure of Corporate Social Responsibility. Pages 265 to 276




The Impact of Sectoral Financing to NPF of BPRS in Indonesia from January 2012-August 2018

Dian Filiantia*, Sylva Alif Rusmitab, Imam Wahyudi Indrawanc, a,b,cIslamic Economics Department, Faculty of Economics and Business, Universitas Airlangga, Email: a*sylvalifr@feb.unair.ac.id

This study aims to analyse the effect of financing in the economic sector on Non-Performing Financing (NPF) in the Islamic Rural Bank (BPRS) in Indonesia in the period January 2012 - August 2018. Using quantitative methods, the data used in this study originated from Indonesia’s Financial Services Authority’s (OJK) official website. The research was tested using multiple linear regression analysis with a significance level of 0.05. Partially, the results of the study show that the financing variables in the economic sector of agriculture, forestry, and agricultural facilities; trade, restaurants and hotels have a significant negative effect on NPF. Meanwhile, the financing of the economic sector on the business services does not affect NPF. Simultaneously, all of the independent variables have a significant effect on NPF. Pages 277 to 287




 Interpersonal Relationship of Salesperson to Customer Trust on Islamic Insurance in Surabaya

M. Adi Surya Anwara, Denizar Abdurrahman Mi’rajb*, a,bDepartment of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga, Email: b*denizarabdurrahmanmiraj@gmail.com

This study aims to determine the influence of customer orientation, sales orientation, experience, and likability of salesperson to customer trust and its consequences on Islamic Insurance in Surabaya. This study uses a quantitative approach. This study used a sample of 100 respondents. The characteristics of the population in this paper is the Islamic insurance customers in Surabaya.  The analysis technique used is multiple regression. Results from the study show that customer orientation, sales orientation, experience, and salesperson likability  reveal a significant effect on customer trust. Other results showed that customer orientation, experience, and likability have a positive effect  on customer trust, whereas sales orientation has a negatively affect  on customer trust in Surabaya. Pages 288 to 300




Trade and Food Security: Case for Indonesian Fishery Export

Rossanto Dwi Handoyoa*, Sonia Puspa Permatab, a,bDepartment of Accountancy, Faculty of Economics and Business, Universitas Airlangga, Email: a*rossanto_dh@feb.unair.ac.id

This study aims to analyse the relationship between trade and non- tariff barriers, in particular with regard to the issue of food protection.  We analyse the impact of non-tariff measures using sanitary and phytosanitary policy (SPS) and Technical Barriers to Trade (TBTs) on Indonesia fishery exports and its trading partner countries, such as China, South Korea, Vietnam, Canada, Russia and the European Union in the period  from 2007 to 2016. SPS and TBT are measured using the inventory approach in the form of coverage ratio. In addition, this study uses a gravity model and panel data regression method. The results of this study indicate that the variables GDP of the exporting country and GDP of the importing country have a positive and significant effect on Indonesian fishery exports. Distance and SPS have a negative and significant effect on Indonesian fishery exports, while TBT has no effect on Indonesian fishery exports. Pages 301 to 310




The Effects of Pension Plans on Audit Pricing: Evidence from Indonesia

Mohammad Nasiha, Luluk Putri Fadhilahb, Iman Harymawanc*, a,b,cDepartment of Accountancy, Faculty of Economics and Business, Universitas Airlangga, Email; c*harymawan.iman@feb.unair.ac.id

The purpose of this study is to investigate the effect of pension plans on  audit fees. The research population is 487 observations from 263 companies listed in the Indonesian Stock Exchange from the period of 2014 to 2016. Multiple regression analysis is used to analyse this study. The first results analysis showed that companies using both pension plans have a higher audit fee and the second analysis showed  the pension deficit effect  on audit fees  in companies using defined benefit, while if companies are using both pension plans, the pension deficit didn’t affect the audit fee. This research concludes that the auditor in Indonesia is  likely to see more risk in companies using both pension plans, rather than companies using defined benefit only and the pension deficit  matters to the auditor when  companies use defined benefit only. Pages 311 to 328




Empowerment of Waste Bank in Islam: Case Study of Bank Sampah Induk Surabaya (BSIS)

R. Moh Qudsi Fauzia*, Ahmad Thoriq Alfarisyib, and Imam Wahyudi Indrawanc, a,b,cDepartment of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga, Email: a*r-moh-q-f@feb.unair.ac.id

This research aims to describe the role of the Bank Sampah Induk Surabaya (BSIS) for empowering the customers’ economy based on the perspective of Islam. This research uses a descriptive qualitative approach with a case study method.  The results of the research obtained from the five informants show that there are some increases of fulfilling basic needs, income, independence, amal jariyah, and also the safety and the cleanliness of the environment after they joined as a customer of BSIS. The role of this bank materially is to manage and choose the waste by itself to make  economically valuable goods to increase livelihood of the customers. Meanwhile, the non-material role of this bank is the safety and cleanliness of the environment,  it becomes a clear impact  when it is noticed that the amount of waste decreases.  This happens because the society or people start to realise the importance of maintaining and protecting the environment. Furthermore, the more people’s income increases, the more amal jariyah increases, as long as they  process savings in waste bank. Pages 329 to 338




The Preference and Prospects of Sugar Needs in Micro, Small and Medium Enterprise Industries of Food and Beverage in Surabaya City

Nizar Hosfaikoni Hadia*, Irham Zakib, Muh. Khairul Fatihinc, a,b,cDepartment of Sharia Economics, Faculty of Economics and Business, Universitas Airlangga, Email: a*irham-z@feb.unair.ac.id

This purpose of this research  is to learn about the preference and prospect of need  for granulated sugar to the MSME (Micro, Small, and Medium Enterprises) industries of food and beverage in Surabaya City. A qualitative research type was used in this research. The subjects in this research are  three informants, which are the MSME Industries of Food and Beverage; and  one informant which is an active sugar producer. The analytic techniques used is this qualitative analysis are data reduction, display, and conclusion drawing/verification. The result of this research shows that the attribute of taste preference became  the most important factor for consumers in buying sugar products with points in the amount of 20. Then the second most important preference attribute is health, with 19 points. Then followed  price as third most important attribute with 17 points. The physical looks attribute is placed in fourth most important with 15 points. Texture also earned  eight points as the fifth most important. And aroma as sixth most important with  seven points. The conclusion  of this research is that the most important attributes in influencing consumer preferences of MSME Industries of Food and Beverage in choosing sugar products are:  sweet tastes, healthiness (natural sugar material), the prices appropriate to its product quality, physical performance such as colour and the brand of sugar, the texture of the sugar which shapes as soft granules, and neutral sugar aromas. Pages 339 to 351




Principles for Responsible Investment as a Form to Support the Regulation of the Micro, Small and Medium Enterprises Sector in Indonesia

Radian Salmana, Dri Utari Christina Rahmawatib, Wilda Prihatiningtyasc*, a,b,cDepartment of Constitutional Law, Faculty of Law, Universitas Airlangga, Email: c*wilda@fh.unair.ac.id

By referring to the data of the Capital Investment Coordination Board throughout the year 2018, the realisation of foreign capital investment (Penanaman Modal Asing or PMA) has reached a value of 293,7 trillion rupiahs. Java Island is still categorised as one of the biggest foreign capital investment destinations compared to other destinations. Meanwhile, the tertiary sector (i.e., sectors of electricity, gas and water; construction; commerce and reparations; hotels and restaurants; transport, warehousing and telecommunications; housing, industrial areas and office space; and other services) are recorded as much more superior to the primary and secondary sectors. However, there have been significant worries about the emerging foreign capital investment that will subsequently contribute to the downfall of the sectors of micro, small and medium enterprises (Usaha Mikro Kecil dan Menengah or UMKM) in Indonesia. In contrast, the change of Investment Negative List (Daftar Negatif Investasi or DNI) does not affect the development of UMKM because the rate of competitiveness between domestic and foreign investment is basically different. The efforts to balance between PMA and the development of UMKM should be based on the Principles for Responsible Investment (PRI). Some related principles, such as society, environment, and government should be a concern for the foreign investors in PMA. Pages 352 to 368




Level of Student Awareness in Using Tumbler Water Bottles in an Effort to Reduce the Use of Plastic Bottles

Niswatun Indana Jariyaha, Ariena Diwa Andarisab, Rachely Annisa Dwi Putriadjic, dan Aufan Asidqid, Gigih Prihantonoe*, Ika Atma Kurniawantif, a,b,c,dDepartment of Environmental Engeneering, Faculty of Science and Technology, eDepartment of Economics, Faculty of Economy and Bussiness, Universitas Airlangga, fDepartment of Accountancy, Faculty of Economics and Business, Universitas Airlangga, Email: e*gigih.pri@feb.unair.ac.id

One of the unsolved problems in Indonesia  to date is that of waste . Indonesia produces 187.2 million tons of plastic waste. The community is still lacking in  awareness about this problem. This research aims to discover how aware  college students are regarding  the use of tumbler water bottles as an effort to reduce the use of plastic bottles. The method used in this research is quantitative approach, with the data collection method using questionnaires, which includes  eight questions. The sample used in this research is 50 students  from the Faculty of Science and Technology, which   offers  eight different majors and  four different year classes. 70% of the respondents are students from the Environmental Engineering major, with also 70% of student respondents  having graduated from the class of 2017. From the survey data, 58% students bring tumbler water bottles to the campus, but they are still buying drinks in  plastic packaging for the bottle refills. Only 18% students  chose not to buy drinks in plastic bottles. The average number of  students buy approximately 1-2 drinks in plastic packaging per day, even though they already bring tumbler water bottles. 96% students already know the effects of plastic waste and 90% students already  show willingness to reduce plastic bottle waste. Pages 369 to 381




The Effect of Leadership Behaviour on Knowledge Management Practices at the PT Power Plant of East Java

Hindah Mustikaa, Anis Eliyanab*, T S Agustinac, a,b,cFaculty of Economics and Business, Universitas Airlangga, Email: b*anis.eliyana@feb.unair.ac.id

A leader is a person whose job is to lead, while leadership is a talent or trait that must be possessed by a leader. In the definition above it can be said that the leader has staff or members to lead. The purpose of this study is to test and analyse the influence of transformational leadership and transactional knowledge management on organisational culture as a moderator variable. Of the 180 respondents, 90 perfectly met the criteria, 30 were disabled respondents and 60 were late returning. SPPS software and Multiple Regression Analysis (MRA) statistical analysis techniques were used to test the final sample of 90 respondents. Suitable leadership characteristics for employees at the PT Power Plant of East Java Power Plant include training, educating, improving, influencing, directing and motivating employees to do the best for their customers. Further, leaders should listen to subordinates and emphasise two-way personal communication. One advantage that is not yet utilised proficiently is the knowledge management inherent in an organisation and in its members. Organisations need to see knowledge as a valuable and strategic source for staying competitive, and must explicitly manage their resources and intellectual abilities. Pages 382 to 391




Effect of Corporate Social Responsibility (CSR) Disclosure to Earnings Management with Effectiveness of the Audit Committee as a Moderation Variable

Rizqi Mamluatul Mubarokaha, Dian Agustiab, a,bFaculty Economic and Bussiness, Airlangga University Surabaya, Email: b*dian.agustia@feb.unair.ac.id

This study was conducted to examine the relationship of CSR disclosure to management with audit as a moderation variable. The population in this study consists of companies listed on the Stock Exchange in 2014-2016. Sample determination was conducted using the purposive sampling method. Analytical techniques used in this research are the linear regression and Moderated Regression Analysis (MRA). Data collection was conducted using documentation, while the secondary data was processed with SPSS 20 software. The results of this study found that CSR disclosure has a negative effect on earnings management, while audit committee effectiveness does not moderate the relationship between CSR disclosure and earnings management. Pages 392 to 410




The Effect of Financial Reporting and Debt Maturity Quality of Investment Efficiency with Litigation Risk as Moderated Variables

Yani Permatasaria*, Ana Vebri Rahmadini Nengtyasb, a,bAccounting Department, Faculty of Economics and Business, Universitas Airlangga, Email: feb.unair.ac.id, Email: a*yanipermatasari@feb.unair.ac.id  

The purpose of this study is to analyse whether the quality of financial reporting and debt maturity can improve the efficiency of corporate investment by using the moderating variable of litigation risk. This study uses observations from 428 companies listed on the Indonesia Stock Exchange during three periods from 2014 to 2016. The Ordinary Least Square Regression analysis method was used to examine whether financial reporting quality and debt maturity can improve the efficiency of corporate investment. This study found that companies that have higher financial reporting quality are positively and significantly related to the efficiency of corporate investment and low debt maturity is negatively and significantly related to investment efficiency. Research was conducted using litigation risk moderation variables, and results show that the relationship between financial reporting quality and investment efficiency is weakened by the presence of litigation risk while debt maturity does not moderate the debt maturity relationship to investment efficiency. This research has implications for investors as a consideration in assessing investment management carried out by company management. The results of this study show that companies that have higher financial reporting quality can improve investment efficiency. Pages 411 to 425




Firm Size, Profitability, Type of Industry, Institutional Ownership and Environmental Disclosure

Iqhbal Hisyamfikar Satria Johana, Isnalitab*, a,bFaculty of Economics and Business Universitas Airlangga, Email: b*isnalita@feb.unair.ac.id

The study aims to test the influence of firm size, profitability, type of industry and institutional ownership on environmental disclosure. A purposive sampling method was used, obtaining a sample of 136 manufacturing companies listed on the Indonesia Stock Exchange. Secondary data from the annual report was used. Firm size is measured using natural logarithms, profitability is measured using Return on Assets (ROA). A dummy is used to measure the type of industry. The proportion of ownership is to measure institutional ownership. Environmental disclosure is measured by the disclosure index. The hypothesis testing method used a T test with an equivalent significance of 0.05. The results show that only the firm size and profitability affect environmental disclosure, while the type of industry and institutional ownership have no effect. The research also finds low environmental disclosure by the sampled companies. The implications from this result are the need for empowerment and adequate appreciation to improve the environmental disclosure index of public firms. Pages 426 to 436




The Role of a Sustainability Report in Mediating the Effect of Board Size on Firm Value

Hamidaha*, Robi Sastrab, a,bDepartment of Accountancy, Faculty of Economic and Business, Airlangga University, Jl. Airlangga 4-6, Surabaya 60286, Indonesia, Email: a*hamidah@feb.unair.ac.id

Sustainability reports have become more prevalent in today's business world. The purpose of this paper is to obtain empirical evidence of (1) the effect of board size on firm value, (2) the effect of sustainability reports on firm value, (3) the effect of board size on sustainability reports, and (4) the role of sustainability reports in mediating the effect of board size on firm value. This research uses quantitative methods through a sample of 103 companies which publish sustainability reports. The subjects in this study are all companies listed on the Indonesia Stock Exchange in the period 2013 to 2017. The results of hypothesis testing conclude that board size and a sustainability report positively affect firms’ value, the effect of board size on a sustainability report is not significant, and a sustainability report cannot mediate board size relationship with firm value. Pages 437 to 447




The Influence of Corporate Social Responsibility, Corporate Governance and Firm Size, on the Value of Manufacturing Companies in Indonesia: Profitability as Mediation

Deddy Kurniawansyaha, Sigit Kurniantob*, a,bDepartment of Accounting, Faculty of Economics and Business, Universitas Airlangga, Email: b*sigit-k@feb.unair.ac.id

This study tests the effect of Corporate Social Responsibility, Good Corporate Governance, and Firm Size on firm value, with profitability as an intervening variable. The population was 133 manufacturing companies listed on the Indonesia Stock Exchange in 2013-2018. A census method was used to sample secondary data from the financial statements of listed companies in that period. Path analysis was used to analysis data using the Partial Last Square (PLS) program. The results are that Corporate Social Responsibility, Good Corporate Governance, and Firm Size have a positive effect on profitability and firm value. Profitability is an intervening variable between the relationship of Good Corporate Governance, Corporate Social Responsibility, and Firm Size to firm value. The study is a reference for government in building policies about the extent of the implementation of corporate social responsibility in Indonesia. The area is regulated by Indonesian Law no. 40 (2007) about Limited Liability, and relates to increasing investor perceptions about financial performance, corporate governance, and firm size. Pages 448 to 462




The Challenge and the Impact of Green Belt as an Air Pollution Control

Puji Sucia Sukmaningruma*, Tika Widiastutib, Lina Apriliantic, Ersa Dwi Apriliantod, Muhammad Madyane, a,b,c,dDepartment of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga, eDepartment of Management, Faculty of Economics and Business, Universitas Airlangga, Email: a*puji.sucia@feb.unair.ac.id

The purpose of this research is to investigate the challenges and the impacts of Green Belt as an air pollution control. The procurement of Green Belt is certainly intended to control various existing environmental problems such as air pollution. Urban areas that have become an area of industrialization so that the air quality that is owned decreases due to many things, one of which is the density of fuelled vehicles that cause air pollution. But each procurement of Green Belt certainly has many challenges, namely the lack of land for the construction of Green Belt, as a result of green open space land that functions as settlement, industrial areas, etc. Another challenge is the selection of vegetation that sometimes is not appropriate, so that the work of Green Belt is less than optimal. Pages 463 to 471




Customer Satisfaction Between Perceptions of Environment Destination Brand and Behavioural Intention

Ririn Tri Ratnasaria*, Sri Gunawanb, Dina Fitrisia Septiarinic, Sylva Alif Rusmitad, Kusuma Chandra Kiranae, a,b,c,dFaculty of Economics and Business, Universitas Airlangga, eMagister Management, Universitas Sarjanawiyata Tamansiswa Jogjakarta, Email: a*ririnsari@feb.unair.ac.id

This study was to determine the intention of foreign and domestic tourists, as to making another tourist visit to the island of Lombok after the earthquake there. It was also to find out whether tourists’ intention to visit Lombok again is influenced by its brand as an environmental destination; directly or indirectly. This is important to drawing up a policy model for efforts to increase tourist numbers, in the face of international Halal tourism after the earthquake in Lombok. A quantitative exploratory approach was used, with a questionnaire find out the perceptions of respondents. The criteria of respondents are Muslim foreign and domestic / Indonesian tourists who have visited Lombok in the last 3 years. The research was carried out with a closed-ended question structure for 400 new respondents. Muslim domestic tourists who had visited Lombok in the last three years were sought. Non-probability sampling was used. The researchers could not list all members of the population. Path Analysis was then used. The environmental destination brand of Lombok island directly influences customer satisfaction and behavioural intention. Customer satisfaction also directly influences behaviour, secondarily to the destination and brand of Lombok island. Pages 472 to 487




The Effect of Environmental Disclosures on ISSI Company Stock Prices

Sylva Alif Rusmitaa, Fadillah Nur Syafirab, Olga Mardianita Afifac, a,b,cFaculty of Economics and Business, Universitas Airlangga, Surabaya, Email: a*sylvalifr@feb.unair.ac.id

This study examines the effect of environmental disclosures on stock prices.  Specifically, it assesses whether the value of the environmental performance and the value of disclosure of a company's greenhouse gas emissions affect the price of company shares listed in the ISSI (Indonesian Sharia Stock Index). This study uses a quantitative method. A purposive sampling method was used, based on certain considerations as to companies listed in the ISSI and valued by PROPER (Programme for Environmental Performance Rating), on websites or companies’ annual report for 2017 to 2018. The findings show that the value of environmental performance does not affect ISSI stock prices. Meanwhile the value of disclosure of the company's greenhouse gas emissions affects the price of ISSI-company shares. It means that many capital market players still do not pay attention to PROPER environmental performance rankings, which are issued by the Indonesian Ministry of Environment regarding the company's environmental performance. Pages 488 to 501




The Impact of Mangrove Ecotourism on Welfare from the Perspective of Maqasid al-Sharia

F F Hasiba, A D B Nurdiansyahb, Y R Setiawanc, a,b,cShariah Economics Department, Faculty of Economics and Business, Universitas Airlangga,

Mangrove ecotourism aims to improve social welfare. However, there has been no welfare analysis from an Islamic perspective yet. This paper aims to determine the impact of Wonorejo Surabaya Mangrove Ecotourism on social welfare, from the perspective of Maqasid al-Sharia. Wonorejo Surabaya mangrove is a well-preserved forest area. There are many unexplored potentials in the area, particularly its micro-economic and ecotourism aspects. These two require development to empower the locals. Therefore, the area has great potential for development as an alternative tourist destination in Surabaya, to improve the living standard of Wonorejo Surabaya locals. The development of mangrove ecotourism will add value, by increasing locals’ economic potential and creating a new tourism icon in Surabaya. However, the city government should help provide facilities and infrastructure, empower the locals, and most importantly, introduce and promote the area as a tourist destination. Pages 502 to 512




The Role of a Compost House in Producing Externalities, Based on an Islamic Perspective

Suherman Rosyidia*, Yunita Nur Laili F Mb, Ayu Hadi Listyaningrumc, Eko Fajar Cahyonod, a,b,c,dDepartment of Islamic Economics, Universitas Airlangga, Email: a*srosyidi@gmail.com

The city of Surabaya received Adipura trophies from the Indonesian Government in 2019 because of its very good performance in environmental management, especially waste. The Mayor made a program, part of which was the construction of a compost house in Bratang. Waste management in the Bratang Compost House has a positive externality, that is proven by odour and by the sound produced not exceeding the specified standards. In addition, the existence of compost houses can help preserve the environment of Surabaya and become a source of waste electricity generation (PLTSa: Waste Power Plant). The data in this study were obtained from interviews, observations, and literature studies. It was then analyzed using explanatory descriptive techniques. The analysis shows that the Bratang compost house produces more benefits than harm. This is in accordance with Islamic values and therefore worthy as an operation. It is expected that the results of this study can be a reference for governments in other regions managing waste, as something beneficial for the community, environment, and local government. This paper is also expected to be an additional literature for government, academics, and those who care about the impact of waste management from an Islamic perspective. Pages 513 to 528




A Study of Recent Migrants in Both the Formal and Informal Sectors: Evidence from Sakernas 2018

Yefin Amandri Meidikaa, Lilik Sugihartib*, N Aditinac, A F Aminid, a,b,c,dDepartment of Economics, Universitas Airlangga, Email: b*sugiharti.lilik@feb.unair.ac.id

This study aims to analyze the involvement of recent migrants in the labour market. Set data from Sakernas February 2018, totalling 2,858 persons, is used to examine recent migrants who work, whether they choose the formal or informal sectors. The models in this study are estimated by binary logistic regression. The results show that the majority of recent migrants work in the formal sector. Recent migrants who have a high chance of entering the formal sector are: younger, unmarried, middle and high educated, and have attended job training. The formal sector as a destination for recent migrants is more promising than the informal sector. Pages 529 to 542




Training Students at the Department of Mathematics and Its Impact on Their Teaching Performance and Productive Mind's Habits

Ayat M Jebura, aDepartment of Mathematics, College of Education, University of Misan, Iraq. Email: amr.ayat@uomisan.edu.iq

This study investigates the effect of training programs on students at the Department of Mathematics/College of Education/University of Misan, Iraq. It used Neural Branching strategies on their teaching performance and productive mind's habits. The study sample consisted of (70) male and female students in fourth stage, divided into two classes. One was an experimental group (which used the training program) and the other a control group (without the training program), for the first semester of the academic year 2017-2018. The two groups equalized in several variables. Observation cards of teaching performance, and scales for mind productive habits, were prepared in accordance with the learning dimensions model of Marzano. The experimental group was trained according to the program prepared for this purpose. During the practical training (application) the research applied the instruments on the two groups. The statistically significant results show differences in the main average of the two groups, in the observation card of teaching performance, and in scale of mind productive habits for the experimental group. In light of the results conclusions, recommendations and suggestions have been made. Pages 554 to 570




A Conceptual Study on Consumer Needs from an Islamic Marketing Perspective

Lameche Djallela*, Ahmad Khilmy bin Abdul Rahimb, a,bIslamic Business School, Universiti Utara Malaysia, Email: a*lameche.djallel@gmail.com

Islamic teachings encourage Muslim consumers to rationalise their utility. They are to ensure that only core needs and highly important needs in accordance with Islamic shariah are fulfilled. However, the possibility of Islamic perspectives on consumer needs has remained unexplored in the literature. Thus, this paper reviews the essence of consumer needs in Islam as a theoretical concept, one which could be used to evaluate Muslims’ consumer intention and behaviour. The perspectives of Quran, Sunnah and Islamic legal maxims are used to analyse contemporary knowledge. Relevant theoretical gaps were gathered from previous studies to recommend future directions on the best ways to resolve theoretical gaps in Islamic consumer needs. Pages 571 to 591




Mediation Effects of Innovativeness and Competitiveness on Knowledge Acquisition-Performance Links

Tamma Elhachemia*, Abbas Ramdanib, aSchool of International Studie,  Universiti Utara Malaysia, bSchool of Multimedia Technology and Communication Universiti Utara Malaysia, Email: a*elhachemi.im@gmail.com

International joint venture (IJV) performance can be improved through translating and best utilizing the gained knowledge from foreign Multi National Corporations (MNCs). This is settled as a key goal of its formation. Drawing from the knowledge–based perspective, this paper examines two mediation factors between knowledge acquisition-performance links. Acquired knowledge will be well applied to increase IJVs’ innovativeness and IJVs’ competitiveness, which in turn will generally improve their performance. From a sample of 166 oil and gas IJVs in Algeria, data was analysed using AMOS v 23.0. The findings revealed that each of IJV’s innovativeness and IJV’s competitiveness successfully mediate the relationship between their knowledge acquisition and performance. The authors discuss the implications of these findings for future research, on the role of such capabilities in the successful formation of IJVs in transitional economic markets. Pages 592 to 607




How to Develop  Students’ Character Education, Based on a Social Studies Comic Book

Etin Solihatina, Roby Ibnu Syarifainb, Jhoni Lagun Siangc, aUniversitas Negeri Jakarta, bUniversitas Padjadjaran, cUniversitas bumi Hijrah, Email: aetin_solihatin@unj.ac.id, bsyarifainroby@gmail.comcjhonilagunsiang@unibrah.ac.id

This research is aimed at producing a character education based Social Studies comic media (comic media), for effective teaching and learning for students in primary schools. Its  ISBN number is 978-602-8768-35-1 and its intellectual property rights “HKI” number and date are EC00201814589, 4 June 2018. In addition, such media will able to improve their reading interests, to eventually improve their Social Studies results. The method of Research and Development was drawn from Dick et al. (2009). Fifth graders in the sub-district area of Jatisari, Indonesia were surveyed. The t-test was calculated to be t-count (11.67) > t-table (2.05). That means a significant improvement in Social Studies results, by using comic media, to teach Social Studies. In other words, a combination of text and visual aid (comic book) tend to support better learning than a mere text. Pages 608 to 626




Causality of Monetary Policy, Economic Growth and Stock Price Index

Herry Subagyoa*, Dwi Eko Waluyob, a,bUniversitas Dian Nuswantoro, Semarang, Indonesia, Email: a*herry.subagyo@dsn.dinus.ac.id

The financial service sector is the object of research because it has the fastest growth on the Indonesian Stock Exchange (IDX) where the sector's stock price index  grew about 33.16% in 2017. This paper tries to confirm the interrelation between the growth of stock price index, economic growth in the financial service sector, and monetary policy. The data used is the quarterly time series from 2000-2017. This study applies Augmented Dickey-Fuller (ADF) to test stationary data. To analyze the relationship between variables, this study uses Johansen cointegration and granger causality. The results reveal a long-term relationship of the stock price index with economic growth in the financial service sector. This study also shows a one-way causality of monetary policy on the stock price index. Pages 627 to 637



Implementation-Blended Learning in Indonesian Open Junior High School

Moch. Sukardjoa*, Nurdin Ibrahimb, Helen Purwati Ningsihc, Arif Widodo Nugrohod, a,bUniversitas Negeri Jakarta, cHelen Purwati Ningsih, Pusat Teknologi Informasi dan Komunikasi Pendidikan, dArif Widodo Nugroho, Universitas Muhammadiyah Prof. Dr. Hamka, Email: a*msoekardjo@unj.ac.id    

This study investigates the implementation of blended learning in the Open Junior High School in Indonesia. It uses the quantitative descriptive survey method. Primary data were obtained through questionnaires. The study sampled students and teachers from Cirebon regency. Research was conducted during June to December 2015. The results showed that: In planning self-study, 16.7% of teachers said always to plan, 50% said often, 33% said sometimes, and none of the respondents states rarely and never. In planning face-to-face, as much as 43.8% of teachers said always to plan, 50% said often, 6.3% said sometimes, and none said rarely and never. But in planning online learning, as many as 12.5% of teachers said always to plan, 37.5% said often, 50% said sometimes, and none stated rarely and never. Implementation of blended learning in the Open Junior High School in Indonesia started from good planning, implementation and evaluation. Pages 638 to  654

Capital Structure, Firm Growth and Firm Performance: Evidence from Jordan

Manal Sulieman Abughniema, Mohammad Adnan Hilal Al Aishatb, Allam Hamdanc and Suliaman Raji Weshahb

aAssistant Professor, Applied Science Private University, Amman, Jordan, bAssistant Professor, Al-Balqa Applied University, Amman, Jordan,

cProfessor, Ahlia University, Manama, Bahrain.

This study aims to investigate the impact of capital structure and firm growth on firm performance. The research is quantitative in nature, based on a cross-sectional time-series analysis of 35 industrial companies listed on the Amman Stock Exchange for 15 years from 2001 to 2015 and comprises 525 observations. Capital structure was measured using four indicators (debt ratio, debt to equity, equity to assets and asset turnover rate) and the firm growth was measured using sales growth. As for the performance of firms, this was measured using four indicators: operational, which is return on assets and the other three are financial which include return on investment and return on sales and market performance which is price to book value. The findings from these empirical results show that capital structure and firm growth positively affect some of the firm performance. Pages 655 to 667

Free Cash Flow and Firm Performance: Empirical evidence from the Amman Stock Exchange

Manal Sulieman Abughniema, Mohammad Adnan Hilal Al Aishatb, Allam Hamdanc

aAssistant Professor, Applied Science Private University, Amman, Jordan, bAssistant Professor, Al-Balqa Applied University, Amman, Jordan.,

cProfessor, Ahlia University, Manama, Bahrain.

This study explores the effect of free cash flow on performance of companies in Amman Stock Exchange (ASE). The sample of the study included 100 firms of all sectors in the Jordanian market over six (6) years from 2010-2015. Several dimensions of cash flow were studied and three different measurements of performance were used (Return on Assets ROA, Market Value Per Share MVPS and Tobin’s Q) to capture the different results from using each, and to assess the relevance of each measurement to performance and finally, to justify the conflicting results found by previous studies. Using panel data regression this empirical study showed that free cash flow affected only the return on assets and market value per share. Several recommendations are made for investors from the results obtained from the study and several points are clarified that need to be addressed by future studies. Pages 668 to 681


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