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Price Manipulation in Indonesian Capital Market: Empirical Analysis on Stockbrokers Behavior and Interaction Pattern Between Domestic Investor and Foreign Investor

Buddi Wibowo

Manipulasi harga dalam transaksi pasar modal merupakan masalah penting ketika pengembangan kepercayaan investor dan integritas pasar menjadi suatu yang prioritas. Manipulasi harga lazim di pasar negara berkembang yang masih memiliki masalah kelembagaan dan kurangnya peraturan. Pasar saham sebagai reksadana memiliki masalah kelembagaan ketika broker saham bukannya berperilaku sebagai perantara, mereka seperti dealer dan prinsipal untuk beberapa saham. Broker saham memiliki motivasi kuat untuk memberikan sinyal kepada investor publik tentang harga beberapa saham agar mendapatkan keuntungan yang tidak adil. Kenaikan harga artifisial dibuat dengan melakukan pembelian dan penjualan di antara mereka sampai investor pemburu rente mengikuti permainan mereka. Ketika harga saham berada pada tingkat tertinggi, para manipulator tadi mulai menjual sahamnya. Penelitian ini akan mengukur dan mengidentifikasi pola perilaku pialang saham di Bursa Efek Indonesia terkait kontribusi mereka pada manipulasi harga. Karena adanya peran penting investor asing di pasar saham Indonesia, penelitian ini juga akan mengidentifikasi pola interaksi antara investor asing dan domestik. Penelitian empiris menunjukkan, investor asing berkinerja lebih rendah dibandingkan investor domestik di pasar saham Indonesia (Dvorak 2005, dan Agarwal et al. 2009). Meskipun memiliki kelebihan pengalaman dan dukungan keuangan dibandingkan investor domestik, investor asing mendapat return rata-rata lebih rendah. Agarwal et al. (2009) menunjukkan fenomena ini terjadi karena investor asing lebih agresif dari investor domestik. Dvorak, (2005) berpendapat bahwa investor domestik memiliki lebih banyak akses dan jaringan untuk mengumpulkan informasi jangka pendek dan mampu mentransfer informasi tersebut bagi strategi perdagangan yang menguntungkan. Penelitian ini menguji hipotesis baru tentang rendahnya kinerja investor asing, bahwa investor asing telah terjebak oleh mekanisme manipulatif yang dilakukan investor domestik karena memiliki informasi jangka pendek melalui perusahaan pialang saham domestik.

KATA KUNCI: Manipulasi harga, pasar saham, broker saham, Bursa Efek Indonesia


Dampak Kesesuaian Merek/Cause dan Individualisme-Kolektifisme terhadap Niat Konsumen untuk Berpartisipasi pada Program CRM

Badri Munir Sukoco
Mochammad Alfi Yusuf

Cause-related marketing (CRM) program is one of a company's initiatives to show their social responsibility which is intended to increase their public image as well as product sales. CRM program is collecting and distributing a certain percentage of a company's sales and donated to charity activities or non-profit organizations. To be success, a company needs to consider many aspects, particularly the fitness between its brand and its cause as well individual characteristics of their target consumers. This study seeks to investigate whether there are differences in consumer responses when they have a level of individualism or collectivism are different. Then, this study will also investigate the interaction between brand and cause the level of conformity with the character of the consumer (individualist-collectivist) of intention to participate in the CRM program. An experimental research is conducted by using 2 (fitness: high vs. low) x 2 (individual characteristics: individualism vs. collectivism) factorial design among 120 undergraduate students in management field with between-subject design. The results indicate that participants increase their intention to participate on CRM program when the fitness between brand-and-cause is high than low. Interestingly, there are no significant differences on participants' intention to participate; either they are more or less individualism or collectivism. As expected, participants who are less individualism tend to increase their intention to participate when there is a high fit on brand/cause. Similarly, a high fit brand/cause exhibits greater participants' intention to participate on CRM program when they are more collectivism. Managerial implications and academic contributions are further discussed in this paper.

KEYWORDS: cause-related marketing (CRM) program, fit, individualism, collectivism, intention to participate.

Pengaruh Experiential Marketing Pengguna Blackberry Terhadap Relationship Marketing Outcomes (Studi Pada Mahasiswa IISIP Jakarta)

Ign Heruwasto
Dita Ardiyanti

Cellular market competition becomes more intense, so that providers have tried to make the best marketing strategy to attract customers. This study combined two critical concepts, namely experiential marketing and relationship marketing. The purpose of this research is in order to determine whether there is the influence of experiential marketing of Blackberry users to relationship marketing, then outcomes will be developed into a marketing strategy. Research conducted on 117 students of IISIP Jakarta who use Blackberry. The results of regression analysis showed that experiential marketing factors of Blackberry users would experience an irreplaceable if the marketer or company used the ‘think and act’ approach to influence consumers that would provide a different experience from other products of its kind. Blackberry is a smartphone that delivers the experience in terms of facilities, forms, and a feature that allows users, but Blackberry users in IISIP Jakarta felt more satisfying experience from the using of Blackberry, the price in accordance with the features and facilities they have, the Blackberry also a lifestyle and a growing trend today. Satisfaction they get from an experience that can make users believe and are committed to continue to use the Blackberry. Once consumers feel satisfied, confident and committed, the consumer will do the promotion, referencing, talk about positive things about Blackberry and ultimately make repeat
purchase intentions. Thus this study shows that experiential marketing is pushing the creation of a successful mediation relationship and increase customer satisfaction, trust and commitment lead to relationship marketing outcomes.

KEY WORDS: Experiential marketing, relationship marketing, customer satisfaction, marketing strategy


Pergeseran Struktur Ekonomi Berbasis Sektor Unggulan di Kabupaten Bantaeng Provinsi Sulawesi Selatan

Muh. Said Saggaf

Economic structural change is important to economic growth of an area, including Discrict of Bantaeng in Province of South Sulawesi. Bantaeng’s economic structural change has been accelerated by optimal utilization of local based competency or basic competitive sectors. These factors have an important impact on economic performance through the allocation of natural resources from one economic activity to another. This study aims to analyze the trend of shifting economic structure in Bantaeng based on GRDP of Bantaeng and South Sulawesi Province, as well as analyzing the economic sectors of the fastest-growing as the basis for the development of local competence in the District Bantaeng. The analytical method used is Shift Share Analysis and Location Quotient Analysis (Budiharsono, 2001) and descriptive analysis (Kadariah, 1985). The results showed, there was a tendency of shifting the economic structure from agriculture to mining and quarrying sector and services sector in the District Bantaeng. Then, the agricultural sector remains the leading economic sector of the most rapidly growing as the basis for the development of local competence, as though each year has decreased, but the sector remains the largest contributor to the GDP. The next sectors are mining and quarrying sector, the services sector, as well as the industrial sector, mainly home industry. Bantaeng government has made various efforts to continuously improve the local economy, including a partnership with the private sector both from domestic and abroad. In addition, the government also tried to allocate Bantaeng District funds through the budget to increase the production of each sector.

KEY WORD: Economic growth, GRDP, Shift Share Analysis, and Location Quotient Analysis

Pengaruh Iklim Keselamatan Kerja Terhadap Produktivitas Kerja Perawat
(Studi Kasus di Rumah Sakit Awal Bros Bekasi)

Myta Kartika S
Mone Stepanus

Hospital as one of the health service unit responsible for providing quality, effective and efficient in accordance with the standards to meet the needs and demands of society will need medication and health care. One influential factor in determining the quality of care in hospitals is the quality of human resources at the hospital. The objective of this study is to show the influence of work safety climate to work productivity of nurses. This research was conducted at Awal Bros Bekasi Hospital with sample of 150 nurses as respondents. Classic assumption test was conducted and it showed that the model was fit to be analyzed further by simple regression. Through a simple linear regression method, known to have a significant effect of the relationship between safety climate on the productivity of nurses working in Jakarta Awal Bros Hospital, amounting to 0.041 (<0.00 5) with an adjusted coefficient of determination of 0.021 units, or 2.1% . So it can be said that the safety climate affects work productivity of 2.1% nurses. The higher the existing safety climate will significantly influence the productivity of labor nurses. While as much as 0.97 units, or 97.9% more than the amount of work productivity, influenced by factors other than
the research model. The results demonstrated that work safety climate is positively influence the nurses' productivity significantly. One result of this research proposal is the need to change the orientation training program for K3 which is based on knowledge based, K3 is equipped with skills training (skill based) with the aim of increasing safety based attitude and the knowledge.

KEY WORDS : Work safety climate, work productivity, work safety and health

Agent of Change Strategy Menggunakan ICT: Aplikasi Sociopreneurship Menuju UKM Indonesia yang Kompetitif Menyongsong ACFTA


Small and medium businesses have a strategic role in supporting the national economy. Various parties, both government and private sectors and NGOs, has conducted various programs of small and medium enterprise development. SMEs need to get information easily and quickly, both information on market production and market information on factors of production to improve competitiveness by expanding the network resources efficiently and increase the area of marketing. This paper is a conceptual analisys with model development of a transformation strategy in Indonesian Small Medium Enterprises. Strengthening SMEs facilitating agency can be done through the establishment of the agency of change in the form of training and research activities that support lending to SMEs. ICT applications in SMEs can make to expand the market both in domestic and overseas markets with the time and cost efficient. Establishment of ICT-based SME Development Centre were considered to enhance the growth and development of small and medium enterprises in the current era of global ICT. Using agency as a mediator on adopting ICT aims to improve competitive advantage in facing globalisation. The concept is also provides solution by calculating opportunity cost and test of difference before and after adopting ICT. The model also imply the managerial implication towards the SMEs, government and also educational institution. The development potential (SMEs) in Indonesia in conducting ICT transformation strategy is inseparable from the company's internal and external support such as banks and government agencies, education and society.

KEY WORDS: ICT, agent of change, business trategy, SME


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