Analisis Korelasi Antara Faktor-Faktor Fundamental Dengan Beta

Sumber :	Akuntabilitas :  Jurnal Ilmiah Akuntansi
Penerbit :	Jurusan Akuntansi Universitas Pancasila
Tahun Terbit Artikel:	2008
Volume :	7
No :	2
Halaman :	114-121
Kata Kunci :	Liquidity (economics); Leveraged buyouts; Assets
Sari :
Abstrak :	This research is aimed at investigating the correlation between the fundamental factors (liquidity, leverage and assets growth) with beta as the firm risk measurement (Fowler and Rorke, 1970), especially in the manufacturing company. The sample for this research is 15 textiles manufacturing companies listed in Indonesian Stock Exchange from 2002 -2006 as the sample for this research. Data were collected by means of purposive sampling, and the analytical methods used are those of multiple regression. The result of the regression analysis for the correlation between independent variable (liquidity, leverage and assets growth) and the dependent variable, shows that leverage and assets growth significanly influences as the alfa 5% or 0,05. Where as the liquidity do not significantly influence as the alfa 5%.
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Dampak Pemilu Legislatif Indonesia Tahun 2009 terhadap Abnormal Return dan Aktivitas Volume Perdagangan Saham Di BEI

Nurhaeni, Nunung (2009). Dampak Pemilu Legislatif Indonesia Tahun 2009 terhadap Abnormal Return dan Aktivitas Volume Perdagangan Saham Di BEI. Tesis, Undip.

The purposes of the research is to analyze differences in average abnormal return average trading volume activity on LQ-45 stocks before and after the legislative general election events, trading from 06 to 15 on April 2009. This research uses the event study method. In this method, we observe the average abnormal return and the average trading volume activity within 3 days before, after the event date. This research uses secondary data. The data is collected from Indonesian Stocks Exchange and Indonesian Securities Market Database. The data of this research consist of : days closing price, index of LQ-45 stocks, daily trading volume, and the number of shares of the stocks. Expected return was used market-adjusted model. The sample of this research consist of LQ-45 stocks that were listed in the Indonesian Stock Exchange.

The result shows that: (1).based on the statistical test on the average abnormal return during event method, the finding is that there is an average abnormal return is significant before and after the legislative general election events. The finding indicates that stock exchange before the legislative general election events, two days before general election events, a number investors have been profit taking and have to avoid uncertain situations, a number foreign investors have came back to stock exchange and they have been doing demand after long holiday. (2). The Paired sample test of the average trading volume activity before after the event , it shows that statistically there is significant difference before and after the event, the mean value of the average trading volume activity shows that there is an increase of the average trading volume activity after and before the event. It is because beside a number investors have been profit taking, the quick count very influence of increase the average trading volume activity also after the legislative general election events.

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Rasio Likuiditas dan Risiko Sistematik Pasar Saham LQ45 di Bursa Efek Indonesia

Sumber :	Akuntabilitas : Jurnal Ilmiah Akuntansi
Penerbit :	Jurusan Akuntansi Universitas Pancasila
Tahun Terbit Artikel:	2007
Volume :	7
No :	1
Halaman :	85-95
Kata Kunci :	Liquidity (economics); Stock market; Indonesia
Abstrak :	Many researchs show that there is a relationship between financial ratios and market risk, both partially and simultantly. Basically, this risk can be divided in two aspects. There are systematic risk and non-systematic risk. Liquidity ratio is one of those financial ratios. This research is to show the relationship between the liquidity ratio and the systematic market risk. By using LQ45 stocks, for the period of August 2006 to January 2007, it is concluded that there is positive relationship between liquidity ratio and systematic market risk for the year of 2003 and 2004, but there is no relationship between both variables in 2004. Furthermore, this ratio is not enough to elaborate the market risk. It is sugested that in order to clarify the systematic market risk, all financial ratios is better used comprehensively to show the risk.
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PENGARUH KEPEMILIKAN INSTITUTIONAL DAN KARAKTERISTIK KEUANGAN TERHADAP KEPUTUSAN PENDANAAN (Studi Empiris Pada Sektor Properti dan Real Estate di BEI Tahun 2001 - 2007)

RAHMAYANI, HANINDITA NOOR (2008).

Masters thesis, Program Pascasarjana Universitas Diponegoro.

Abstract

This research is performed in order to test influence of traditional financial performance as profitability, price earning ratio, firm size, sales growth, business risk, institutional ownership to debt to equity ratio (DER). The used type of data is secondary data coming from ICMD 2008, JSX Watch 2002-2008. Methodology research as the sample used purposive sampling with criteria as (1) stock industry of property was traded in Jakarta Stock Exchange. (2) The stock of industry was always seen annual report over period 2001-2007. Data that needed in this research from Indonesian Capital Market Directory (ICMD) and total sample was acquired 20 was list in JSX. Data analysis with linier regression of ordinary least square and hipotesis used t-statistic and level significance5% a classic assumption examination which consist of data normaly test, multicolonierity and auto correlation test also being done to test hypothesis.

During 2001-2007 period show as variable and data research was abnormally distributed. Based on result of research, classic assumption deviation was not founded this indicated that available data has fulfil the condition to use multilinier regression model. Empirical evidence show as profitability, price earning ratio, firm size, sales growth, business risk, institutional ownership to have influence toward DER at significancy level 5%. While six independendent (as profitability, price earning ratio, firm size, sales growth, business risk, institutional ownership) variable to have influence toward DER with adjusted R2 values 33.1%. But this research have six fundamental factors only with 20 samples over yearly period along 7 years.

Penelitian ini dilakukan untuk menguji pengaruh variabel profitability, price earning ratio, firm size, sales growth, business risk, institutional ownership terhadap debt to equity ratio(DER), pada perusahaan property yang terdaftar di bursa efek Jakarta. Penelitian ini bertujuan untuk mengukur dan menganalsis pengaruh rasio-rasio keuangan perusahaan profitability, price earning ratio, firm size, sales growth, business risk, institutional ownership terhadap DER. Teknik sampling yang digunakan adalah purpossive sampling dengan criteria: (1) Perusahaan property yang terdaftar di Bursa Efek Jakarta, (2) perusahaan yang selalu menyajikan laporan keuangan per Desember 2001-2007.

Data diperoleh berdasarkan publikasi berdasarkan publikasi Indonesian capital market directory (ICMD). Diperoleh jumlah sample sebanyak sebanyak 20 perusahaan. Teknik analisis yang digunakan adalah regresi dan F statistic untuk menguji keberartian pengaruh bersama-sama dengan level signifikansi 5%. Selain itu dilakukan uji asumsi klasik yang meliputi uji normalitas, uji normalitas, uji heterokedastisitas dan uji autokorelasi.

Selama periode pengamatan menunjukkan bahwa data penelitian berdistribusi tidak normal. Berdasarkan hasil penelitian tidak ditemukan variabel yang menyimpang dari asumsi klasik, hal ini menunjukkan bahwa data yang tersedia telah memenuhi syarat untuk menggunakan model persamaan linier. Dari hasil analisis menunjukkan data profitability, price earning ratio, firm size, sales growth, business risk, institutional ownership secara parsial signifikan terhadap DER pada level signifikansi kurang dari 5%. Variabel struktur aktiva secara parsial tidak signifikansi terhadap DER. Sementara secara bersama-sama terbukti signifikan berpengaruh terhadap DER pada level signifikansi kurang dari 5%. Dengan nilai adjusted R2 sebesar 0.331. Namun demikian penelitian hanya terbatas pada enam foktor fundamental perusahaan dengan 20 sampel pada periode pengamatan 7 tahun dari tahun 2001-2007.

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Pengaruh Model Tiga Faktor Terhadap Return Saham

Sumber :	Akuntabilitas : Jurnal Ilmiah Akuntansi
Penerbit :	Jurusan Akuntansi Universitas Pancasila
Tahun Terbit Artikel:	2007
Volume :	7
No :	1
Halaman :	79-84
Kata Kunci :	Return on investments; Property business; Real estate business
Abstrak :	This study used the sample of twenty six companies engaged in property and real estate activities which are listed in Indonesia Stock Exchange during the period of 2002-2006. The purposes of this study are to know and analyze the level of beta, firm size and book to market effect to the return share of companies engaged in property and real estate activities which are listed in Indonesia Stock Exchange during the period of 2002-2006. Secondary data was analyzed by using the three factor model of Farma and French (1996). With return share as dependent variable and beta, firm size and book to market as in dependent variables. The result of this study shows a statement that Beta (Xl), 5MB (X2) and HML (X3) simultaneously have a significant effect to return share with contribution of beta variable, 5MB and HML that reach 55,5 percent in explaining the level of return share. Beta and HML variable have a positive and significant effect to return share. On the other hand, 5MB has negative effect and insignificant to return share.
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Empirical Evaluation of Investor Rationality in the Case of Merger and Acquisition

Sumber :	Akuntabilitas : Jurnal Ilmiah Akuntansi
Penerbit :	Jurusan Akuntansi Universitas Pancasila
Tahun Terbit Artikel:	2007
Volume :	7
No :	1
Halaman :	45-50
Kata Kunci :	Investors; Mergers; Acquisitions
Abstrak :	The Objective of the study is to test whether investors are fully rational or not. Quick responses of the investors on certain economic events do reflect accurately the impact of the event on the long term corporate performance. The study is built upon the overreaction hypotheses in the prior studies. The researcher argues that the evaluation of investor rationality based on the temporary responses. of the investors, which was commonly done in prior studies, is really inappropriate. Furthermore, the researcher argues that the exact measure of the goodness if the investor reaction can then be known only after being compared with the long term impact of the events. To test the proposition of the study investigates if the size of CAR which reflects, investors short-term reaction on an event posses a predictive value (i.e., reflects the potential long tenn economic consequences). The study finds that despite the significant size of CAR surrounding merger and acquisition events, the CAR size can not be used to predict long term corporate performance. Simons cognitive limitation model is used to theorize the phenomenon.
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Pengaruh Karakteristik Perusahaan Terhadap Manajemen Laba dan Dampaknya Pada Return Saham

Sumber :	Akuntabilitas : Jurnal Ilmiah Akuntansi
Penerbit :	Jurusan Akuntansi Universitas Pancasila
Tahun Terbit Artikel:	2007
Volume :	7
No :	1
Halaman :	38-44
Kata Kunci :	Earnings management; Return on investments; Financial performance
Abstrak :	The objective of this study is to find out empilical evidence of the effect of ownership structures and financial performance on earnings management and the impact on stocks return study on manufacturing companies listed at Indonesia Stock Exchange. The population of the study are listed manufactudng companies at Indonesia stock Exchange, and the sample used in this study is based on the annual financial reports ended 31 December, information on the ownership stock and financial highlights over 2001 - 2005. The conclusions of the study are as follows: (1) if the size, leverage and profitability become bigger so the earnings management become bigger too, while if the institutional ownership structures and managerial ownership structures become bigger, so the earnings management become smaller; (2) if the institutional ownership structures, size and profitability become bigger so stocks return become bigger too, while if the managerial ownership structures, leverage and earnings management become bigger so stocks return become smaller.
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Kebijakan Leasing Perusahaan-Perusaan Terbuka Non Keuangan di Indonesia: Kajian Struktur Modal

Sumber :	Akuntabilitas : Jurnal Ilmiah Akuntansi
Penerbit :	Jurusan Akuntansi Universitas Pancasila
Tahun Terbit Artikel:	2007
Volume :	7
No :	1
Halaman :	23-37
Kata Kunci :	Leasing; Capital structure; Indonesia
Abstrak :	Compared to non-family controlled firms, family controlled firms have a stronger desire to maintain control to protect their highly valuable private benefits of control and the specific human capital of the firms. With substantial wealth and the human capital risking, family owners tend to be more risk averse than non-family owners, and also have stronger intention to reduce the prospect of financial distress and bankruptcy. These unique characteristics of family firms potentially make their capital structure decisions different from theose of non-family firms. Panel data from 137 publicly listed firms in Indonesia from 1996 to 2005 were used to investigate the impact of family control on firms leasing policy. Empirical test of the study found that family firms in Indonesia have higher levels of leasing compared to non-family firms.
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Studi Mengenai Perbedaan Struktur Modal Perusahaan PMA dengan Perusahaan PMDN yang Go-Public Di Pasar Modal Indonesia (Perspektif Teori Dasar Struktur Modal, Teori Keagenan dan Teori Kontingensi Dalam Upaya Mengoptimalkan Struktur Modal Perusahaan)

Lumbantobing, Rudolf. 2008. Studi Mengenai Perbedaan Struktur Modal Perusahaan PMA dengan Perusahaan PMDN yang Go-Public Di Pasar Modal Indonesia (Perspektif Teori Dasar Struktur Modal, Teori Keagenan dan Teori Kontingensi Dalam Upaya Mengoptimalkan Struktur Modal Perusahaan). Tesis, Undip.

Abstract

The purposes of this research are to analyze and evaluate the difference between multinational and domestic corporation capital structure in Indonesia based on the perspective of agency theory, contingency theory, trade-off theory and pecking order theory through the proposed integrating structural and dynamic capital structure theoretical model framework. The companies which become the research objects are 26 foreign investor corporations (PMA) and 30 domestic investor corporations (PMDN) in non-financial sectors and non whole sale and retail trade sectors, which listed in Indonesian Stock Exchange analyzed from the period of 2000-2006. The research result showed that the existence of tax was not contribute significantly to tax deductable benefit for using debt (leveraging up). The agency conflict between managers and shareholders, shareholders and debtholders very significantly appeared in investment decision, dividend policy, and the debt policy of foreign and domestic investor corporations in Indonesia. PMA debt ratio was lower than PMDN debt ratio. The difference between PMA and PMDN debt ratio would be wider if the difference among agency cost, banckruptcy cost, and investment were larger. By improving their capital structure, PMA tend to choose internal financing source (pecking order validity), while PMDN tend to choose external financing source (trade-off validity). The strategic finding results of this research were appeared in the dividend policy intervened or mediated the investment and assets utilization effect on corporate debt ratio; and the variable of industrial organization (market share) significantly moderated the causal relationship between investment and capital structure. The effect of debt ratio on PMA investment would increase while market share increased. Inversely, the effect of investment on PMDN debt ratio would increase while market share increased. This research found that the existence of debt policy as a control mechanism which substituted to dividend policy was effective to reduce agency conflict of PMA and PMDN in Indonesia. By improving their capital structure, the companies should syncronize the debtholders strength to managers and shareholders strength.

Penelitian ini bertujuan untuk menganalisis dan mengevaluasi perbedaan struktur modal perusahaan penanaman modal asing (PMA) dengan perusahaan penanaman modal dalam negeri (PMDN) di Indonesia berdasarkan perspektif teori keagenan, teori kontingensi, teori trade-off dan teori pecking order melalui bangunan model teoritis struktural dan dinamis bauran struktur modal terintegrasi yang diajukan. Perusahaan yang menjadi obyek penelitian adalah 26 perusahaan PMA dan 30 perusahaan PMDN sektor non keuangan/perbankan dan non whole sale and retail trade, yang tercatat di Bursa Efek Indonesia kurun waktu pengamatan 2000-2006. Temuan penelitian ini menunjukkan bahwa kehadiran pajak belum memberikan manfaat yang signifikan atas penggunaan hutang (leveraging up). Konflik keagenan antara manajer-shareholder-debtholder sangat signifikan terpaparkan pada keputusan investasi, kebijakan dividen, dan kebijakan hutang perusahaan PMA dan PMDN di Indonesia. Rasio hutang PMA lebih rendah dibanding rasio hutang PMDN. Perbedaan rasio hutang PMA dan PMDN akan semakin melebar ketika perbedaan biaya keagenan, biaya kebangkrutan, dan investasi semakin besar. Dalam memperbaiki struktur modalnya, PMA memilih prioritas sumber pendanaan internal (validitas pecking order), sedangkan PMDN memilih prioritas sumber pendanaan eksternal (validitas trade-off). Temuan strategis penelitian ini terwujud pada kebijakan dividen yang memperkuat pengaruh investasi dan utilisasi aktiva pada rasio hutang korporasi, dan pangsa pasar sebagai cerminan konsentrasi industri memoderasi hubungan kausalitas investasi dengan struktur modal. Ketika perusahaan memiliki pangsa pasar yang besar, maka efek penambahan hutang akan semakin meningkatkan penciptaan proyek-proyek investasi yang besar. Sebaliknya efek peningkatan investasi yang besar akan semakin membutuhkan biaya tambahan dalam berbisnis, dan sumber dananya dapat berasal dari penggunaan hutang. Temuan penelitian ini menunjukkan bukti bahwa mekanisme kontrol melalui kebijakan hutang perusahaan sebagai substitusi kebijakan dividen yang dilakukan perusahaan PMA dan PMDN di Indonesia efektif menurunkan konflik keagenan; maka sebagai implikasi praktis bagi pedoman pemberdayaan investor, perlunya perusahaan mensinergikan kekuatan kreditur atau debtholder dengan kekuatan pihak manajemen dan pemegang saham ketika perusahaan memperbaiki struktur modalnya.

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Market Efficiency Hypothesis On Regular and Block Trades

Sumber :	Akuntabilitas : Jurnal Ilmiah Akuntansi
Penerbit :	Jurusan Akuntansi Universitas Pancasila
Tahun Terbit Artikel:	2007
Volume :	7
No :	1
Halaman :	1-17
Kata Kunci :	Markets; Efficiency; Block trading; Stock prices
Abstrak :	This study aims at exploring the extent of market efficiency on spesific trade, especially regular and block trades. It is based on the assumption that traders involved in those markets are different, mainly in terms of the information acquisition and information processing. Their ability to process public into private information may give an opportunity to beat the market. Informed traders are concerned with and able to predict the expected market returns. This study employs both uni and bi-directional models. This study applies autoregressive conditional heteroskedasticity (EGARCH) to capture the asymatric behavior of investors toward information. Using Indonesiau Stock Market (previously Jakarta Stock Market) as the study indicates some differences in the efficiency and investors behavior toward information.
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Analisis Kinerja Bank Pemerintah dan Swasta dengan Metode EVA dan MVA terhadap Return Saham

Pengarang :	Siti Mardiah; Bambang Sugiarto; Dergibson Siagian
Sumber :	Akuntabilitas : jurnal ilmiah akuntansi
Penerbit :	Jurusan Akuntansi Universitas Pancasila
Kode Panggil :	657.05 Aku
Tahun Terbit Artikel:	2006
Volume :	6
No :	1
Halaman :	97-104
Kata Kunci :	Banks; Corporate performance; Financial statements; Economic value added; Shareholder return
Abstrak :	The go public of government banks caused the stakeholders, especially the investors, have interest about the evaluation of performance from that banks. To make the investor interested in investing the capital in their company, they must have a financial statement which could give a view of good performance. Some of the performance analysis tools are EVA and MVA. The aim of this research is to find out whether Economic Value Added (EVA) and Market Value Added (MVA) are different between the government banks and public banks, and also to find out that evaluation performance effects the share return or not. The research object consists of 3 go public government banks and 6 public banks using the mean test and statistic non-parametric test, and also multiple regression analysis with F, t, R2 statistics and the assumptions of the classical model. The results show that EVA between the government bank and public bank is significantly different, MVA between government bank and public bank is not significantly different, also EVA and MVA have significant effect on the share return in 2005, not in 2004 at the level of 10%.
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WHO MOVES THE INDONESIAN STOCK MARKET? EVIDENCE FROM RESPONSE ASYMMETRIES

Bakri Abdul Karim*, Mohamad Jais and Abu Hassan Md. Isa

Faculty of Economics and Business, Universiti Malaysia Sarawak (UNIMAS), 94300 Kota Samarahan, Sarawak, Malaysia.

ABSTRACT

This paper examines the response asymmetries of the Indonesian market to two developed markets – the US and Japan. We employed weekly data from January 1988 to December 2007 and simple regression and VAR analyses. In line with previous studies, we found evidence for the presence of response asymmetries in the Indonesian market. The evidence strongly suggests significant responses of the Indonesian market to the US and Japanese markets downturns. Thus, the benefits of international portfolio diversification tend to diminish when they are needed most, that is, during market downturns. To the certain extent the Japanese market is more important than the US in influencing Indonesian market. Therefore, from the equity market perspective, the formation of yen bloc may be forthcoming.

Keywords: Response Asymmetries, Portfolio Diversification, Generalize Impulse Response Function.

INTRODUCTION

The widening of economic interdependence in Asia has been paralleled by a deepening of interdependence through rising intra-regional trade and investment. Until the mid-1980s, trade in Asia was dominated by exports across the Pacific. With Asia growing much faster than the US and trade friction between the two sides of the Pacific escalating, intra-regional trade among Asian countries has increased sharply, while the relative importance of the US as an export market for these countries has declined (Kwan, 2001). Intra-regional trade expansion is one of the efficient ways of integrating to the much larger international economy as the countries become more competitive (Chowdhury, 2005).

In addition, Kearney and Lucey, (2004) noted that the world’s economic and financial systems are becoming increasingly integrated due to the rapid expansion of international trade in commodities, services and financial assets. Earlier empirical studies on market integration generally suggest lower correlations among national stock markets (Grubel, 1968; Levy and Sarnat, 1970; and Solnik, 1974), implying the existence of potential benefits of international portfolio diversification. Nowadays, however, the world capital markets have been increasingly integrated and co-movements among the leading world financial markets have been rising (Blackman et al.,  1994;Masih and Masih, 1997; and Ghosh et al., 1999). Moreover, the co-movements among stock prices are manifested strongly during periods of major financial disturbances such as the October 1987 market crash and the 1997 Asian financial crisis.

For the emerging economies, especially Indonesia, there have been very few empirical analyses done in this area in the last few decades. Roll (1995) affirmed that although Indonesia has had an active equity market for a number of years, no empirical studies on this market have appeared in Western scholarly journals. However, in recent years, the vast growing economics activities and the increasing investment opportunities in some emerging markets have attracted investors’ and researchers’ attention. Recently, another interesting aspect of studies has been added in the analysis of international interactions among stock prices. Essentially, this so-called “response asymmetry” by Pagan and Soydemir (2001). The responses of an equity market to upturns and downturns in other equity markets may not be symmetrical. This means that returns in one stock market react differently to market upturns than downturns in terms of both speed and magnitude.

Pagan and Soydemir (2001) noted that response asymmetry suggests stronger reaction to market downturns than market upturns. The presence of asymmetric responses might be due to “optimism or pessimism” of investors who, being risk averse, are more concerned about losing their investments during periods of negative returns than gaining during periods of positive returns. Erb et al. (1994) and Bahgn and Shin (2003) noted that the difference in market reaction to positive and negative changes in other markets may be due to investors’ different expectations about the impact of international market changes. Thus, the asymmetric responses seem to be consistent with the observed strong co-movements among stock prices which are apparent during the large market downturns or during periods of major disturbances (Ibrahim, 2006).

The purpose of this paper is to extend the line of research to the case of Indonesian stock market by assessing whether this market responds asymmetrically to the two world’s dominant markets – the US and Japan. This paper contributes to the literature in several ways. First, unlike previous studies that use daily data (Pagan and Soyedmir, 2001; Bahng and Shin, 2003) and monthly data (Ibrahim, 2006), this study uses weekly data. The daily data contain too much noise and are subject to the problem of non-synchronous infrequent trading (Ibrahim, 2005). Thus, this might lead to erroneous conclusion in the lead-lags relationship among the variables. In addition, the transmission of shocks may take place within few days and, thus, cannot be fully captured by using monthly data. However, the problem could be reduced if a weekly interval of the indices is used (Hung and Cheung, 1995).

Second, various studies on the Indonesian market have focused on causal linkages nexus between Indonesia to developed markets to assess benefits of international diversification in this market, for instance Arshanapalli et al. (1995); Ibrahim (2005); and Majid et al. (2008). We explore the possibility of asymmetric responses in the Indonesian stock market. Thus, we hope to shed further light on the issue. If the Indonesian market response more strongly to market downturns, then the arguments’ for potential benefits of international portfolio diversification may be greatly weakened since it is during the times of market downturns that these benefits are mostly needed (Ibrahim 2006).

Third, while previous studies use impulse response functions (IRF), we employ generalized impulse response analysis as developed by Pesaran and Shin (1998), which is invariant to the ordering of the variables in the VAR model. This feature of the generalized impulse responses is particularly useful for studies on equity markets, which are generally characterized by quick price transmissions and adjustments (Ewing et al. 2003).

Thus in this paper, we assess the Indonesian market responses to upturns and downturns in the markets of US and Japan. We attempt to partially fill this gap in the literature and to provide recent empirical evidence on market integration in the Indonesian market, relying on longer and more recent sample of data and asymmetric responses analysis.

The rest of this paper is structured as follows. Section 2 presents literature review while Section 3 provides the empirical framework and description of the data. The fourth section provides the empirical results and discussion. Finally, the fifth section concludes the study, providing some implications and proposing some recommendations for further study.

*Correspondence Address: Bakri Abdul Karim, Faculty of Economics and Business, UNIMAS, 94300 Kota Samarahan, Sarawak. Tel: +6 082 582423 Fax: +6 082 671794 E-mail: akbakri@feb.unimas.my

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