The Acceptance of Going Concern: Does Audit Opinion Matter?

Tommy Andriana, Bambang Leo Handokob, Zefanya Putri Wijayac, a,bAccounting and Finance Department, Faculty of Economics and Communication, Bina Nusantara University, Jakarta, Indonesia, cStudent of Economic Science – Accounting, Bina Nusantara University, Jakarta, Indonesia, Email: atommy.andrian@binus.ac.id,  bbambang.handoko@binus.edu

This research aims to obtain empirical evidence about the influence of debt default, previous year audit opinion and audit lag on the acceptance of going concern audit opinion in manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2016–18. Going concern audit opinion is stated by the dummy variable. A total of 87 observations are used in this-research. Hypothesis testing uses logistic-regression analysis techniques and is processed using SPSS 23 software. This research concludes that there was no significant effect between debt default, previous year audit opinion and audit lag partially towards the acceptance of going concern audit opinion. However, there is a significant effect between debt default, previous year audit opinion and audit lag simultaneously towards the acceptance of going concern audit opinion. Pages 1 to 13



Competition in the Banking Industry, Market Power and Islamic Banking Performance: Evidence from MENA Countries

Mohmmad Anaswaha, aAssistant Professor of Finance, Finance & Banking Department, School of Business, Mutah University, Jordan, Email: amsanaswah@yahoo.com

This study aims to test market power theories and their role in explaining the performance of Islamic banks in the Middle East and North Africa MENA countries, based on data from 47 Islamic banks for the period 2017–18 by using standard forms. The study revealed that market power theories were unable to explain the returns of MENA Islamic banks. Therefore, these results deny the effect of either monopoly in the Islamic banking sector structure or traditional efficiency on this sector’s performance. This sector is characterised by high competitiveness and market share dispersion. The future research should investigate the role of economic efficiency theories in explaining the returns of Islamic banking industry in the MENA. Pages 14 to 29


Effect of Cognitive and Emotional Biases on Investor Decisions: An Analytical Study of the Iraq Stock Exchange

Noor Sabah Hameed Al-Dahana, Mohammed Faez Hasanb, Hamid Mohsin Jadahc, a,b,cUniversity of Karbala, Email: anoor.s@uokerbala.edu.iq,  bmohammed.faiz@uokerbala.edu.iq,  chamed.m@uokerbala.edu.iq

The purpose of this research is to understand and analyse the behaviour of emotional and cognitive bias experienced by investors in making investment decisions, which leads to them making wrong decisions, bearing large losses and allowing irresponsible behaviour to dominate their investment decisions. The problem of the study revolves around how cognitive and emotional prejudices affect investment decisions. What are the most influential biases in these decisions? The importance of the study stems from the importance of its subject. The behaviour of investors and their decisions, especially the psychological and behavioural aspects, has a significant impact on the functioning of the financial market in any country and also affects the indicators of companies and institutions listed on the market. Consequently, this study tests and analyses some behavioural biases of investors and their impact on the investment decision-making process, in addition to the interpretation of abnormal decisions taken by investors in the financial markets in general and the Iraqi market for securities in particular. Pages 30 to 47

Teaching Strategies for Improving the Vocabulary Mastery of Balinese Traditional Medicinal Plants among Teenagers in Denpasar, Bali, Indonesia

Gde Artawan*, Department of Language Education, Universitas     Pendidikan Ganesha, Jalan Raya Sesetan No.196, Sesetan, Denpasar, Bali 80223, Indonesia

*Corresponding author: dr.gde.artawan@gmail.com

Language is closely tied to people’s environment, and it is highly correlated with ethnobotany and eco-linguistics. In Bali, Indonesia, the elements of direct contact with nearly inexistent medicinal plants are crucial from the standpoint of eco-linguists, therefore, it is essential to revitalize attempts to conserve the rare plants and prevent the gradual extinction of biodiversity and genetic loss of cultural resources by integrating vocabulary learning in the school curriculum. However, there is a lack of literature detailing the effective training approaches that are required to improve the mastery of the vocabulary of Balinese indigenous medicinal plants in junior high schools. Thus, the objective of this research paper was to explore the teaching strategies for promoting the vocabulary mastery of Balinese traditional medicinal plants among teenagers in Denpasar, Bali, Indonesia. The study adopted a qualitative research design, which involved group interviews with four purposefully sampled teachers from Usada Sari of the student class VII SMP Negeri 8 Denpasar. Four themes were identified, which represented the instructional approaches used to foster the mastery of vocabulary in the studied school. Pages 48 to 68


Embedding Cultural Values within Nationalization Strategies: A case from the Kingdom of Bahrain

La’aleh Al-Aalia, aAssistant Professor / Program Coordinator Arab Open University – Bahrain,

Nationalization strategies within Gulf Cooperation Countries (GCC) need to consider culture as a factor to retain nationals in the process of retaining nationals in the private sector. The paper explores the literature in the area of culture indicating views that describe the cultural barriers in retaining human resources development within the (GCC) labour market. The development of “culturally sensitive strategies” is evident in the literature review. The researcher analysed the factors within the labour market of one GCC country, the Kingdom of Bahrain. The paper presents the findings in Bahrain which emphasis that cultural values can cause a change in the labour market. The paper findings indicate that having cultural barriers within Bahrain increases the pressure of achieving nationalization within the private sector, especially with a population of educated female nationals that have more cultural restrictions towards working in certain sectors. “Culturally sensitive strategies” are evident to be necessary as respondents in the private sector had high positive responses. However, current Bahrainization strategies to encourage nationals to join sectors that are outside the cultural context face the challenge of ‘sustainability’ and ‘retention of national resources’. Pages 69 to 81

The Effects of Electronic Modules in Constructivist Blended Learning Approaches to Improve Learning Independence

Komang Anik Sugiania, I Nyoman Sudana Degengb, Punaji Setyosaric, Sultond, aState University of Malang, b,c,dPolytechnic Ganesha Guru, Email: aanikkomang4@gmail.com,  bnyoman.sudana.d.fip@um.ac.id,  csetyosari.fip@um.ac.id,  dsulton.fip@um.ac.id

This research aimed to produce the development of an electronic module for one semester in which the feasibility and advantages had been tested to improve learning independence. The type of research is Research and Development (R & D), using the Elaboration model. The steps of Development are 1) objective analysis and study field characteristics, 2) analysis of learning resources, 3) analysing the characteristics of learners; 4) establishing the learning objectives and content of learning; 5) establishing a strategy for organizing learning content; 6) establishing the delivery strategy of learning content; 7) establishing a learning management strategy, and 8) the development of a learning outcomes measurement procedure. Validation prototype modules include 1) expert evaluation; 2 one to one evaluation; 3) small group evaluation, and 4) field trial. Instruments used in the data collection are the questionnaire and test learning independence. Based on the results of data collection, the average percentage of respondents to the products developed was over 80%. The results of this study indicate that the electronic module is very significant to improving learning outcomes.  Pages 82 to 93


Inclusivity of Lecturers with Nahdlatul Ulama Background in Political and Religious Views in Indonesia

Muhammad Roy Purwantoa, Tamyiz Mukharromb, Yusdanic, Ahmad Munjin Nasihd, a,b,cFaculty of Islamic Studies, Universitas Islam Indonesia, dUniversitas Negeri Malang, Email: amuhammadroy@uii.ac.id,  btamyiz_mukharrom@uii.ac.id,  cyusdani@uii.ac.id,  dmunjin.nasih.fs@um.ac.id

This paper sought to elaborate the role of the Nahdlatul Ulama organization in shaping the community's inclusive mindset and religious ideology, especially in university lecturers in Indonesia. Lecturers’ religious thoughts were mapped to be inclusive, exclusive, and radical. The paper used a quantitative approach with questionnaires when collecting the data. Several questions on self-identity, the community organizations followed, the concept of truth, tolerance and inclusive within religions, were asked in the questionnaire. Respondents were forty lecturers in four major cities in Indonesia: Bandung, Yogyakarta, Semarang, and Malang. The results showed that lecturers who have backgrounds from Nahdlatul Ulama had an inclusive religious ideology. The data shows that 52% of lecturers in Indonesia were categorized as inclusive, 42% of lecturers as exclusive and 5% percent of lecturers were categorized as radical. The data also showed that 80% of the lecturers who have an inclusive ideology are from the Nahdlatul Ulama background. Pages 94 to 103


Improving Learning Experience and Participation through Motivational Expressions in Problem Based Learning

Naeklan Simbolona*, Sarah Silalahib, a,bFaculty of Education, Universitas Negeri Medan, Jl. Willem Iskandar Pasar V, Medan Estate, Medan, North Sumatera, Indonesia, Email: a*naeklan@unimed.ac.id

This paper describes a two-cycle action research being carried out to improve students’ learning experiences and participation, particularly for Natural Science subjects. At the implementation (act) stage in the action research, cycle 2 applies motivational support to students, which was not done in cycle 1. In the existing scenario, conventional teaching delivery, which is teacher-centred was not able to promote students’ active learning. Hence, participation levels were low, leading to a less positive learning experience. Therefore, the teacher applied problem-based learning techniques, and observed the students in-classroom learning experiences and participation. In the study, both cycles utilized problem-based learning, in which the latter was added with motivational expressions by the teacher. Results from the observation revealed that the motivational expressions were able to invoke a more positive learning experience and participation for students. Pages 104 to 115


Protecting Balinese Culinary Innovation through Patent Law

Ni Ketut Supasti Dharmawana*, Desak Putu Dewi Kasihb, Anak Agung Ari Atu Dewic, I Gede Agus Kurniawand, Made Dandy Pranajayae, Gde Made Subha Karma Resenf, Ni Ketut Elly Sutrisnig, a,b,c,dFaculty of Law Universitas Udayana, Bali, Indonesia, fFaculty of Law Universitas Pendidikan Nasional, Bali, Indonesia, Email: a*supasti_dharamawan@unud.ac.id

The era of 4,0 undeniably influences the innovation product of Small and medium-sized enterprises in Bali including the culinary industry. Balinese traditional culinary is offered to the global marketplace both in the form of its origin and its innovation. More protection is needed from the intellectual property perspective. The study aims to examine the protection of Balinese culinary innovation through patent. The normative legal research used in this study is conducted by employing the law and economic approaches. The study shows that, traditional Balinese culinary is relevant and protected under Article 38 of Indonesia Copyright law as part of Traditional Culture Expression. However, it seems to bring potential conflict related to the benefit sharing concept. Then, a simple patent regime can be considered to protect Balinese culinary innovation. Providing incentives and rewards for the inventor in a balanced way to the community is part of keeping and respecting values embodied in society. Pages 116 to 126


The Level of Jealousy toward High Heritage Assets Distribution in Minangkabau

Rajaba, Sotarb, Tri A. Sundarac*, Jufriadif Naamd, a,b,cSTMIK Indonesia, Padang, Indonesia  dUPI YPTK, Padang, Indonesia, Email: arajab@stmikindonesia.ac.id, c*tri.sundara@stmikindonesia.ac.id

Minangkabau is a region of Indonesia that is home to the Minang tribe. The tribe has two streams of leadership known as Datuak Perpatih nan Sabatang and Datuak Katumanggungan. The people who follow the Datuak Parpatiah nan Sabatang movements are members of the Bodi and Caniago tribes, while the people who follow the Datuak Katumanggungan movement are members of the Koto and Piliang tribes. The Minangkabau people are Muslims. In the distribution of high heritage which is a form of inheritance in Minangkabau, the prevailing regulations do not adhere to Islamic principles. In this case, there are some differing views between Minangkbau culture and Islamic ideology about inheritance. Minangkabau adheres to matrilineal understanding, which means the line of inheritance is based on the mother's tribe. Meanwhile, the prevailing of Islamic ideology adheres to a patrilineal understanding, meaning the line of inheritance based on father's tribe. These differences led to Minangese people feeling doubt and jealousy regarding the distribution of inheritance. This study aims to provide solutions to avoid social jealousy towards the distribution of inheritance. The method of data analysis used is descriptive, obtained by direct observation from the sub-tribes (clans) in the Minangkabau. This research produced indicators in maintaining the existence of Minangkabau women, because it is predominantly women who are the heir to inheritances according to her lineage, compared to men. Thus, this study can eliminate the occurrence of social jealousy between men and women in Minangkabau. Pages 127 to 144


Professional Doctor Errors and Judicial Verdicts: Dilemma in Medical Services in Indonesia

Triono Eddy, Universitas Muhammadiyah Sumatera Utara

Kampus Pascasarjana, Jl Denai No 217 Medan 20226, Indonesia

E-mail: dr.triono.eddy@gmail.com

The complexity of medical malpractice problems and the challenges faced when proving the cases has resulted in a backlog of cases in the court systems and tribunals set up by regulatory and professional bodies. The objective of this research is to demonstrate how errors and mistakes committed by healthcare practitioners create a dilemma in the Indonesian medical services sector. The current study entailed identifying, collecting, summarizing and synthesizing existing research data related to the topic being investigated. This study entailed generating data or collecting data from the field and its secondary research comprises identification of various reliable sources that may be used to develop answers to a formulated question or test a particular hypothesis. The issue of medical malpractice is a problem within the Indonesian legal system as patients expect doctors to offer services that will improve their health and wellbeing. Furthermore, doctors should interact with patients in a professional way and provide safe and quality services. Indonesian courts use criminal law to address the problems related to medical malpractice. Even though the trend has helped in ensuring that doctors are held culpable for their acts, it has also resulted in fear prosecution among physicians. There is a need to streamline the regulation of medical practice through enactment of policies that will not hinder practitioners from performing their duties. Pages 145 to 161


Increasing Electronic Word-of-Mouth Activities through Self-Congruity and Tourist Values

Sukaris Sukarisa,b, Sri Hartinib and Dien Mardhiyahb, aDept. of Management, Faculty of Economics and Business, Universitas Muhammadiyah Gresik, East Java, Indonesia.  bDept. of Management, Faculty of Economics and Business, Universitas Airlangga, Surabaya, Indonesia.

The management of tourist destinations in the digital era must optimize resources and benefit from the development of digital technology, so that only tourist destinations that are suitable and provide the best value for tourists are recommended by electronic media. This research investigates the impact of self-congruity and perceived value on electronic word-of-mouth. A total sample of 400 domestic tourists at natural tourist destinations comprise the respondents. Hypotheses are tested by structural equations modelling. The results present that self-congruity has an impact on increasing emotional value and epistemic value and electronic word-of-mouth, and that consequently the emotional value and epistemic value have an impact on increased electronic word-of-mouth activity. This study explicitly examines the strong mediating role of perceived value between self-congruity and electronic word-of-mouth for tourists. Pages 162 to 183

The Shortfall Tax Impact from Local General Revenue in Javanese Provinces: How to Increase the Effectiveness of Land and Building Tax

Azhari Aziz Samudraa, Eryus Amran Kotob, Veithzal Rivai Zainalc, Bomer Pasaribud, Ainun Nazriahe, Azis Hakimf, Iwan Kurniawan Subagjag*, aProfessor of Fiscal Policy Universitas Krisnadwipayana, Jakarta, bProfessor Alumnus Hochschule Verwaltungswissenschaften Speyer, Deutscheland, cProfessor of Management Universitas Krisnadwipayana, Jakarta, dProfessor of Economics Universitas Krisnadwipayana, Jakarta, eReseacher Universite De Lille, France, fReseacher Universitas Krisnadwipayana, Jakarta, gReseacher of Economics Universitas Krisnadwipayana, Jakarta, Email: aprof.samudra@gmail.com,   beryus4567@gmail.com,  cveithzal47@gmail.com,  dbpasaribu@gmail.com,  eainun.nazriah@gmail.com,  fazisdewi@yahoo.com,  giksubagja@gmail.com

This research intends to analyze whether the shortfall that has happened at a national level for the last 10 years also happened at the provincial level, and how the provincial governments can overcome this shortfall happening in the future. The focus of this research is directed to find solutions by intensifying the sources of tax at the local level. Meanwhile, the locus of research comprises four provinces on Java Island, namely Jakarta, West Java, Central Java and East Java. The research method is a mixed methodology employing both qualitative and quantitative methods. The results found that of the four provinces of the locus, three need to push the revenue from land and building tax (LBT). The important role of LBT to increase local tax revenue to date is not well managed and it is found that from 2013 to 2018, the tax revenue in these three largest provinces has never reached target. Pages 184 to 199


Mediation of Asset Optimization on the Effect of Asset Inventory and Quality of Human Resources in the Quality of Regional Government Financial Reports in Indonesia

Arifuddina, Aini Indrijawatib, Irwan Mansurc, a,bFaculty of Economics and Business Hasanuddin University, cInstitute Governance of Home Affairs, Email: aarifuddin.mannan@gmail.com,  bainiindrijawati@gmail.com,  czhavirahi@gmail.com

This study was conducted to analyze the direct and indirect effects of asset optimization mediating the effect of asset inventory and quality of human resources on the quality of local government financial reports. The total sample of the study was 105 respondents. This research used an explanatory methodology with partial least square data analysis techniques utilizing smart PLS 3.0 software, a variant-based statistical equation modelling method designed to solve multiple regression. The results of this direct research show that asset inventory affects the optimization of assets and the quality of financial statement sources whereas the quality of human resources affects the optimization of assets but does not affect the quality of financial statements. The results of the indirect relationship show that optimization of assets can mediate the effect of asset inventory and quality of human resources and consequently, the quality of financial statements. Pages 200 to 221


The Impact of Religiosity on Fashion Involvement and Patronage Intention among Generation XYZ of Indonesian Muslim Consumers

Andriani Kusumawatia*, Sari Listyorinib, Suharyonoc, Edy Yuliantod, a.b.c.dDepartment of Business Administration, Faculty of Administration Science, Universitas Brawijaya, Indonesia, Email: a*andriani_kusuma@ub.ac.id

Religiosity guides people to hold on to their beliefs in behavior, including in decision-making to purchase Islamic clothing. Age can determine decision-making behavior so that in correlation to that, beliefs based on age will result in different decisions. Therefore, the aim of this study is to determine whether there is an influence between religiosity and patronage intention that is mediated by fashion involvement for Generation XYZ. The data collection in this study was conducted using a questionnaire with optional indicators as a result of previous research. Sampling was performed with the technique of non-probability sampling for 243 respondents in Indonesia. The results show that religiosity has both a direct and indirect effect on patronage intention for Generation X and Y. Religiosity does not have a direct effect on Generation Z patronage but does have a direct effect on fashion involvement. The implications of this study are that Muslim fashion stores need to be more aware of the needs of all age groups in marketing to avoid segregation. Stores must focus on individual customer religiosity in order to attract tourists and encourage return visits. Pages 237 to 255


Mediating Role of Adoption of E-Banking Technology Innovation Between Top Management Team Diversity and Performance: Evıdence from Commercıal Banks in Indonesıa

Sutartia, Akhmad Syakhrozab*, Vera Diyantyc, and Setio Anggoro Dewod

a,b,c,d Department of Accounting, Faculty of Economics and Business, Universitas Indonesia, Indonesia, Email : a sutarti_stiek@yahoo.com, ba_syakhroza@yahoo.com,cveranabila1@gmail.com, ddewosa@gmail.com

The majority of research on the relationship among the members of top management team (TMT) directly tests the relationship between TMT diversity with performance, and research results are relatively mixed. This research is a quantitative study that aims to empirically examine the effect of TMT diversity on gender, age, and educational specialization background in the context of  performance, through the adoption of e-banking innovation technology. Top level management is defined as the top executives who have a direct influence t on the formulation of the strategy. In the two-tier system of governance, TMT is defined as directors. The population in this study is commercial banks registered at Bank Indonesia during the period 2010-2016. The samples in this study consist of 54 banks with 324 observations. In this study, the observations of data used panel data sets with estimated parameters of the direct influence model using the GLS-RE method, whereas the indirect effect testing used Two-Stage Least Square (TSLS). The results of gender diversity prove positive effect on the adoption of e-banking technology innovation, while age diversity shows a negative effect on the adoption of e-banking technology innovations. The TSLS regression results show that the adoption of e-banking technology innovation is proven to mediate the relationship between age diversity and educational specialization background on performance. The results thus provide support for the upper echelons theory. Pages 257 to 278


Development of a Model for Automotive Vocational Education (AVE) Learning in Technical and Vocational Education Training

Hasan Maksuma*, Wawan Purwantob, a,bEngineering Department, Universitas Negeri Padang, Email: a*hasan_maksum@yahoo.co.id

The choice of learning model has an essential role in increasing student competency. In this study, the learning model was developed from the integration of Problem Based Learning (PBL) with Project Based Learning (PjBL), based on problems as a starting point for gaining new knowledge. The development process of the PBL Model was adapted from Torp & Sage (2002) and the development of the PjBL Model refers to the work of Lucas (2008). The validity of the model using expert testing through Focus Group Discussion (FGD) was tested in this study. To assess the model, a research and development method was applied. Validity construct analysis using the LISREL 8.51 was conducted followed by effectiveness testing through quasi experimental design using a non-equivalent control group. In its application, the model generate ten syntaxes: identification of problems, defining problems, accumulation and selecting of information, solution collection and selection, project planning, project schedule design, presentation of the best solutions for the problem, work on project assignments, evaluation of project results and evaluation of the learning process. The results of this study are that for students majoring in automotive studies, this method improves learning outcomes in terms of communication skills, commitment, confidence, responsibility, ability to solve problems, and ability to work together. Pages 279 to 294


Features of Arbitration in Islamic Law when Resolving Disputes in Muamalah

Muhammad Arifina*, Adi Mansarb, a,bUniversitas Muhammadiyah Sumatera Utara Kampus Pascasarjana Jl Denai No 217 Medan 20226, Indonesia, Email: a*dr.m.arifin@gmail.com

The supreme law of Indonesia recognizes sharia arbitration that is compliant with Islamic doctrines. The prime importance of the integration of the arbitration in society is to provide mechanisms for dispute settlement of economic conflicts or muamalah. The aim of this research is to discover and analyze the implementation of the verdict of sharia arbitration in resolving disputes in Indonesia. The method that will be used is doctrinal legal research by using statute and conceptual approaches. The need for regulations to provide alternative conflict settlement frameworks has been necessitated by the rapid development of economic activities in the dominantly Muslim country of Indonesia. There is therefore the need for the establishment of sharia arbitration as an alternative dispute settlement mechanism to the religious court so that parties can amicably arrive at solutions. The results reveal that Indonesia has provisions for the implementation of sharia arbitration which are included in the constitution in the 30th Law of 1999 under the Arbitration and Alternative Dispute Resolution and the National Board of Arbitration. As a consequence, the sharia arbitration has affected the rules and operational patterns for financial disputes and resolutions within the Muslim community because they encourage its implementation in settlement of all forms of economic disagreements. The results and recommendation demonstrate that the National Sharia Arbitration Board of Indonesia will become an important institution that is independent of the courts and operates to resolve conflict and disseminate justice to the public in an effective manner. Pages 295 to 311


The Impact of Principal Leadership on Teacher Motivation and Performance: A mixed Method Approach

Sakerania*, Ali Imronb, Ery Try Djatmikac, Imron Arifind, a,b,c,dDepartment of Educational Management, Universitas Negeri Malang, Indonesia, Email: a*dr.h.sakerani@gmail.com

The Indonesian education system is confronted with low-quality teaching, which has manifested low Teacher Competency Test (UKG) scores and incompetency among teachers. In Banjarmasin City, the UKG score in 2016 was 62.73%, while, on average, the Teacher Performance Assessment (PKG) score was 49.148, which is 25.852 lower than the required minimum of 75.0. Existing literature has established the core role of school leadership in improving the quality of education offered in public institutions. The aim of the present investigation was to explore the synergistic impacts of principal's leadership approaches and teacher motivation on performance among high school teachers from three schools in Banjarmasin City, Indonesia. A qualitative research framework was adopted, which entailed the utilization of purposive sampling technique, semi-structured interviews, and thematic analysis to collect and analyze data. The findings suggest that in the selected institutions, principals have a direct influence on teacher motivation through the provision of supportive governance. In addition, school leadership indirectly shapes teacher performance through lobbying for equitable pay for their subordinates and ensuring access to teaching resources, which in turn influence teacher motivation levels. The findings through quantitative technique indicate a significant and positive influence of transformational leadership on teacher performance. Pages 312 to 334


Effect of Financial Performance on Stock Return: Evidence from the Food and Beverages Sector

Endri Endria*, Deny Dermawanb, Zaenal Abidinc, Setyo Riyantod, a,b,dMagister Manajemen, Universitas Mercu Buana, Jakarta, Indonesia, cPerbanas Institute, Jakarta, Indonesia, Email: a*endri@mercubuana.ac.id, bdenydermawan22@gmail.com, czaenal@perbanas.id,  dsetyo.riyanto@mercubuana.ac.id

Company financial performance is a fundamental factor in influencing changes in stock returns obtained by investors. This study estimates and analyzes the effect of five financial ratio factors, which include; Current Ratio (CR), Debt to Equity Ratio (DER), Asset Return (ROA), Earning per Share (EPS), and Price-earning Ratio (PER) to Stock Returns. The research sample consisted of 15 food and beverage sector companies listed on the Indonesia Stock Exchange in 2013-2017. The data analysis method used is panel data regression. Partial testing shows that the DER variable influences the movement of stock returns in a negative way, while ROA and EPS have a positive effect. In contrast, CR and PER variables do not affect the movement of stock returns. Test results cumulatively show that all independent variables simultaneously affect stock returns. The results of this study provide implications for investors to consider company financial performance factors (DER, ROA, and EPS) in investment decision making. Pages 335 to 350

Knowledge-Based Active Interaction as a Mediation of Social Media in Establishing Work Performance: A Learning Perspective

Iwan Hermawana*, Suharnomob, Sartonoc, Gita Hindrawatid, aUniversitas Diponegoro and Politeknik Negeri Semarang, Indonesia, bUniversitas Diponegoro, Indonesia, c,dPoliteknik Negeri Semarang, Indonesia, Email: a*iwanpolines@gmail.com

One of the important aspects of Human Resources (HR) Outside-in is proponent technology which provides HR responsibility to actively interact in the distribution of technology, and as such social media use for work so that it significantly influences business performance. These research findings contradict evidence where there is a space from the body of knowledge in organizational learning perspective because of the difference of the empirical study result. The direction of this research offers a concept of Knowledge-Based Active Interaction (KBAI) to refer to the role of Social Media Use to Work (SMUW) that provides a significant influence on the novelty of business performance. The sample of this research is 175 owners of apparel and fashion micro enterprises in Indonesia who rely on their production process on an incremental innovation basis and the continual need for design renewal. The result of this research reconfirms that SMUW does not have any direct significant effect on work performance (WP) (β = 0.05, p:0.890>0.05). The existence of KBAI concept, however, is able to bridge in full mediation such that it encourages SMUW to provide significant effects towards the organization. Pages 351 to 371

Design of Digital Book Media to Teach Citizenship Education with a Contextual Approach

Muhdia*, Suwarno Widodob, Achmad Buchoric, Theodora Indriati Wardanid, aPost Graduate Educational Management Program, Universitas PGRI Semarang, Indonesia, bCitizenship Education Study Program, Universitas PGRI Semarang, Indonesia, cMathematics Education Study Program Universitas PGRI Semarang, Indonesia, dInformation Technology Education Study Program, Universitas PGRI Semarang, Indonesia, Email: a*muhdi@upgris.ac.id  

This study aims to determine the development process, practicality, validity level, and media effectiveness of a digital book with CTL (Contextual Teaching and Learning) approach to improve college students' citizenship education courses problem solving skills. For the purpose of data collection and to assess the data, the ADDIE development model (Analysis, Design, Development, Implementation, Evaluation) was used as research design. The sample was selected from students of citizenship education at Universitas PGRI Semarang of the 2018/2019 academic year. Before testing the digital book, validation tests were conducted by media experts, material experts and media design experts. The design book was validated with a Very High score. This showed that the media was feasible to use, and also practical for students to improve their learning. The study concluded that the media digital book with the CTL learning model was better than the conventional methods to solve citizenship education problems of the students. Pages 372 to 388

The Changing Promotion Patterns of Bureaucratic Officials and the Direct Local Elections in Indonesia

Hayata, Ngusmantob*, aUniversity of Islam Malang Mayjen Haryono Street No. 193 Malang, 65144, bUniversity of Tanjungpura west Kalimantan Prof. Dr. H. Hadari Nawawi Street, Southeast Pontianak, west Kalimantan, Email: hayat@unisma.ac.id, b*ngusmantountan@gmail.com

Indonesia aims to earn a strategic position through its bureaucratic governance and merit-based recruitment and promotions of its officials, including the efforts made by the Indonesian Civil Service Commission (KASN). This study sought optimally to portrait and analyse the promotion pattern of bureaucrats and other political officials soon after the direct local elections for positions such as regional head. The results showed that the pattern of patronage system (spoil system) in the official promotion of bureaucracy was more dominant than Skills System (Merit System). This is a significant proof of the political official’s strong interest, political forces and successful team in determining promotion. As a consequence, a lot of mindsets, attitudes, and acts of political officials penetrated into the system. A few of these, directly contrary to the pattern of merit system (skills), observed during this explorative qualitative research included: nepotism and primordialism, self-interests, and infidelity (mutualism symbiotic relationship) between official of political and bureaucracy. The right man at the right place was neglected and a lot of unqualified bureaucratic officials were promoted because they were the members of the winning teams during the local elections. Pages 389 to 401
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