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Abstrak :
We extend the persistence and pervasiveness of the presence of value effect to Indonesian stock returns in the last two decades by utilizing data set that is relatively free of survivor bias and selection bias. Our finding shows that value portfolios have been able to outperform growth portfolios. Furthermore, the presence of the effect as an asset pricing factor, along with the size effect, can significantly explain the returns of the aggregate equity mutual funds in Indonesia and unveil that the equity mutual fund industry does not provide sufficient risk-adjusted return to cover trading costs and fund expenses. Our proposition is that the equity mutual fund valuation will be better off to apply simpler model shown in this paper to capture the value premium as opposed to the general application of traditional valuation method.

Abstrak :
This research investigates whether Chinese cross-border investments have positive impact on shareholders wealth and whether the amount of bidders? free cash flow influences the shareholder returns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investments during the years 2005-2009 with each deal value of minimum US$100 million. The assessments of acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985). Cross-sectional regression analysis is used to determine the bidding firms factors which significantly affect the returns. Factors are examined using OLS with White?s heteroscedasticity-corrected standard errors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinese cross- border acquisitions result in positive abnormal returns which is consistent with synergy hypothesis. The amount of bidders? free cash flow is also found to be marginally but positively associated with shareholders return which is consistent with Myers and Majluf?s pecking order hypothesis but unsupportive of Jensen?s free cash flow hypothesis.

Abstrak :
Project management has been generally known and increasingly used by many organizations to gain competitive advantage. In this context, many studies have proposed maturity models to evaluate how project management knowledge has been deployed effectively and efficiently in organization. As a developing country, Indonesia needs many development projects managed by government and private companies in different industries. Here, a study to assess project management maturity level in Indonesian businesses may bring insight about current business practices, which is important to speed up country development and business sustainability. Adapting the Project Management Maturity Model (ProMMM), a survey instrument has been developed and applied to professionals from Jakarta and surrounding area. The result of analysis shows that construction and primary industry have a higher maturity level compare to manufacturing and services. It is to be noted, however, that the level of project management understanding is low across industries. This indicates that more quality project management training or certification is required to improve overall project management knowledge in Indonesia.

Abstrak :
This study aims at empirically examining the extent to which Image Theory, initially developed as a theoretical basis for selecting a strategy or a decision, can be a theoretical basis for predicting a decision performance in two opposite frames: positive and negative. Image compatibility are employed to operationalize such a theory and the decision under study is progress decision represented by escalation of commitment. Thus, this study also empirically examines the connection between image compatibility and escalation of commitment as well as escalation of commitment as a mediator of the relationship between image compatibility and decision performance. The research context is Indonesia Stock Exchange (IDX) that suffered from crisis in the past year (negative frame) yet has been recovered recently (positive frame). The respondents are 229 individual investors in IDX. They are involved in day-to-day decision making (progress decision making) with regard to their investment portofolio. The results of this study show that high image compatibility tends to lead to better decision performance in both frames. However, image compatibility may only positively affect the escalation of commitment in positive frame.