DAFTAR PUSTAKA Baird, Thomas; Meyer, Earl C.; Slick, Sharon. “Consumer and Business Product”, Encyclopedia of Business and Finance, (2007) second edition, pp 139-141. Bayus, Barry L., Erickson, Garry and Jacobson, Robert. 2003. The Financial Rewards of New Product Introductions in the Personal Computer Industry. Management Science, Vol. 49, No. 2, pp : 197-220. Bhattacharya, Utpal and Dittmar, Amy. 2003. Costless Versus Costly Signalling: Theory and Evidence From Share Repurchases. http://www.bus.indiana.edu /ubhattac/signaling.pdf (Diakses 1 Juni 2014). Binder, John J. 1998. The Event Study Methodology Since 1969. Review of Quantitative Finance and Accounting 11 (1998): 111–137. Chaney, Paul, Devinney, Timothy and Winer, Russell. 1991. The impact of New Product Introductions on the Market Value of Firms. Journal of Business Vol.64, No. 4, pp: 573-610. Chen, Sheng-Syan, Ho, Kim Wai, Ik, Kueh Hwa and Lee, Cheng-fee. 2002. How does Strategic Competition Affect Firm Values? A Study of New Product Announcements. Financial Management. Pp: 67-84. David, Fred R. 2011. Strategic Management Concept. New Jersey: Prentice Hall. Inc. Eddy, Albert. R., Fletcher, Harold D., Margenthaler, Charles R., and Reinhard, Walter J. 1993. Financial Signalling and New Product Announcements. The Mid - Atlantic Journal of Business. Vol.29, No. 1, pp: 97-108. Hartono, Jogiyanto. Pasar Efisien Dari Aspek Keputusan dan Pemilihan Akuntansi. Pidato Pengukuhan Jabatan Guru Besar pada Fakultas Ekonomi Universitas Gadjah Mada. 2005. Jones, Edward A.E. and Danbolt, Jo. 2005. Empirical evidence on the determinants of the stock market reaction to product and market diversification announcements (September 1991-September 1996). Applied Financial Economics. Vol. 15. pp. 623-629. Koski, Heli; Kretschmer, Tobias. 2009. New Product Development and firm value in mobile handset production.
Koku, Paul Sergius. 2009. The Information Content and the stock Market's Reaction to New Product Announcements in the Computer Industry. JAMAR Journal of Applied Management and Accounting Research. Vol. 7 No. 1. Pp 21-36. Kotler, Philip; Keller, Kevin Lane. 2012. Marketing Management 14th edition. Prentice Hall. Kurniasih, Augustina. Analisis Karakteristik, Perilaku, Faktor Penentu, dan Reaksi Pasar Terhadap Kebijakan Dividen Perusahaan Tercatat di Bursa Efek Indonesia. Disertasi (tidak diterbitkan). Institut Pertanian Bogor 2011. Lyandres, Evgeny. 2006. Capital Structure and Interaction among Firms in Output Markets: Theory and Evidence. The Journal of Business. The University of Chicago Press. Vol. 79 No. 5 pp. 2381-2421. Markovitch, Dmitri G. & Steckel, Joel H. 2010. Do Initial stock price reaction provide a good measurement for marketing strategies? European Journal of Marketing. Vol. 46 No. 3/4 pp. 406-421. Mudrajat, Kuncoro. 2006. Strategi: Bagaimana Meraih Keunggulan Kompetitif. Erlangga. Otoritas Jasa Keuangan. Desember 2013. Statistik Pasar Modal. Ojah, K. and Monplaisir, L. 2003. Investors' valuation of global product design and development (1990-2000). Journal of International Business Studies 34, pp: 457–472. O’Sullivan, David; Dooley, Lawrence. 2009. Applying Innovation. SAGE Publication. http://www.uk.sagepub.com/upm-data/23137_Chapter_1.pdf Paramadina, D ita Roosela; Djawahir, Achmad Helmy. Reaksi Pasar Saham terhadap Pengumuman Peluncuran ISSI di Bursa Efek Indonesia (Studi Kasus pada Saham PT Telekomunikasi Indonesia, Tbk) http://jimfeb.ub.ac.id/index.php/jimfeb/article/view/299 Pauwels, Koen, Silva-Risso, Jorge, Srinivasan, Shuba and Hanssens, Dominique M. 2003. The Long-Term Impact of New-Product Introductions and Promotions On Financial Performance and Firm Value. Graduate School of Management, University of California, Los Angeles. Pratiwi, I.A Ika Vedanti dan Ulupui, I Gusti Ketut Agung. “Reaksi Pasar di Sekitar Peristiwa Pengumuman ESOP dan Pengaruhnya terhadap Abnormal Return”, E-Jurnal Akuntansi Universitas Udayana. Februari 2013.
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Puotunen, Emma. 2013. Impact of New Product Development Decision on Supply Chain. Master of Science Thesis (unpublished). Helsinki: Master Degree Programme in Indusrial Management Tampere University of Technology. https://dspace.cc.tut.fi/dpub/discover?field=author&filtertype=author&filter _relational_operator=equals&filter=Puotunen%2C+Emma Sehested, Claus; Sonnenberg, Henrik. 2011. Lean Innovation A Fast Path from Knowledge to Value. Springer. Setiawan, Sigit. Analisis Sektor Pasar Modal Indonesia Menghadapi Liberalisasi dan Integrasi ASEAN. Policy Paper Kebijakan Fiskal 2012 Seri1 IPB Press. Sharma, Anurat; Lacey, Nelson. 2004. Linking Product Development Outcomes to Market Valuation of the Firm: The case of the U.S. Pharmaceutical Industry. Journal of Product Innovation Management 21: 297-308. Srinivasan, Shuba; Pauwels, Koen; Silva-Risso, Jorge; Hanssens, Dominique M. 2007. Product Innovations, Advertising, and Stock Return. Journal of Marketing. Vol.73.1, pp.24. Sood, Ashish and Tellis, Gerard J. 2009. Do Innovations Really Pay Off? Total Stock Market Returns to Innovation. Marketing Science. Vol. 28, No. 3, pp. 442-456. Sundaram, Anant K; John, Teresa A.; John, Kose. 1996. An Empirical analysis of strategic competition firm values The Case of R&D competition. Journal of Financial Economics 40. Pp 459-486. Sukwadi, Robby. 2006. Analisis Perbedaan Kinerja Keuangan Perusahaan yang Melakukan Right Issue dan Perusahaan yang Tidak melakukan Right Issue di Bursa Efek Jakarta Periode 2000-2003. Tesis Magister Manajemen (Tidak diterbitkan). Semarang: Program Studi Magister Manajemen Program Pasca Sarjana Universitas Diponegoro. Supranto, J. dan Limakrisna, Nandan. 2012. Petunjuk Praktis Penelitian Ilmiah Untuk Menyusun Skripsi, Tesis, dan Disertasi Edisi 2. Mitra Wacana Media. Hal. 56. The Global Competitive Report 2013-2014. Schwab, Klaus (Editor). World Economic Forum. The Global Innovation Index 2013. Dutta, Soumitra & Lanvin, Bruno (Editors). The World Intellectual Property Organization. http://en.wikipedia.org/wiki/Aggregate_project_plan
88
2.1: Country/Economy Profiles
Indonesia Key indicators, 2012
GDP (PPP) per capita (int’l $), 1990–2012
Population (millions) ...................................... 242.3 GDP (US$ billions) ........................................ 878.2 GDP per capita (US$) ................................... 3,592 GDP (PPP) as share (%) of world total ............ 1.46
8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
Indonesia
1990
1992
1994
Developing Asia
1996
1998
2000
2002
2004
2006
2008
2010
2012
Global Competitiveness Index Rank (out of 148)
Stage of development
Score (1–7)
GCI 2013–2014 ...................................................... 38 ..... 4.5
Transition 1–2
1
GCI 2012–2013 (out of 144) ..................................... 50 ......4.4 GCI 2011–2012 (out of 142) ..................................... 46 ......4.4
Factor driven
2
Transition 2–3
3
Efficiency driven
Basic requirements (40.0%) .......................................45 ......4.9
Innovation driven
Institutions
Institutions ................................................................ 67 ......4.0 Infrastructure ............................................................ 61 ......4.2 Macroeconomic environment ................................... 26 ......5.8 Health and primary education ................................... 72 ......5.7
7
Innovation
6
Infrastructure
5
Business sophistication
Macroeconomic environment
4 3
Efficiency enhancers (50.0%) .....................................52 ......4.3
2
Higher education and training ................................... 64 ......4.3 Goods market efficiency .......................................... 50 ......4.4 Labor market efficiency .......................................... 103 ......4.0 Financial market development .................................. 60 ......4.2 Technological readiness ............................................ 75 ......3.7 Market size ............................................................... 15 ......5.3
Market size
Health and primary education
1
Higher education and training
Technological readiness Financial market development
Innovation and sophistication factors (10.0%) ...........33 ......4.1
Goods market efficiency Labor market efficiency
Business sophistication ........................................... 37 ......4.4 Innovation ................................................................. 33 ......3.8
Indonesia
Efficiency-driven economies
The most problematic factors for doing business Corruption .........................................................................19.3 Inefficient government bureaucracy ...................................15.0 Inadequate supply of infrastructure ......................................9.1 Access to financing .............................................................6.9 Restrictive labor regulations .................................................6.3 Policy instability ...................................................................5.7 Poor work ethic in national labor force ................................5.7 Inflation ................................................................................5.2 Tax rates..............................................................................5.2 Government instability/coups ..............................................4.9 Inadequately educated workforce ........................................4.2 Poor public health ...............................................................3.5 Crime and theft ...................................................................2.8 Tax regulations ....................................................................2.6 Insufficient capacity to innovate ...........................................2.1 Foreign currency regulations ................................................1.6 0
5
10
15 Percent of responses
Note:
From the list of factors above, respondents were asked to select the five most problematic for doing business in their country and to rank them between 1 (most problematic) and 5. The bars in the figure show the responses weighted according to their rankings.
218 | The Global Competitiveness Report 2013–2014
20
25
30
THE GLOBAL INNOVATION INDEX 2013
I: Country/Economy Profiles
188
Indonesia Key indicators Population (millions) ......................................................................................................... 246.8 GDP (US$ billions) .............................................................................................................. 894.9 GDP per capita, PPP$ ...................................................................................................... 4,957.6 Income group........................................................................................... Lower-middle income Region.............................................................................................South East Asia and Oceania Score (0–100) or value (hard data)
Rank
Innovation Output Sub-Index ..................................................................................32.6 Innovation Input Sub-Index .....................................................................................31.3 Innovation Efficiency Ratio.........................................................................................1.0 Global Innovation Index 2012 (based on GII 2012 framework) ................................28.1
62 115 6 100
Global Innovation Index (out of 142)................................. 32.0
85
1
Institutions ....................................................37.2 138
1.1 1.1.1 1.1.2 1.1.3
Political environment..........................................................................45.6 103 Political stability*....................................................................................46.0 112 Government effectiveness* ............................................................31.8 84 Press freedom*........................................................................................59.0 112
1.2 1.2.1 1.2.2 1.2.3
Regulatory environment ..................................................................17.7 139 Regulatory quality* ..............................................................................41.1 96 Rule of law* ...............................................................................................29.6 104 Cost of redundancy dismissal, salary weeks ........................57.8 138
1.3 1.3.1 1.3.2 1.3.3
Business environment ........................................................................48.5 Ease of starting a business* ............................................................71.3 Ease of resolving insolvency* ........................................................15.9 Ease of paying taxes* ..........................................................................58.2
121 108 129 106
2
Human capital & research ..........................24.3 99
2.1 2.1.1 2.1.2 2.1.3 2.1.4 2.1.5
Education ...................................................................................................40.0 104 Current expenditure on education, % GNI ..............................2.7 99 Public expenditure/pupil, % GDP/cap .....................................12.2 95 School life expectancy, years .........................................................12.9 77 PISA scales in reading, maths, & science .............................385.2 63 Pupil-teacher ratio, secondary ......................................................12.2 46
2.2 2.2.1 2.2.2 2.2.3 2.2.4
Tertiary education .................................................................................21.0 99 Tertiary enrolment, % gross ............................................................23.1 86 Graduates in science & engineering, % ..................................22.8 34 Tertiary inbound mobility, %.............................................................0.1 102 Gross tertiary outbound enrolment, % ......................................0.2 130
2.3 2.3.1 2.3.2 2.3.3
Research & development (R&D)...................................................11.8 Researchers, headcounts/mn pop. .........................................173.3 Gross expenditure on R&D, % GDP ...............................................0.1 QS university ranking, average score top 3* ........................32.6
58 82 98 35
3
Infrastructure................................................29.1 82
3.1 3.1.1 3.1.2 3.1.3 3.1.4
Information & communication technologies (ICTs) ........28.9 ICT access*.................................................................................................33.7 ICT use* .......................................................................................................11.0 Government’s online service* .......................................................49.7 E-participation*.......................................................................................21.1
3.2 3.2.1 3.2.2 3.2.3 3.2.4
General infrastructure.........................................................................32.5 54 Electricity output, kWh/cap .........................................................707.8 100 Electricity consumption, kWh/cap ..........................................641.3 102 Logistics performance* .....................................................................48.5 59 Gross capital formation, % GDP ...................................................34.9 11
3.3 3.3.1 3.3.2 3.3.3
Ecological sustainability ....................................................................25.9 GDP/unit of energy use, 2000 PPP$/kg oil eq .......................4.5 Environmental performance*........................................................52.3 ISO 14001 environmental certificates/bn PPP$ GDP ........0.8
85 96 95 67 64
87 90 71 67
4
Market sophistication .................................41.2 99
4.1 4.1.1 4.1.2 4.1.3
Credit.............................................................................................................23.3 119 Ease of getting credit* .......................................................................43.8 110 Domestic credit to private sector, % GDP .............................31.7 96 Microfinance gross loans, % GDP ..................................................1.2 34
4.2 4.2.1 4.2.2 4.2.3 4.2.4
Investment ................................................................................................25.8 Ease of protecting investors*.........................................................61.9 Market capitalization, % GDP.........................................................46.1 Total value of stocks traded, % GDP ..........................................16.5 Venture capital deals/tr PPP$ GDP ................................................0.0
70 42 39 32 72
4.3 4.3.1 4.3.2 4.3.3
Trade & competition ...........................................................................74.5 Applied tariff rate, weighted mean, % ........................................2.5 Non-agricultural mkt access weighted tariff, % ....................1.9 Intensity of local competition†.....................................................57.0
86 52 95 93
5
Business sophistication ..............................25.0 112
5.1 5.1.1 5.1.2 5.1.3 5.1.4 5.1.5 5.1.6
Knowledge workers .............................................................................18.2 141 Knowledge-intensive employment, % .......................................8.5 96 Firms offering formal training, % firms .......................................4.7 105 R&D performed by business, % GDP ...........................................0.0 79 R&D financed by business, % ..........................................................n/a n/a GMAT mean score..............................................................................509.8 69 GMAT test takers/mn pop. 20–34 ...............................................16.9 118
5.2 5.2.1 5.2.2 5.2.3 5.2.4 5.2.5
Innovation linkages .............................................................................29.5 University/industry research collaboration† ........................53.0 State of cluster development† .....................................................54.4 R&D financed by abroad, % ..............................................................n/a JV–strategic alliance deals/tr PPP$ GDP ....................................0.0 Patent families filed in 3+ offices/bn PPP$ GDP ..................0.0
55 38 32 n/a 68 69
5.3 5.3.1 5.3.2 5.3.3 5.3.4
Knowledge absorption ......................................................................27.2 Royalty & license fees payments, % service imports .........5.5 High-tech imports less re-imports, % .........................................9.8 Comm., computer & info. services imports, %.......................4.7 FDI net inflows, % GDP .........................................................................2.1
69 24 52 60 85
6
Knowledge & technology outputs ...........24.3 81
6.1 6.1.1 6.1.2 6.1.3 6.1.4 6.1.5
Knowledge creation ...............................................................................3.3 127 Domestic resident patent ap/bn PPP$ GDP ...........................0.5 80 PCT resident patent ap/bn PPP$ GDP ........................................0.0 90 Domestic res utility model ap/bn PPP$ GDP .........................0.2 47 Scientific & technical articles/bn PPP$ GDP............................1.1 138 Citable documents H index.........................................................103.0 55
6.2 6.2.1 6.2.2 6.2.3 6.2.4 6.2.5
Knowledge impact...............................................................................36.1 Growth rate of PPP$ GDP/worker, % ...........................................5.4 New businesses/th pop. 15–64.......................................................0.3 Computer software spending, % GDP........................................0.3 ISO 9001 quality certificates/bn PPP$ GDP .............................3.6 High- & medium-high-tech manufactures, % ....................32.0
58 11 90 43 76 33
6.3 6.3.1 6.3.2 6.3.3 6.3.4
Knowledge diffusion ...........................................................................23.1 Royalty & license fees receipts, % service exports ..............0.4 High-tech exports less re-exports, %...........................................3.6 Comm., computer & info. services exports, % .......................7.9 FDI net outflows, % GDP .....................................................................0.9
87 61 49 57 47
7
Creative outputs ..........................................40.8 57
7.1 7.1.1 7.1.2 7.1.3 7.1.4
Intangible assets ....................................................................................57.2 Domestic res trademark reg/bn PPP$ GDP ............................n/a Madrid trademark registrations/bn PPP$ GDP .....................n/a ICT & business model creation†...................................................58.3 ICT & organizational model creation†......................................56.2
16 n/a n/a 64 53
7.2 7.2.1 7.2.2 7.2.3 7.2.4 7.2.5
Creative goods & services ................................................................32.8 Audio-visual & related services exports, %..............................n/a National feature films/mn pop. 15–69........................................0.5 Paid-for dailies, circulation, % pop. 15–69 ................................5.5 Printing & publishing manufactures, %......................................1.0 Creative goods exports, %..................................................................2.5
78 n/a 90 83 78 31
7.3 7.3.1 7.3.2 7.3.3 7.3.4
Online creativity .....................................................................................16.0 Generic top-level domains (TLDs)/th pop. 15–69...............2.1 Country-code TLDs/th pop. 15–69 ...............................................5.9 Wikipedia monthly edits/mn pop. 15–69...........................247.9 Video uploads on YouTube/pop. 15–69 .................................54.5
112 89 109 105 105
NOTE:
indicates a strength;
a weakness; * an index; † a survey question.
Data Tanggal Peluncuran Produk Baru Date Tuesday, January 25, 11 Thursday, November 4, 10 Monday, November 9, 09 Tuesday, January 31, 12 Sunday, August 29, 10 Thursday, October 28, 10 Friday, December 24, 10 Monday, March 12, 12 Sunday, August 29, 10 Friday, January 28, 11 Monday, December 19, 11 Sunday, June 20, 10 Wednesday, October 27, 10 Wednesday, November 9, 11 Friday, April 30, 10 Monday, May 31, 10 Sunday, January 31, 10 Monday, November 9, 09 Sunday, July 31, 11 Friday, October 22, 10 Friday, December 24, 10 Friday, December 24, 10 Tuesday, December 28, 10 Tuesday, March 16, 10 Monday, May 31, 10 Thursday, November 10, 11 Wednesday, February 29, 12 Sunday, April 1, 12 Tuesday, April 24, 12 Tuesday, March 23, 10 Sunday, August 29, 10 Friday, June 22, 12 Wednesday, July 25, 12 Tuesday, March 23, 10 Monday, August 22, 11 Friday, September 24, 10 Monday, July 26, 10 Sunday, August 29, 10 Thursday, April 19, 12 Wednesday, June 2, 10 Friday, October 1, 10 Monday, April 25, 11 Saturday, June 4, 11 Wednesday, April 7, 10 Friday, October 22, 10 Friday, October 22, 10 Wednesday, April 25, 12 Wednesday, November 9, 11 Thursday, September 22, 11 Friday, April 30, 10 Monday, May 31, 10 Monday, June 14, 10 Monday, June 14, 10 Thursday, July 15, 10 Thursday, July 15, 10 Monday, August 30, 10 Friday, September 17, 10 Wednesday, September 29, 10 Wednesday, October 27, 10 Friday, December 24, 10 Monday, January 24, 11 Thursday, November 17, 11 Wednesday, December 21, 11 Friday, January 27, 12 Monday, March 12, 12 Wednesday, April 25, 12 Monday, December 3, 12
Announcing Firm Sumber Alfaria Trijaya Tbk BAKRIE TELECOM PT CHAROEN POKPHAND INDONESIA Tbk Central Proteinaprima Tbk PT DELTA DJAKARTA Tbk PT DELTA DJAKARTA Tbk Darya-Varia Laboratoria Tbk PT GUDANG GARAM Tbk. PT HERO SUPERMARKET Tbk PT HERO SUPERMARKET Tbk PT HERO SUPERMARKET Tbk PT HM SAMPOERNA PT INDOFOOD CBP SUKSES MAKMUR Tbk. PT INDOFOOD CBP SUKSES MAKMUR Tbk. PT INDOFOOD SUKSES MAKMUR Tbk. PT INDOFOOD SUKSES MAKMUR Tbk. PT KIMIA FARMA Tbk PT KALBE FARMA Tbk Martina Berto Tbk PT MERCK Tbk PT MATAHARI PUTRA PRIMA Tbk PT MATAHARI PUTRA PRIMA Tbk PT MATAHARI PUTRA PRIMA Tbk PT. MUSTIKA RATU Tbk. PT. MUSTIKA RATU Tbk. PT. MUSTIKA RATU Tbk. PT. MUSTIKA RATU Tbk. PT. MUSTIKA RATU Tbk. PT. MUSTIKA RATU Tbk. PT MAYORA INDAH Tbk. PT MAYORA INDAH Tbk. Bentoel International Investama Tbk Salim Ivomas Pratama Tbk PT SEKAR LAUT Tbk. PT SEKAR LAUT Tbk. PT SIANTAR TOP Tbk PT MANDOM INDONESIA Tbk PT MANDOM INDONESIA Tbk PT MANDOM INDONESIA Tbk Telekomunikasi Indonesia (Persero) Tbk Telekomunikasi Indonesia (Persero) Tbk Telekomunikasi Indonesia (Persero) Tbk Telekomunikasi Indonesia (Persero) Tbk PT TEMPO SCAN PASIFIC Tbk. PT TEMPO SCAN PASIFIC Tbk. PT TEMPO SCAN PASIFIC Tbk. PT TEMPO SCAN PASIFIC Tbk. PT. UNILEVER INDONESIA Tbk. United Tractors Tbk PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk. PT. UNILEVER INDONESIA Tbk.
Code AMRT BTEL CPIN CPRO DLTA DLTA DVLA GGRM HERO HERO HERO HMSP ICBP ICBP INDF INDF KAEF KLBF MBTO MERK MPPA MPPA MPPA MRAT MRAT MRAT MRAT MRAT MRAT MYOR MYOR RMBA SIMP SKLT SKLT STTP TCID TCID TCID TLKM TLKM TLKM TLKM TSPC TSPC TSPC TSPC UNVR UNTR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR
New Product Alfa's Toilet issue Application Laboratory Cheesy Lover Chicken Nuggets Prawn products, Frosh and Fiesta Seafood Bir Pilsener Anker Stout's Black Beer Hobat's Herbal Suppliement Surya 16 Exclusive Hydrophile Cotton Gauze First Choice's Floor Cleaner First Choice's Massage Oil New Mild Cigarettes in Mint flavor Indofood Maggi Magic Lezat' seasoning Promina's range of Noodle soup Qtela's range of Cassava Chips (Garlic Chicken) Pasta Sauce in Bolgnese flavor Calcidol's Multivitamin Syrup Cerbrovit Multivitamin with GinkgoBiloba Biokos Derma Bright Day Cream Merck Blon 3'S Suppliement Value Plus's Fried Chicken Flour Value Plus's Premium's Jelly Fruits Candies Value Plus's Premium's Assorted Biscuits Mustika Puteri's Feminine Wash Zaitun (Olive) Body Scrub Range of Cleansing Milk Face Mask Powder & Pasta in Peeling Mundisari Make up Amuspa Buketan Colour trend 2012 Sandalwood Oil Whow Wheat Roma's Sari Gandum Migelas'range Dunhill Switch's Cigarettes Simas Palmia's Margarin Serbaguna Finna's Prwan Crackers Finna Seladri's Celery Crackers Deo D'Story Assorted Biscuits Pixy UV Whitening Spot Essence Beauty Moisture Gatsby Strong Guard's Deodorant Roll-On Bonastoco, an integrated accounting application Creative Center Digital Lounge Speedy fixed braodband Groovia TV My Baby's Oil Neo Rheumacyl's Anti Inflammation Gel My Baby's Oil Minyak Telon Plus Marina UV White's range Buavita Selection's range UD Truck CWB6B Rexona Women's range of 24Hr Anti-perspirant deodorant Citra Lasting White Beauty Soap Rexona Men 24H Anti-Perspirant Deodorant Pond's Pure White Deep Cleansing Facial Foam Peppermint Splash Viso Detergent Powder Skin Lightening Soap Rexona Deodorant Stick in Floral Pepsodent Complete 8 Action New Pink Molto Ultra's Fabric Softener Vaseline's total Moisture Skin lotion Citra Lasting Pearly White Beauty Soap Molto Sekali bilas pewangi premium range Sunlight's antibacterial Dishwashing Liquid Domestos Nomos Protector's Wall's Chocy Rocky Sunsilk Co-Creation Axe Anarchy for Him and Her
Jumlah Sampel Emiten Peluncur Peluncur Produk Baru & Event Date KODE
NAMA
2009
2010
2011
2012
SUB TOTAL
INDUSTRI PERTANIAN (AGRICULTURE) 12
PLANTATION SIMP
14
Salim Ivomas Pratama Tbk
1
1
Central Proteinaprima Tbk
1
1
FISHERY CPRO
INDUSTRI DASAR DAN KIMIA (BASIC INDUSTRY AND CHEMICALS) 36
ANIMAL FEED CPIN
Charoen Pokphand Indonesia Tbk
1
1
INDUSTRI BARANG KONSUMSI (CONSUMER GOODS INDUSTRY) 51
52
53
54
FOOD AND BEVERAGES DLTA
Delta Djakarta Tbk
2
ICBP
Indofood CBP Sukses Makmur Tbk
1
INDF
Indofood Sukses Makmur Tbk
2
MYOR
Mayora Indah Tbk
2
SKLT
Sekar Laut Tbk
1
STTP
Siantar Top Tbk
1
2 1
2 2 2
1
2 1
TOBACCO MANUFACTURES GGRM
Gudang Garam Tbk
HMSP
HM Sampoerna Tbk
RMBA
Bentoel International Investama Tbk
1 1
1 1
1
1
PHARMACEUTICALS DVLA
Darya-Varia Laboratoria Tbk
1
1
KAEF
Kimia Farma (Persero) Tbk
1
1
KLBF
Kalbe Farma Tbk
MERK
Merck Tbk
1
TSPC
Tempo Scan Pacific Tbk
2
1
1 1 1
3
COSMETICS AND HOUSEHOLD MBTO
Martina Berto Tbk
MRAT
Mustika Ratu Tbk
2
1
TCID
Mandom Indonesia Tbk
2
UNVR
Unilever Indonesia Tbk
9
1 4
1 3
6
1
3
4
17
INDUSTRI INFRASTRUKTUR, UTILITAS & TRANSPORTASI (INFRASTRUCTURE, UTILITIES & TRANSPORTATION) 73
TELECOMUNICATION BTEL
Bakrie Telecom Tbk
1
TLKM
Telekomunikasi Indonesia (Persero) Tbk
2
1 2
4
1
1
1
1
2
3
INDUSTRI PERDAGANGAN, JASA DAN INVESTASI (TRADE, SERVICES & INVESTMENT) 91
WHOLESALE (DURABLE & NON DURABLE GOODS) UNTR
93
United Tractors Tbk
RETAIL TRADE AMRT
Sumber Alfaria Trijaya Tbk
HERO
Hero Supermarket Tbk
1
MPPA
Matahari Putra Prima Tbk
2 SUB TOTAL
2
34
2 14
13
63
LAMPIRAN 5 Tabulasi Data Saham Harian & Indeks Harga Saham Gabungan Harian
Emiten 1
Emiten 2 dst
Harga penutupan saham harian
Ri
IHSG harian
Rm IHSG
Abnormal Return
Event 1 t-3 t-2 t-1 t0 t+1 t+2
… … … … … …
na … … … … …
… … … … … …
na … … … … …
na … … … … …
Event 2 t-3 t-2 t-1 t0 t+1 t+2
… … … … … …
na … … … … …
… … … … … …
na … … … … …
na … … … … …
Event 1 dst
Tabulasi Data Laporan Keuangan Emiten Panel A Tahun
Periode
Sales
Sales Change
Net Income
Net Income Change
2008 2009 dst
Q4 Q1 dst
… … …
n.a. … …
… … …
n.a. … …
Ratio Net Income Change to Sales Change n.a. … …
Panel B Tahun
Periode
Sales Rival 1
Sales Rival 2
dst.
Total Sales Rivals
2008 2009 dst
Q4 Q1 dst
… … …
… … …
… … …
… … …
Total Sales (Rivals) Change n.a. … …
COMPETITIVE STRATEGY MEASURE (CSM) SUB SEKTOR & EMITEN SAMPEL Kode
1
14
FISHERY 1 Central Proteinaprima Tbk 2 Dharma Samudera Fishing Ind. Tbk 3 Inti Kapuas Arowana Tbk
AALI BWPT GZCO JAWA LSIP PALM SGRO SIMP SMAR TBLA UNSP CPRO DSFI IIKP
9-Dec-1997 27-Oct-2009 15-May-2008 30-May-2011 5-Jul-1996 8-Oct-2012 18-Jun-2007 9-Jun-2011
average
0.03 0.00 -0.18 0.41 0.17 n.a. 0.04 0.11 0.08 0.01 -0.20 0.05
average
0.28 -0.17 0.21 0.10
average
-0.49 0.39 -0.09 0.07 -0.03
average
0.07 -0.39 -0.47 -0.44 -0.15 0.13 -0.01 0.10 0.35 -0.08 -0.01 -0.24 0.10 -0.78 -0.47 0.17 -0.13
average
-0.07 -0.09 0.29 -0.44 -0.08
14-Feb-2000 6-Mar-1990 28-Nov-2006 24-Mar-2000 20-Oct-2002
INDUSTRI DASAR DAN KIMIA (BASIC INDUSTRY AND CHEMICALS) 36 ANIMAL FEED 1 Charoen Pokphand Indonesia Tbk 2 JAPFA Comfeed Indonesia Tbk 3 Malindo Feedmill Tbk 4 Sierad Produce Tbk
5
CSM
INDUSTRI PERTANIAN (AGRICULTURE) 12 PLANTATION 1 Astra Agro Lestari Tbk 2 BW Plantation Tbk 3 Gozco Plantations Tbk 4 Jaya Agra Wattie Tbk 5 PP London Sumatra Indonesia Tbk 6 Provident Agro Tbk 7 Sampoerna Agro Tbk 8 Salim Ivomas Pratama Tbk 9 SMART Tbk 10 Tunas Baru Lampung Tbk 11 Bakrie Sumatera Plantations Tbk
3
Tanggal Pendaftaran
CPIN JPFA MAIN SIPD
18-Mar-1991 23-Oct-1989 10-Feb-2006 27-Dec-1996
INDUSTRI BARANG KONSUMSI (CONSUMER GOODS INDUSTRY) 51 FOOD AND BEVERAGES 1 Akasha Wira International Tbk Tbk 2 Tiga Pilar Sejahtera Food Tbk 3 Tri Banyan Tirta Tbk 4 PT Wilmar Cahaya Indonesia Tbk. 5 Davomas Abadi Tbk 6 Delta Djakarta Tbk 7 Indofood CBP Sukses Makmur Tbk 8 Indofood Sukses Makmur Tbk 9 Multi Bintang Indonesia Tbk 10 Mayora Indah Tbk 11 Prasidha Aneka Niaga Tbk 12 Nippon Indosari Corpindo Tbk 13 Sekar Bumi Tbk 14 Sekar Laut Tbk 15 Siantar Top Tbk 16 Ultra Jaya Milk Industry Tbk 52 TOBACCO MANUFACTURERS 1 Gudang Garam Tbk 2 HM Sampoerna Tbk 3 Bentoel International Investama Tbk 4 Wismilak Inti Makmur Tbk 53 PHARMACEUTICALS 1 Darya-Varia Laboratoria Tbk 2 Indofarma Tbk 3 Kimia Farma (Persero) Tbk 4 Kalbe Farma Tbk 5 Merck Tbk 6 Pyridam Farma Tbk 7 Merck Sharp Dohme Pharma Tbk 8 Taisho Pharmaceutical Indonesia Tbk 9
Tempo Scan Pacific Tbk
54 COSMETICS AND HOUSEHOLD 1 Martina Berto Tbk 2 Mustika Ratu Tbk 3 Mandom Indonesia Tbk 4 Unilever Indonesia Tbk
ADES AISA ALTO CEKA DAVO DLTA ICBP INDF MLBI MYOR PSDN ROTI SKBM SKLT STTP ULTJ GGRM HMSP RMBA WIIM DVLA INAF KAEF KLBF MERK PYFA SCPI SQBB SQBI TSPC MBTO MRAT TCID UNVR
13-Jun-1994 11-Jun-1997 10-Jul-2012 9-Jul-1996 22-Dec-1994 12-Feb-1984 7-Oct-2010 14-Jul-1994 17-Jan-1994 4-Jul-1990 18-Oct-1994 28-Jun-2010 5-Jan-1993 8-Sep-1993 16-Dec-1996 2-Jul-1990 27-Aug-1990 15-Aug-1990 5-Mar-1990 18-Dec-2012 11-Nov-1994 17-Apr-2001 4-Jul-2001 30-Jul-1991 23-Jul-1981 16-Oct-2001 8-Jun-1990 29-Mar-1983
-0.38 0.15 -0.06 0.22 -0.30 -0.27 0.05 0.08
17-Jun-1994 average
-0.39 -0.10
average
-0.09 -0.40 -0.17 -0.01 -0.17
13-Jan-2011 27-Jul-1995 27-Jul-1993 11-Jan-1982
CODE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63
SIMP CPRO CPIN DLTA DLTA ICBP ICBP INDF INDF MYOR MYOR SKLT SKLT STTP GGRM HMSP RMBA DVLA KAEF KLBF MERK TSPC TSPC TSPC MBTO MRAT MRAT MRAT MRAT MRAT MRAT TCID TCID TCID UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR UNVR BTEL TLKM TLKM TLKM TLKM UNTR AMRT HERO HERO HERO MPPA MPPA
ABNORMAL RETURN OF ANNOUNCING FIRMS t-2 t-1 t0 t+1 0.0035 -0.0007 -0.0203 0.0536 -0.0029 0.0546 -0.0274 0.0057 -0.0204 0.0041 0.0719 -0.0021 -0.0171 0.0064 0.0065 -0.0080 -0.0163 0.0046 -0.0058 -0.0213 0.0039 -0.0339 -0.0076 0.0062 0.0260 -0.0088 -0.0102 0.0327 0.0086 0.0491 0.0116 0.0012 -0.0934 -0.0026 -0.0049 0.0269 0.0170 0.0116 -0.0157 -0.0257 -0.0147 -0.0148 -0.0098 0.0046 -0.0107 -0.0012 0.0573 -0.0251 0.0149 0.0167 0.0157 0.0054 -0.0109 0.0211 0.0030 0.0063 -0.0035 0.0216 -0.0020 -0.0197 0.0133 0.0213 0.0025
0.0044 0.0179 -0.0017 0.0128 0.0081 -0.0119 0.0125 0.0051 0.0078 0.0208 0.0076 0.0148 0.0443 0.0165 0.0157 0.0560 0.0271 0.0025 0.0033 0.0041 0.0894 0.0438 -0.0083 -0.0036 0.0036 -0.0012 0.0760 -0.0328 0.0260 -0.0040 0.0062 -0.0107 0.1135 -0.0021 -0.0041 -0.0045 -0.0475 -0.0174 -0.0066 0.0159 -0.0103 -0.0160 0.0086 0.0088 -0.0440 -0.0032 -0.0144 0.0023 0.0122 0.0068 -0.0068 0.0480 -0.0128 -0.0124 -0.0081 -0.0145 -0.0224 0.0099 0.0128 -0.0037 0.0274 0.0025 -0.1459
0.0120 -0.0068 0.0328 0.0017 -0.0040 0.0172 -0.0039 0.0044 -0.0096 -0.0068 -0.0249 -0.0068 0.0008 -0.0181 -0.0202 0.1038 -0.0291 0.0401 -0.0065 0.0187 -0.0027 -0.0061 0.0441 0.0016 -0.0152 -0.0325 -0.1067 0.0387 -0.0388 -0.0108 -0.0192 0.0060 -0.0349 0.0006 0.0117 -0.0152 -0.0009 -0.0275 -0.0059 -0.0074 -0.0159 0.0053 0.0109 -0.0194 -0.0076 0.0247 0.0028 -0.0128 0.0138 -0.0112 -0.0118 -0.0065 0.0504 0.0087 -0.0225 -0.0040 -0.0060 -0.0263 0.0017 0.0077 -0.0005 -0.1459 -0.0733
-0.0010 -0.0059 0.0704 0.0057 0.0010 0.0321 -0.0098 -0.0029 0.0053 -0.0076 -0.0162 -0.0198 -0.0106 0.0372 -0.0026 0.0666 -0.0085 -0.0096 -0.0050 -0.0051 -0.0127 0.0965 -0.0127 -0.0040 0.0037 0.0322 -0.0094 0.0013 0.0058 -0.0119 -0.0143 -0.0059 0.0057 -0.0042 0.0098 0.0468 -0.0126 -0.0138 -0.0100 -0.0126 0.0222 -0.0134 -0.0011 -0.0001 -0.0155 0.0100 0.0217 -0.0260 -0.0104 0.0064 0.0095 -0.0072 -0.0092 0.0096 -0.0096 -0.0154 -0.0319 -0.0197 0.0057 0.0225 0.0048 -0.0733 0.0233
t+2
t+3
t+4
t+5
-0.0128 -0.0131 0.0476 -0.0173 -0.0027 -0.0077 -0.0086 -0.0058 -0.0033 -0.0208 0.0162 -0.0088 0.0086 -0.0698 0.0048 -0.0019 -0.0062 -0.0275 0.0063 -0.0015 -0.0029 0.0020 -0.0141 0.0039 -0.0090 -0.0021 -0.0033 -0.0336 -0.0107 0.0360 -0.0040 -0.0052 -0.0173 -0.0771 -0.0049 0.0941 0.0267 0.0060 0.0087 -0.0080 -0.0012 0.0018 -0.0132 0.0081 -0.0127 0.0230 0.0076 -0.0068 -0.0063 -0.0038 -0.0135 -0.0120 -0.0169 0.0200 0.0256 0.0045 0.0296 0.0056 -0.0173 -0.0098 -0.0112 0.0233 -0.0209
0.0033 0.0002 -0.0821 -0.0274 0.0054 -0.0290 0.0157 -0.0268 -0.0073 0.0011 0.1447 -0.0050 0.0007 0.0229 -0.0089 -0.0095 0.0201 -0.0012 -0.0034 -0.0222 0.0502 0.0119 -0.0088 0.0052 0.0035 0.0148 -0.0161 0.0050 0.0050 -0.0078 0.0362 -0.0260 0.0042 0.0388 overlap 0.0634 0.0106 0.0265 -0.0006 -0.0112 0.0035 0.0142 -0.1059 0.0174 0.0349 0.0219 -0.0220 0.0043 -0.0293 0.0245 -0.0013 -0.0103 0.0069 -0.0339 -0.0075 -0.0015 0.0235 -0.0015 0.0042 -0.0111 -0.0438 -0.0209 0.0002
-0.0105 0.0102 0.0089 -0.0135 0.0055 -0.0216 0.0147 0.0264 -0.0044 0.0065 -0.0277 0.0065 0.0007 0.0269 -0.0170 -0.0033 -0.0208 -0.0065 -0.0026 0.0051 -0.0040 -0.0012 0.0133 0.0055 0.0102 0.0796 -0.0164 0.0195 0.0408 -0.0298 -0.0040 0.0089 -0.0958 0.0016 overlap -0.0677 0.0081 0.0080 -0.0120 0.0021 0.0078 -0.0120 0.0150 -0.0338 0.0144 0.0547 0.0053 -0.0030 0.0289 0.0115 0.0100 -0.0052 0.0150 -0.0268 0.0037 0.0049 0.0290 0.0040 -0.0135 -0.0044 -0.0005 0.0002 0.0113
0.0029 0.0049 -0.0288 -0.0167 -0.0065 -0.0131 0.0288 -0.0226 0.0122 -0.0013 -0.0263 -0.0013 -0.0064 0.0008 -0.0284 -0.0030 0.0334 -0.0087 0.0172 0.0138 0.0010 -0.0242 -0.0047 -0.0146 0.0182 -0.0994 0.0137 0.0057 -0.0114 0.0204 -0.0193 0.0034 -0.0167 -0.0040 overlap 0.0254 0.0228 0.0047 -0.0049 -0.0044 -0.0062 -0.0004 -0.0009 -0.0087 0.0326 -0.0082 0.0004 -0.0048 -0.0194 0.0267 -0.0142 0.0237 -0.0147 0.0001 -0.0013 0.0103 -0.0068 -0.0098 -0.0167 0.0024 0.0020 0.0113 0.0133
OUTPUT PAIRED-SAMPLES TEST ANNOUNCING FIRMS Paired Samples Statistics
Pair 1
CAR (-2,1) CAR_after (0,2)
Mean
N
Std. Deviation
Std. Error Mean
.007557
63
.0344029
.0043344
-.006444
63
.0525263
.0066177
Paired Samples Correlations N Correlation Sig. Pair 1 CAR (-2,1) & CAR_after (0,2) 63
.003 .982
Paired Samples Test Paired Differences 90% Confidence Interval of the Mean
Std.
Std. Error
Deviation
Mean
Difference Lower
Upper
t
Pair CAR (-2,1) 1
CAR_after
.0140012
.0627044
.0079000
.0008097
.0271926
1.772
(0,2) Paired Samples Test
df Sig. (2-tailed) Pair 1 CAR (-2,1) - CAR_after (0,2) 62
.081
T-TEST PAIRS=CAR21 CAR21 CAR21 WITH CAR_after03 CAR_after04 CAR_after05 (PAIRED) Paired Samples Statistics Mean Pair 1
CAR (-2,1) CAR_after (0,3)
Pair 2
CAR (-2,1) CAR_after (0,4)
Pair 3
CAR (-2,1) CAR_after (0,5)
N
Std. Deviation
Std. Error Mean
.007557
63
.0344029
.0043344
-.005453
63
.0578472
.0072881
.007557
63
.0344029
.0043344
-.004389
63
.0600693
.0075680
.007557
63
.0344029
.0043344
-.006398
63
.0586651
.0073911
Paired Samples Correlations N Pair 1
CAR (-2,1) & CAR_after (0,3)
Pair 2
CAR (-2,1) & CAR_after (0,4)
Pair 3
CAR (-2,1) & CAR_after (0,5)
Correlation
Sig.
63
.070
.584
63
-.036
.777
63
-.067
.602
Paired Samples Test Paired Differences 90% Confidence Interval of the Mean Pair
CAR (-2,1) -
1
CAR_after
Std.
Std. Error
Deviation
Mean
Difference Lower
Upper
t
.0130097
.0651940
.0082137
-.0007055
.0267249
1.584
.0119463
.0703026
.0088573
-.0028436
.0267363
1.349
.0139551
.0699677
.0088151
-.0007644
.0286746
1.583
(0,3) Pair
CAR (-2,1) -
2
CAR_after (0,4)
Pair
CAR (-2,1) -
3
CAR_after (0,5)
Paired Samples Test
df
Sig. (2-tailed)
Pair 1
CAR (-2,1) - CAR_after (0,3)
62
.118
Pair 2
CAR (-2,1) - CAR_after (0,4)
62
.182
Pair 3
CAR (-2,1) - CAR_after (0,5)
62
.118
OUTPUT INDEPENDENT-SAMPLES TEST ANNOUNCING FIRMS Group Statistics CAAR (-2,2) CSM SS N
SC 18
9
.012549
.000276
Std. Deviation
.0804367
.0190583
Std. Error Mean
.0189591
.0063528
Mean
Independent Samples Test Levene's Test for Equality of Variances F CAAR (-
Equal
2,2)
variances
2.342
t-test for Equality of Means
Sig.
t
.139
df
.447
Sig. (2-
Mean
tailed)
Difference
25
.658
.0122722
.614 20.483
.546
.0122722
assumed Equal variances not assumed Independent Samples Test t-test for Equality of Means 90% Confidence Interval of the Difference
Std. Error Difference CAAR (-2,2)
Equal variances assumed Equal variances not assumed
Lower
Upper
.0274344
-.0345896
.0591340
.0199951
-.0221744
.0467188
T-TEST GROUPS=CSM('SSA' 'SSR') /VARIABLES=CAAR/CRITERIA=CI(.90).
T-Test Group Statistics CAAR CSM SSA N
SSR 18
50
.012549
.004686
Std. Deviation
.0804367
.0623533
Std. Error Mean
.0189591
.0088181
Mean
Independent Samples Test Levene's Test for Equality of Variances F
t-test for Equality of Means
Sig.
t
df
Sig. (2-
Mean
tailed)
Difference
CAAR Equal variances
.086
.770
.424
66
.673
.0078628
.376 24.749
.710
.0078628
assumed Equal variances not assumed Independent Samples Test t-test for Equality of Means 90% Confidence Interval of the Difference
Std. Error Difference CAAR
Equal variances assumed Equal variances not assumed
Lower
Upper
.0185474
-.0230793
.0388049
.0209095
-.0278675
.0435931
T-TEST GROUPS=CSM('SCA' 'SCR') /VARIABLES=CAAR/CRITERIA=CI(.90).
T-Test Group Statistics CAAR CSM SCA N
SCR 9
41
.000276
.004493
Std. Deviation
.0190583
.0832399
Std. Error Mean
.0063528
.0129999
Mean
Independent Samples Test Levene's Test for Equality of Variances F
t-test for Equality of Means
Sig.
t
df
Sig. (2-
Mean
tailed)
Difference
CAAR Equal variances
2.606
.113
-.150
48
.881
-.0042168
-.291 47.766
.772
-.0042168
assumed Equal variances not assumed Independent Samples Test t-test for Equality of Means 90% Confidence Interval of the Difference
Std. Error Difference CAAR
Equal variances assumed Equal variances not assumed
Lower
Upper
.0281176
-.0513763
.0429426
.0144691
-.0284871
.0200535
RIWAYAT HIDUP About the Author
Linda Rosenta Eliyani received a bachelor degree in Architectural Engineering from Institut Teknologi Nasional in Bandung. 8 July 2014 was a great day for her – she finished her Master degree in Management (Finance) at Universitas Mercu Buana, and she did it in 21 months while working as the Executive Assistant to Operations Director at PT. Panarub Industry. She has also taught English at International Cambridge Centre Jakarta, and taught Business English at Universitas Mercu Buana Program Kelas Karyawan. She presented her Thesis proposal in Student Colloquium Konferensi Ilmiah Akuntansi I at Universitas Mercu Buana in February 2014. This paper has been translated in English, and is accepted for the 10th Asia-Pasific Management Accounting Association Annual Conference in October 2014 in Thailand. Her research interests are micro small medium enterprise, social entrepreneur, agribusiness, strategic management, sustainable business, creative economy and innovation. She would be very grateful to connect with academics and professionals, please send email to
[email protected] for futher correspondence.
