HUBUNGAN ANTARA KOMITMEN ORGANISASI DAN IKLIM ORGANISASI DENGAN KEPUASAN KERJA KARYAWAN UNIVERSITAS MUHAMMADIYAH SURAKARTA

By. R. Yudhi Satria R.A

This research objective is to find out the correlation between organizational commitment and organizational climate with the job satisfaction.

Job satisfaction functions as a dependent variable on this research. There are two variables functioning as independent variables, those are the commitment and the climate of organization. The hypothesis proposed in this research is divided into one major hypothesis, that is the correlation between organizational commitment and organizational climate with the job satisfaction. Two minor hypothesis proposed in the study are the positive correlation between organizational climate with work satisfaction, and the positive correlation between organizational climate with the job satisfaction.

The sample of this research is included three hundreds employees of Muhammadiyah University of Surakarta, acquired by random sampling technique. Data is collected through questionnaire method and analyzed by regression method.

The result of this research indicates that there is a significant correlation between organizational commitment and organizational climate with the work satisfaction, while the dominant free variable and the commitment variable becomes the major contributor in affecting the job satisfaction. The research also indicates that there is a positive and significant correlation between organizational commitment and the job satisfaction, in which the continuous and the normative factors become the dominant. This research also proves that there is a significant correlation between organizational climate with the work satisfaction. The dominant factors are conformity and organization clarity.

The other result of this research indicates that there is a very significant difference between organizational commitment, organizational climate and the job satisfaction on many work units where the employees work.

Keywords: job satisfaction, organizational commitment, organizational climate

MERAIH LOYALITAS PELANGGAN

By.

Ahmad Mardalis

Customer loyalty has been recognized as the dominant factor in a business organization's success. Therefore it has received considerable attention in both marketing and management theory and practice. This article describes factors that determine customer loyalty and explores the essential strategic consid-erations for companies contemplating the development of loyalty initiatives. It also establishes customer satisfactions, service quality, institution image, and switching barrier are cultivated in a manner that leads to loyalty.

Keywords: customer loyalty, customer satisfactions, service quality, institution image, and switching barrier

Taxes, Financing Decisions, and Firm Value

By. Eugene F. Fama and Kenneth R. French

We use cross-section regressions to study how a firm’s value is related to dividends and debt. With a good control for profitability, the regressions can measure how the taxation of dividends and debt affects firm value. Simple tax hypotheses say that value is negatively related to dividends and positively related to debt. We find the opposite. We infer that dividends and debt convey information about profitability (expected net cash flows) missed by a wide range of control variables. This information about profitability obscures any tax effects of financing decisions.

Ascending Auctions and Linear Programming

By. Sushil Bikhchandani, Sven de Vries, James Schummer & Rakesh V. Vohra

Based on the relationship between dual variables and sealed-bid Vickrey auction payments (established by Bikhchandani and Ostroy), we consider simpler, specific formulations for various environments. For some of those formulations, we interpret primal-dual algorithms as ascending auctions implementing the Vickrey payments. We focus on three classic optimization problems: assignment, matroid, and shortest-path problems.

Maximizing the Spread of Influence through a Social Network

By. Eva Tardos, David Kempe Jon Kleinberg

Models for the processes by which ideas and influence propagate through a social network have been studied in a number of domains, including the diffusion of medical and technological innovations, the sudden and widespread adoption of various strategies in game-theoretic settings, and the effects of “word of mouth” in the promotion of new products. Recently, motivated by the design of viral marketing strategies, Domingos and Richardson posed a fundamental algorithmic problem for such social network processes:if we can try to convince a subset of individuals to adopt a new product or innovation, and the goal is to trigger a large cascade of further adoptions, which set of individuals should we target?
We consider this problem in several of the most widely studied models in social network analysis. The optimization problem of selecting the most influential nodes is NP-hard here, and we provide the first provable approximation guarantees for efficient algorithms. Using an analysis framework based on submodular functions, we show that a natural greedy strategy obtains a solution that is provably within 63% of optimal for several classes of models;
our framework suggests a general approach for reasoning about the performance guarantees of algorithms for these types of influence problems in social networks.
We also provide computational experiments on large collaboration networks, showing that in addition to their provable guarantees, our approximation algorithms significantly out-perform node selection heuristics based on the well-studied notions of degree centrality and distance centrality from the field of social networks.

Real Interest Rates, Expected Inflation, and Real Estate Returns: A Comparison of the U.S. and Canada

By Kuntara Pukthuanthong-Le and Richard Roll

In the United States, but not in Canada, nominal interest on residential housing mortgages is a deductible expense for the personal income tax. This suggests that changes in nominal interest rates could conceivably have differing impacts on real estate values in the two countries. The inflation component of nominal interest should have a negative impact on Canadian real estate, but its effect should be strictly less negative in the US and could even be positive. Using real estate investment trusts along with expected inflation imputed from inflation-indexed bonds in both countries, we find empirical support for a material and significant difference. In Canada, increases in nominal interest rates driven by inflation have a negative impact. The US impact is minimal and ambiguous in sign.

Using Option Pricing Theory to Infer About Historical Equity Premiums

By. Knut K. Aase

In this paper we make use of option pricing theory to infer about historical equity premiums. This we do by comparing the prices of an American perpetual put option computed using two different models: One is the standard model with continuous, zero expectation, Gaussian noise, the other is a very similar model, except that the zero expectation noise is of Poissonian type. Since a Poisson random variable is infinitely divisible, by the central limit theorem it is approximately normal.
The interesting fact that makes this comparison worthwhile, is that the probability distribution under the risk adjusted measure turns out to depend on the equity premium in the Poisson model, while this is not so for the standard, Brownian motion version. This difference is utilized to find the intertemporal, equilibrium equity premium.
We apply this technique to the US equity data of the last century, and find an indication that the risk premium on equity was about two and a half per cent if the risk free short rate was around one per cent. On the other hand, if the latter rate was about four per cent, we similarly find that this corresponds to an equity premium of around four and a half per cent.
The advantage with our approach is that we only need equity data and option pricing theory, no consumption data was necessary to arrive at these conclusions. We round off the paper by investigating if the procedure also works for incomplete models.

A Theory of Socialistic Internal Capital Markets

By. Antonio E. Bernardo, Jiang Luo and James J. Wang

We develop a model of a two-division firm in which the “strong” division has,on average, higher quality investment projects than the “weak” division. We show that the firm optimally biases its project selection policy in favor of the weak division and this bias is stronger when there is a greater spread in average project quality. The cost of such a policy is that the firm sometimes funds an inferior project but the benefit is that it motivates the manager of the

strong division to set (and meet) more aggressive cash flow targets.

Distribution Planning to Optimize Profits in the Motion Picture Industry

By. Barbara Somlo, Kumar Rajaram and Reza Ahmadi

We consider the distribution planning problem for the motion picture industry. In this problem, the distributor chooses the location of theaters where the movie will be screened, while the exhibitor chooses the duration of play at the particular theater. We model the distributor’s location selection problem and the exhibitor’s duration selection problem as integerprogramming based optimization models. A critical parameter for these models is the box office revenue forecast for individual theaters. To estimate this parameter, we develop a procedure to calculate the box office revenues at the theater-level as a function of movie attributes and theater characteristics. We tested our methods on realistic box office data and show that it has the potential to improve average distributor profits by 5.5%, or around $2.2 million per movie. We also develop some insights into why our methods outperform existing practice, which are crucial to their successful practical implementation.

Learning and Stock Market Participation

By. Juhani Linnainmaa

This paper examines the impact of short-sale constraints on market participation when agents learn about their investment opportunities. The possibility of binding short-sale constraints creates a feedback that can keep agents out of the market even if the risk premium is high. This effect arises with learning because the changes in investment opportunities are correlated with future realized outcomes: an agent will have a poor investment opportunity set precisely in those future states where her marginal utility is high. Non participation arises also in an equilibrium model where agents resolve uncertainty about the cash-flow covariance between tradable and non-tradable assets. These results suggest that learning and short-sale constraints can simultaneously generate non-participation, a sizable risk premium, and insignificant contemporaneous correlation between the stock return and the income of those who do not participate in the stock market.