PENILAIAN KESEHATAN BUMN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) DALAM MASA PANDEMI COVID-19

Penelitian ini menganalisis tingkat kesehatan perusahaan BUMN yang terdaftar di Bursa Effek Indonesia berdasarkan Keputusan Menteri Badan Usaha Milik Negara Nomor: KEP-100/MBU/2002. Penelitian ini dinilai sangat penting karena dalam kondisi pandemi Covid-19 di tahun 2020 ini, banyak perusahaan khususnya BUMN yang aktivitas operasionalnya terganggu. Penelitian ini berlandaskan Signaling Theory. Signaling Theory atau Teori sinyal ini merupakan konsep ketika terbit sebuah informasi, maka informasi tersbeut dianggap sinyal oleh para investor. Tata cara penilaian mendasarkan pada Keputusan Menteri Badan Usaha Milik Negara Nomor: KEP-100/MBU/2002. Populasi dan Sampel penelitian adalah 22 perusahaan BUMN yang terdaftar di Bursa Efek Indonesia. Metode penelitian yang digunakan adalah Metode Deskriptif. Hasil analisis menunjukkan bahwa BUMN yang berpredikat SEHAT dengan total SKOR tertinggi adalah SMGR dengan nilai 91. Sebaliknya BUMN yang berpredikat KURANG SEHAT dengan total SKOR terendah adalah JSMR dengan nilai 42,6. Hasil tersebut memberikan sinyal kepada para investor bahwa BUMN dengan kondisi SEHAT akan lebih dapat bertahan di tengah persaingan bisnis saat Pandemi Covid-19, sebaliknya BUMN dengan kondisi KURANG SEHAT akan lebih besar risiko kebangkrutannya sehingga sinyal yang diberikan adalah untuk menghindarinya.

The Capital Market Response to The Announcement of The 2019-2024 Indonesia Onward Cabinet System

This research aims to examine capital market response to the 2019-2024 Indonesia Onward Cabinet System announced by President Jokowi. This event study research used market estimation model to estimate the expected return with an estimated period of 100 days and window period of seven days. There were 90 companies that are the member of Kompas Index 100 as the sample used in this research. T-test was used to analyze the data. The result shows that the announcement System of Indonesia Onward Cabinet 2019-2024 was responded positively and significantly by capital market. The result supports signaling theory in which the announcement of the 2019-2024 Indonesia Onward Cabinet System gave positive signal (influence) on capital market.

Management Forecasting Ability and Predictive Ability of Dividend Changes for Future Earnings

We revisit the predictive ability of dividend changes for firms’ future earnings and extend the literature by examining the effect of management forecasting ability. Although prior studies have examined the relationship between dividend changes and future earnings, the empirical evidence is mixed. The belief that dividend changes have implications for future earnings depends on the assumption that managers can accurately assess future earnings prospects. In this regard, we posit that the predictive ability of dividends can vary with managers’ forecasting ability. Analyzing a large sample of Japanese dividend-paying firms, we find that dividend changes, particularly dividend increases, are positively associated with increases in future earnings. Consistent with our hypothesis, this positive association is more pronounced for firms with high-forecasting ability managers. Our findings support the signaling theory of dividend changes and indicate that management forecasting ability has a moderating effect on the linkage between firms’ dividend changes and future earnings.

Broad or Narrow Stakeholder Management? A Signaling Theory Perspective

To mitigate risk, should companies signal a broad range of environmental, social, and governance (ESG) initiatives or instead focus on only a few ESG issues? Drawing on signaling theory, we propose that a broad array of ESG initiatives generates not only signal consistency but also accelerating signal costs. Our empirical results support the resultant hypothesis of a curvilinear relationship between ESG scope and equity risk. In addition, this U-shaped curve seems to become steeper when firms face multiple media-reported ESG controversies. Overall, our study qualifies the conventional wisdom that firms can reduce equity risk by attending to a wide variety of stakeholders and highlights the moderating (signal-amplifying) impact of the firm’s media environment.

Like It or Not: When Corporate Social Responsibility Does Not Attract Potential Applicants

Companies increasingly recognize the importance of communicating corporate social responsibility (CSR) including their engagement toward employees, the community, the environment and other stakeholder groups to attract applicants. The positive findings on the effect of CSR on applicants’ reactions are commonly based on the assumption that companies send a clear signal about their commitment to CSR. However, communication is always contextualized and has become more ambiguous through the increased availability of information online. External stakeholders including actual and potential applicants are confronted with inconsistencies between the way companies communicate CSR activities and their overall CSR performance. Drawing on signaling theory, this article raises the question of how the interaction between strong CSR communication and low CSR performance influences organizational attractiveness. We propose that low CSR performance dampens the effect of CSR communication on organizational attractiveness. Hence, the inconsistency between CSR communication and CSR performance decreases organizational attractiveness. To test our hypotheses, we scraped 67,189 posts published on corporate Facebook career pages by 58 Fortune 500 companies from the time they began their respective career page until June 2018. Surprisingly, our results show that a low CSR performance strengthens the effect of CSR communication on organizational attractiveness. Thus, inconsistencies between CSR communication and CSR performance seem to lead to positive evaluations among applicants.

Composing the same song: when and how high-performance work systems can stimulate proactive behavior

PurposeDrawing on signaling theory, the purpose of this study is to explore how high-performance work systems (HPWS) interact with leader–member exchange (LMX) to predict employees' proactive behavior and job engagement. Moreover, the present study also proposes the mediating role of job engagement in the interactive effects of HPWS and LMX quality on proactive behavior.Design/methodology/approachThe data of this study include 228 customer-contact employees and 44 store managers from chain store enterprises in the service sector in Taiwan. The proposed models were tested with hierarchical linear modeling and Monte Carlo simulation.FindingsThe results show a significant interactive effect of HPWS and LMX on job engagement and proactive behavior. In addition, job engagement serves as a vital mechanism linking the interactive effect of HPWS and LMX quality on proactive behavior.Originality/valueThis study uses signaling theory to unpack the question when and how HPWS can be more influential on employees' proactive behavior. In particular, the positive effect of HPWS on proactive behavior is more prominent only when employees enjoy high LMX quality with their respective line managers. In addition, the interactive effects of HPWS and LMX quality on proactive behavior are mediated by job engagement. The findings provide valuable theoretical and managerial contribution by integrating HRM and leadership research.

How Destination Social Responsibility Shapes Resident Emotional Solidarity and Quality of Life: Moderating Roles of Disclosure Tone and Visual Messaging

This study investigates how destination social responsibility (DSR) improves resident quality of life (QOL) through the lenses of signaling theory and emotional solidarity theory. The study demonstrates the mediating role of resident emotional solidarity toward the destination and the moderating roles of disclosure tone and visual messages. Three experiments indicate that continuous (vs. one-time) DSR positively affects resident emotional solidarity and QOL, whereas emotional solidarity has a mediating role. Emotional solidarity elicited by continuous (vs. one-time) DSR is significantly higher when the disclosure tone of DSR is vivid (vs. pallid). However, when DSR is disclosed using visual messages, emotional solidarity effects of DSR types are not different in vivid tone but have significant differences in pallid tone. This study expands the application of signaling theory and emotional solidarity theory to resident QOL studies and provides suggestions on improving residents’ QOL through DSR.

The role of predictive analytics to explain the employability of management graduates

PurposeIn India, one of the prime focuses of a post-graduate management program is to prepare students and make them job-ready. Masters in Business Management (MBA) program helps students to imbibe theoretical and practical skills which are required by the industry, which can make them hit the ground running from the day they start their career. Many students (almost 40–50%) get pre-placement offers based on their performance in summer internship. The selection for summer interns by the corporate happens within a few months of the student joining the MBA program. Signaling theory in education indicates that the level of productivity of an individual is independent of education, but the educational qualification acts as a testimony for higher ability. However, this theory does not explain the reason for the mismatch between “education and work” or “education and the disparity in salary” between individuals who earn differently but have the same qualification. The paper aims to explore three attributes namely – “employability”– the chance of being employable; “pre-placement offers” – the chance of securing a job offer based on the performance in internship and “salary” – the chance of bagging a good job offer with a high salary.Design/methodology/approachThe authors have used longitudinal data consisting of 1,202 students who graduated from reputable business schools (B-Schools) in India. In the study, the authors have used predictive analytics on six years data set that have been gathered. The authors have considered 24 attributes including educational background at the graduate level (BE, B Tech, B Com, BSc, BBA and others), score secured in class ten (high, medium and low), score secured in class twelve (high, medium and low), score secured in graduation (high, medium and low), competency in soft skills (high, medium and low), participation in co-curricular activities (high, medium and low) and social engagement status (high, medium and low).FindingsThe findings of the study contradict the signaling theory in education. The findings suggest that the educational qualification alone cannot be the predictor of the employability and the salary offered to the student. The authors note that the better performance at a lower level of qualification (class 12) is the strong predictor in comparison to the student performance at their graduation and post-graduation level. The authors further observed at the post-graduate management education level that soft skills and participation in co-curricular activities are the major deciding factors to predict employability and pre-placement job opportunity and marks secured in class 12 is one more factor that gets added to this list to predict salary. The paper can immensely help management graduates to focus on key aspects that can help to hone appropriate skills and also can help management institutions to select the right students for management programs.Research limitations/implicationsThe analysis and the predictive model may apply to Indian B-Schools wherein the quality of students are almost the same or better. Predictive analytics has been used to explain the employability of management graduates alone and not any other.Practical implicationsThe authors' study might be useful for those students who often fail to understand “what” skills are the most important predictors of their performance in the pre-placement and final-placement interviews. Moreover, the study may serve as a useful guide to those organizations that often face dilemmas to understand “how” to select an ideal candidate for the particular job profile from a campus.Originality/valueThe authors believe that the current study is one of the few studies that have attempted to examine the employability of management graduates using predictive analytics. The study further contradicts that the signaling theory in education does not help better explain the employability of the students in extremely high-paced business environments.

Environmental Management System and Performance in SMEs. Evidence from the Abruzzo Region

The paper aims at investigating the potential effect on economic and financial performance caused by the adoption of an environmental management system ISO14001certification, by SMEs in Abruzzo region, which represent a significative case study due to the environmental capital that characterizes the whole region. From the Signaling Theory perspective, the adoption of such international environmental management system certification “signals” to the firm’s stakeholders, the engagement in adopting a sustainable management system, contributing to reduce information asymmetry and consequently, positively influence economic and financial performance. Considering a panel dataset of a total sample of 490 SMEs located in Abruzzo (observed from 2011 and 2019), constituted by 212 ISO14001 certified firms and a control group of 278 firms, selected comparing size, age and geographical location of the main group of analysis, the results show how economic and financial performance are positively related to the adoption of an environmental management system certification. JEL classification numbers: O40, O44. Keywords: ISO14001, SMEs, Environmental Management System, Signaling Theory, Abruzzo.