Volume 4, Nomor 1, April 2007












Analisis Pesaing Kelompok Usaha Wings dalam menghadapi Pimpinan Pasar


Perdana Wahyu Sentosa
Aris Munandar              1 – 29


The prime result of this research is to see competitors analysis especially to market leader in toiletries industry  to find whether there are some competitive significant impact and internal potential resources. The focus of analyzing are product and competitors with the rise competitiveness and environmental concern among players of industry. Firm has to respond with strategic environmental marketing activities designed to meet growing product demand in competitive market .  We find that the strategy to meet for Wings Group in Indonesia is growth with horizontal integration.  This paper focuses on the toiletries product strategy dimensions of competitiveness environment marketing.


Faktor-Faktor yang Mempengaruhi Permintaan Impor Indonesia


Amin Mansur                30 – 40


The aim of the research was to know the causal relationship of domestic income, real exchange rate and reserve foreign exchange to import demand in Indonesia post crisis period (1998 – 2005). Multiple regression was used to test the hypothesis. The result of the research show that partially domestic income and exchange rate had significant relationship to import demand in Indonesia, whereas reserve foreign exchange didn’t have any significant relationship to import demand in Indonesia.


Obligasi Syariah Memecah Kebuntuan Pembiayaan Infrastruktur


Handi Risza Idris                            41 – 52


According to road map financing of infrastructure 2005-2009, please mention that in 5 year forwards, Government of Indonesia will conduct development of infrastructure some sector in a number of area, totally investment of Rp788 trillion till Rp1.303 trillion. Of amount of governmental portion APBN around 11%, or Rp87 trillion till Rp143 trillion, and rest come from private sector around 89%. Ten infrastructure sector which become priority, of government to is immediately realized, consist of; road-works of land (transportation land), railway, sea transportation (Sea Port), air transportation (Air Port), road toll, oil infrastructure and gas, electrics, telecommunications, clean water (Water Drinking), and housing. One of the alternatives to be used by government in defraying this infrastructure is by publishing obligation both for having the character of conventional and also Syariah. Based on result of survey of Islamic Finance Service Malaysia (IFSM), estimated by year world Ijarah market 2006 experiencing of growth till 300 %. This assumption is relied on fact of the following market. First, sukuk outstanding in Malaysia which is on year-end 2004 have succeeded to reach US$ 6,7 billion. Second, fact of sale of governmental obligation of Pakistan in January 2005 tired of US$ 600 million and oversubscribed excess of request two fold or US$ 1,2 billion. Three, existence of plan of IDB in the year 2005-2006 to release sukuk equal to US$ 500 million. Fourth, sukuk in Bahrain equal to U$ 152,2 million and Five sale of sukuk by two global underwriter distinguish for like Citigroup and of HSBC Bank, at first quartile have reached US$ 600. From fact, financing potency through sukuk of ijarah will give impact which is significant to acceleration of development of infrastructure in Indonesia.


Organizational Citizenship Behavior: Faktor-Faktor Penyebab dan Pengaruhnya

terhadap Kinerja Karyawan


Verny Yuliaty Ismail              53 – 67


Successful organizations need employees who will do more than their usual job duties and provide performance that is beyond expectations. Organizational citizenship behavior represents individual behavior that is discretionary, not directly or explicitly recognized by the formal reward system, and that in the aggregate promotes the effective functioning of the organization. This paper disscuss about the antecedents of organizational citizenship behavior and it’s consequences to the employee performance and organizational performance.


Dampak Perubahan Kebijakan Harga Bahan Bakar Minyak Bersubsidi untuk Masyarakat

terhadap Struktur Perekonomian Nasional.


M.Rizal Taufikurahman
La Diadhan Hukama               68 – 96


Since the old rezime era until Reformation era, the APBN of Indonesia has been defisite.  It was effect that the Indonesian government should to complete within credits from donors. Alhough, since Pelita I become especial exporter crude oil what it have felt windfall profit at decade 1970s. This study aim to analyze the price of petroleum on world formed and the factors influencing its forming and  analysing price of petroleum of Indonesia to subsidize society in influencing national income, the sector have strong linkage and the others non-migas sector. The method use to analize for this study within economic model of cruide oil Indoensia with equation of simultan into three block, such as crude oil price, macroeconomic and production The result of this study shows empirically in this study, the price of crude oil in the world formed by  supply and demand factors. Such as production of petroleum in the world, consumption of crude oil in the world, subsidize from exporter countries for crude oil and the lag price of cruide oil in the world. The impact policy to  decrease for subsidize society on macro-economics,  to increase of cruide oil proce will have an effect on negativity to GDP is 17.85%. Its caused by invesment degradation (I) equal to 17.36%. The impact sectral is felt on transportation sector down to 11.38%, the sector have stronger linkage on non-migas down to 11.49%.The results suggest that policy concequnce is that the government should looking for alternative solution have affects. Its mean, the existence of domino effect from the increase of cruide oil price in the world through productive subsidies within compensation which can to stimulate of productivity and performance of macroeconomics and sectoral to society level.


Pembentukan Portfolio dengan Pendekatan Markowitz

Kasus : Bursa Efek Jakarta Periode 2004-2006


Nurul Huda                    95 – 112


One of the  portfolio  Management methode is Markowitz approach. This Approach will result the optimal portfolio throught the information of portfolio risk. The purpose of this study was to know the implication of Markowitz approach on portfolio management . The risk measurement using stock data on a sample of go public companies those are ANTM (Aneka Tambang), SMCB(Semen Cibinong), TLKM ( Telkom) and UNTR (United Tractor). The Result analysis indicate that portfolio management reduced the unsystematic risk. Before portfolio management done average risk was 12,22 % and after portfolio were managed the average risk was only 8,68%.