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        The Effect of Management Capabilities in Implementing Good Corporate Governance: A Study from Indonesia Banking Sector

        NAPITUPULU, Sotarduga,PRIMIANA, Ina,NIDAR, Sulaeman R.,EFFENDY, Nury,PUSPITASARI, Devy Mawarnie Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.1

        The study attempts to examine the effect of the capabilities of banking companies, namely the dynamic and unique capabilities, on the implementation of GCG in Indonesia. The effect of organization capabilities on the implementation of GCG is essential since both of them can demonstrate the quality of the company's ability to compete and innovate. This study will also examine the influence of moderating variables, namely the fit and proper test. The methodology used in this study is the structural equation methods and using primary data with board of directors of commercial bank in Indonesia. The test results suggest the positive direct effect of unique capabilities on GCG. The findings show that the capabilities of the top management, both unique and dynamic capabilities, influence the implementation of GCG. Then, the variable of fit and proper test can also strengthen the relationship between them. Both unique capabilities and fit and proper test have a strong and positive impact on GCG. Meanwhile, dynamic capabilities have a negative impact on GCG even though it's not significant and contradictive with earlier studies. In the context of the banking industry growth and sustainability, this matter is important to examine. Top management behavior in operating their organization is important to be investigated.

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        Optimal Portfolio Models for an Inefficient Market

        GINTING, Josep,GINTING, Neshia Wilhelmina,PUTRI, Leonita,NIDAR, Sulaeman Rahman Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.2

        This research attempts to formulate a new mean-risk model to replace the Markowitz mean-variance model by altering the risk measurement using ARCH variance instead of the original variance. In building the portfolio, samples used are closing prices of Indonesia Composite Stock Index and Indonesia Composite Bonds Index from 2013 to 2018. This study is a qualitative study using secondary data from the Indonesia Stock Exchange and Indonesia Bonds Pricing Agency. This research found that Markowitz's model is still superior when utilized in daily data, while the mean-ARCH model is appropriate with wider gap data like monthly observation. The Historical return has also proven to be more appropriate as a benchmark in selecting an optimal portfolio rather than a risk-free rate in an inefficient market. Therefore Mean-ARCH is more appropriate when utilized under data that have a wider gap between the period. The research findings show that the portfolio combination produced is inefficient due to the market inefficiency indicated by the meager return of the stock, while bears notable standard deviation. Therefore, the researcher of this study proposed to replace the risk-free rate as a benchmark with the historical return. The Historical return proved to be more realistic than the risk-free rate in inefficient market conditions.

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        Bioactive Compounds and Macroelements of Chicory Plants (Cichorium intybus L.) after Hydroponic Forcing in Different Nutrient Solutions

        Lovro Sinkovič,Janez Hribar,Lea Demšar,Rajko Vidrih,Marijan Nečemer,Peter Kump,Dragan Žnidarčič 한국원예학회 2017 Horticulture, Environment, and Biotechnology Vol.58 No.3

        The aim of this study was to measure the bioactive compounds and elemental composition in the leaves ofdifferent chicory (Cichoruim intybus L.) cultivars after hydroponic forcing. Five chicory cultivars were studied: threered coloured cultivars: ‘Treviso’, ‘Verona’, and ‘Anivip’; one red-spotted cultivar ‘Castelfranco’; and one green cultivar‘Monivip’. Developing chicory roots were forced in three different nutrient solutions enriched in nitrogen (+N), enrichedin potassium (+N/K), or enriched in phosphorus (+N/P/K) to obtain new vegetative apical buds called chicons, or‘Belgian endive’. Each of the nutrient solutions was used at three concentrations: 1%, 2%, and 3%. Fifty leaf samples(5 cultivars × 10 nutrient solutions) were used for analyses. Total phenolic content, antioxidant potential, and total flavonoidcontent were determined using spectrophotometric methods at the appropriate wavelengths, and multi-elemental analysis(P, S, Cl, K, Ca, Fe, Zn, Mn, Rb, Br, and Sr) was conducted using energy dispersive X-ray fluorescence spectroscopy. The highest total phenolic and total flavonoid contents of the chicons were observed with the nutrient solution enrichedin K, followed by the solution enriched in N, and P. The highest antioxidant potential was observed with the nutrientsolution enriched in N. Multi-element analysis detected the major macroelements (> 1 g・kg-1dry weight) as K, P, Ca,Cl, and S. The nutrient solutions enriched in K and P generally showed the highest contents of these two macroelementsin the chicons. Linear discriminant analysis for 19 parameters derived from 43 samples of five cultivars ofchicons showed good discrimination between cultivars and nutrient solutions used for hydroponic forcing.

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