.:: Program Studi Manajemen ::.

The phenomenon of capital market are not separated from the economic internal and external factors. On the internal side, the weakening of economic fundamentals such as the slow eco-nomic growth, the continually rocking-up inflations and the fluctuative exchange rate are the causes of poor performance of capital market. In addition, social and political conditions also influence the stability of capital market. On the external side, the development of foreign stock exchange growth also has a significant impact on the development of domestic capital market.

This study is, therefore, intended to see the impact of macroeconomy and foreign exchanges on the development of stock price indeces in the Jakarta Stock Exchange. This study uses the cointergration approach by previously conducting a data stationary test. Stationary test is one of the methods of seeing if there is a long-term retionship between the stock price composite index variabels and interest rates, exchange rates, foreign stock price indexes.

The result shows that time series variabels tested such as compisite indeces, interest rates, exchange rates, and foreign stock exchanges are stationary and integrated for order I or symbolized with I(1). Cointegration test points out that economic variabels and capital market has a long-term relationship with stock price composite index but only are exchange rate, singa-pore stock exchange and Japan Stock Exchange significantly cointegrated to the composite index.

Key Words: composite index, interest rate, exchange rate, foreign stock exchange, stationary test and cointegration test.

The selling price policy is pivotal to support the product positioning strategy. This paper deals with the customer perceptions toward the pricing policy of PT Hermon Anugrah Indah, a company producing oral care products, which recently has added line extention on toothbrush named Salute. Users of three famous toothbrush’brush, namely Formula, Pepsodent, and Oral-B, were choosen as the prime target of this research. The reason is that these three brands have been dominating Indonesian oral care market. A survey was carried out by bringing about a number of variables, such as socio-economic and psychographics variables, and their relation with various attributes of the products. This research confirms that the pricing policy of Salute has met the expectation of its target market as its price still below their reservation price – the maximum price they are willing to pay. Factors that are considered to have influenced on their buying decisions were softness of its bristles, price, color, easiness to get, design, comfortability, luxurious image, and cleanliness function.

Key Words: expected attributes, perceived and accepted attributes, and the willingness to pay.

Theoretically, determination of deposit insurance premium is based upon option theory and its variance. The premium determination tries to consider risk by using “ex-post” data, that is why it needs a compatible incentive. However, the term of this incentive has never been clearly stated. Furthermore, the exixtance of insurance treates negative impacts, such as it encourages moral hazard behavior in term of taking excessive risk. This paper suggests an alternative of determining deposit insurance premium by considering the insurance negative impact through undertaking co-insurance. This approach also estimates “ex-ante” data. The simulation finding shows the amount of premium at around 22 basis point.

Key Words: put option, moral hazard, co0insurance, risk based premium, differential equation, prompt correction action.

Building customer satisfaction for services is not a simple task, due to the characteristics of services that are more complicated than physical products. There are some related factors to services that should be considered by every company to succeed in creating and maintaining its customer satisfaction. The main factor that is sounded to be closely related to customer satisfaction is the servqual. Harapan Indah Club (HIC) offers sport facilities’ services to its members by sustainably developing of its services quality. The main purpose of this paper is to examine the influence of some services variables offered by HIC toward its customer satisfaction. It also dicusses the relation between the customers’ satisfaction and their willing-ness to recommend others to be members.

Key Words: customer satisfaction, quality of service, facility of service, attributes of service, recommendation

This research is aimed to analyze the dominant factors of various company groups in the same category. The objectives of knowing various factors within different group are to formulate the strategy in improving the company group performance. The analysis using the canonical discriminant function shows that the quick delivery of goods and price are the dominant factors used as the indicators of whether a company is called a large-scaled or a small-scaled company. While the overall service level mostly influences the company’s grouping.

Key Words: Canonical Discriminant Function, Cutting Score, Uji Wilk’s Lambda.