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LEMBAR

HASIL PENILAIAN SEJAWAT SEBIDANG ATAU PEER REVIEW

KARYA ILMIAH : PROSIDING

Judul Artikel : "LEGAL PLURALISM RESTORATIVE JUSTICE OF JUVENILE CRIMINAL JUSTICE"

Judul Seminar 4th International Conference on Advanced Research in Business and Social Sciences 2017 (ICARBSS 201 7)

Penulis Prosiding

Identitas Prosiding

: Dr. Pujiyono, S.H.,M.Hum

a. Nama Prosidingb. Nomor ISSNc. Edisi,bulan, tahun)d. Penerbite. Alamat web Prosiding

Proceeding of Icatbss ISBN 978-967-13620-3 Oktober 201 7 Prited by Panoply Consultance

Kategori Publikasi Seminar (beri ✓ pada kategori yang tepat)

D Seminar Internasional

D Seminar Nasional

Hasil Penilaian Peer Review :

Komponen Yang Dinilai

a. Kelengkapan unsur isi prosiding ( 10%)

b. Ruang lingkup dan kedalaman pembahasan (30%)

C. Kecukupan dan kemutahiran data/informasi danmetodologi (30%)

d. Kelengkapan unsur dan kualitas penerbit (30%)

Total = (100%)

Nilai Pengusul =

Nilai Maksimal prosiding

Internasional Nasional Nilai YangDiperoleh

D 1,5

4,5

4,5

4,5

15

Semarang,

Reviewer 1

D

Or. Rahayu, S.H.,M.Hum 196205051986032001

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4,b' 3l�

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Un kerja: Fakultas Hukum Undip

perkalian nilai13,5 x 100% = 13,5

perkalian nilai13 x 100% = 13

N Rochaeti, P Pujiyono, ALW Tyesta - 2017 - eprints.undip.ac.idThe rights of children today, especially regarding the protection of children in the juvenile criminal justice system has not been quite able to provide better conditions in the sense of getting rid of the bad condition of the child. In regard to the protection of some things and need attention, namely, shelter, protected parties feel secure in the protection. Interests and fundamental rights guaranteed and not harmed, even cultivated developed, so as to achieve growth mentally, physically, and socially maximum. The judicial process cause adverse …

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LEGAL PLURALISM RESTORATIVE JUSTICE OF JUVENILE CRIMINAL JUSTICE SYSTEM ININDONESIA

4th International Conference on Advanced Research in Business and Social Sciences 2017

25th to 26th October, 2017 │ Park Plaza Bangkok Soi 18, Bangkok, Thailand

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4th International Conference on Advanced Research in Business and Social Sciences 2017

25th to 26th October, 2017 │ Park Plaza Bangkok Soi 18, Bangkok, Thailand

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ORGANIZING COMITEE Conference Chair Dr. Husnain Iqbal (CEO & Founder) Panoply Consultancy husnain@panoplyconsultancy.com Conference Managers Ms. Anura Azlan Shah (Managing Director, Malaysia) Panoply Consultancy anura@panoplyconsultancy.com Ms. Maryam Iqbal (Managing Director, Pakistan) Panoply Consultancy maryam@panoplyconsultancy.com Conference Advisors Dr. Muhammad Khalique (Asscosiate Professor) Mirpur University of Science and Technology, Pakistan Dr. Nasser Alareqe International Islamic University Malaysia, Malaysia Coordinator Mr. Usman Iqbal (Operations Manager) Panoply Consultancy

KEYNOTE SPEAKERS Professor Madya Dr. Mohd Rafi Bin Yaacob Faculty of Entrepreneurship and Business University Malaysia Kelantan (UMK), Malaysia Professor Dr. Rafikul Islam Faculty of Economic and Management Sciences International Islamic University Malaysia (IIUM), Malaysia

4th International Conference on Advanced Research in Business and Social Sciences 2017

25th to 26th October, 2017 │ Park Plaza Bangkok Soi 18, Bangkok, Thailand

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CONTENTS

HARMONIZATION OF DICHOTOMY SETTINGS OF ISLAMIC CONTRACT SETTINGS IN SHARIA FINANCIAL INSTITUTIONS: COMPARING OF SHARIA ECONOMIC COMPILATION (KHES) AND REGULATION OF FINANCIAL AUTHORITIES (POJK) ............................................ 9

DETERMINANT OF MARKET VALUE AN INVESTMENT COMPANY (EMPIRICAL STUDY: PT. ASTRA INTERNATIONAL AND GROUP 2009-2016) .................................................................. 14

WORKPLACE OSTRACISM AND ITS IMPACT ON EMPLOYEE SILENCE – HOW GENDER CHANGES THE INTENSITY ....................................................................................................... 20

POLICY IMPACT ON FOOD PRICE IN COUNTRIES WITH HIGH TRADE RESTRICTIONS ....... 26

THE IMPACT OF ―OFFER FOR SALE‖ BY EXISTING SHAREHOLDERS ON INVESTORS‘ REACTION IN THE IPO IMMEDIATE AFTERMARKET ............................................................... 34

AN ARDL APPROACH ON COMMERCIAL PROPERTY FINANCING: A CASE OF MALAYSIA .. 43

THE LAZADA INDONESIA STRATEGY IN CREATING COMPETITIVE ADVANTAGES: THROUGH SWOT ANALYSIS..................................................................................................... 52

DETERMINANTS OF CONSUMER PURCHASE DECISION IN SMALL AND MEDIUM BUSINESS ................................................................................................................................................... 61

LEGAL PLURALISM RESTORATIVE JUSTICE OF JUVENILE CRIMINAL JUSTICE SYSTEM IN INDONESIA ................................................................................................................................ 72

REFLECTIONS ON PRACTICE-BASED LEARNING AND ORGANIZATIONAL KNOWLEDGE CREATION ................................................................................................................................. 78

PROFILING CORPORATE ENTREPRENEURSHIP: SUSTAINABLE BUSINESS MODEL FOR DIGITAL INDUSTRY IN WEST JAVA INDONESIA ...................................................................... 82

4th International Conference on Advanced Research in Business and Social Sciences 2017

25th to 26th October, 2017 │ Park Plaza Bangkok Soi 18, Bangkok, Thailand

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WORKPLACE OSTRACISM AND ITS IMPACT ON EMPLOYEE SILENCE – HOW GENDER

CHANGES THE INTENSITY

Fizza Rizvi

University of the Punjab, Pakistan frfizzarizvi@gmail.com

Nauman Ahmad Syed

COMSATS Institute of Information Technology, Pakistan naumansyed@gmail.com

ABSTRACT Previous researches sufficiently enlighten the antecedents and consequences of workplace ostracism. However, an uncovered area of the differences in the responses of employees in the organizations due to the gender difference is yet to be explored. A number of researchers are actively contributing in the debate of workplace ostracism in order to gain meaningful insights on the phenomenon. The current study highlights the impact of ostracism on employee silence applying the temporal need threat model. Though this direct relationship has already been researched, the present study, however, investigates the moderating role of Gender between them, incorporating the social role theory. Keywords: Ostracism, Silence, Gender, Social Role Theory, Temporal Need Threat Model 1. INTRODUCTION Ostracism refers to the feeling of being overlooked, ignored or excluded in a social setting (Robinson, O‘Reilly and Wang, 2012). Alexander (1986), believed it to be ―varying from such extremes as shunning, excommunication, and designation of ―outlaw" to the most subtle forms of status shifting through implied or real, partial or complete exclusion from temporary or even momentary and casual groupings of social interactants.‖ According to Maslow‘s hierarchy of needs theory, individuals tend to have a strong urge of psychological needs after the fulfillment of the basic needs (Maslow, 1943). Working in a good organization usually enables the individual to fulfill the basic human needs i.e. physiological and safety needs. Subsequently, psychological need of belongingness and esteem emerges as a very strong aspiration. Human beings have a tendency to feel highly demotivated in case the required desire remains unfulfilled. Ostracism has been identified as a strongly aversive phenomenon in organizations and social life, by the scholars (Wu et al. 2011). Therefore, it is gaining more attention as it changes the way people treat and are treated by others (William, 2007). Fox and Stallworth (2005) indicated a worrisome number of people facing ostracism in workplaces. The research on ostracism has, thus, been augmented in the time span of last ten years particularly (Hales, Kassner, Williams and Graziano, 2016) Despite all the avenues opened in the research of ostracism, workplace related ostracism is yet an underexplored area (Gkorezis, Panagiotou and Theodorou, 2016). Many researches indicated the negative organizational impacts of ostracism like, counterproductive work behaviors (Zhao, Peng and Sheard, 2013), low self-esteem and deviance (Ferris, Lian, Brown and Morrison, 2015), aggressive responses (Chen, DeWall, Poon and Chen, 2012), antisocial behavior (Chow, Tiedens and Govan, 2008) and negative affectivity (Peterson, Gravens and Harmon-Jones, 2011). Gkorezis and Bellou (2016) considered it a major factor leading to lack of knowledge sharing and communication between the employees in the organizations. Moreover, a recent study undertaken by Zhao and Xia (2017), showed a positive relationship of ostracism and lower employee voice behavior or silence, applying the conservation of resources theory. Morrison and Milliken (2000), suggested the behavior of withholding of the information as silence and investigated its detrimental effects in the organizations. We, therefore, in the current study intent to develop a model on the relationship of the workplace ostracism and employee silence behavior applying the temporal need threat model proposed by Williams (2009). The context of a developing country makes the importance of such research manifold. In a country like Pakistan, social and cultural settings make the role of gender a very significant variable to explore. Hence, investigating the moderating role of gender will enhance the understandability and complexity of the existing relationship.

4th International Conference on Advanced Research in Business and Social Sciences 2017

25th to 26th October, 2017 │ Park Plaza Bangkok Soi 18, Bangkok, Thailand

26

POLICY IMPACT ON FOOD PRICE IN COUNTRIES WITH HIGH TRADE RESTRICTIONS

NazmunnessaBakth

Shahjalal University of Science & Technology, Bangladesh sumisust2002@gmail.com

ABSTRACT Both government interventions in food market and trade restrictions in food are advocated from different corners citing consumers‘ benefit. While public controls can favor either consumers or producers, trade restrictions are meant for producers‘ protection. In the contrary countries put forward concern about national food security as justification for food trade barriers. In this perspective this study focuses government policy impact on food price as food price stability is a major concern for consumer welfare, production margin and political popularity. The study reveals that public policies can influence food prices only through providing incentives to food production and only in a delayed manner. Thus, intense efforts for the betterment of production capacity should pay off better in the long run while targeted government support can help the poor in smoothing short term shocks. 1. INTRODUCTION This study aims to identify the efficiency of government interventions in food market when restrictive policies exist in food trade. Developing countries frequently face intense food price variability due to various local and global reasons. The World Bank reports a net addition of 44 million to global poor as a result of food price hike in 2011 alone (Ivanic et al. 2011). The impacts may extend to food riots and political unrests followed by regime changes, massive violent clashes, losses of lives, injuries, destructions, cross-border migration and losses of resources (Braun and Tadesse, 2012). On the other hand supply bottlenecks in developing countries restrain their producers from reaping benefits of unforeseen price changes. Also imperfect market structure, trade barriers, and financial and infrastructural constraints prevent producers from expanding production to outweigh unstable prices. Food price volatilities thus hamper both consumers and producers that ultimately cause great grievance to the poor. While South Asian countries still host the largest portion of poor (extreme poor are 13.5 percent of South Asian population in contrast to the global percentage of 9.6 in 2014; World Bank), illiterate (most of the world‘s out-of-school children, about 33 million, lived in South Asia in 2016, WDI) and malnourished people (47% of the children below five living in South Asia in 2008 are stunted, WDI) in the world, this is also the least integrated region (intra-regional trade here is at less than 5% of total trade in 2016, WDI). Thus South Asian countries lack cheap neighboring sources to import food in the wake of any crisis. This, in addition to their production inefficiencies, seriously hampers their food security, growth and development. GDP growth in Asia and Pacific over 2011 and 2012 falls by 1.5 percent compared to 2010 due to elevated fuel and food prices and additional 19.4 million people slips in poverty with a more severe impact in South Asian countries (UNESCAP, 2011a). Bangladesh, India and Pakistan represent almost 97 percent of the total population of South Asia and 96 percent of its total Gross Domestic Product (Malik and Janjua, 2011). Household spending on food, as a percentage of total expenses, is around 60 to 70 percent in these three countries and thus obviously most of their people are more vulnerable to food price surges (WDI, 2014). The poverty reduction is not so rapid compared to their economic growth performance (Human Development in South Asia 2007) and continuous fluctuations of food price (Figure 1) have increased the number of poor and undernourished people significantly in these countries (Malik and Janjua, 2011). The seemingly fall of SAARC (The South Asian Association for Regional Cooperation) since 2016 has threatened the biggest effort of trade liberalization within this reason (South Asian Free Trade Area, SAFTA) only for geopolitical issues and lack of trust between two dominant members: India and Pakistan. Food trade is highly constrained by non- tariff measures in South Asia. This drives governments in all these three countries keep activist positions when food price instability is the concern. Both India and Bangladesh introduced price support polices and procurement operations in 1964-65 but while the former country is still sticking to such policies, they are only partially existing in Bangladesh (Samaratunga et al. 2012). Pakistan, a late adopter of these policies in 1973, also partially maintains support prices only for wheat and occasionally procures rice and wheat. Samaratunga et al. (2012) also showed how Bangladesh and Pakistan had to reinforce ration system after long breaks in the recent years. Bangladesh partially kept her trust on targeted public distribution but India always maintained a well-nourished rationing system. India carries on the most effective procurement program in the region followed by Pakistan but procurement growth is higher for both India and Bangladesh (Samaratunga et al. 2012). Trade interventions constitute instances of huge

4th International Conference on Advanced Research in Business and Social Sciences 2017

25th to 26th October, 2017 │ Park Plaza Bangkok Soi 18, Bangkok, Thailand

34

THE IMPACT OF “OFFER FOR SALE” BY EXISTING SHAREHOLDERS ON INVESTORS’

REACTION IN THE IPO IMMEDIATE AFTERMARKET

Norliza Che-Yahya

Universiti Teknologi MARA, Malaysia norliza9911@puncakalam.uitm.edu.my

Ruzita Abdul-Rahim

Universiti Kebangsaan Malaysia, Malaysia ruzitaar@ukm.edu.my

Nor Farradila Abdul Aziz

Universiti Teknologi MARA, Malaysia norfa503@salam.uitm.edu.my

ABSTRACT This study investigates the influence of ―offer for sale‖ by existing shareholders on investors‘ reaction in the IPO immediate aftermarket. The ―offer for sale‖ is measured by the proportion of shares offered to public from the sale of the existing shareholdings prior to IPO against the total number of shares offered during IPO. The ―offer for sale‖ activity suggests that proceed from the shares sold at an IPO would go into the pocket of the existing shareholders. That is, the proceed does not actually meet the primary goals of the IPO to raise funds for business expansion. IPO firms that go public mainly through ―offer for sale‖ activity are expected to receive less demand during IPO from potential investors as the investors are less optimistic in firms which their shares are offered mostly through ―offer for sale‖ activity relative to firms which their shares are newly issued. Thus, firms which their shares are offered through ―offer for sale‖ activity are predicted to produce poor initial aftermarket return and trading. Using a final sample of 419 Malaysian IPOs issued from January 2000 to December 2015, regression results of this study reveal that firms which their shares are offered highly through ―offer for sale‖ report poor and lower initial aftermarket return and trading volume. The results support the proposition of this study that investors are less optimistic in firms which their shares are offered mostly through ―offer for sale‖ activity. Keywords: Offer for sale, Investors‘ Reaction, IPO Immediate Aftermarket, Malaysia 1. INTRODUCTION The investors‘ reaction in the initial public offering (IPO) immediate aftermarket has received continuous attention by researchers probably because reaction of the investors in the first few trading days play a significant role in revealing IPO early and long term performance. Over the years, IPO early performance is measured usually by the percentage change in prices (or return). Only recently that IPO trading volume in the early days has been recognized also as an alternative mode to measure IPO early performance (Abdul Rahim et al. 2013; Yong 2010). The lag attention given to IPO trading volume is somehow paradoxical given the argument in IPO literature that the silent trading of an IPO in the aftermarket may prompt price of the IPO to be at a lower level to induce demand. This would impede the IPO to offer desirable profits to investors in the initial trading days. The unfavourable immediate aftermarket performance of an IPO will also jeapordize the chance of IPO issuer to absorb and create enough demand and financing when issue for subsequent equity offerings in the firm later stage of raising its funds. Thus, apart from focusing only on IPO initial returns, the examination of the investors‘ reaction in the IPO immediate aftermarket should be considered also from the insight of IPO early trading volume. In an attempt to understand investors‘ reaction in the IPO immediate aftermarket, this study centers its attention to one IPO allocation method. In brief, IPOs could be allocated and sourced to investors atleast from three main methods; private placement, offer for sale and public issue. In the context of Malaysian market, IPOs are allocated usually using these three methods (Yong and Isa 2003, Yong 2010). This study focuses on the influence of ―offer for sale‖ by existing shareholders in an IPO firm on investors‘ reaction in the IPO immediate aftermarket. The ―offer for sale‖ is measured by the proportion of shares offered to public or new individual shareholders from the sale of the existing shareholdings prior to IPO against the total number of shares offered during IPO

1. Unlike private

1Private placement is to the sale of IPOs directly to institutional investors while public issue is the sale

of newly issued shares to public.

4th International Conference on Advanced Research in Business and Social Sciences 2017

25th to 26th October, 2017 │ Park Plaza Bangkok Soi 18, Bangkok, Thailand

78

REFLECTIONS ON PRACTICE-BASED LEARNING AND ORGANIZATIONAL KNOWLEDGE

CREATION

Marilda Todescat

Universidade Federal de Santa Catarina, Brazil marildat@gmail.com

Marcos Baptista Lopez Dalmau

Universidade Federal de Santa Catarina, Brazil marcos.dalmau@ufsc.br

Eduardo Lobo

Universidade Federal de Santa Catarina, Brazil Eduardo.lobo@ufsc.br

Alexandre Marino Costa

Universidade Federal de Santa Catarina, Brazil marinocad@gmail.com

ABSTRACT In recent years, the concept of organizational learning has evolved and we can verify the diversity of approaches in this field (Prange, 2001). Recently, interest in this field has grown, based on the understanding of learning needs, as well as the subject being treated by many disciplines such as Strategic Management, Sociology and Organizational Theory (Easterby-Smith, 1997; Ayas, 2001). Last decade, organizational learning - OL starts to be studied as a process that occurs through practice (Gherardi; Nicolini; Odella, 1998). Understanding the relationship between organizational knowledge and organizational learning has been a theoretical as well as empirical challenge. This paper seeks to identify intersection areas between the practice-based learning theory (Gherardi, 1998, 2000, 2001, 2006 and 2009) and ontological and epistemological dimensions of knowledge creation (Nonaka and Takeuchi, 1997, 2008). The method adopted was a theoretical essay based on literature review (WHETTEN, 2003), to systematize the conceptual bases of this study main subjects: practice-based organizational learning and knowledge creation. As results, several convergences can be observed between the two theories, such as the importance of language and metaphors, human interaction in the ontological process and knowing in the epistemological dimension. Finally, new questions are added at the end of this study as well as suggestions for potential future studies. Keywords: Learning Organization, Practice Learning, Knowledge Creation 1. INTRODUCTION Assuming the great transformations that are occurring in the 4

th Industrial revolution (Scwab. K.,

2017), its speed, breadth and depth, as well as the capillarity combined with the field of possibilities brought by this revolution, leads us to rethink human, organizational and social development. The role of knowledge and learning becomes essential to explain and leverage such transformations. In this scenario, there are many approaches that address these subjects, and this essay focuses specifically on the organizational dimension and the relationship between organizational learning and knowledge in this context. Organizational knowledge creation theories by Nonaka and Takeuchi (1997) were used, as well as the practice-based learning theory (Gherardi. S., 1998, 2001). The study focused on the following question: is there compatibility between the knowledge creation theory by Nonaka and Takeuchi and the practice-based learning theory? A theoretical essay was used as method of study, characterized by its reflective and interpretive nature, different from science and its classificatory form. Focus is not on seeking true answers and statements, but questions that guide subjects to reflections with a high level of personal interpretation and judgment. (Hume, D. 1996). 2. LITERATURE REVIEW 2.1. Organizational Knowledge Knowledge has been the object of passionate controversies over the millennia of human existence, whether with Greeks, analyzing what being means, beginning with Socrates in 4th century BC, or crossing ages and societies, interfering in its trajectory by Christianity, which supported knowledge through faith; in the Modern Age, through the empirical knowledge of Bacon (Papineau. D., 2009) or