Kesadaran Manfaat Perencanaan Strategis Bagi Lembaga Pendidikan

Artikel ini bertujuan untuk mengetahui manfaat perencanaan strategis bagi lembaga pendidikan Islam. Metode yang digunakan adalah literature review, dengan mengumpulkan  berbagai referensi artikel pendukung dari jurnal-jurnal nasional. Hasil kajian ini menjelaskan, Apabila perencanaan strategis dapat dibuat dan dilaksanakan dengan benar serta didukung oleh komitmen pimpinan, maka perencanaan strategis dapat memberi manfaat-manfaat bagi lembaga pendidikan Islam, antara lain : (1) Perencanaan  strategis  dapat  memperkuat  “critical  mass”  menjadi  team  yang  kompak, karena diarahkan untuk menganut nilai-nilai pokok, sistem utama dan tujuan bersama, (2) Perencanaan strategis dapat membantu untuk mengoptimisasikan performance lembaga pendidikan Islam, (3) Perencanaan strategis dapat membantu pimpinan untuk selalu memusatkan perhatian dan menganut kerangka bagi upaya perbaikan secara kontinyu, (4) Perencanaan  strategis  memberikan  pedoman  bagi  pengambilan  keputusan  sehari-hari, dan (5) Perencanaan   strategis   selalu   memberikan   kemudahan   untuk   mengukur   kemajuan organisasi dalam usaha mencapai tujuannya untuk memperbaiki kualitas dan produktivitas. Manfaat perencanaan strategis pendidikan menjadi hal yang perlu diperhatikan untuk menciptakan penyelenggaraan pendidikan Islam yang bermutu

Information Environment Quality and its Impact on Return and Investment Decision

This study contributes to literature in four ways to explore the dynamics of stock price synchronicity (SPS). Firstly, it tests the weak form of market efficiency. Secondly, measures the effect of information environment on SPS by using firm specific variables i.e. liquidity, illiquidity, cost of information, trading cost and investor attention. Thirdly, this study attempts to investigate the relationship between information environment and foreign investment. Fourthly, role of information environment premium or SPS premium in explaining equity returns is explored. This study investigates the weak form of efficiency of Karachi stock exchange using a set of parametric and non-parametric tests that include Jarque-Bera and Kolmogrov-Smirnov (KS) test for normality, autocorrelation and Run test for autocorrelation, Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) for stationarity and multiple variance ratio (MVR) test. The results of the study indicate that daily, weekly and monthly returns do not follow random walk. So, investors can use technical analysis to devise investment strategies. This study also examines the relationship between SPS and firm specific variables associated with information environment. Results indicate that age, size, institutional ownership, book to market ratio, trading cost, liquidity, illiquidity and returns have significant impact on SPS. Various proxies of liquidity and illiquidity are used to test the robustness of results. These proxies include volume, turnover rate, value traded, Amihud illiquidity and percentage of zero volume days. The results suggest that the differences in idiosyncratic volatility are not linked with the more or less information of firm specific attributes. It appears to be linked with noise in returns. Findings of this study are in line with West (1988) and Lettau Malkiel and Xu (2001). This study further suggests that low stock price synchronicity is a result of imbedding of firm specific variables information in to stock prices. If quality of information environment is good, market model R square will be higher represented by large institutional holding, greater age, lower trading cost, large size, value stocks, low illiquidity, high liquidity and large information events. In next phase, this study examines the relationship between foreign investment and information environment. Results indicate that Institutional ownership, age, trading cost, size, liquidity and illiquidity influence foreign investment. Institutional ownership, size and percentage of zero volume days have significant and positive impact on foreign investment and trading activities have negative association with foreign investment. Such deviations might be the effect of herding, noise trading and instable dynamics of emerging markets. Finally, this study explores the impact of size premium, value premium, information efficiency premium on average equity returns using the methodology proposed by Fama and French (1992, 1993). Result indicates that size premium, values premium and information efficiency premium are priced by the market. Market premium, size premium, value premium and information efficiency premium significantly explain equity returns in single factor, three factor and four factor model. Capital asset pricing model (CAPM) is valid for explaining average equity returns but multifactor model captures additional information. Therefore, it can be concluded that size premium, value premium and information efficiency premium are considered as systematic risk and priced by the market.