EMPATHY DAN DESIGN THINKING DALAM INOVASI MANAJEMEN PENDIDIKAN ISLAM DI ERA DISRUPTIF

Abstract the phenomenon of the current disruptive era makes technology develop fast paced. The rapid progress must be matched with the ability of human resources as the executor of the organization. This study aimed to find out the management innovation in Islamic education institution that nowadays becomes a serious concern to face the global competition. The abilities of empathy and design thinking are the skills that need to be had by headmasters in facing the disruptive era. Innovation in Islamic education management is essential to do considering that the success of education goals is seen from how to manage an organization. This study is the result of literary research sourced from indexed scientific journals, books, and news on the internet. The procedures used included three phases, namely organize, synthesize, and identify.  The result of content analysis showed the concept of design thinking as the process to obtain problem solving which is relevant to the education field namely the formulation of new policy and analysis towards a problem by collecting analyses so that it is helpful to obtain right and effective decision making. Abstrak Fenomena era disruptif saat ini menjadikan teknologi berkembang serba cepat. Pesatnya kemajuan harus diimbangi dengan kemampuan SDM sebagai pelaksana organisasi. Penelitian ini bertujuan untuk menggali inovasi manajemen di lembaga pendidikan Islam yang saat ini menjadi perhatian serius untuk menghadapi persaingan global. Kemampuan empati dan design thinking adalah skill yang harus miliki oleh kepala sekolah dalam menghadapi era disruptif. Inovasi dalam manajemen pendidikan Islam penting dilakukan mengingat keberhasilan tujuan pendidikan dilihat dari cara mengelola organisasi. Penelitian ini merupakan hasil riset kepustakaan dengan referensi jurnal ilmiah terindeks, buku dan berita di internet. Prosedur yang digunakan meliputi 3 tahap, yaitu organize, synthesize dan identify.  Hasil analisis isi menunjukkan konsep design thinking sebagai proses menghasilkan problem solving relevan dalam dunia pendidikan khususnya perumusan kebijakan baru dan analisis terhadap suatu permasalahan dengan mengumpulkan analisa-analisa sehingga membantu dalam upaya pengambilan keputusan yang tepat dan efektif.

Style Volatility of Mutual Funds

Over past few decades, the mutual fund industry has grabbed attention of researchers. However, mutual funds in emerging markets including Pakistan has not undergone rapid pace due to number of constraints. Therefore, the models/ theories applied to developed markets cannot be applied to emerging markets. Hence, the present study tries to reveal new dimensions by investigate the timing abilities of fund manager. This study investigates whether fund managers are actively managing the funds or just adding additional costs to the investors in case of Pakistan. To be more specific, three questions are addressed in this study in three different essays for the period December 2009 to February 2016. The empirical findings of first essay suggest the existence of market timing and volatility timing abilities at an aggregate level. However, stock-timing ability is absent at an aggregate level. The results indicate a weak connection between timing abilities and fund attributes. The second essay provides an insight about variation in performance and timing abilities during bull and bear market conditions using Exponentional Generalized Autoregressive Conditional Heteroscedastic (EGARCH). This is the first study to estimate the timing abilities by using EGARCH specification. The empirical findings confirm that mutual funds perform better during bull market conditions than bear market conditions. As far as timing abilities are concerned, this study provides evidence in favor of market timing and volatility timing abilities during bear market conditions and stock-timing ability for bull market conditions. However, these results remain insignificant for style timing abilities under both market conditions. The robustness test using OLS also support these findings. The third essay explores the persistence phenomenon in timing abilities of fund managers. The closing value of PSX 100 index is used as median to divide sample period into two sub-periods. The empirical findings fail to find any evidence of persistence with regard to performance, selectivity skill, market timing skill and volatility timing skill under single-index, three-index and four-index model. These findings offer certain policy implications for various stakeholders, including management, regulators and investors. For investors, as mutual fund possess timing skills so they can be better pay off by investing in mutual funds and they should consider mutual fund industry as a new investment avenue for their future investments. These results also help the regulators to set a minimum legal framework for mutual funds to continue their operations in the said industry. Managers can reduce risks by utilizing information in advance and develop those skills that can help them to analyse market conditions, coping with new trends and challenges in industry and implementing and devising strategies to follow government regulations.