The 2015 International Conference of Management Sciences ICoMS 2015, April 23, UMY, Indonesia
| 136
has come quickly in business education and it expands on a daily basis. Channels for faculty and
student communications have been expanded through email and other tools. In this context,
management and business education institutions need to pay special attention to the integration
between curriculum and technology use. Scholars argue that integrating ICT in business education
curriculum is a key resource to re-design teaching and learning practices that meet current and
upcoming business requirements Alavi Gallupe 2003; Leidner Jarvenpaa 1995;
Seethamraju 2007; Tamim et al. 2011 .
4.2. Redesign the pedagogical strategies
One of critiques for management and business education is the pedagogical strategies. It
encompasses both teaching and learning methods. Teacher-centred learning has been considered as a
primary method of learning for many years Van den Bossche et al. 2004. In this learning settings,
teachers typically present structured lectures and procedures for students to interpret the knowledge
Knowlton 2000. Consequently, the students are passive in receiving information and knowledge
and they have to learn and memorize information as provided and instructed by lecturers Bates
Poole 2003; Knowlton 2000. This method is less suitable for management and business education
which aims to provide learning experiences reflecting to the real world of business Butter
2007; Rienties Townsend 2012.
There is a variety of teaching and learning methods that can be adopted, such as case based learning;
collaborative learning; project based learning; problem oriented learning; service based learning;
and, research based learning. A course can be designed and taught using any one or combination
of these methods. Nevertheless, scholars highlight that the teaching method needed for management
and business education is a method that enable business educators to deliver an active approach to
learning Rienties Townsend 2012; Yusuf 2012. In addition, the active learning approach enables
students to construct and build their own knowledge.
Literature notes that an active approach to learning can be well supplemented by integrating the ICT
into business curriculum because ICT facilitates management educators to change their ways in
designing, teaching, and delivering their courses Rienties Townsend 2012. The integration has
been indicated able to provide “the means to create a learning environment in which learners can be
creative, critical,
constructive, and
become producers of their own perspectives and identity
informed by other participants” Nagy Bigum 2007, p. 81. ICT offers great online resources,
including full-text versions of journals, e-books and primary sources, which have greatly simplified the
process of conducting teaching, learning and research for business educators and students
Hudson 2010. The integration involves the development of course Web sites, whether stand-
alone or as part of a Learning Management System LMS that provide a central portal to course
materials and facilitate lecturers and students to conduct discussions and collaborative learning
Lane 2008.
Furthermore, pedagogy can be well supplemented by various kinds of innovative activities, such as
student internships in other countries, regional and national days on campus, exchange program with
other business education institutions around the world, or the establishment of cross-cultural
program teams. By involving the students with international atmosphere, they enable to learn new
cultures, meet people from different cultural backgrounds, do networking and be open-minded.
According to Khan 2015, these are critical success skills that are must have by business
graduates in order to function successfully in the emerging global market-workplace. Khan 2015
highlights
the pedagogical
strategies in
management and business education must be dynamic, diverse, challenging, interesting, and
placing the students at the centre of the education policies and programs.
5. CONCLUSION
Management and business education has been criticized
upon the
following issues:
i management and business education has no clear
identity whether it is a trade school of professional school; ii management and business education
institutions mostly are part of higher education
institutions which have to maintain the university’s dignity through scientific knowledge and research,
however, transforming
the institutions
into academic has distanced themselves from the real
concerns of business; iii the curriculum is irrelevant with business demands; iv business
graduates are not ready used and lack of practical business expertise.
To address the critiques as well as to improve its competitive advantages, management and business
education of the future need to understand factors impacting the business changes and should
determine strategies for answering the challenges. In
doing so,
redesigning curriculum
and pedagogical strategies are two ways can be
considered. Management and business education should not only focus on content knowledge, but
The 2015 International Conference of Management Sciences ICoMS 2015, April 23, UMY, Indonesia
| 137
must significantly increase the skills of students to be able to deal with being future business people
and business leaders in the information society. The teaching and learning approach chosen must
facilitate students to become the centred of learning process.
6. ACKNOWLEDGMENT
I am indebted to numerous people who helped me in writing this paper. I am thankful to Prof. Ram
Vemuri, Dr. Susan Bandias, and Dr. Marylin Kell for sharing the ideas. This paper was written during
my PhD study at Charles Darwin University Australia which is supported and funded by DIKTI
Directorate of Higher Education Indonesia scholarship, Republic of Indonesia.
7. REFERENCES
Alavi, M Gallupe, RB 2003, Using information technology in learning: Case studies in business
and management education programs,
Academy of Management Learning Education
, vol. 2, no. 2, pp. 139-53.
Ali, GE Magalhaes, R 2008, Barriers to implementing e
‐learning: a Kuwaiti case study,
International Journal
of Training
and Development
, vol. 12, no. 1, pp. 36-53. Ali, M 2004, E-Learning in Indonesia education
system, paper
presented to
The Seventh
Programming Cycle of APEID Activities, 30 August - 6 September 2004, Tokyo, Japan.
Bates, AW Poole, G 2003,
Effective Teaching with Technology in Higher Education: Foundations
for Success
, Jossey-Bass, An Imprint of Wiley. 10475 Crosspoint Blvd, Indianapolis, IN 46256.
Tel: 877-762-2974; Fax: 800-597-3299; e-mail: consumers wiley. com; Web site: http:www.
josseybass. com. Bennis, WG OToole, J 2005, How business
schools lost their way,
Harva rd Business Review
, vol. 83, no. 5, pp. 96-104.
Bhatt, G, Emdad, A, Roberts, N Grover, V 2010, Building and leveraging information in dynamic
environments: the role of IT infrastructure flexibility
as enabler
of organizational
responsiveness and
competitive advantage,
Information management
, vol. 47, no. 78, pp. 341-9.
Birnik, A Billsberry, J 2008, Reorienting the business school agenda: the case for relevance,
rigor, and righteousness,
Journal of Business Ethics
, vol. 82, no. 4, pp. 985-99. Chia, R Holt, R 2008, The nature of knowledge
in business schools,
Academy of Management Learning Education
, vol. 7, no. 4, pp. 471-86. Clarke, T 2008, The business schools: 50 years on,
Education + Training
, vol. 50, no. 1, pp. 52-4. Clay, J 2005,
Exploring the links between international business and poverty reduction: A
case study of Unilever in Indonesia
, Oxfam GB unilever Indonesia, Indonesia.
Cornuel, E 2007, Challenges facing business schools in the future,
Journal of Management Development
, vol. 26, no. 1, pp. 87-92. Cotton, CC, McKenna, JF, Van Auken, S
Meuter, ML 2001, Action and reaction in the evolution
of business
school missions,
Management Decision
, vol. 39, no. 3, pp. 227-33. Crainer, S Dearlove, D 1998,
Gravy training. Inside the shadow world of business schools
, Capstone Publishing Limited, Oxford.
Daniel, CA 1998,
MBA: The first century
, Associated University Presses, Cranbury.
Datar, SM, Garvin, DA Cullen, PG 2011, Rethinking the MBA: business education at a
crossroads,
The journal
of management
development
, vol. 30, no. 5, pp. 451-62. Dhar, V Sundararajan, A 2007, Issues and
opinions--information technologies in business: A blueprint for education and research,
Information Systems Resea rch
, vol. 18, no. 2, pp. 125-41. Dhillon, D 2009, New Paradigms in Business
Management Education,
New Paradigms in Business Management Education December 5,
2009
. Escudero, M 2011, PRME and Four Theses on the
Future of Management Education , in M Morsing AS Rovira eds,
Business Schools and their Contribution
to Society
, Sage
Publications, London, pp. 201-12.
Friga, PN, Bettis, RA Sullivan, RS 2003, Changes in graduate management education and
new business school strategies for the 21st century,
Academy of Management Learning Education
, vol. 2, no. 3, pp. 233-49.
Hall, R, Agarwal, R Green, R 2013, The future of management education in Australia: Challenges
The 2015 International Conference of Management Sciences ICoMS 2015, April 23, UMY, Indonesia
| 138
and innovations,
Education + Training
, vol. 55, no. 45, pp. 348-69.
Hawawini, G 2005, The future of business schools,
Journal of Management Development
, vol. 24, no. 9, pp. 770-82.
Hay, A Hodgkinson, M 2008, More success than meets the eye - A challenge to critiques of the
MBA,
Management learning
, vol. 39, no. 1, p. 21. Hudson, K 2010, Working together: The role of
collaborations in promoting the use of academic technologies in higher education, 3427536 thesis,
University of Massachusetts Amherst, via ProQuest Dissertations
Theses Global,
http:search.proquest.comdocview816503205?a ccountid=10424.
Kao, D Mao, T 2011, A framework for aligning business education with dynamic changes in global
competition,
Journal of Higher Education Theory and Practice
, vol. 11, no. 1, pp. 9-21. Khan, MA 2015, Diverse issues facing the
business management education: A conceptual journey,
International Journal of Information and Education Technology
, vol. 5, no. 4, pp. 287-91. Khurana, R 2007,
From higher aims to hired hands. The social transformation of American
business schools and the unfulfilled promise of management as a profession
, Princenton Univerity Press, Princenton.
Knowlton, DS 2000, A Theoretical Framework for the Online Classroom: A Defense and Delineation
of a Student
‐Centered Pedagogy,
New Directions for Teaching and Learning
, vol. 2000, no. 84, pp. 5-14.
Lane, LM 2008, Toolbox or trap? Course management systems and pedagogy,
Educause Quarterly
, vol. 31, no. 2, p. 4. Leidner, DE Jarvenpaa, SL 1995, The use of
information technology to enhance management school education: A theoretical view,
MIS Quarterly
, pp. 265-91. Lepeley, M-T Albornoz, C 2012,
Business education in Chile: Advancing to the 21 st century
people centered-innovation based entrepreneurial
“mega trend”. Markus, P, Petronella Vervoort, I Petra, B 2012,
Responsible management education for 21st century leadership,
Central European Business Review
, vol. 1, pp. 16-22. Mintzberg, H 2004,
Managers, not MBAs: A hard look at the soft practice of managing and
management development
, Berrett-Koehler
Publishers, Inc., San Fransisco. Muff, K 2012, Are business schools doing their
job?,
The journal of management development
, vol. 31, no. 7, pp. 648-62.
Nagy, J Bigum, C 2007, Bounded and Unbounded Knowledge: Teaching and Learning in
a Web 2 World,
Online Submission
, p. 11. Pfeffer, J Fong, CT 2002, The end of business
schools? Less success than meets the eye,
Academy of Management Learning Education
, vol. 1, no. 1, pp. 78-95.
Powell, TC Dent-Micallef, A 1997, Information technology as competitive advantage: The role of
human, business, and technology resources,
Strategic Management Journal
, vol. 18, no. 5, pp. 375-405.
Rienties, B Townsend, D 2012, Integrating ICT in business education: using TPACK to reflect on
two course redesigns, in
Learning at the Crossroads of Theory and Practice
, Springer, pp. 141-56.
Risi, KM 2005, The MBA in transition: Factors driving curricular change, 3182866 thesis, Drexel
University, via ProQuest Dissertations Theses Global,
http:search.proquest.comdocview304994580. Sastry, T 2011, Exploring the role of business in
society,
IIMB Management Review
, vol. 23, no. 4, pp. 246-56.
Schoemaker, PJH 2008, The future challenges of business:
rethinking management
education,
California management review
, vol. 50, no. 3, pp. 119-39.
Seethamraju, R 2007, Enterprise Systems ES software in business school curriculum. Evaluation
of design and delivery,
Journal of Information Systems Education
, vol. 18, no. 1, p. 69. —— 2012, Business process management: a
missing link in business education,
Business process management journal
, vol. 18, no. 3, pp. 532-47.
Starkey, K Tempest, S 2008, A clear sense of purpose? The evolving role of the business school,
Journal of Management Development
, vol. 27, no. 4, pp. 379-90.
The 2015 International Conference of Management Sciences ICoMS 2015, April 23, UMY, Indonesia
| 139
—— 2009, The winter of our discontent: the design challenge for business schools,
Academy of Management Learning Education
, vol. 8, no. 4, pp. 576-86.
Starkey, K Tiratsoo, N 2007,
Business schools and the bottom line
, Cambridge University Press, Cambridge.
Tamim, RM, Bernard, RM, Borokhovski, E, Abrami, PC Schmid, RF 2011, What Forty
Years of Research Says About the Impact of Technology on Learning: A Second-Order Meta-
Analysis and Validation Study,
Review of Educational Research
, vol. 81, no. 1, pp. 4-28. Trank, CQ Rynes, SL 2003, Who Moved Our
Cheese? Reclaiming Professionalism in Business Education,
Academy of Management Learning Education
, vol. 2, no. 2, pp. 189-205. Van den Bossche, P, Segers, M, Gijbels, D
Dochy, F 2004, Effects of problem-based learning in business education: A comparison between a
PBL and a conventional educational approach, in
Educational Innovation
in Economics
and Business
, Springer, pp. 205-27. Yeung, B Singh, K 2011, The changing role of
business schools as key social agents in Asia, in M Morsing A Sauquet Rovira eds,
Business schools and their contribution to society
, SAGE Publications, London.
Yuhetty, H 2004, ICT and Education in Indonesia, in
Asia and the Pacific Seminar
. Yusuf, K 2012, Impact of information and
communication technology on teaching of business education courses in colleges of education in
Nigeria, Master thesis, University Zaria Nigeria.
The 2015 International Conference of Management Sciences ICoMS 2015, April 23, UMY, Indonesia
140
Release of Sbi Interest Rate and Stock Trading Volume on the Herding Behavior of Indonesian Investors
Hartaty Hadady
1
, Siti Puryandani
2
1
PhD Student of Diponegoro University, Semarang Lecturer of Khairun University, Ternate
hartaty_malikyahoo.com
2
PhD Student of Diponegoro University, Semarang Lecturer of STIE BPD Jateng, Semarang
sitipuryandaniyahoo.com
ABSTRACT
Herding behavior refers to the behavior of investors to sell or buy stocks regardless of the underlying reasons for investing. At the time of herding behavior occurs, it make investments
without taking into account the risks and returns that it will get. Some of the negative impact of herding behavior are the investor may only perform the actual types of investments they do not
understand and take unnecessary risks. Sources of information obtained by investors are macroeconomic information SBI rate and movement of stock trading volume. The aim of our
study is examine the macroeconomic variables and stock trading volume of the herding behavior of investors in the Indonesia Stock Exchange. Studies conducted by used daily data from LQ45
companies and observation period from 2007-2012. Our finding indicated that the homogeneous information macroeconomic variables and heterogeneous information variable trading volume
did not impact the herding behavior of investors, because of possible amount of information that affects the herding behavior of investors in Indonesia.
Keywords:
Release of SBI Interest rate, stock trading volume, herding behavior
1. BACKGROUND