Purpose The purpose of this study is to explore and decompose a satisfaction model using alumni’s perspective for Islamic-based higher education institutions (IHEI) with the antecedent of perceived quality and value and the consequence of loyalty. Design/methodology/approach A study was used, using 44-item, a ten-point Likert-scale questionnaire administered to 360 alumni from various classes started from the 1970s till 2000s. Theoretical-based, national qualification framework of Indonesian higher education and management-based considerations were involved in developing a survey. Data were analyzed using partial least square-structural equation model and decomposed into strategic management map using importance-performance matrix analysis. Findings The most important determinants of alumni satisfaction and loyalty in IHEI is the IHEI’s ability to develop career capability through enriching knowledge. Moreover, the presence of good environment and Islamic value embodiment supporting learning programs on campus is the most significant trigger for the knowledge development. Research limitations/implications The results were generated from a specific department. Additional studies are needed to test if the results are not department (institution)-specific. Practical implications This study provides strategic directions for management to improve the critical aspects of the system by providing the inputs to the extent to which the service quality delivered may contribute to end-customers’ satisfaction. Originality/value It contributes to the literature on satisfaction and service quality issues by incorporating ideological aspect, by investigating the feasible model of customer satisfaction in the perspective of alumni for IHEI.

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This study aims to examine the spillover effect of right offerings to the industry on the Indonesian Stock Exchange in the period 2009-2016. This study is designed using event study methodology. In total, there are 96 issuing companies (issuers) and 1205 non-issuing companies (non-issuers) used as the sample which was obtained using a purposive sampling technique. The test for information content on the right issues was conducted using standard t-test on the average cumulative abnormal return of issuers and non-issuers in the period t-10 to t+10 around the issuance. The research found positive abnormal returns for issuers in t0 to t+4 but did not confirm the spillover effect to non-issuers over the observed (window) periods. The average cumulative abnormal returns are randomly distributed during the window period. These results confirm the absence of intraindustry effect of right issues on the non-issuers’ performance

The research aimed to analyze the underperformance phenomenon following Seasoned Equity Offering (SEO)in Indonesian context. Samples were all firms listed on the Indonesia Stock Exchange with the right issue in the observed periods, were chosen by purposive sampling with several criteria. In total, there were 109 issuing firms from 2009-2014 that were analyzed using performance benchmarking approaches. The approaches consisted of market-based, size-based, growth-based, and industry-based benchmarks. The market-based was constructed using a market return. Then, the size and the growth benchmarks were constructed on the basis of closest market capitalization and closest price-to-book value respectively. Then, the industry benchmark was based on a closest combined of market capitalization and Price to Book Value (PBV) of matched firms within the first-second digit of Standard Industry Classification (SIC). The test was conducted using standard t and Wilcoxon tests by examining the benchmark-based abnormal returns over various spans ranging from 3 to 36 months following the right offerings. Like several findings in developed countries, the results also confirm the underperformance phenomenon following right offerings in Indonesia. The negative abnormal returns are found for all benchmark performances, but they are only significant for the market benchmark and partially significant for the size and the growth benchmarks. Behavioral explanations need to be modeled to reveal the intuitions behind the results.

That financial literacy and psychological characteristics are important determinants of financial decisions have long been recognized in the literature. By focusing on Micro Small Medium Enterprises (MSMEs), this study investigates the extent to which financial behaviour and financial well-being consisting of both financial security and financial anxiety can be explained by financial literacy and cognitive factors such as self-control, optimism, and deliberative thinking. Several demographic factors such as gender, age, educational background, and the length of engaging in MSMEs, as well as the characteristics of MSMEs such as industry and monthly sales turnover are functioned as control variables. Data were collected using a questionnaire that was purposively distributed to MSMEs' actors and analysed using Partial Least Square-Structural Equation Modeling (PLS-SEM). In total, 155 samples were analyzed. The analysis shows that financial behaviour can be explained by deliberative thinking, financial security can be explained by financial literacy and optimism, while financial anxiety can be explained by self-control. Financial behaviour was also found to have a positive direct effect on financial security and financial anxiety. Thus, to improve the financial well-being of MSMEs' actors, it may be necessary to improve their personal financial management skills that can lead to the positivity of financial behaviour.