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"Studi ini mencoba memahami bagaimana logika dominan dinamis dirangsang dan mempengaruhi kinerja perusahaan dengan mengupayakan kesesuaian strategis dinamis. Beberapa ahli percaya bahwa internasionalisasi dapat meningkatkan daya saing dan prospek kelangsungan hidup Usaha Kecil Menengah (UKM) (Zhou dan Wu 2014; Lee et al. 2012) . Sarjana lain telah mengidentifikasi tiga (3) faktor kunci yang mempengaruhi internasionalisasi UKM, yaitu (a) konteks institusional (Li, 2013), (b) kapabilitas dinamis spesifik pemilik (Chittoor, et al., 2017), dan (3) kapabilitas dinamis organisasi (Mudalige et al, 2018). Namun, penelitian yang mengkaji interaksi dinamis antara ketiga faktor tersebut terhadap kinerja internasionalisasi UKM masih terbatas, terutama dalam konteks negara berkembang seperti Indonesia. Kajian ini dimaksudkan untuk mengisi gap penelitian tersebut dengan mengukur pengaruh konteks institusional, kapabilitas dinamis spesifik pemilik, dan kapabilitas dinamis organisasi terhadap kinerja ekspor UKM Indonesia. Hasil empiris dari 88 usaha kecil pengekspor di Indonesia menunjukkan bahwa kapabilitas dinamis organisasi sangat dipengaruhi oleh konteks kelembagaan, terutama regulasi pemerintah dan dukungan budaya. Sementara itu, kapabilitas dinamis spesifik pemilik secara empiris terbukti tidak dipengaruhi oleh konteks kelembagaan dan perlu dimediasi oleh kapabilitas dinamis organisasi untuk mempengaruhi kinerja. Terakhir, kinerja UKM pengekspor terbukti secara langsung dipengaruhi secara signifikan oleh konteks kelembagaan dan kapabilitas dinamis organisasi.

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This study attempts to understand the impact of institutional context and dynamic capabilities to the performance of Indonesia SMES International Business. Some scholars believed that internationalization could enhance Small Medium Enterprises (SME) competitiveness and survival prospects (Zhou and Wu 2014; Lee et al. 2012). Other scholars have identified three (3) key factors affecting internationalization of SMEs, which are (a) institutional context (Li, 2013), (b) the owner specific dynamic capabilities (Chittoor, et al., 2017), and (3) the organization dynamic capabilities (Mudalige et al, 2018). However, there are limited research that study the dynamic interaction between these three factors to SME internationalization performance, especially with the context of emerging economies like Indonesia. This study intended to fill the research gap by measuring the interaction of institutional context, owner specific dynamic capabilities, and organization dynamic capabilities to the export performance of Indonesian SMEs. Empirical results from 88 exporting small business in Indonesia showed that organization dynamic capabilities are significantly influenced by institutional context, mainly government regulations and cultural support. Meanwhile, owner specific dynamic capabilities are empirically proven not influenced by institutional context and needs to be mediated by organization dynamic capabilities to influence performance. Finally, the performance of the exporting SMEs is proven to be significantly influenced directly by institutional context and organization dynamic capabilities."

"ABSTRAKPenelitian ini bertujuan untuk melihat kemampuan institusi independen dalam mempengaruhi kebijakan pembayaran dividen tunai pada perusahaan di Indonesia. Investor institusional, terutama investor institusional yang independen adalah pihak yang terdepan dalam usaha mereformasi corporate governance di dunia. Kemudian, dari perspektif masalah keagenan, pembayaran dividen tunai dapat digunakan sebagai alat untuk menurunkan arus kas bebas yang berada dalam control manajemen, agar dapat mengurangi masalah keagenan. Penelitian ini menemukan bahwa investor institusional yang independen dapat mempengaruhi manajemen untuk membayarkan dividen tunai yang lebih besar, sesuai dengan teori yang relevan. Lebih lanjut, investor institusional independen asing lebih dapat mempengaruhi kebijakan pembayaran dividen tunai dibandingkan dengan investor institusional independen lokal.

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ABSTRACTThis research is conducted to examine the ability of independent institutional investor to influence cash dividend payment of companies in Indonesia. Institutional investor, especially independent institutional investors have become the leading players of corporate governance reform across the globe. From agency theory perspective, dividend payment can be used as a tool to reduce free cash flow at management rsquo s control, to reduce potential agency problem. This research figures out that independent institutional investors have the ability to influence higher cash dividend payment, which is consistent with relevant theories. Moreover, foreign independent institutional investor has greater ability to influence cash dividend policy compared to local independent institutional investor."

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