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Abstrak :
Tujuan: Penelitian ini bertujuan untuk meneliti/menyelidiki faktor yang berkaitan dengan Perceived Managerial Discretion (PMD) dalam hubungannya dengan Risk Taking Behavior (RTB) dan kinerja organisasi pemerintah. Desain/metodologi/pendekatan: Penelitian ini menggunakan kombinasi metode kualitatif dan kuantitatif. Metode kualitatif dilakukan dengan menggunakan diskusi kelompok terfokus (FGD) untuk memilih variabel kunci yang mempengaruhi PMD dan memvalidasi temuan penelitian. Metode kuantitatif dilakukan menggunakan Structural Equation Modeling (SEM) untuk menguji delapan hipotesis yang dikembangkan melalui FGD dan studi literatur. Dari 340 kuesioner yang disebarkan, sebanyak 260 yang dikembalikan dan dianggap valid untuk analisis SEM, yang mencerminkan suatu tingkat respon yang memuaskan dari 76%. Temuan: Enam faktor PMD yang teridentifikasi adalah quasi legal constraint (QLC), Powerful Outside Forces (POF), Inertial Forces (IF), Powerful Inside Forces (PIF), Power Base (PB), dan Political Acumen (PA). Analisis SEM menyatakan QLC, PIF, PB, dan PA meningkatkan PMD sementara IF cenderung menghambat PMD. Dengan sistem insentif yang ada saat ini dan PMD yang biasa saja, responden cenderung menampilkan perilaku risk averse, sementara sebagaimana diperlihatkan dalam studi ini, RTB yang lebih tinggi dibutuhkan untuk meningkatkan kinerja organisasi. Beberapa temuan penelitian ini mendukung penelitian sebelumnya tetapi beberapa lainnya tidak. Penelitian Implikasi/Keterbatasan: Keterbatasan utama dari penelitian ini adalah validitas eksternal, yaitu temuan hanya berlaku untuk organisasi yang memiliki karakteristik serupa dengan organisasi pemerintah yang digunakan sebagai studi kasus. Oleh karena itu, temuan ini harus digunakan dengan hati-hati untuk jenis organisasi publik yang berbeda. Implikasi praktis: Berdasarkan hasil penelitian, maka perlu dilakukan: (1) mengenalkan sistem reward-punishment yang lebih baik dengan target yang lebih tegas bagi pengambil keputusan untuk bekerja yang yang terbaik, (2) mengkaji dan menghapus peraturan yang kurang tegas yang membatasi PMD, (3) merampingkan birokrasi, (4) menetapkan peraturan yang memungkinkan lebih banyak ruang untuk inovasi dan kebijakan, (5) menjelaskan tugas dan tanggung jawab para pengambil keputusan, dan (6) mengurangi perubahan-perubahan kebijakan sesaat dengan mendorong pengawasan dan pemberitahuan yang tepat.

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Purpose: This study investigates pertinent factors in perceived managerial discretion (PMD) in association with risk-taking behavior (RTB) and organizational performance within government organizations. Design/methodology/approach: This study used a mix of qualitative methods?using focus group discussions (FGDs) to select key variables affecting PMD and to validate the research findings?and quantitative methods?using structural equation modeling (SEM) to test eight hypotheses developed from FGDs and from a literature review. Out of 340 questionnaires sent out to potential participants, 260 were returned and deemed valid for SEM analysis, reflecting an impressive response rate of 76%. Findings: A total of six factors affecting PMD were identified: quasi-legal constraint (QLC), powerful outside forces (POFs), inertial forces (IFs), powerful inside forces (PIFs), power base (PB), and political acumen (PA). The SEM analysis indicated that QLC, PIF, PB, and PA enhance PMD, while IFs tend to inhibit PMD. Given the existing incentive system and a mediocre PMD level, respondents tend to exhibit risk averse behavior while, as demonstrated by this study, a greater RTB would be necessary to improve organizational performance. All the presented findings are partially consistent with prior findings, with some notable contradictions. Research implications/limitations: The primary limitation of this study was its limited external validity, as these findings can only be extended to organizations with similar characteristics of those of the government institution used as the case study. These findings must be used with care for different types of public organizations. Practical implications: These findings support taking the following steps: (1) introduce improved reward-punishment systems with more assertive targets for decision makers to work toward excellence, (2) review and remove equivocal regulations that could restrain PMD, (3) streamline bureaucracy, (4) establish regulations that allow more space for innovation and discretion, (5) delineate the tasks and responsibilities of decision makers, and (6) discourage abrupt policy changes, promoting proper scrutiny and notice.

Abstrak :
Penelitian ini dilakukan untuk mendapatkan pemahaman lebih mendalam dengan melakukan pengujian terkait perceived managerial discretion (PMD) dan manajemen pemangku kepentingan (SM) terhadap keberhasilan pelaksanaan proyek. Pengembangan model penelitian dilakukan dan diuji untuk mengetahui korelasi antara PMD dan SM terhadap keberhasilan pelaksanaan kegiatan proyek-proyek (PS) di sektor hulu Migas yang berada di Indonesia. Pengolahan data menggunakan structural equation modelling berbasis kovarian (CB-SEM). Berdasarkan hasil analisis data diperoleh korelasi positif antara PMD terhadap PS. Demikian juga halnya antara SM terhadap PS yang berkorelasi positif. Bila ditinjau dari aspek praktis, penelitian ini memberikan wawasan bagi seorang manajer proyek agar dalam melaksanakan kegiatan proyek hulu migas, memperhatikan aspek PMD dan faktor pendukungnya (antara lain kelincahan organisasi (OA) dan kapasitas dinamis manajerial (DMC)), serta senantiasa memperhatikan pengaruh dari pemangku kepentingan (SM) yang bila kedua hal tersebut dilakukan akan memberikan kontribusi positif terhadap keberhasilan pelaksanaan proyek. ......This study was aimed to gain understanding and examine managerial discretion and stakeholder management by developing a model and investigating the relationship between perceived managerial discretion (PMD) and stakeholder management (SM) to the success of projects (PS) in an Indonesian upstream oil and gas sector. Data were treated with the structural equation modeling – covariance based (CB-SEM) method. As an implication, the main result highlights the positive correlation between PMD and PS, SM and PS contributing to the development of this subject of research by providing empirical evidence and filling in the literature gap. In practical terms, this study provides insight for either project managers or others in authority in organizations to ensure the success of projects by considering perceived managerial discretion and its determinants (that are organizational agility and dynamic managerial capability), and stakeholder management. Finally, the results suggest that practices for project environment can be aligned to the project manager’s PMD to enable the attainment of better results and considers the aspect of stakeholder management as a vital activity in the project execution that contributes to the success of project.

Abstrak :
ABSTRAK
The objective of this study is to examine the effect of profitability that proxied by return on net operating assets and total asset turnover. Valuation is proxied by the price to book value. Size is proxied by total assets and Managerial Discretion is proxied by CEO Tenure. The analytical method used in this study is regression of bunches. The samples of this study are listed companies in property, real estate, and building construction that actively trading between 2013 until 2015 in Indonesia Stock Exchange.The results of this study indicate that the variable return on net operating assets, price to book value, size has a positive influence on the disclosure of stock return, while the total asset turnover and CEO tenure has no effect on the disclosure of stock return.