THE INFLUENCE OF JOB CHARACTERISTICS ON JOB SATISFACTION

Integritas - Jurnal Manajemen Bisnis | Vol. 3 No. 2 | Agustus - November 2010 (117 - 144)

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The Influence of Job Characteristics on Job Satisfaction, Organizational Commitment and Managerial Performance - Indi Djastuti

THE INFLUENCE OF JOB CHARACTERISTICS ON JOB SATISFACTION, ORGANIZATIONAL COMMITMENT AND MANAGERIAL PERFORMANCE A Study on Construction Companies in Central Java Indi Djastuti Diponegoro University, Semarang [email protected]

The objective of this research is to analyze and to test the influence of Job Characteristics, Job Satisfaction, and Organizational Commitment on Managerial Performance. There are six hypotheses proposed in this study i.e. 1) the influence of job characteristics on job satisfaction of managerial employee. 2) The influence of job satisfaction on organizational commitment of managerial employee. 3) The influence of job characteristics on organizational commitment of managerial employee 4) the influence of job characteristics on performance of managerial employee 5) the influence of job satisfaction on performance of managerial employee 6) the influence of organizational commitment on performance of managerial employee. Based on the final data analysis, all proposed hypotheses are accepted. Autonomy and task identity have greatest contribution to the job characteristics variable. The continuant commitment has a great contribution to organizational commitment variable. However, satisfaction to the supervisor contributes substantially to job satisfaction variable. While, team work, initiative and reporting activities have greatest contribution to the performance of managerial employee variable. The research shows that organizational commitment variable as intervening variable that bridging the relationship between job characteristics variable and managerial employee performance variable. Path coefficient for organizational commitment variable is greater than job satisfaction variable in influencing managerial employee performance. Therefore, in order to enhance performance of managerial employees, it is necessary to build stronger organizational commitment, especially affective commitment.

Abstract

Tujuan penelitian ini adalah untuk menganalisa dan menguji pengaruh karakteristik pekerjaan, kepuasan kerja, dan komitmen organisasi terhadap kinerja manajerial. Ada enam hipotesis yang diajukan dalam penelitian ini, yaitu : 1) Pengaruh karakteristik pekerjaan terhadap kepuasan kerja karyawan manajerial, 2) Pengaruh kepuasan kerja terhadap komitmen organisasi karyawan manajerial, 3) Pengaruh karakteristik pekerjaan terhadap komitmen organisasi karyawan manajerial, 4) pengaruh karakteristik pekerjaan terhadap kinerja karyawan manajerial, 5) pengaruh kepuasan kerja terhadap kinerja karyawan manajerial dan, 6) pengaruh komitmen organisasi terhadap kinerja karyawan manajerial. Hasil penelitian menunjukkan bahwa variabel komitmen organisasi sebagai variabel intervening yang menjembatani hubungan antara variabel karakteristik pekerjaan dan variabel kinerja karyawan manajerial. Koefisien jalur variabel komitmen organisasi lebih besar daripada variabel kepuasan kerja dalam mempengaruhi kinerja karyawan manajerial. Oleh karena itu, dalam rangka peningkatkan kinerja karyawan manajerial, pembangunan komitmen organisasi yang kuat terutama komitmen afektif sangatlah diperlukan Keywords: job characteristic, managerial performance.

job satisfaction, organizational commitment and

145


G

lobalization is an era of economic

organizations. Organizers should consider

for achievement. (Robbins, 2002: 220)

trillion for 2003 to be contested by around

activities and information without

job design, job satisfaction, organizational

This would be in line with the behavior of

55,000 contractors large, medium and small.

b o u n d a r i e s m a r k e d b y f re e

commitment and employee’s performance

employees at the managerial level at the

This figure was 20% lower compared by

commodity, information, technology and

for the sake of effectiveness and efficiency

completion of the construction sector jobs

2002 (Soenarno, 2003). These things have

resources in and out of the country to

of organizational goals.

requiring a high reliability. Reliability of work

make competition in construction business

the construction sector workers should

quite strict (Soenarno, 2003).

another. Such conditions encourage the supply of human resources expertise from

In the context of approaches for design

based on organizational commitment and

other countries. If this happens continuously,

work motivation, Hackman and Oldham

job satisfaction higher. Locke (1976) defines

Furthermore, Christiawan and Sampurno

without anticipating some state with its

(1975) have developed a model of job

job satisfaction as «a positive emotional

(2003:

human resources will still relatively behind

characteristics approach, here in after

state resulting from the appreciation

companies are different from manufacturing

in various fields. It will continue to lag. This

referred to as the job characteristics

of one’s job or working experience a

companies. In manufacturing industries,

widens the gap among countries, and in turn,

theory.

and

person», meaning that job satisfaction is a

production processes in the plant from the

developing countries will be more difficult to

Oldham (1975) in Robbins (2002: 218) the

reflection of one’s feelings towards his job.

phase of the program, design, process until

compete with developed countries.

job should be diagnosed and corrected

This is apparent in the positive attitude of

finished goods product is the company’s

through five principal dimensions of work,

employees towards work and everything

internal activities. These are nothing to do

Management, job design and organizational

namely: skill variety, task identity, task

he faced in the workplace. Mowday et al.,

with the consumer or party representative.

commitment are essential concepts that

significance,

feedback.

(1982) defines organizational commitment

Meanwhile,

determine the success or failure of an

If all of five dimensions of work are higher,

as a strong belief in goals and values of the

have unique production process, which is

organization. These three concepts are

employees will feel the importance of

organization is a willingness for make great

always interfering by its customers. They

essentially inseparable from one another

work. Job characteristics model has shown

efforts for the sake of organization, and a

are placing their consultant supervisor

within a system of organization even all three

to be positively associated with work

strong desire to remain become member of

to oversee construction activities in the

concepts have a different understanding.

outcome variables. In particular of five-

the organization.

field. Thus, product quality and duration

Management is the art of achieving

dimensional work has essentially created

something through someone else (Parker

three important psychological conditions

Mowday

Follett in Stoner et. al., 1996:9). Stoner et.

which are: skill variety, task identity and

distinguish between the commitment from

al (1996:10) refer to management as the

significance of tasks that contribute to the

job satisfaction by defining commitment as

process of planning, organizing, directing

increasing importance of the meaning of

a strong response to organizational trust

Considering the role of the construction

and

achieve

work. Autonomy is intended as a source of

and job satisfaction as a response from our

sector in gross domestic product in

organizational goals. So, management is the

workers’ sense of responsibility for the work.

experience in specific of work tasks. «Thus,

developed and developing countries, in

process of planning, organizing, directing

Feedback from work refers to knowledge,

it concluded that emphasize commitment

Indonesia the rate of growth of the national

and controlling activities using people to

about the work. This variable will eventually

to belief in the organization, including goals

construction sector has experienced a sharp

achieve organizational goals.

refer to multiple benefits for individuals and

and shared values. While, emphasizing of

decline. Based on data from the Central

organizations that employ them.

satisfaction in a certain task environment

Bureau of Statistics Indonesia in 1996 has

for in which, workers doing his job «.

fallen from 12.8 percent to 7.4 percent in

controlling

The

146


activities

rationale

of

to

According

to

autonomy

Hackman

and

understanding

21)

stated

that

construction

construction

companies

of construction work are controlled by the et

al.,

(1982),

specifically

users of services through the assistance of other parties who represent consumers.

1997. In 1998, it had contracted by 36.4

management is to achieve organizational

In summary, combining the five core of

goals, it must involve human resources

work dimensions, employees will feel well

As a result of the economic crisis until 2001,

percent and 1.9 percent in 1999. In the year

through

The

motivated and will alleviate quality in his

all construction business is still shadowed

2000 it grew to 5.5 percent and in 2001

involvement of human resources have

work, very pleased with his work, will have

by uncertainty following by difficulties

dropped to 4 percent. Central Java as one of

essentially

use

lower absenteeism rates, turnover rates will

on

recovery.

the provinces in Indonesia by 2000 began to

for achieving organizational goals as

be low too. The next described also that

Macroeconomic indicators show a deficit

rise with economic growth by 3.90 percent

planned. It requires creativity in sense of

the theoretical model of job characteristics

budget in 2002 was about 40 trillion. The

in constant prices. This figure is much

continually finding ways, opportunities and

would be effective in describing the

value of government funded projects

different than the 1998 growth rate that is

breakthroughs in use of human resources

person’s behavior, which have a high need

through a Public Works Department only 11

equal to 11.74 percent.

a

better complex

organization. due

to

its

the

national

economic

147


Suryono (2004) stated that employment

workers is relatively small: only 4% -6% of

the managerial level construction services

or not satisfied with his work, represents

in the construction sector requires human

the cost incurred for business activities. On

company in particular.

a complex summation of a number of

resources that have the competence and high

the other hand, the design of construction

commitment. Advantages of competence

sector employees at the managerial level

The division of work in organizations is

determined by several factors: work that

and high commitment of construction

bound by the rules were strict enough, such

an important step for the achievement

is mentally challenging, the rewards are

professionals will give a great influence

as contained in Act No. 18 Construction

of organizational goals (Robbins, 2002:

decent, supportive working conditions.

for construction companies to compete

Services year 1999, Government Regulation

168). Work must be analyzed before the

Rousseau (1978) suggests that these

both in domestic and overseas markets.

No. 28 of the Business and Community

functions of human resources do. A number

variables affect the characteristics of job

Some results of research on employee

Services Construction role. Meanwhile,

of theories have attempted to identify the

satisfaction, organizational characteristics

competence at the managerial level in

David Mc Clelland, Evereft Plagen and

job characteristics of job characteristics-

and characteristics of the individual /

construction

Indonesia

Daniel Goleman in Mangkunegara (2005:

job tasks, how these characteristics are

employee. How to measure job satisfaction,

showed that there is less supportive

4) argued that the approach to psychology

combined to form different jobs, and the

has been developed by several experts using

attitude for the demanding needs of

(motivational) to design a job performance

relationship of job characteristics with

(1) Job descriptive index (JDI) developed

workers with good professionalism. It

will encourage employees to perform

satisfaction and employee performance

by Smith, Kendall, and Hulin (1969) which

was shown that less than the level of

better.

(Robbins, 2002: 170; Herzberg, in Hanafi,

assess overall job satisfaction that are:

2002). subsequent models are considered

job satisfaction supervision, satisfaction

companies

in

discipline, not on time, less creative, This

whether

as the source of the variation of worker

with coworkers, satisfaction with work

inferior to foreigners as well as employee

job satisfaction is influenced by job

behavior both in terms of certain job

itself, satisfaction with the payment, and

turnover remains high (Suryono, 2004).

characteristics. Furthermore, job satisfaction

characteristics

a

satisfaction with promotion. (2) Minnesota

Employee’s

low

will affect organizational commitment.

particular organization. The result is led

Satisfaction Questionnaire (MSQ) is a rating

especially at the managerial level that it

Employee’s performance is influenced by job

researchers to study the behavior of workers.

scale to assess job satisfaction in which

should have a strategic role for the success

characteristics, organizational commitment

of the organization, coupled with low-

and job satisfaction. In addition, job

The influence of job characteristics on job

dissatisfied with some aspect of their work

quality work, as stated Suryono (2004),

characteristics will affect organizational

satisfaction and organizational commitment

(e.g. satisfaction against each salary, and

was the allocation of funding for the

commitment. Then, job satisfaction affects

was undertaken by Bhuidan and Menguc

opportunity to progress).

construction sector are sourced from the

employee’s performance. In this study,

(2002); Glisson and Durick (1988). They

state budget since the economic crisis hit

job satisfaction variable is a mediating

have distinguished five dimensions of job

Employees whom they feel close to the

Indonesia in 1997 - 1998 also declined. This

variable toward the influence of job

characteristics that affects job satisfaction,

organization views the organization as

causes the performance of the construction

characteristics on employee performance.

namely: skill variety, task identity, task

a place to meet their personal needs.

sector company in Indonesia tend to be

While, the commitment of organization is

significance, task autonomy and feedback.

Therefore they are willing to exert every

low because of the increasingly sharp

an intervening variable, it is strengthening

competition.

the influence of job characteristics on

Relations

employee’s performance.

satisfaction occurs when a job is designed

Poznaski

performance

to

data

is

still

available

at

study

will

examine

elements of the job. Job satisfaction is

hesitant in making decisions, not confident,

According

the

or

characteristics

of

people show the extent to which they are

effort for the company, and they will foster of

job

characteristics

on

satisfaction from what they have done. (1997);

Alpander

(1990)

with high skill variety, task identity is clear,

expressed satisfaction with organizational

From the findings of this study the authors

there is a clear task significance, providing

commitment can occur when an employee

of

attempted to formulate a concept for

a broad autonomy and always provide

has a high level of satisfaction within

construction services business is still

the design of strategic policies for the

feedback in order to evaluate its importance.

the organization. The employees have a

relatively small (2% -3%). This figure is

organization based on analysis of job

much smaller when compared with other

characteristics with dimensions of skill

Hypothesis 1: Job characteristics has positive

they will feel bonded to the organization

business services industry (6% -15%), unless,

variety, task identity, task significance,

influence on job satisfaction of managerial

and all of its existing goals and values.

the turnover (exit-entry) of employees

autonomy, feedback are important to job

employee.

With the positive beliefs and feelings

is quite high (1% -2%). Some costs has

satisfaction, organizational commitment

being allocated to the construction sector

and employee’s performance, particularly at

Construction (GAPENSI)

148


Association achieved

net

of

Indonesia profits

positive effect on organizational trust. Then

attached to the organization’s employees, Assessment of an employee if satisfied

then

employees

will

feel

committed

149


employee

performance

to their organization in the sense of

with

when

the performance of employees, when

have willingness to try with high spirits

identification

organization’s

employees do their work by combining the

employees get satisfaction from their work

(hard work for organization) and have

employees. It will be high which in turn

five dimensions of work. Employees will

done well, because there is compatibility

some values and goals in common with

it will be manifested in employee loyalty

be encouraged to display their work with

between what is expected to the reality of

organization. Then, they will be compelled

to

satisfaction

high performance in terms of both quality

the work performed which is influenced

to produce work with high performance.

and performance related to each other

of work, quantity of good work, education

by job characteristics and organizational

intuitively and those are something that

and knowledge better, works can be on

commitment. Thus, the employee will be

Hypothesis 6: Organizational commitment

can be manipulated to gain organizational

time as well, and, communication can be

motivated to work better. Management

has positive influence to performance of

and individual (Cue and Gianakis, 1997).

run properly.

is to achieve high employee performance

managerial employees

the

with

the

organization.

Job

Some characteristics of workers have a

is primarily intended to improve the 3:

Job

of

company’s overall performance. (Barker,

METHODS

positive

2000: 124). Companies need to look at their

Design of this study is causal (causal studies)

performance of its human resources as a

with survey research method conducted

strategic issue as a means of helping to

by taking samples from population and

achieve a competitive advantage.

using questionnaires. Populations are 3,823

major role in research that aims to predict

Hypothesis

characteristics

organizational commitment. If it is assumed

managerial

that the characteristics of workers associated

influences to organizational commitment.

employees

have

with their trust in the organization, so, this study supports the notion that states

The starting point of this study refers to

that the problem of trust can be more

the theory of behavioral science. This

varied influence on commitment than job

theory is based on objective research

Even, Cue and Gianakis (1997) stated that

observed at managerial level employees

experience. Some characteristics of workers

of human behavior in organizations. J.

good performance came from the work

and they are 13,733 employees. Level of

can be used to estimate organizational

Richard Hackman and Greg Oldham who

attitude in particular dimensions of job

construction companies are measured

commitment, namely years of service and

have contribute to behavioral science

satisfaction. So that, HR performance

according to the law no. 18 in year 1999 on

how big their egos involve in employment,

theories in the 1970s. The model theory

evaluation

important,

construction services. Systematic random

positively related to commitment. (Hulin

is known as Hackman and Oldham job

as the company demands and requires

sampling method is used to retrieve

and Blood, 1968; Hall and Scheneider, 1972,

characteristics. There are five dimensions

improvement of work as a whole and

samples. Sample size plays an important

Goodale, 1973; Buchanan, 1974; Dubin,

of job characteristics, namely: skill variety,

sustainable in order to guarantee the

role in estimation and interpretation results

Champoux and Porter, 1975; Rabinowitzt

task identity, task significance, autonomy

existence of the company concerned as well

of Structural Equation Modeling (SEM), so

and Hall, 1977; Steers and Spencer, 1977;

and feedback which affect employee’s

as overall company performance.

that appropriate sample size is 200. (Hair

Kidron, (1978).

performance

Hypothesis 2: Job satisfaction of managerial

with

basing

organizational commitment. Research in effects of job characteristics on

organizational

commitment

construction companies in Central Java were

becomes

very

employees’

et.al., in Ferdinand, 2002: 47).

psychological condition and the need for

Hypothesis 5: Job satisfaction of managerial

employees to grow.

employees have a positive influence to

Job

performance of managerial level employees.

condition in which individual are predicted

employees have a positive influence to

150


Hypothesis

4:

Job

characteristics

managerial

employees

have

of

significant

influences to the performance of employees.

had

characteristics

specifies

the

task

to prosper in their work (Hackman and Organizational commitment is needed

Oldham, 1975, 1980). There are five job

to

performance.

dimensions that were measured using

improve

employee’s

Commitment will encourage a choice of

skill variety, task identity, task significance,

been made by Dunham (1994); Agrawal

Employee’s

real

habits that support company’s employees

autonomy and feedback. Five-point Likert-

and Ramaswari (1997). When employees

achievement or accomplishment achieved

to work more effectively. Employees who

type scale of individual scores were used

have the dimensions of the work, then,

in the quality and quantity of employees

have high organizational commitment

and accumulated (Cronbach Alpha =0.747).

employees will feel involved in carrying out

in performing their duties in accordance

will be oriented on their job. Research in

Job satisfaction of managerial employee

their work to support the completion of

with a given responsibility. Employee’s

the effects of organizational commitment

was measured by satisfaction with salary,

their work. With such high involvement, the

performance is measured by standard/

on employee’s performance had been

promotion, co-workers, supervisors, and

employee will increase their commitment

criteria

company.

conducted by Bishop, et al. (1997).

work using Managerial Job Satisfaction

to the organization. Langner et. al (1988)

Clifford and Gianakis (1997) shows the

When employees have a strong desire to

Question (MJSQ) developed by Celluci

confirmed the influence of job characteristics

relationship

become a member of organization, they

and D.L. DeVries, (1978) using five-point

performance

established of

job

by

is

the

a

satisfaction

with

151



Likert-type scale and an individual score

by 8 (eight) indicators of Heneman (1974).

Description of Figure 1:

the job characteristic variables {KP (X1)}

was accumulated (Cronbach Alpha =

Respondents were asked about their

KP (X1) = Job characteristics of managerial-

influence on organizational commitment

0.704). While, organizational commitment

achievement of work objectives, quality of

level employee

variable {KO (X3)}.

may be defined as the relative strength

work according to quality standards, work

VARKET (X1.1) = Variations skills

of an individual’s identification with and

planning, organizing, control, cooperation,

IDTUG (X1.2) = Identity task

In the conceptual framework, it also notes

involvement in a particular organization

initiative, reporting. Measurement of each

SIGTUG (X1.3) = Significance task

that organizational commitment variable

(Steers, 1977). These variable was measured

indicator used 5 point Likert type scale

AUTO (X1.4) = Autonomy

which is not explained by job characteristics

by three indicators, namely: affective

(Cronbach Alpha =0.829).

UMBAL (X1.5) = Feedback

variables indicated by the number of variable variance. This is the conceptual framework

commitment, normative commitment and Measurement

Structural Equation Modeling (SEM) with

KPK (X2) = Managerial-level employee

given by the symbol (Z1) organizational

of variables by a summative scale level

AMOS 4.01 program package and SPSS

satisfaction

culture variables such as leadership style,

(Summated Rating Scale) or known as the

10.0 were using in this study. Full Structural

SALARY (X2.1) = Satisfaction with salary

while job satisfaction variable which is not

five-point Likert-type scale (Cronbach Alpha

Equation Model Measurement analyzes job

PROMO (X2.2) = Satisfaction with

explained by job characteristics variables

=0.808). Employees performance is a real

characteristics, organizational commitment,

promotion

indicated by the number of variance of

achievement or accomplishment achieved

job satisfaction and employee performance

COMPANION (X2.3) = Satisfaction with

variables that given by the symbol (Z2) for

in the quality and quantity of employees

with structural equation model (structural

colleagues

instance organizational culture, leadership

in performing their duties in accordance

equation modeling). SEM measurement

PENYEL (X2.4 = Satisfaction with supervisor

style, organizational climate, individual

with a given responsibility. Managerial

results using AMOS 4.01 program shown in

JOBS (X2.5) = Satisfaction with the job itself

characters. For employee performance

employees performance was measured

Figure 1 below.

continuant

commitment.

variables that are not explained by the

Figure 1. Full SEM

KO (X3) = Organizational commitment

variable job satisfaction, job characteristics

AFFEC (X3.1) = Affective commitment

and organizational commitment are shown

CONTI (X3.2) = Continuant commitment

by the amount of variance of variables, that

NORMS (X3.3) = Normative commitment

is given by the symbol (Z3) for instance organizational culture, leadership style,

KK (X4) = Employees Performance of

organizational climate, employee attitudes.

managerial level

The result of the influence line diagram

PENSAS (X4.1 = Achievement of targets

of job characteristics on job satisfaction,

KUAL (X4.2) = Quality of work

organizational commitment and employee

PERENC (X4.3) = Planning work

performance of construction companies in

PENGOR (X4.4) = Organizing

Central Java in Figure 1, it can be said that

PENGEND (X4.5) = Control

the model fits with the data, because they

KERJAS (X4.6) = Cooperation

meet the goodness of fit criteria. To test each

INIS (X4.7) = Initiative

hypothesis, it can be seen in Table 1.

PELAP (X4.8) = Reporting Table 1 indicates that job characteristics has in

an effect to organizational commitment

Figure 1, it can be seen that there are

and have the highest influence with a

relationships

exogenous

path coefficient 0.789. Also, organizational

variables with endogenous variables such

commitment has an effect to performance

as employee job characteristics {KP (X1)}

of employees with a path coefficient

with

{KO

0.473. This model has been empirically fit

(X3)}, Employee satisfaction {KPK (X2)},

to the data used in this study that can be

and Employee performance {KK (X4)}. Also,

seen from the chi-square model 148.220

From

the

conceptual between

Organizational

framework

Commitment

Source: Primary data are processed, 2010

152

153


Table 1 Effect Of Inter-Variable Coefficient Lane

Path

Path coefficient

t statistic

Probability (p)

Table 2 above shows that there is a

fourth hypothesis is accepted. Hypothesis 5

total effect of job characteristics on

states that organizational commitment has

organizational

amounted

a significant positive effect on employee

to 0.949 with a positive direction and of

performance. It refers to the significant

job characteristics on job satisfaction of

level of 5% which obtained a probability

commitment

Employee satisfaction



Job characteristics

0.297

2.855

0.004

Organizational commitment



Job characteristics

0.789

9.521

0.000

0.297 with a positive direction. While the

value of 0.000 which is below 0.05. Thus it





0.516

4.769

0.000

influence of job characteristics on the

can be stated that hypothesis 5 is accepted.

Employee performance




0.212

2.363

0.018

performance of employees is 0.818 with a

Hypothesis 6 states that job satisfaction has

positive direction. Furthermore, the total

a significant positive effect on employee




0.473

5.783

0.000

effect of job satisfaction on organizational

performance. It refers to the significant level

commitment amounting to 0.516 with

of 5% which obtained a probability value

a positive direction and the influence of

of 0.018 which is below 0.05. Thus it can be

organizational commitment to employee

stated that hypothesis 6 is accepted.




Organizational commitment Job characteristics

0.311

3.741

0.000

performance amounted to 0.473 with a

Table 2 Total Effect among Variables

Job characteristics


Job satisfaction



0.949

0.000

0.516

0.000

Job satisfaction

0.297

0.000

0.000

0.000


0.818

0.473

0.456

0.000

Variables

positive direction. Total effect is also seen

RESULTS AND DISCUSSION

in the influence of job satisfaction on

Job characteristics have positive and

employee performance of 0.456 with a

significant effects on job satisfaction as

positive direction.

stated with the previous studies (Bhuidan and Menguc, 2002; Glisson and Durick,

Hypothesis 1 stated that job characteristics

1998, Sneed and Herman, 1990). These

have a significant positive effect on job

findings

satisfaction. It refers to the significant level

construction companies have assessed that

indicate

that

employees

of

with a significance level 0.118, Goodness

organizational commitment to employee

of 5% which obtained a probability value

their work is designed with the motivational

of Fit Index = 0.945, Adjusted Goodness

performance at 0.473 with a positive

of 0.004 which is below 0.05. Thus it can be

approach by applying the five dimensions

of Fit Index = 0.927, Tucker Lewis Index

direction. The direct effect is also seen

stated that the hypothesis 1 is accepted.

of work which are: skill variety, task identity,

= 0.992, Cmin / DF (minimum sample

in the influence of job satisfaction on

Hypothesis 2 states that job satisfaction has

task significance, autonomy and feedback.

discrepancy function divided by the degree

employee performance of 0.212 with a

a significant positive effect on organizational

Those have improved employee’s job

of freedom) = 1.149, Comparative Fit Index

positive direction. While the indirect effect

commitment. It refers to the significant

satisfaction. The means that employment

= 0.993 and the Root Mean Square Error of

of job characteristics on organizational

level of 5% which obtained a probability

in construction companies is designed

Approximation = 0.023 in the range from an

commitment

Job

value of 0.000 which is below 0.05. Thus

with a variety of high skill. Task identity is

expected value.

characteristics are also affected indirectly

it can be stated that the hypothesis 2 is

clear and with a clear task significance that

by 0.507 (positive) on the performance of

accepted. Hypothesis 3 states that job

provides a clear feedback of their work

Table 1 shows that there are direct effects

employees. Also, job satisfaction has an

characteristics have a significantly positive

either to received praise or reprimand, or


indirect influence on the performance of

effect on organizational commitment. It

to give awards for outstanding workers or

commitment

positive

employees 0.244 (positive). Because the

refers to the significant level of 5% which

to give penalties for employees who make

direction and of job characteristics on job

indirect effects of job characteristics on

obtained a probability value of 0.004 which

mistakes.

satisfaction 0.297 with a positive direction.

employee performance (0.507) is higher

is below 0.05. Thus it can be stated that the

While, the influence of job characteristics

than the direct effects of job characteristics

hypothesis 3 is accepted. Hypothesis 4 states

Employees at managerial level in the

on the performance of employees is 0.311

on the performance of employees (0.311). It

that the job characteristics have a significant

construction companies are also assigned

with a positive direction. Furthermore,

can be stated that there are variables that

positive effect on employee performance. It

with

the influence of job satisfaction on

mediate the influence of job characteristics

refers to the significant level of 5% which

managerial jobs ranging from planning,

organizational commitment is 0.516 with

on employee performance.

obtained a probability value of 0.000 which

organizing, directing and control. As it is

is below 0.05. Thus it can be stated that the

known, the characteristic of construction

0.789

with

a

a positive direction and the influence of

154


is

0.160

(positive).

the

responsibility

relating

to

155


project work is unique, which requires

who has supported another employee who

organizational commitment is higher than

theory of Hackman and Oldham (1975)

the different resources such as labor,

works with full responsibility. Supervisors

job characteristics on job satisfaction.

in Robbins (2002). Design works by five

money, machines, methods, materials,

give his subordinates moral support and

organizational diversity, goals that involve

provide high motivation. Employees also

Job characteristics have a positive effect

significance, autonomy and feedback have

a number of individuals with different

feel a sense of fun and interested in their

on the performance of managerial level

a positive side. These five dimensions will

expertise,

work. They feel quite successful in carrying

employees. This result indicates that the

increase job satisfaction, high motivation,

out the work that is currently done.

managerial-level employees of construction

high work involvement, job performance

companies perceived their work, which is

and lower the level of absenteeism and

a

certain

personality

and

character of uncertain tasks. In the normal construction project there is a stage which

dimensions are: skill variety, task identity,

is processing the project resources to be a

Research from Alpander (1990), Poznanski

designed with a motivational approach that

employee turn-over.

result of construction activities. The process

(1997)

satisfaction

is by applying the five dimensions of job

(1988) also proved the influence of job

that occur in a series of activities involving

positively and significantly influence the


characteristics on employee performance.

different parties directly or indirectly, such

organizational commitment. Employees

autonomy and feedback have improved

as project owners, consultants, planners,

who gain job satisfaction show support and

their performance. This can be explained that

Job satisfaction has a positive effect on the

subcontractors,

loyalty to the organization.

when employees do the work by combining

performance of managerial employees. This

the five dimensions of employment, the

finding is consistent with the researches

institutions,

156


suppliers,

government,

financial labor.

showed

that

job

The

Langner et al.,

management’s duty is to make coordination

Job characteristics have a significant positive

employee has been encouraged to perform

conducted by Langner et al., (1988). These

to all parties involved in the construction

effect

commitment.

work with high performance. A high

finding indicates that the managerial-level

project, so that, its objectives can be

These findings indicate that the managerial-

performance is shown by the fulfillment

employees of construction companies

achieved with all parties to an optimal level.

level employees of construction companies

of the indicator that has been specified

perceived job satisfaction is needed to

Therefore, careful planning must take into

assess that the work on construction services

in the performance of managerial level

support employee performance.

account for the five dimensions of work in

company is designed with a motivational

employees. Furthermore, good quality work

influence between job satisfactions to

construction companies.

approach that is by applying the five

can be seen from the result of employees’

employee performance occurs because the

dimensions of job such as skill variety, task

compliance with the desired quality of the

managerial level employees of construction

Job satisfaction has a positive effect on

identity, task significance, autonomy and

company. Employees have to use extra

companies

organizational commitment as indicated

feedback has increased the commitment of

effort in completing their work. After all,

between what they want and what is

with the previous studies (Alpander, 1990;

the organization. Employee who works with

they are always working on the task in

realistic to have.

Poznanski, 1997; De Connick, et. al., 1992,

a high diversity of skills or accompanied

accordance with a given responsibility.

also influenced by job characteristics and

Sneed and Herman, 1990). These findings

the work with a variety of activities, range

Employees are always actively working

organizational

indicate that job satisfaction within the

of responsibilities, non-monotonous, task

to set targets on each unit. This is done

coefficient of job satisfaction on employee

organization is absolutely necessary to

identity in the sense that there is a clear

when employees are involved in preparing

performance indicates a low number

create organizational commitment. Job

objective in carrying out the work will

project budgets and company budgets.

compared to the influence of organizational

satisfaction comprises five dimensions such

have highly commitment. Employees are

Managerial

construction

commitment on employee performance.

as satisfaction with salary, satisfaction with

given the opportunity and involvement in

company also has a skill in set-sharing,

This indicates that for managerial level

promotion, satisfaction with co-workers,

completing a job from beginning to end.

delegation of authority, coordination in

employees of construction companies, the

satisfaction with supervisor and worker

This findings are consistent with Dunham

carrying out his job, employment, keeping

role of organizational commitment is higher

satisfaction of job itself. Managerial-level

(1994), Sneed and Herman (1990), also

and maintain working relationships with

than the role of job satisfaction. This can


Hunt, Chonko and Wood (1985) who

the boss, subordinates and others, having

occur due to general economic conditions

perceived that the five dimensions of job

explains that the job characteristics affect

initiative, creativity and always having new

that have an impact on employee behavior.

satisfaction have improved organizational

organizational commitment. Agarwal and

ideas in doing his job. Employee also has

In Indonesia’s current economic conditions,

commitment. Salary received by employees,

Ramaswari (1997), also provide evidence

the skill in preparing the reports that have

with 12.6 million unemployment, and high

fairness

external

that job characteristics affect organizational

been systematically compiled and updated.

inflation (18%), to get the job for someone is

aspects, promotion policy that meet the

commitment. In this study resulted that

expectations of employees, a colleague

the direct effect of job characteristics on

either

internal

and

on

organizational

employee

in

recognize

the

The

relationship

High performance is

commitment. The

path

something being expected in and has their These findings fit with job characteristics

families also. The opportunity to get a job

157


will ease the burden of life. Furthermore,

commitment makes employees feel loss

overcome job dissatisfaction by increasing

While, the feedback emphasizes the degree

it could also help in actualizing employees

when leaving the company. For employees,

job scope. Job scope shows the number

to which an employee receives information

needs and in developing employee’s skills

it is unethical to move from one organization

and variety of different tasks or activities

at their work that reveals how well they

and ability.

to another. According to Mowday, Porter

undertaken by the holder of the job. In this

work. Satisfaction created by the five

and Steers (1982), commitment is defined

way, the various functions of the horizontal

dimensions have implications to encourage

Organizational commitment has a positive

as a strong desire to remain a member of an

work of the sub units are combined with

organizational commitment.

influence on the performance of managerial

organization, a willingness to try with high

the organization that can give a variation

who have high job satisfaction, would have

level employees. Employee has perceived

spirits (hard work) for the organization. Trust

of tasks for employees. This could also

a positive belief in the organization. This

that to enhance employee performance is

acceptance of the values or goals of the

be done using the job rotation system,

resulted if employees feel at ease in the

absolutely necessary highly organizational

organization Meyer and Allen (1991, 1993).

so employees can rotate from one job to

organization and all of its existing goals

commitment.

commitment

The findings also fit with studies of Bishop et

another. Job enrichment, which overcomes

and values. It makes the employees who is

organization is carried out by managerial

al., (1997) that organizational commitment

the dissatisfaction from work by making

working at a construction company favored

level employee at a construction company,

has affected the performance of employees.

the job more deep and challenging. This

the company / organization with the values

job enlargement is done vertically. That

and goals and they have an interest to

High

due to the activities of construction

Employees

projects involving related parties, directly

With five dimensions of job characteristics

is an organizational unit is combined in

maintain the membership in the company.

or indirectly. Each party has specific targets

that

increase

one form of work, so that employees will

Pro-employee in the organization means

to be achieved. Project management needs

employee job satisfaction managerial levels

feel the autonomy in the implementation

the employees of construction companies

to consider the involvement of each, as well

of construction company have implications

bigger job. Each employee is given the

already have a high commitment to the

as employment related to their respective

for the need to continually review the

responsibility to regulate its own speed, to

organization. This finding is in accordance

functions and the cooperation of the parties

level of job satisfaction of employees to

fix its own mistakes and decide the best

with Robbins’s statement (2002: 109) who

involved in the project. Functionally, the

ensure employees continue to feel satisfied.

way to perform a job. Employees are also

explains that job satisfaction is important

parties involved in construction projects are

Hackman and Oldham (1976) stated that

given the opportunity in making decisions

to understand by managers, because

project owner, consultants and contractors.

five of the principal dimensions such as

that may affect the sub-units where they

employees who are dissatisfied can perform

While the construction work is carried


work, if this is provided, then it will increase

several actions such as loss to follow, get

out, it must also take into account the

autonomy and feedback ware developed

employee job satisfaction.

out and do not have a good commitment to

type of construction: heavy engineering

to

projects,

and

satisfaction. Therefore, HR managers need

Bhuidan and Buklend (2002) and Becherer

job satisfaction is an individual’s general

residential building construction. State

to use the concept of Hackman and Oldham

et al., (1982), Glisson (1998) and Singh,

attitude towards work. Someone with

budget condition (how to speed return on

for each job. It is designed and improved

Jagdip, and Gary, (1996) also have shown

a high level of job satisfaction shows a

investment), technical work and project

through five different dimensions. The

that the direct effect of job characteristics

positive attitude towards his work, among

administration. Nature of project: single,

implication is that employees will feel a

on job satisfaction. Bhuidan and Buklend,

other things remain in the company (don’t

repeated and long term.

sense of importance, feel a responsibility

and Becherer et al., (1982) focuses on four

want to move), willing to work overtime to

to reach a particular work. Thus, there will

dimensions of job characteristics: autonomy,

complete the task, maintain confidentiality

Organizational commitment relationship

be a connection between what is in the

diversity, identity and feedback. Autonomy

of company, prides the company on other

with employee performance has occurred

design work with what employees want.

means that employees have discretion in

people, willing to sacrifice personal goals

where a high organizational commitment

It will psychologically affect employee

determining their work schedules, and

and interests to achieving corporate

with indicators such as: when it is observed

satisfaction.

freedom for what they want in their work.

objectives, provide basic repairs, obeying

Diversity refers to the degree to which the

orders, maintain the rights to the company, helping other employees.

buildings

construction,

have

been

motivate

and

proven

to

enhance

employee

that the employee want to stay, and feel

158


the organization. Luthans (1992) describes

emotionally attached to the organization.

Some of the ways that can also be used

job allows an employee to perform a series

From continuant commitment employees,

to increase job satisfaction is specifically

of choices in their work. Task identity refers

they feel reluctant to leave the job because

related to job design with the motivational

to employees who perform his work and

Mowday, Porter and Steers (1982), defines

they might find difficulty to look for another

approach

to identify the outcome of the efforts he is

commitment as 1) a strong desire to remain a

job if they exit / quit the job. Normative

enlargement). Job enlargement is trying to

doing.

member of the organization, 2) a willingness

in

division

of

work

(job

159


to try with high spirits (hard work) for

are still putting the index commitments

management, it would be more balance to

relations

the organization, 3) trust and acceptance

in Indonesia at a low level (63), under

pay more attention to employees of another

relationship the government, employers

of values and organizational objectives.

the Philippines (77) and Malaysia (65). If

level. It is more like to give an opportunity

and employees, governed by the provisions

The significance of the task makes the

the employee has a high commitment,

and a wider freedom to employees in

set by the government should set fairness,

work of managerial level employees of

then the performance is very good and

completing tasks. Management does not

so that, the interests of various parties can

construction companies has important

will support the company’s performance.

need to create a lot of rules in designing

be met.

for the organization as well as to other

Good performance will have an impact

work.

employees within the scope of the

on economic growth both regionally and

organization

nationally.

internally

and

externally.

that

governs

the

working

The results of this research can be a basis In the area of satisfaction with the salaries

of further research on the behavior of

and satisfaction with supervisors, corporate

individuals and groups that exists within an

management needs to pay attention better

organization or company. Research in both

with

in making policies to provide wages to

individual and organizational characteristics

Autonomy makes employees manage their

160


own jobs, have freedom of performing

MANAGERIAL IMPLICATIONS

work, freedom of thought and freedom

Job

characteristics

of action. Similarly, feedback makes the

job

satisfaction

organizational

employees of managerial level. The policy

and organizational culture should be

employee obtain information on how well

commitment and employee performance

of salary can provide internal and external

conducted to measure its association with

they have worked, so they can know the

at the managerial level have number of

fairness. In addition, the supervisor’s role

commitment, satisfaction and performance

effectiveness of its performance, in the

implications as an intervening variable that

in directing and motivating employees

of managerial level employees. Other service

sense that they can find out whether the

relates the characteristics of employee job

is to support the creation of employee

industries such as banking, manufacturing,

job is done right, the work is in conformity

performance to job satisfaction variable.

job satisfaction. Management needs to

private companies, state enterprises, and

with the standards of achievement of their

Management should pay more attention to

improve the skills of supervisors / superiors

government agencies are hoped to make

work. Thus the managerial level employees

variables, especially affective commitment

for the work to guide and motivate their

a pattern of human resource development

of construction companies who works by

which has smallest contribution in building

employees.

related to the performance of managerial

using the five dimensions of work, have felt

organizational commitment. If contribution

involved in carrying out the work.

of affective commitment can be increased,

Variable performances of employees which

it is expected that willingness, enthusiasm,

contribute a lot are cooperation, initiative

CONCLUSION

With the inclusion of employees in carrying

and responsibility of the higher managerial

and preparation of reports. Therefore,

Review results after testing the effect of

out this work, there is a psychological impact

level employees will increase. Employees will

corporate management needs to improve

job characteristics on job satisfaction,

that employees will feel happy, and then this

be bound emotionally and psychologically

the ability of employees to develop their

organizational commitment and employee

will encourage employees to increase its

at the company, and this would make

cooperation skills, developing initiative and

performance in construction companies,

commitment. HR managers should involve

employees work more brilliantly with

creativity in completing the task and the

then it can be deduced that there are

employees not only to work but also in

high

Management

ability to create reports systematically. This

direct effects of positive and significant job

planning and evaluation of results achieved.

companies need to create a strong incentive

may be done by creating a managerial level

characteristics on job satisfaction level of

To anticipate external changes which

(key drivers) that can make employees

employee training programs both, on the

managerial employees. The variation of skills,

include an increase in fuel oil, increasingly

have a high commitment, for example: by

job and off the job training.

task identity, task significance, autonomy

in electricity tariffs as well as facing growing

redesigning jobs to increase the autonomy

competition as high, it is necessary to create

of the task or tasks to expand and clarify

Government should deliver good policy in

managerial level employee job satisfaction.

human resource management policies to

the identity of employee duties. Besides,

managing the workforce, especially in the

The design work in construction companies

achieve organizational goals and strategies

it is also concerned with job satisfaction

construction workforce. Implementation

that performed with motivational approach

to support the company’s performance.

variable with respect to indicators of wages

of human resource management planning

that integrates the five dimensions of

Company’s

highly

and the role of supervisor who gives more

the

pay

psychological job significantly influence job

dependent on employee performance.

contribution in building employee job

attention to how its settings can increase

satisfaction of managerial level employees.

Employee performance is highly dependent

satisfaction. Job characteristics variable that

employee commitment to organization,

In other words it can be concluded that

on the commitment. Currently, according

give large contributions are task identity

job satisfaction, and higher employee

there is compatibility between what is in

to a survey from Hay Group’s employees

and autonomy. Thus, in designing corporate

performance. The system of industrial

the design work with what is desired by

performance

is

performance

relationship also

level.

level employees.

and feedback significantly influences the

construction

sector

should

161


employees at the managerial level in the

construction companies.

construction services company. There

direct

effects

of

positive

performance is necessary indeed and can be

characteristics theory that five dimensions

realized with well jobs characteristics, high

of job characteristics that is skill variety, task

organizational commitment and higher job

identity, task significance, autonomy, and

satisfaction.

feedback have an effect on job satisfaction

There is a direct positive influence and

and significant job characteristics on

significance of managerial level employee

the performance of managerial level

job

employees. This means that the job

There

influence

groups who need higher development. The

job

characteristics: skill variety, task identity,

and significance of job satisfaction on

results of these researches have proved the

satisfaction, namely: satisfaction with salary,

task significance, autonomy, feedback will

employee performance. This means that job

existence of such influence for employees

satisfaction with promotion, satisfaction

affect the performance of the employees.

satisfaction, such as, satisfaction with salary,

at the managerial level. But in this study,

with

satisfaction

commitment.

162

are


This

on

organizational

means

that

and employee performance to employee is

a

direct

positive

with

This finding means that construction

satisfaction with promotion, satisfaction

variable

supervisor, and satisfaction with the work

companies have adopted the basic design

with

with

plays a role as intervening variables that

itself significantly influence organizational

work with motivational approach. Job

supervisor and satisfaction with the work

mediates relationship of job satisfaction

commitment. The results identified that

design can provide encouragement to

itself is significantly and positively influence

with job characteristics on employee


employees to achieve higher performance.

the performance of managerial level

performance. This is consistent with the

are confident that job satisfaction can be

Variations of high skills, a clear task identity,

employees. These results indicate that job

research conducted by Shahid N Bhuidan

obtained by increasing its commitment

and

psychologically

satisfaction perceived by the managerial-

and Buklend Menguc that characteristic

to increase job satisfaction.

In order to

make employees feel that their work is

level employees of construction companies

of the work affect job satisfaction and

achieve and realize the commitment

very meaningful. The success of the task

improve the performance of employees in

organizational

of employees toward the organization

is encouraging employees to improve

the company. However, the influence of job

Shahid did not use indicators to measure

supported by a good design job, there are

work performance and a wide operating

satisfaction on employee performance has

the significance of the task in job

positively and significantly direct effects

autonomy that generated a sense of

a lower contribution than the contribution

characteristics and still questioned the role


responsibility for his work.

of job characteristics and organizational

of organizational commitment. Thus, the

commitment. The characteristics dimension

responsibility has led to higher performance

commitment.

firm’s management in designing work might

of the work with skill variety, task identity,

output. Feedback in the design work make

task significance, autonomy, and feedback

the employees know the real results of

From the 6 (six) conclusions that have been

managerial level employees in construction

have a positive effect on organizational

his activity. This has led to improve his

proven partially quantitative, can derive a

companies to support the employee’s

commitment. This finding means that jobs

performance.

There is a direct positive

general conclusion that the performance of

performance because it will impact on the

in construction companies which has been

influence of organizational commitment

managerial level employees in construction

company’s performance improvement.

designed with a motivational approach

on the performance of managerial level

companies is influenced by variables of

that integrates the five dimensions of

employees. This means that organizational

job characteristics, job satisfaction and

There are several limitations in this study

job characteristics has created a strong

commitment that is affective commitment,

organizational commitment. But it should

like theories and supporting results from

incentive for employees to remain a member

continuant

normative

be noted that the variable organizational

previous research. Research work related

in the company. In addition, they are also

commitment affect the performance of

commitment and job satisfaction variable is

to organizational commitment, satisfaction

compelled to try to attempt a high spirit

managerial level employees. This finding

an intervening variable, which support the

and employee performance are still very

and corporate interests with a willingness

means that employees of construction

relationship of job characteristics on the job

limited to managerial level. Research

to work overtime, and doesn’t want to move

companies were convinced that high

performance of employees in managerial

conducted at the company’s construction

to another company, boasts the company,

organizational commitment will improve

level. In this study, worker commitment to

services, primarily related to employee

to keep the rules of the company even

employee performance. The contribution

the organization as a variable has an indirect

behavior is also still limited. This resulted

without supervision, to obey the order and

of organizational commitment to employee

effect which is larger than the variable job

in proving the results of research with the

to provide improvements. In other words,

performance has a path coefficient greater

satisfaction.

supporting theory is also relatively limited.

the effects of work design which performed

than job characteristics on employee

with motivational approach have increased

performance and job satisfaction on

In line with behavioral science theory and

only qualitatively, which relies on his

employees’ organizational commitment in

employee

the theory of Hackman and Oldham job

superior alone. This allows the assessment

coworkers,

satisfaction

task

significance,

commitment,

performance.

A sense of

Improved

co-workers,

satisfaction

organizational

commitment

commitment.

However,

consider the significance of the task of

Employee performance variables measured

163


results still contain subjectivity. It would

company’s construction services in Central

be better if the employee’s performance

Java, which cannot be used as the basis

is measured by involving some influential

of generalizations that represent other

parties. This research was only done on the

companies in Central Java.


Dubin R.J.E., Champoux, and L.W., Porter (1975). Central Life Interest and Organizational Commitment of Blue Collar and Clerical Workers, Administractive Science Quarterly, 20, 411-421. Dunham Rendall B. (1994). Organizational Commitment ; The Utility of an Integrative Definition, Journal of Applied Psychology, 79 (3), 370-380. Ferdinand, A.(2002). Structural Equation Modelling dalam Penelitian Manajemen, Semarang : BP. UNDIP.

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The Complementary Nature of Fundamental and Technical Analysis - Stephanus Remond Waworuntu, Hendra Suryanto

The Complementary Nature of Fundamental and Technical Analysis Evidence from Indonesia Stephanus Remond Waworuntu

Hendra Suryanto

BINUS Business School - BINUS University, Jakarta [email protected]

BINUS Business School - BINUS University, Jakarta [email protected]

Fundamental analysis and technical analysis has been used independently to predict the stock price movement. Both type of analysis usually used without interacting each other. This study was intended to test the complementary nature of fundamental and technical analysis as to whether it will increase the explanatory power to explain the stock price movement in Indonesia LQ45 market. The result shows that fundamental or technical analysis alone in isolation have the ability to predict future prices. But, by integrating both factors together in a single model will give the superior explanatory power to the prediction. However, in Indonesia stock market, technical analysis plays the biggest role in determining future price movements, while technical data was widely available in the market rather than the fundamental data such as analyst’s forecasted EPS. These findings prove that fundamental analysis can be used in determining which stocks or portfolio is prosperous in the future, and technical analysis can be used in determining the right time to buy or sell the stocks. By integrating both type of analysis, investors could have superior profit than the buy and hold strategy. The result should also enrich the knowledge of stock traders in gaining more profit.

Abstract

Analisis fundamental dan teknikal sudah digunakan sejak lama oleh para analis untuk dapat memperkirakan pergerakan harga saham. Kedua bentuk analisis ini seringkali digunakan secara independen tanpa interaksi satu dengan lainnya. Studi yang dilakukan ini bertujuan untuk dapat melihat hubungan antara analisis teknikal dan fundamental, apakah dengan menggabungkan kedua bentuk analisis ini dapat menghasilkan sebuah prediksi yang lebih tepat terhadap pergerakan pasar saham di Indonesia. Studi ini mencakup seluruh saham yang tercantum dalam LQ45 di Bursa saham Indonesia. Hasil riset menunjukkan bahwa, baik analisis fundamental maupun teknikal secara terpisah memiliki kemampuan untuk dapat memperkirakan pergerakan harga saham. Namun dengan menggabungkan kedua analisis ini dalam sebuah model, dapat memberikan kemampuan prediksi yang lebih kuat. Pada pasar saham Indonesia, analisis teknikal memiliki kemampuan yang lebih baik dalam memperkirakan harga saham kedepannya, karena data teknikal lebih mudah diakses dan tersedia secara umum dibandingkan dengan data fundamental seperti Prediksi EPS dari Analis, yang hanya tersedia bagi pelanggan dalam jumlah kecil. Dengan menggabungkan kedua bentuk analisis ini , Investor dapat memperoleh laba yang lebih besar dibandingkan hanya menggunakan strategi beli dan simpan. Cara penggabungan kedua analisis ini adalah dimana analisis fundamental dapat digunakan untuk menentukan saham mana yang cukup baik, dan analisis teknikal dapat digunakan untuk menentukan momentum kapan untuk membeli dan menjual saham tersebut. Hasil studi ini diharapkan dapat menambah pengetahuan dari para pemain saham agar bisa memperoleh keuntungan yang maksimal. Keywords: Technical Analysis, Fundamental Analysis , Momentum, Book Value, Earnings per Share.

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THE INFLUENCE OF JOB CHARACTERISTICS ON JOB SATISFACTION

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