ANALYSIS OF BEKASI CITY BRANDING BY HEXAGON...

Conference on Management and Behavioral Studies Universitas Tarumanagara, Jakarta, 25 Oktober 2018

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ANALYSIS OF BEKASI CITY BRANDING BY HEXAGON MODEL

ON INVESTMENT DECISION

Genoveva1, Fadia A. Handoko2

1President University, Cikarang, [email protected]

2President University, Cikarang

ABSTRAK Tujuan dari penelitian ini adalah menganalisis citra kota Bekasi dengan menggunakan Hexagon Model

terhadap keputusan berinvestasi. Kota adalah penyumbang terbesar bagi perkembangan ekonomi sebuah

negara. Sehubungan dengan pembangunan kota-kota yang berdekatan dengan ibukota Jakarta, Bekasi

sebagai kota urban yang memiliki pertumbuhan jumlah penduduk tertinggi memiliki berbagai kendala,

minimimnya infrakstuktur, jalanan yang macet, udara yang panas serta waktu tempuh yang relative lama

ke Jakart. Kontradiktif ini menimbulkan daya tarik bagi peneliti untuk menganalisis apakah image

Bekasi memiliki pengaruh terhadap keputusan berinvestasi. Penelitian ini menggunakan Hexagon model

yang terdiri dari 6 variabel sebagai indikator yaitu presense, place, people, pulse, potential dan pre-

requisites dengan keputusan investasi sebagai variabel terikat. Data dikumpulkan dengan menyebarkan

kuesioner kepada 196 responden.. Metode analisa data yang digunakan dalam penelitian ini adalah

analisa deskriptif, tes validitas dan reliabilitas, tes asumsi klasik, dan pengujian hipotesis menggunakan

program IBM SPSS 20. Hasil penelitian menunjukkan bahwa place, people, pulse dan pre-equisite

memiliki pengaruh terhadap keputusan berinvestasi dengan tingkat signifikansi < 0,05. Sedangkan

presense dan potensial tidak berpengaruh terhadap keputusan investasi karena memiliki nilai

signifikansi > 0,05. Penelitian ini juga menunjukkan bahwa city branding berkontribusi sebesar 43,7%

terhadap keputusan investasi, sementara 56,3% dipengaruhi oleh faktor lain yang tidak diteliti dalam

penelitian ini.

Kata Kunci: Citra kota, Hexagon model, Presence, Place, People, Pulse, Potential, Pre-Requisites,

Keputusan investasi.

ABSTRACT The purpose of this study was to analyze the city branding of Bekasi by using the Hexagon Model on

investment decisions. The city is the biggest contributor to the economic development of a country. In

connection with the development of cities adjacent to the capital city of Jakarta, Bekasi as an urban city

that has the highest population growth has various constraints, minimum infrastructure, heavy traffic, hot

weather and relatively long travel times to Jakarta. This contradiction creates an attraction for researchers

to analyze whether the Bekasi image has an influence on investment decisions. This study uses a Hexagon

model consisting of 6 variables as indicators, namely presense, place, people, pulse, potential and pre-

requisites with investment decisions as dependent variable. Data was collected by distributing

questionnaires to 196 respondents. Data analysis methods used in this study were descriptive analysis,

validity and reliability tests, classic assumption tests, and hypothesis testing using IBM SPSS 20. The

results showed that place, people, pulse and pre-equisite has an influence on investment decisions with a

significance level of < 0..05. While the presense and potential do not influence on investment decision

because it has a significance value of > 0.05. This study also shows that city branding contributes 43.7%

to investment decisions, while 56.3% is influenced by other factors not examined in this study.

Keywords: City branding, Hexagon model, Presence, Place, People, Pulse, Potential, Pre-Requisites,

Invesment decision.


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INTRODUCTION

As the largest contributing actitivities for the national income, cities hold the key

contributor in a nation’s economic development (Yananda & Salamah, 2014). During

economic crisis, a company with strong corporate branding will continue to grow.

Same goes with cities, since a strong city branding can also have sifnificant impact on

the following three things: return, growth and risk. City branding is also expected to

influence the behavior and choices the target audience namely visitors, investors and

partners (Irawan & Widyaningsih, 2015).

However, the world is full of interesting, attractive, and cultural cities. For these

reasons, it is no surprise that there is a tough competition between different cities when

it comes to attracting visitors, residents, investors, and companies. Therefore, city

branding is an emerging practice that is executed by an increasing number of cities all

around the world. The concept is used to transform a location into a destination (Braun,

Eshuis & Klijn, 2012) by applying different strategies, such as building unique

constructions, formulating city-slogans or creating an image of the city (Hankinson,

2006).

Branding once known for product and service now is used widely to market an

area, at both local and state levels. A marketing practitioner, Kertajaya (2005), even

stated that today city branding is a mandatory thing to be done by any city that wants to

raise its degree. City branding focuses generally on attracting the investment, tourism

and trading potencies. Kotler, Burton, Deans, Brown, & Armstrong (2015) define brand

concept as a name, a sign, a design, or a combination of all that helps identify and

distinguish a product from its competitors. However, a brand is beyond all of its

concrete items. Countries, cities, villages, local places, or destinations in general can be

included in the branding process and can be regarded as brands (Tek, 2009). Every city

has a brand. This brand is not uniform or static. It is perceived differently from an

individual to a country, city, culture, religioun, etc. A city’s name has been built during

years and centuries. It relates not only to an image or logo, but also to a set of value that

many people stand for.

Bekasi city is a city with bad infrastructure, heavy traffic, hot weather and long

travel time from Jakarta (Lamudi, 2014). Compared to other cities closed to Jakarta, for

the example Bogor, Depok and Tangerang the travel time quite short than to Bekasi.

Seeing this phenomenon, Lamudi's global property portal conducted a survey and found

that 81% of the population who were not living in Bekasi were apparently not interested

in moving to Bekasi, while 75% of Bekasi residents wanted to move from the city, if

they were given the option to that. The main reason is poor traffic conditions, in

addition to the availability of infrastructure, entertainment and other factors. The

percentage of roads in Bekasi is currently only 5%, whereas with a total area of 661

square kilometers, Bekasi has at least 20% of the maximum portion of the road. As a

hub that connects the factory and industrial center in Cikarang to Karawang and also to

Jakarta, then to the port of Merak, Bekasi clearly cannot avoid the flow of large vehicles

from and to the factory. This is what makes Bekasi residents have to travel three, four to

five hours per day if they work in Jakarta.

However, although media coverage lately is not profitable for Bekasi, it does not

close the fact that Bekasi has a lot of potential. With a population growth of 2.77% in

2013, even greater than the average population growth in Indonesia, this growth rate

actually has several positive impacts. According to the result of negative image of

Bekasi, however Bekasi as a one of potential city for investation with highest growth of


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population, researchers will be to analyze the relationship between City Branding and

Investment Decision using the Hexagon model.

LITERATURE REVIEW

City Branding

Branding is Logos created to differentiate one product from another. Its function is

to distinguish from other products or competitors. This is an effective way between two

buyers and sellers. According to Merrilees, Miller and Herington (2009), city branding

is a subfield of destination and place branding especially in brand positioning. In

creating a competitive advantage for city public administration can be assisted by city

branding. City branding is not only to be used as a means of promoting a goal but a

sense of ownership and pride of the population and is also used to promote. Residents

are also responsible for image formation as it is very important to analyze the current

city brand. This perception can be addressed to the population to show the sense of

belonging to the place, or the opposite of the intention to find a new residence (Zenker ,

Braun, & Petersen, 2017)

City branding is similar to branding in the company, both have a high degree of

intangibility and complexity, both require long-term development. According to

(Anholt, 2002) Hakinson (2007) that a city brand is similar to a company therefore

concludes that branding requires leadership.

Hexagon Model

City branding is believed to have the power to change a person's perception of a

city or aim to see the potential difference of a city with another city. Below is a six

hexagon city brand from Anholt (2007) which is a way to measure the branding of a city

and should be considered by marketers as a frame of reference for understanding,

analyzing, and designing strategies in creating city branding in accordance with its

target market. The effectiveness of city branding using the City Branding hexagon

created by Anholt (2007) who there are six aspects in effective measure top city

branding:

1. Presence

Based on the city's international status and standing and the global

familiarity/knowledge of the city. It also measures the city's global contribution in

science, culture and governance.

2. Place

Exploring people's perceptions about the physical aspect of each city in terms of

pleasantness of climate, cleanliness of environment and how attractive its buildings

and parks are.

3. People

Reveals whether the inhabitants of the city are perceived as warm and welcoming,

whether respondents think it would be easy for them to find and fit into a

community that shares their language and culture and whether they would feel safe.

4. Pulse

Measures the perception that there are interesting things to fill free time with and

how exciting the city is perceived to be in regard to new things to discover.

5. Potential


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Measures the perception of economic and educational opportunities within the city,

such as how easy it might be to find a job, whether it's a good place to do business

or pursue a higher education” (Anholt & GfK, 2011).

6. Pre-requisites

Determines how people perceive the basic qualities of the city; whether they are

satisfactory, affordable and accommodating, as well as the standard of public

amenities such as schools, hospitals, transportation and sports facilities.

Investment Decisions

Investment decision generally means the determination made by investor as to

where, when, how, and how much funds will be invested on various avenues of

financial products instruments with the objective of generating income or appreciation

in value. Here, the concept investment decision is defined as the decision taken by

individual investors while investing in mutual funds. The behavioural finance cholars

found out that decisions coul be influenced by unavoidable psychological and emotional

factors. Better understanding of these factors will help the investors to take an

appropriate investment decision and also help them to avoid their repeating mistakes in

future in extracting the best financial investment avenue. Usually, the investors are

evaluating the risk and return of an investment decisions. The decision making

behaviour of an investor is affected by their attitude toward risk. At different levels of

perception toward risk, the individual investors think differently about their investment

and make decisions differently. Risks are taken by investors based on interpretations

and perceptions that are ultimately influenced by risky investment decisions.

Investment decisions are an important factor in corporate financial functioning,

where the value of the enterprise is solely determined by the investment decision.

Opinion it can be interpreted that investment decision is important, because to achieve

the company’s goal is to maximize shareholder wealth only generated through corporate

investment activities (Hasnawati, 2005). Aim the investment decision is to obtain a high

level of profit with the rate certain risks. High profits are accompanied by manageable

risks, is expected to increase the value of the company, which means to increase

prosperity shareholders.

Investment decisions are crucial for economic performance that is related to macro

and micro perspectives, from a macro perspective most of the volatility in Gross

Domestic Product (GDP) dynamics is calculated, and its function is a key performance

indicator of significance (Zarnowitz, 1992). While, from a micro perspective efficiency

is increased to reduce unit costs. The investment decision process at enterprise level is

generally aimed at multi-criteria processes (Enoma & Mustapha, 2010) considering

many factors. This factor is not only economic and risk factors but also political and

government regulations (Enoma & Mustapha, 2010). These factors have an effect on the

decisions of each company differ significantly. All investors appreciate the transparency

of information and trust in a country or market. They are afraid of risk factors such as

market uncertainty, lack of market knowledge and lack of investment experience

(Kahraman, 2011; Trappey et al., 2007). That tends to make companies less invested

(Liu & Pang, 2009; Volker et al., 2009). Due to the importance of proper investment

behavior on corporate performance and growth opportunities, much effort has been

made in the literature to describe and judge.


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City Branding On Investment Decision

According to Allan (2007) brand is a good name of the place (included city) or

product or an organization that will be impact to investors decision to invest in a

development or to open the factory. The similary result also found by Eraydin (2014)

who said that to be involved into global competition for attracting investments, the city

need design the attracting image. The effectiveness of city branding can be evaluated in

terms of the strength of the brand, like it was done by Saffron Brand Consultants and

Simon Anholt. However, if a city authority is to invest its time and resources in the

construction and maintenance of a high ranking brand it has to get a return on that

investment. It is essential to know what the benefits of having a strong city brand are

and what disadvantages and issues can a weak brand cause (Raubo, 2010).

METHODOLOGY

Researchers used a quantitative research for this research because the large number

of respodents, where data were processed using IBM SPSS 20. The data collected by

questionnaire to 207 respondent, only 196 can be processing. The theoritical framework

can be seen in figure 1. Based on this framework, researcher analyzing about presence,

potential, place, people, pulse and pre-equisite on invesment desicion.

Figure 1. Theoritical Framework

Source: Anhold, 2007.

ANALYSIS AND INTERPRETATION

The total overall respondents are 197 peoples with the composition of the male as

much as 43% and female are 57%. By the respondents age, they are 4 categories which

are >27-37 years old with total 61%, the category of >37-47 years old are second

position with 24%, the next are 17-27 years old with 9% and > 47 years old are 6%. The

majority of respondents by occupation are entrepreneurs (43%), investor are 26%,

employee are 14%, professional are 13% and others (students, house wife, retirement)

are 4%.


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Table 1. Data of Respondents

Gender 43% Male

57% Female

Age 9% 17 – 27 years old

61% >27 – 37 years old

24 % >37 – 47 years old

6% >47 years old

Occupation 14% Employee

43% Entrepreneur

13% Professional

26 % Investor

4% Others

Source: Questionnaire, 2018.

Validity and Reliability Test

Reseachers conducting the validity and reliability with 30 respondents. The total

questions that used in the pre-test are 36 questions, only 1 questions invalid because less

than 0.361. This question has been deleted and the rest can be used for the next process.

The table 2 shows above reliability of Cronbach’s Alpha is greater than 0.50. This

means the respondents who answer to the variable are reliable, and the table above can

show the analysis of reliability based on Cronbach’s Alpha for the variable Presence is

0.598, and for the variable Place is 0.764, for the variable people the Cronbach’s Alpha

is 0.870, for the variable Pulse the Cronbach’s Alpha is 0.856, for the variable potential

the Cronbach’s Alpha is 0.698, for the variable Pre-requities is 0.904, and for the

variable Investment Decisions the Cronbach’s Alpha is 0.839 which means had

excellent reliability. Therefore, we can conclude that variable is reliable to be used for

further research activity.

Table 2. Reliability Test


Descriptive Anaysis

The table 3 has shown that 1 variable in neutral area (2.61-3.40) and 6

variables falls within Agree (the range 3.41 – 4.20) category. Its mean the respondents

agree that Bekasi is the one of the city that development and investment increase. Many

people who want to visit Bekasi just for to entertaint themselves and to invest their

money. And also some people who want to enjoy the city of Bekasi by spending their

time to visit Bekasi. Therefore, with the large number of people visiting Bekasi, the

city's economy has also increased.

Variable Croncanch’s Alpha N of items Interpretation

Presence 0.598 6 Moderat Reliability

Place 0.746 5 High Reliability

People 0.870 5 High Reliability

Pulse 0.856 4 High Reliability

Potential 0.698 5 Moderat Reliability

Pre-requities 0.904 5 Excellent Reliability

Investment Decisions 0.839 5 Excellent Reliability


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Table 3. Descriptive Analysis

Variable Mean Std. Deviation

Presence 3.66 0.89

Place 3.21 0.82

People 3.80 0.82

Pulse 4.05 0.72

Potential 3.94 0.70

Pre-Requisite 3.85 0.77

Invesment Decision 3.52 0.74


Clasical Asumption Test

The classical assumption test is important in order to ensure the credibility of the

multiple regression model. This study would imply the classical assumption test which

consisted of normality test, heteroscedascity test and multicollinearity test. Normallity

test was perfomed that the data is normal distribution. The P-P plot shown that all of the

data was spread and followed the diagonal line. The heteroscedascity result the points

were spread randomly and based on unclear pattern. The points were spread below 0

(zero) on Y axis as well in which indicates no heteroscedascity. There is no

multicollinearity because the tolerance value greater than 0.10 and VIF value still far

from 10.00. Therefore it is acceptable to conclude that there is no multicollinearity.

Hence, the assumption of normality, heteroscedascity and multicollinearity in the

regression model can be met from this model.

Multiple Regression Analysis

Multiple regression analysis was used in this research to determine whether there is

influence of the independent variables on the dependent variable. Statistical calculation

in a multiple linear regression were used in SPSS. Summary of the results of data

processing by using the SPSS program was as follows:

Table 4. Multiple Regression Result


Based on the table above, the multiple regressions model can be arranged as follow:

Y = 8.958 + 0.64X2 + 0.96X3 – 0.78X4 + 0.262X6


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Where,

Y = Investment Decisions

Tpt = Potential

Tpl = Place

Tpe = People

Tpre = Pre-requisites

Hyphothesis Testing (T-Test)

T-test is used determine whether the independent variables have significant effect

partially on the dependent variable or not. In order to know which variable has

significant influence, it can be seen in the significant table. If the values of those

independent variables are less than 0.05 means that variable has the significant

influences toward dependent variables. From the table 4 it can concluded that :

H1: There is has no significant influence of presence on investment decision, because

the significant level is 0.401.

H2: There is has significant influence of potential on investment decision with

significant level is 0.000.

H3: There is a significant influence of place on investment decision with significant

level is 0.010.

H4: There is a significant influence of pulse on investment decision with significant

level is 0.008.

H5 : There is has no significant influence of people on investment decision, because the


H6: There is a significant influence of pre-requities on investment decision with


F – Test (Simultaneously Test)

Based on table 5 the significant value is 0.000, there is lower than 0.05, therefore

by simultaneously the independent variable (Presense, Potential, Place, Pulse, People

and Pre-Requisites) influence on dependent variable (Invesment Decision). This means

that when independent variables is well implemented and supported by the management

city, the investment decision will be increase.

Table 5. F-Test

ANOVAa Model Sum of Squares Df Mean Square F Sig.

1 Regression 15.234 6 3.331 52.130 0.000b

Residual 25.258 191 0.245

Total 37.510 197

a. Dependent Variable: Tin

b. Predictors: (Constant),TPr, TPt, TPl, Tpe, Tpu, Tpre


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Coefficient Corelation (R²)

The correlation between independent variables (Presence, Potential, Place, Pulse,

people, Pre-Requisites) and dependent variable (Invesment Decision) are strong with

0.531 because the R score > 0.50. The coefficient of determination is represented in the

table 6. The results calculated using SPSS can be seen that the adjusted R square value

is 0.437. The result can be inferred as 43.7% investment decisions can be explained by

variables of presence, place, people, pulse, potential, pre-requities, where as the

remaining 56.3% of investment decisions is influenced by other variables which was not

examined in this research.

Table 6 : Coeficient Determinant

Model Summaryb

Model R R Square Adjusted R

Square

Std. Error of the

Estimate

Durbin-Watson

1 .531a .451 .437 0.17106 1.874

a. Predictors: (Constant),TPr, TPt, TPl, Tpe, Tpu, Tpre

b. Dependent Variable: Tin

CONCLUSION AND RECOMENDATION

Conclusion

To be specified, in the factor that influence investment decisions city branding in

Bekasi through the characteristic of presence factors, place factors, people factors, pulse

factors, potential factors and pre-requities factors. As for the conclusion which could be

drawn from data are as follows:

1. Presence factors variable has no significant influence toward investment decisions.

2. Place factors variable has a significant influence toward investment decisions.

3. People factors variable has a significant influence toward investment decisions.

4. Pulse factors variable has no significant influence toward investment decisions.

5. Potential factors variable has a significant influence toward investment decisions.

6. Pre-requities factors variable has a significant influence toward investment

decisions.

7. All variables presence factors, place factors, people factors, pulse factors, potential

factors, pre-requities factors has a simultaneously influence by investment

decisions.

Recomendation

For the future improvement, the researchers propose some recommendations for

several parties. They are as follows:

1. For the Government

a. Bekasi has a very good vision and mission in accordance with the theory of

city branding proposed by Anholt not just the slogan and logo "Kota Bekasi

Maju, Sejahtera dan Ihsan" without any improvement of facilities and service

of city branding program "Kota Bekasi Maju, Sejahtera dan Ihsan" should


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continue to be improved and communicated through various media such as

social media, print media and television ads that have a great influence based

on this research.

b. Maximize the existence of Bekasi to bring closer communication between the

government and communities in Bekasi. That segmentation is an appropriate to

support the success of city branding so that it can move the population to have

more sense of ownership of the city and participate the vision and mission city

of Bekasi.

2. For future researcher

To investigate or undertake investment decisions that led them to invest in Bekasi.

Study can be done anywhere as long as the next researchers have determined the

amount of sample and variables that will be used to support the research.

Researchers also suggested that using more than four independent variables to help

further research in getting the more significant and better to support the dependent

variable.

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