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| Prof. Djoko Sigit Sayogo, M. Acc., Ph. D., was inaugurated as a management studies professor at the Dome Theater of UMM. (Photo by Yafi PR of UMM) |
To create a perfect market, information must balance between buyers and sellers. It can be done if a seller delivers all information to buyers. If it has been done, a deal of the pure price of goods quality can emerge. The scientific oration was conveyed by Prof. Djoko Sigit Sayogo, M. Acc., Ph. D., in his professor degree inauguration at the University of Muhammadiyah Malang. He was inaugurated as a professor in the management field on 29 December 2022 at the Dome Theater of UMM.
Further explaining, Sigit said that current markets do not have an information balance between sellers and buyers. It will lead to an inefficient product price, like the imbalance of supermarket products. Consumers are only served limited information, such as packaging, fees, and certain certification labels. Meanwhile, producers have more information than written in product packaging.
“Most consumers know product prices, but less information related to product quality they want to purchase. In my research, I attempted to reduce information imbalance by disclosing reliable information which aligns with users’ values and necessities,” said Vice Director II in Downstreaming and Commercialization of Research Results and Services Affairs.
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To reduce the imbalance, Sigit expressed that smart technology development should exist, which enables the integrity of information and digital data from many sources and formats. With this technological advancement, consumers have a chance to analyse and explore data accurately and make smarter decisions.
“To avoid excessive information, explanation related to consumers’ values and necessities must exist. This idea is usually called smart disclosure. The combination between this smart technology and this smart disclosure will improve the social value of information without reducing the economic value. In some cases, sharing accurate information to customers not only increase the social value but also the economic value at the same time,” stated Sigit.
On the same chance, the Head of Region VII Higher Education Service Institution in East Java, Prof. Dr Dyah Sawitri, S. E., M. M. appreciated Sigit’s achievement as he was inaugurated as a professor. She expressed that the stepping position from accounting into management which Sigit earned, is not easy. The woman from Trenggalek said that education improvement through professor recognition inauguration would be the focus of the Region VII Higher Education Service Institution.
She asserted that the Region VII Higher Education Service Institution had enforced several new rules to facilitate position enhancement. Since the first day of July 2022, the journal proposal no longer needs prereview. Besides, professorship and head lecturer terms no longer exist. Then the proposal stage, which previously had five steps, eventually becomes one stage of the proposal.
“The last rule is no needed guidance and other things. We highly expect other UMM lecturers to take this opportunity and to imitate the footsteps of Prof. Sigit in the future,” Dyah ended her statement. (imh/syi/wil)
