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THE ANALYSIS OF INTERNAL FACTORS AFFECTING THE LIQUIDITY OF SOVEREIGN SUKUK IN INDONESIA Arien Rosetika; Salahuddin El Ayyubi; Widyastutik Widyastutik
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 2 (2020): Februari-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20202pp234-253

Abstract

Indonesian sovereign Sukuk has lower liquidity than the foreign bond. Sukuk liquidity is measured by total return and trade volume in the secondary market from June 2015 until May 2017. This study aims to analyze the internal determinant factors of sovereign Sukuk liquidity in Indonesia. The method used in this study is Panel Data analysis. The variables used in this study are liquidity, outstanding, coupon rate, time to maturity and age. The study results show that outstanding is significantly positive as the determinant of liquidity of sovereign Sukuk in Indonesia. Variables of time to maturity and age are significantly negative as the determinant of liquidity of sovereign Sukuk in Indonesia. Meanwhile, the coupon rate variable is not significant as the determinant of liquidity of sovereign Sukuk in Indonesia. Keywords: Liquidity, Outstanding, Coupon Rate, Time to Maturity, Age, Sovereign  Sukuk, Panel Data AnalysisREFFERENCE Accounting and Auditing Organization for Islamic Financial Institutions. (2003). Sukuk [Internet]. [diunduh 2016 Nov 22]. Tersedia pada: http://www.aaoifi.com.Alexander GJ, Edwards AK, Ferri MG. (2000). The determinants of trading volume of high yield corporate bonds. Journal of Financial markets, 3(1), 177-204.Bao J, Pan J, Wang J. (2008). Liquidity of corporate bonds. Journal of Financial Economics 44(1): 628-650.Badan Pengawas Pasar Modal dan Lembaga Keuangan. (2009). Keputusan BAPEPAM  No.123/BAPEPAM/LK/IX/2009 tentang Efek Syariah. Jakarta (ID): Badan Pengawas Pasar Modal dan Lembaga Keuangan.Bursa Efek Indonesia. (2015). IDX monthly statistics Juni – Desember 2015 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2016). IDX monthly statistics Januari – Desember 2016 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2017). IDX monthly statistics Januari – Mei 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2017). IDX statistics 1st quarter 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2017). Indonesia bond indexes fact sheet Juli 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bank Indonesia. (2017). Data outstanding sukuk negara  2006-2017 [internet]. [diunduh 2017 Juli 28]. Tersedia pada: http://www.bi.go.idBunaidy MR. (2012). Analisis Deskriptif Likuiditas Obligasi Pemerintah Republik Indonesia. Tesis tidak diterbitkan. Depok: Universitas Indonesia.Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2015). Outstanding Surat Berharga Negara 2015 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.djppr.go.id Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2015). Sukuk Negara: Instrumen Keuangan Berbasis Syariah. Jakarta: Kementrian Keuangan.Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2016). Course on sukuk: sharia and operational aspects. Jakarta: Kementrian Keuangan.Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2016). Outstanding Surat Berharga Negara 2016 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.djppr.go.idDirektorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2017). Istilah umum terkait dengan investasi pada Surat Utang Negara. Jakarta: Kementrian keuanganDirektorat Jendral Pengelolaan Pembiayaan dan Resiko. (2017). Outstanding Surat Berharga Negara 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.djppr.go.idDewan Syariah Nasional Majelis Ulama Indonesia. (2002). Fatwa DSN No.32/DSN-MUI/MUI/IX/2002 tentang Obligasi Syariah. Jakarta: Dewan Syariah Nasional MUI.Elton EJ, Gruber MJ, Agrawal D. (2002). Factors Affecting the Valuation of Corporate Bonds [Working Paper]. New York, USA: New York University.Ericsson J, Renault O. (2001). Liquidity and Credit Risk. Journal ofFinance, 6(1), 2219-2250.Fabozzi, FJ. 2000. Manajemen investasi. Jakarta: Salemba 4.Fatah DA. (2011). Perkembangan obligasi syariah (sukuk) di Indonesia: Analisis peluang dan tantangan. Jurnal Al-‘Adalah, 10(1), 35-45. Firdaus M. (2011). Aplikasi ekonometrika untuk data panel dan time series. Bogor: IPB Pr.Friewald N, Jankowitsch R, Subrahmanyam MG. (2010). Illiquidity or credit deterioration: A study of liquidity in the US corporate bond market during financial crises. Journal of Financial Economics, 105(2), 18-36.Gujarati D. (2003). Ekonometrika dasar. Jakarta: Erlangga.Hariyanto. (2010). Sukuk Negara Ritel [Internet]. [diunduh 2017 Nov 3]. Tersedia pada: http://www.ojk.go.id.Harris, Said R, Suhaimi WN. (2012). Determinants of Islamic Bonds (Sukuk): Evidence in Malaysia. Malaysian Journal of Accounting Research, 3(1), 123-133.Hastin M, Idris, Aimon H. (2013). Analisis pasar obligasi pemerintah di Indonesia. Jurnal Kajian Ekonomi, 1(1), 12-22.Houweling P, Mentink A, Vorst T. (2004).  Comparing  possible proxies of corporate bond liquidity. Journalof Banking & Finance, 29(1), 1331-1358.Huang GC, Liano K, Pan MS. (2013). The Information Content of Stock Splits. Journal of Empirical Finance, 16(4), 557-567.Huang JY, Wang SS, Huang JM. (2013). Empirical Analysis of Liquidity Risk Premium Based on Bond Age.  WSEAS Transaction on Business and Economics, 10(4), 316-325.Huda, Nasution ME. (2007). Investasi pada pasar modal syariah. Jakarta: Prenada Media Grop.Juanda B, Junaidi. (2012). Ekonometrika deret waktu teori dan aplikasi. Bogor: IPB Press.Mahanti S, Chacko G, Malik G. (2005). The determinants of liquidity in the corporate bond markets: an application of latent liquidity. Journal of Financial Economics, 88(1), 272-298.Mahanti S, Nashikkar A, Subrahmanyam M. (2008). Latent liquidity: a new measure of liquidity, with an application to corporate bonds. Journal of Financial Economics, 7(1), 211-233.Manurung AH, Adianto D. (2011). Analisis faktor-faktor yang memengaruhi likuiditas obligasi. Journal of Accounting Research, 6(1), 123-133.McGinty L. (2001). Issue size versus liquidity in credit. J.P. Morgan Fixed Income Research, 19(2), 61-77.Nafik, M. (2008). Bursa efek dan investasi syariah. Jakarta: Sinar Grafika.
Faktor-Faktor yang Memengaruhi Penerapan E-Budgeting dalam Mewujudkan Good Governance di Pemerintah Aceh Almuttaqin Almuttaqin; Nunung Kusnadi; Widyastutik Widyastutik
Jurnal Ekonomi & Kebijakan Publik Vol 12, No 2 (2021)
Publisher : Pusat Penelitian, Badan Keahlian DPR RI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22212/jekp.v12i2.2106

Abstract

Regional autonomy requires a bureaucratic reform in financial management by implementing good governance principles to improve government performance and accelerate regional development goals. During the 4.0 digitalization industrial era, information systems can be designed to support media, such as e-budgeting used by the Aceh Local Government. E-budgeting plays a role in the punctuality of the Ratification of the Aceh Regional Budget in 2020. However, the Bureaucratic Reform Index Realization did not increase, and even the Transparency Index decreased last year. This study aims to determine some factors that influence e-budgeting implementation. The study population was 47 Aceh Local Government Agencies (SKPA) as analysis units. The data collection technique used online questionnaires and interviews with 67 respondents via a google form. Descriptive analysis toward the implementation of e-budgeting in SKPA indicates good performance. Aceh Government e-budgeting implementation achieves the highest value on effectiveness principle and the lowest on transparency principle. The technique of multiple linear regression analysis was used at the 0.05 significance level. Results of the simultaneous test show a significance value of 0.042; thus, it can conclude that at least one independent variable affects the dependent variable. The partial test results also show a significance value of 0.049 with a constant value of 3.418, and the coefficient of determination is 0.437. This study proves that direct supervisor support and the number of operators positively and significantly affect implementing e-budgeting. Meanwhile, other variables, including formal education, experience, training, and income-work balancing, also have a positive impact but are insignificant.Keywords: e-budgeting, planning, Aceh Local Government, information system, multiple linear regression analysisAbstrakOtonomi daerah menuntut reformasi birokrasi dalam pengelolaan keuangan dengan menerapkan prinsip tata kelola yang baik untuk meningkatkan kinerja pemerintah dan mempercepat pencapaian tujuan pembangunan daerah. Pada era digitalisasi industri 4,0 saat ini, perkembangan sistem informasi dapat dirancang sebagai media pendukung, seperti e-budgeting yang digunakan oleh Pemerintah Aceh. Pengesahan Anggaran Pendapatan dan Belanja Aceh, yang hampir satu dekade sebelumnya selalu terlambat, akhirnya dapat dilakukan tepat waktu pada tahun 2020, di mana e-budgeting berperan penting terhadap pencapaian tersebut. Namun demikian, Indeks Reformasi Birokrasi yang direalisasikan tidak meningkat dari tahun lalu, sementara Indeks Keterbukaan Informasi Publik bahkan mengalami penurunan. Penelitian ini bertujuan untuk menentukan faktor-faktor yang memengaruhi penerapan e-budgeting. Populasi penelitian ini merupakan 47 Satuan Kerja Perangkat Aceh (SKPA) sebagai unit analisis. Teknik pengumpulan data menggunakan kuesioner online dan wawancara kepada 67 responden melalui google form. Analisis deskripsi terhadap penerapan e-budgeting pada SKPA mengindikasikan kinerja yang bagus. Penerapan e-budgeting dalam pengelolaan keuangan Pemerintah Aceh mencapai nilai tertinggi pada prinsip efektif dan terendah pada prinsip transparan. Teknik analisis regresi linier berganda digunakan pada tingkat signifikansi 0,05 (α = 5 persen). Hasil uji serempak menunjukkan nilai signifikansi sebesar 0,042 sehingga disimpulkan bahwa setidaknya ada satu variabel bebas memengaruhi variabel terikat. Hasil uji parsial menunjukkan nilai signifikansi sebesar 0,049 dengan nilai konstanta sebesar 3,418 dan koefisien determinasi sebesar 0,437. Hasil penelitian membuktikan bahwa dukungan atasan langsung dan jumlah operator e-budgeting memiliki pengaruh positif dan signifikan terhadap penerapan e-budgeting, sedangkan pendidikan formal, pengalaman, pelatihan, dan keseimbangan penghasilan dengan beban kerja juga berpengaruh positif namun tidak signifikan.Kata kunci: e-budgeting, perencanaan, Pemerintah Aceh, sistem informasi, analisis regresi linier berganda
Daya Saing, Ekuivalen Tarif, dan Faktor-Faktor yang Memengaruhi Permintaan Ekspor Minyak Sawit Indonesia di Negara OKI Ghina Saarah Nibras; Widyastutik Widyastutik
Jurnal Ekonomi & Kebijakan Publik Vol 10, No 2 (2019)
Publisher : Pusat Penelitian, Badan Keahlian DPR RI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22212/jekp.v10i2.1295

Abstract

Indonesia is the largest exporter of palm oil in the world. However, in recent years, Indonesian palm oil has been faced by several obstacles. Therefore, Indonesia is expected to be able to diversify the market, which making the Organization of Islamic Cooperation (OIC) member countries as aim export countries. This study aims to analyze the competitiveness of Indonesian palm oil, tariff equivalent, and factors that affect the demand of Indonesia’s palm oil exports to 28 OIC countries. The methods used in this research are Export Products Dynamics (EPD) and panel data regression. Method of analysis to estimate tariff’s equivalent is a gravity model. The result of the study shows that Indonesian palm oil has strong competitiveness in 15 OIC countries. In the other hand, Indonesian palm oil at other 13 OKI country occupy falling star, lost opportunity, and retreat position. It caused by many factors. Some OKI country able to produce palm oil and become producer of palm oil, and there are competitors in country of destination. The estimations results using the panel data regression method shows that Gross Domestic Product (GDP) per capita of the importing country, economic distance, price of exports, population of the importing country, and the real exchange rate have a significant effect on the volume of Indonesian palm oil exports to the OIC countries. The study also found that the non-tariff barriers imposed by the OIC countries on Indonesian palm oil are still low. The highest tariff equivalent import apllied by Benin, it reaches 19.67. Keywords: tariff equivalent, EPD, Gravity Model, palm oil, volume exportsAbstrakIndonesia merupakan negara pengekspor minyak sawit terbesar di dunia. Namun, dalam beberapa tahun terakhir, minyak sawit Indonesia dihadapi oleh beberapa hambatan. Oleh karena itu, Indonesia diharapkan mampu melakukan diversifikasi pasar, salah satunya dengan menjadikan negara anggota Organisasi Kerja sama Islam (OKI) sebagai negara tujuan ekspornya. Penelitian ini bertujuan untuk menganalisis bagaimana daya saing, besarnya ekuivalen tarif, dan faktor-faktor yang memengaruhi permintaan ekspor minyak sawit Indonesia di 28 negara OKI. Metode yang digunakan adalah Export Products Dynamics (EPD) dan regresi data panel. Metode analisis untuk mengestimasi ekuivalen tarif adalah model gravity. Hasil penelitian menunjukkan bahwa minyak sawit Indonesia memiliki daya saing yang cukup kuat pada 15 negara OKI. Sedangkan, minyak sawit Indonesia pada 13 negara OKI lainnya menempati posisi falling star, lost opportunity, dan retreat. Hal ini disebabkan oleh beberapa faktor, di antaranya adanya beberapa negara OKI yang juga merupakan produsen dari minyak sawit, serta adanya kompetitor di negara tujuan. Hasil estimasi menggunakan metode regresi data panel menunjukkan bahwa Produk Domestik Bruto (PDB) per kapita negara importir, jarak ekonomi, harga ekspor, populasi, dan nilai tukar riil berpengaruh signifikan terhadap volume ekspor minyak sawit Indonesia ke negara OKI. Penelitian ini juga menemukan bahwa negara OKI memberlakukan hambatan nontarif terhadap minyak sawit Indonesia walaupun besarannya relatif rendah. Nilai ekuivalen tarif impor tertinggi dikenakan oleh negara Benin sebesar 19,67.Kata kunci: ekuivalen tarif, EPD, Gravity Model, minyak sawit, volume ekspor
Analisis Kointegrasi Keterbukaan Perdagangan dan Pertumbuhan Ekonomi di Indonesia Sri Amanda Fitriani; Dedi Budiman Hakim; Widyastutik Widyastutik
Jurnal Ekonomi & Kebijakan Publik Vol 12, No 2 (2021)
Publisher : Pusat Penelitian, Badan Keahlian DPR RI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22212/jekp.v12i2.2033

Abstract

The flow of globalization is a problem for almost all states in the world. Every country is currently conducting trade openness to support domestic needs and encourage economic growth. The trend of Indonesia’s trade openness ratio which tends to decrease, it has not trend with Indonesia’s economic growth. This study aims to analyze the relationship between trade openness and economic growth in Indonesia, both in the short and long term, using various trade openness indicators. The type of research data is secondary data in an annual time series from 1980 to 2019. The method used in this study is Autoregressive Distributed Lag (ARDL). All trade openness measure (exports plus imports, exports, and imports) used in this study show a positive and significant relationship between trade openness and economic growth in Indonesia over the long term but a negative relationship in the short term. For a long term, there has been a negative relationship between Foreign Direct Investment (FDI) and economic growth in Indonesia; however, there is a positive relationship in the short term. Human capital has a long term positive relationship with economic growth in Indonesia, but it is not significant in the short term. This study suggests a need for an increase in trade performance in a short term by reviving the real domestic market, increasing monitoring and cooperation from all stakeholders involved in supporting FDI, and providing easy access for people who are less able to pursue higher education.Keywords: trade openness, economic growth, ARDLAbstrakArus globalisasi menjadi tantangan tersendiri bagi hampir seluruh negara di dunia. Setiap negara saat ini melakukan keterbukaan perdagangan untuk menunjang kebutuhan domestik dan mendorong pertumbuhan ekonomi. Pergerakan rasio keterbukaan perdagangan Indonesia cenderung menurun dan rendah, tidak sejalan dengan pertumbuhan ekonominya. Studi empiris menganalisis hubungan keterbukaan perdagangan dan pertumbuhan ekonomi di Indonesia yang telah dilakukan memiliki hasil penelitian yang berbeda. Tujuan penelitian ini adalah menganalisis hubungan keterbukaan perdagangan dan pertumbuhan ekonomi di Indonesia dalam jangka pendek maupun jangka panjang berdasarkan beberapa indikator keterbukaan perdagangan. Jenis data penelitian adalah data sekunder dalam deret waktu tahunan (time series) dari tahun 1980-2019. Penelitian ini menggunakan metode Autoregressive Distributed Lag (ARDL). Hasil penelitian menunjukkan terdapat hubungan positif dan signifikan antara keterbukaan perdagangan dan pertumbuhan ekonomi di Indonesia dalam jangka panjang tetapi negatif dalam jangka pendek dari seluruh indikator keterbukaan perdagangan yang digunakan (ekspor ditambah impor dibagi PDB, ekspor dibagi PDB, dan impor dibagi PDB). Dalam jangka panjang terdapat hubungan yang negatif antara Foreign Direct Investment (FDI) dan pertumbuhan ekonomi di Indonesia, sedangkan dalam jangka pendek terdapat hubungan positif. Untuk modal manusia memiliki hubungan positif dengan pertumbuhan ekonomi di Indonesia dalam jangka panjang, tetapi tidak signifikan dalam jangka pendek. Rekomendasi dari penelitian ini, perlu adanya peningkatan kinerja perdagangan dalam jangka pendek dengan menghidupkan sektor riil dalam negeri, peningkatan pengawasan serta kerja sama dari seluruh stakeholders yang terkait dalam mendukung FDI, dan memberikan kemudahan akses bagi masyarakat kurang mampu untuk menempuh pendidikan tinggi.Kata kunci: keterbukaan perdagangan, pertumbuhan ekonomi, ARDL
ANALISIS KESEJAHTERAAN PETERNAK WILAYAH PERHUTANI DENGAN MENGGUNAKAN SUSTAINABLE LIVELIHOOD APPROACH DI KABUPATEN BOJONEGORO WIDYASTUTIK WIDYASTUTIK
Jurnal Ilmiah Mahasiswa FEB Vol 6, No 2: Semester Genap 2017/2018
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (564.915 KB)

Abstract

Kabupaten Bojonegoro memiliki potensi bibit unggul sapi potong peranakan ongole yang berada di wilayah perhutani dan memiliki jumlah rumah tangga menengah kebawah dengan peringkat 11 kabupaten termiskin di Provinsi Jawa Timur, artinya tingkat kesejahteraan yangdimiliki masih rendah. Penelitian ini bertujuan untuk mengetahui kesejahteraan peternak di wilayah perhutani Kecamatan Kedungadem, Bojonegoro. Data yang digunakan adalah data primer dan sekunder dengan menggunakan teknik wawancara, observasi dan pencatatan.Analisis data menggunakan pendekatan sustainable livelihood approach dengan indikator  modal manusia, modal sumber daya alam, modal keuangan, modal sosial dan modal fisik sebagai tolak ukur kesejahteraan. Hasil analisis menunjukkan bahwa modal manusia berupaumur dan jumlah tanggungan, modal keuangan berupa aset rumah tangga dan asset ternak, modal sosial berupa keaktifan LMDH tidak memiliki pengaruh yang signifikan terhadap kesejahteraan sedangkan  modal sumber daya alam berupa bahan bakar kayu bakar danmodal fisik berupa modal biaya produksi memiliki pengaruh signifikan terhadap timgkat kesejahteraan. Kata Kunci: Kesejahteraan, peternak, sustainable livelihood approach (SLA)
MSMEs RATTAN BUSINESS MODEL IN PULANG PISAU REGENCY IN SUPPORTING SUSTAINABLE MANAGEMENT OF PEATLAND ECOSYSTEMS Widyastutik; Deden Djaenudin; Sahara
Business Review and Case Studies Vol. 2 No. 1 (2021): BRCS, Vol 2 No 1, April 2021
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/brcs.2.1.36

Abstract

In supporting the sustainable management of the peat ecosystem, the participation of the community around the peat ecosystem is needed. The challenge faced is how to encourage local communities with sustainable peatland-based economic activities. Rattan is one of the paludicultural commodities that is endemic to habitat that can grow on peatlands and has economic potential and even export orientation. This study aims to [1] analyze the development of a rattan handicraft business model in peatlands [2] Evaluation of the rattan handicraft business on peatlands. The types of data used in this study are primary and secondary. Secondary data were obtained through interviews and FGDs with respondents of MSMEs Rattan in Gohong, Garung and Pilang Villages, Pulang Pisau Regency, and related agencies. The analytical method used is the business model canvas (Business Model Canvas) and the NPV business valuation, IRR, BC Ratio and Payback Period. Based on the analysis, 9 elements of the canvas business were identified as several critical points in the existing canvas business model of rattan MSMEs in Pulang Pisau Regency. Some of these critical points include: [a] technical aspects of improving skills, especially making up to date rattan handicraft designs which still need guidance, [c] access and market reach that are still not broad, (d) difficulties in access to banks (e) constraints on export procedures, (f) ability to do branding. Business valuation shows a positive Net Present Value which indicates that this business has a significant economic impact with a high positive value. IRR has a value greater than the rate of return, Net B / C above 1 and a payback period that is less than the life of the project (assuming the project life is 5 years). Keywords: business model canvas, business valuation, rattan MSMEs, peat
Analisis Pengaruh Kinerja BPRS dan Kondisi Makroekonomi terhadap Penyaluran Pembiayaan Modal Kerja dan Investasi BPRS di Indonesia (Periode: 2011-2015) Arno Nugroho; Muhammad Findi Alexandi; . Widyastutik
AL-MUZARA'AH Vol. 5 No. 2 (2017): AL-MUZARA'AH (December 2017)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (508.531 KB) | DOI: 10.29244/jam.5.2.146-167

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Sharia banking operational activities to encourage the real sector is to provide financing. The Islamic Rural Bank (IRB) conducts financing for working capital and investment as it can increase economic growth in Indonesia. The purpose of this study is to analyze and compare the effect of performance IRB and macroeconomic conditions on the distribution of IRB working capital and investment financing in Indonesia from 2011 to 2015 using Vector Error Correction Model (VECM) research method with monthly data from 2011 to 2015. From the results of VECM estimates, it will be seen the response of working capital and investment financing to shocks arising from the performance IRB and macroeconomic conditions and also the contribution of each of each variable used in the study. The results of this study indicate that the effect of performance IRB and macroeconomic conditions on the working capital financing of IRB in Indonesia, have positive and significant effect on DPK, FDR, ERDPK, inflation and IPI variables have negative and significant effect on ROA, NPF, BOPO, and BI rate, and no significant effect on CAR and ERP variables. The financing of BPRS investment in Indonesia, which has positive and significant effect on the DPK, CAR, ROA, FDR, BI rate, and IPI variables, has a negative and significant effect on NPF, BOPO, ERP, ERDPK, and inflation variables.
Faktor-Faktor yang Memengaruhi Realisasi Pembiayaan Mikro Syariah dan Dampaknya terhadap Omzet Usaha Nasabah: Studi Kasus KJKS BMT UGT Sidogiri Cabang Koja Jakarta Nadiah Hidayati; Widyastutik; Ranti Wiliasih
AL-MUZARA'AH Vol. 2 No. 1 (2014): AL-MUZARA'AH (June 2014)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (462.112 KB) | DOI: 10.29244/jam.2.1.54-74

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Micro-business has a role of the national economy development. However, micro scale entrepreneurs face problems of limited capital. This studyto analyze the factors affecting the amount of the financing provided BMT and their impact on bussiness turnover. This research was conducted in March-April at KJKS BMT UGT Sidogiri branch Koja Jakarta. This research used a purposive sampling technique with a total of 30 respondents. OLS analysis results proved thatbusiness aset, frequency financing, installment period, and dummy businesshave significantlyeffect on the realization of financing. Meanwhile, the factors affecting the customer’s turnover are business aset, amount of financing, business profit after financing, time duration of educational, time duration of business, and dummy business.
FAKTOR YANG MEMPENGARUHI DAN ESTIMASI TARIF EKUIVALEN NTBs EKSPOR KAYU LAPIS INDONESIA Kartika Rahma Sari; Widyastutik Widyastutik
Buletin Ilmiah Litbang Perdagangan Vol 9 No 1 (2015)
Publisher : Trade Analysis and Development Agency, Ministry of Trade of Republic of Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (400.544 KB) | DOI: 10.30908/bilp.v9i1.18

Abstract

Studi ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi ekspor kayu lapis dengan menggunakan Gravity Model, dan menghitung Nilai Tarif Ekuivalen dari Non Tariff Barriers (NTBs) kayu lapis Indonesia di negara tujuan. Berdasarkan pendekatan Gravity Model (Model Gravitasi), aliran perdagangan potensial diperoleh dengan melakukan subtitusi seluruh data kedalam persamaan gravity. Fitted trade flow dari persamaan gravity model dianggap sebagai aliran perdagangan potensial. Perbedaan antara aliran perdagangan aktual dan potensial diindikasikan sebagai tarif ekuivalen dari NTBs. Hasil estimasi menunjukkan faktor-faktor yang berpengaruh terhadap ekspor kayu lapis Indonesia yaitu Gross Domestic Product (GDP) riil Indonesia dan negara tujuan, Indek Harga Konsumen (IHK) Indonesia dan negara tujuan, jarak ekonomi, nilai tukar dan krisis keuangan tahun 2010. Hasil perhitungan menunjukkan negara Uni Eropa seperti Inggris dan Belgia memiliki rata-rata tarif ekuivalen NTBs paling besar. Sistem Verifikasi Legalitas Kayu (SVLK) untuk legalitas produk kayu dapat dijadikan sebagai strategi untuk menghadapi NTBs yang ada di negara tujuan ekspor. This study sets out to analyze factors that influence plywood exports utilizing the Gravity Model and assess the equivalent tariff value of Non Trade Barriers plywood on destination countries. Based on the Gravity Model approach, a potential of flow of trade is obtained through substituting the whole data into gravity equation. Fitted trade flow from the Gravity Model equation is considered as a potential trade flow. The difference between actual and potential trade flow is indicated by the NTB equivalent tariff. The result shows factors that are influential on plywood exports notably the GDPs of Indonesia and destination countries, Consumer Index Price in Indonesia and destination countries, economic distance, exchange value and economic crisis in 2010. In addition, European Union such as England and Belgium have the highest average for NTB equivalent tariff. Verification System of Plywood legality is one alternative that can be deployed as a strategy when confronting NTB on destination countries.
DETERMINAN DAN EKUIVALEN TARIF IMPOR JASA FINANSIAL DAN ASURANSI NEGARA RCEP Meidah Azhari; Widyastutik Widyastutik
Buletin Ilmiah Litbang Perdagangan Vol 10 No 2 (2016)
Publisher : Trade Analysis and Development Agency, Ministry of Trade of Republic of Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30908/bilp.v10i2.61

Abstract

Regional Comprehensive Economic Partnership (RCEP) merupakan bentuk kerjasama yang diinisiasi ASEAN pada tahun 2012. Jasa finansial dan asuransi merupakan salah satu sektor jasa yang memiliki peran penting terhadap stabilitas perekonomian dunia. Tujuan dari penelitian ini untuk menganalisis faktor-faktor yang memengaruhi impor jasa finansial dan asuransi serta melakukan estimasi ekuivalen tarif untuk melihat seberapa besar hambatan dalam perdagangan jasa pada masing-masing negara RCEP. Penelitian ini menggunakan pendekatan gravity model dengan analisis regresi data panel. Data yang digunakan bersumber dari data dasar Global Trade Analysis Projects (GTAP) dan Centre d’Etudes Prospectives et d’Informations Internationales (CEPII). Hasil penelitian menunjukkan bahwa PDB, jarak, bahasa, dan sejarah kolonial signifikan memengaruhi impor. Estimasi ekuivalen tarif menunjukkan bahwa Selandia Baru, Filipina, RRT, India, dan Korea Selatan merupakan negara yang memiliki hambatan perdagangan paling tinggi. Kesamaan bahasa dan sejarah kolonial merupakan faktor yang memiliki pengaruh paling besar terhadap perdagangan. Untuk itu perlu adanya upaya dalam meningkatkan kemampuan penggunaan bahasa asing serta menjalin hubungan yang baik antara negara yang memiliki kesamaan sejarah kolonial. Regional Comprehensive Economic Partnership (RCEP) is a framework agreement which was initiated by ASEAN on 2012. Financial and insurance service is a service sector which has an important role in the world economic stability.The purpose of this study is to analyze the determinants of import in financial and insurance services and to estimate tariff equivalent in each member of RCEP. This study employs Gravity model approach with regression analysis of panel data.The data were obtained from Global Trade Analysis Projects (GTAP) and Centre d’Etudes Prospectives et d’Informations Internationales(CEPII).The results indicate that GDP, distance, common language, and common colony have a significant effect on import. The estimation of tariff equivalent shows that New Zealand, Philippines, China, India, and South Korea are countries with the highest trade barriers. This study concludes that the similarities of language and historical background among countries are the factors that have the highest influence in trade.Therefore, increasing the use of foreign language and establishing better relationships between countries with the same colonial history are crucial to be done.
Co-Authors . Hariyono A. Anditta A. Faroby Falatehan Abdul Kharis Almasyhari Adawiya Taufani Ahmad Zaenal Ashiqin Ahmad, Fahmi Salam Al Qodri, Muhammad Iqbal Alexandi, Muhammad Findi Alfian Helmi Almasyhari, Abdul Kharis Almuttaqin Almuttaqin Alqodri, Muhammad Iqbal Amandra, Miko Novri Aminah, Mimin Amzul Rifin Anditta, A. Arief Daryanto Arien Rosetika Arif Satria Arno Nugroho Astari Ayuwangi Bayu Krisnamurthi Biantara, I Dewa Gede Bagus Birka Septy Meliany Br Sembiring Bugi Biruloma Lagaida Bustanul Arifin Deden Djaenudin Dedi Budiman Hakim Dedi Budiman Hakim Dewi Sukmawati Dewi, Farida Ratna Dian Verawati Panjaitan Diese Septia Gifarani Djamester Simarmata Dominicus Savio Priyarsono Eisha Maghfiruha Rachbini Eka I. K. Putri Eka Intan Kumala Putri Eka Puspitawati Endang Sari Simanullang Erliza Noor Eva Anggraini Fadhilah, Muhammad Arief Fahmi A Salam Fajrian, Muhammad Aja Fasya Miftah Akbar Fikri Aldi Dwi Putro Fitria Yuliani Florika Malau Florika Malau Ghina Saarah Nibras Gumelar Adhimandala, Dwiki Cacala Guntur Riyanto Guntur Riyanto Hafid Raharjo Harahap, Hotsawadi Harianto Heny Daryanto Hermanto Siregar Heti Mulyati Hubbansyah, Aulia Keiko Ika Yulisyawati Inda Dwi Setiawati Indah Indra Putri, Dennis Iskandar Panjaitan Iskandar Panjaitan Iwan Hermawan Iwan Hermawan Kartika Rahma Sari Kuntoro, Eri Kurniawan Khristianto Kurniawan Khristianto Lagaida , Bugi Biruloma Lina Yanti Lisa Dwi Lestari Lukytawati Anggraeni Masbantar Sangadji Meidah Azhari Meliany, Birka Septy Miko Novri Amandra Muhammad Aja Fajrian Muhammad Fawaiq, Muhammad Muhammad Firdaus muhammad Firdaus Muhammad Firdaus Nadiah Hidayati Nia Kurniawati Hidayat Nia Kurniawati Hidayat, Nia Kurniawati Nia Puspita Sari, Nia Puspita Nimmi Zulbainarni Nisrina Rofifah Nugraheni, Sri Retno Wahyu Nunung Kusnadi Nunung Nuryartono Pini Wijayanti Prihartono, Rendy Putro, Fikri Aldi Dwi Raditya Anggoro Raharjo, Hafid Raiyatu Imadidin Ranti Wiliasih Reni Kristina Arianti Reni Kristina Arianti Reni Kristina Arianti Reny Andriyanty Rina Oktaviani Rina Oktaviani Rizal Rahman H. Teapon Rizky Savitri Sahara Salahuddin El Ayyubi Setyawati, Dewi Shabira, Citra Sri Amanda Fitriani Sri Hartoyo Sri Hartoyo Sri Mulatsih Sri Retno Wahyu Nugraheni Sri Retno Wahyu Nugraheni Suahasil Nazara Syamsiar, Syamsiar Syarifah Amaliah Syarifah Amaliah Syarifah Amaliah Toni Irawan Trian Maulana, Trian Ucik Indrawati Vadilaksono, Muhammad Ivan Yenni Nur 'Aini Yenni Nur’aini Youshy Fahreiza Yusman Syaukat Yusuf Yusuf