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All Journal Jurnal Keuangan dan Perbankan Kinerja Journal of Indonesian Economy and Business PROSIDING SEMINAR NASIONAL CENDEKIAWAN Jurnal Ekonomi KIAT International Journal of Social Science, Education, Communication and Economics Jurnal Ekonomi Trisakti PROGRESIF PENANOMICS: INTERNATIONAL JOURNAL OF ECONOMICS Publikasi Ilmiah Bidang Pengabdian Kepada Masyarakat (SIKEMAS) Media Ekonomi Asean International Journal of Business e-Jurnal Apresiasi Ekonomi Economica: Journal of Economic and Economic Education Dirkantara Indonesia Triwikrama: Jurnal Ilmu Sosial INOVASI: Jurnal Politik dan Kebijakan Asian Journal of Management, Entrepreneurship and Social Science Jurnal Sains dan Kesehatan
Sri Yani Kusumastuti
Universitas Trisakti
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Immunology & microbiology Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Public Health Social Sciences Other

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Derajat Persaingan Industri Perbankan Indonesia: Setelah Krisis Ekonomi Kusumastuti, Sri Yani
Journal of Indonesian Economy and Business Vol 23, No 1 (2008): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This paper analyses the influence of economic crisis and the subsequent reforms on the oligopolistic nature of the Indonesian banking industry. Since the crisis, there have beensubstantial changes in competitive environment. How did these changes affect a banking industry in which the three teen largest banks accounted for over 70 per cent of market share? To estimate the degree of competition, we apply Bresnahan’s (1989) conjectural variation model. Using estimation models based on microeconomic foundations, this method allows us to derive the index of the firm’s market power that is calculated as the deviation of the market piece from the marginal coat as known as Lerner index. Theestimated indicates that the Lerner index showed a rising trend in the post-crisis period. This result indicates the possibility of a decline in the degree of competition.Keywords: Indonesian banking industry, degree of competition, Brenahan’s conjectural variation, Lerner index.
PENANAMAN MODAL ASING DAN PERTUMBUHAN INDUSTRI DI ASEAN(6), CHINA, INDIA, DAN KOREA SELATAN 1999-20041 Kusumastuti, Sri Yani
Journal of Indonesian Economy and Business Vol 23, No 3 (2008): July
Publisher : Journal of Indonesian Economy and Business

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Abstract

The objective of this study is to shed light on the determinants of foreign direct investment (FDI) in Asian developing countries and their impact on industrial growth. In order to undertake it, we perform an econometric model based in panel data analysis for 9 countries (such as ASEAN 6, China, India, and Korea) for the 1999-2004 periods. Weestimate the simultaneous equation using panel data estimation with fixed effect and random effect. Among the major conclusions we have that the FDI is determined by country risk and variables related to macroeconomic indicators like inflation, risk, economy’s degree of openness and average rate of economic growth, average rate ofworld economic growth, and level of education. The results also show that the FDI has been closely associated with corruption perception index and performance of FDI in the past. However the other variables, such as the global competitive index and rank of investment performance and potential have no more influential on FDI inflows. Finally, we have that the growth of industrial sector is positively related to the FDI inflows.Keywords: foreign direct investment, panel data, simultaneous equation, ASEAN
PENENTUAN NILAI TUKAR: PENGUJIAN PURCHASING POWER PARITY DI INDONESIA Kusumastuti, Sri Yani
KINERJA Vol 8, No 1 (2004): Kinerja
Publisher : Faculty of Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/kinerja.v8i1.807

Abstract

This paper provides a test of purchasing power parity (PPP) as an explanation for longtermforeign exchange rate movement. We impose symmetry and proportionality restrictions ofPPP to data drawn from the period 1969.1 through 2001.4. The tests are also run for sub-periods. Symmetry and proportionality restrictions find little support for the unit root tests though the Johansen test suggests that foreign exchange rate and inflation rate are linked in a long run sense. Error correction models are then estimated on the basis of the assumption that the United States inflation rate is exogenous. The error correction models result also rejects the PPP.Keywords: purchasing power parity, exchage rate
The determinants of idiosyncratic volatility in Indonesia banking industries Amrie Firmansyah; Pardomuan Sihombing; Sri Yani Kusumastuti
Jurnal Keuangan dan Perbankan Vol 24, No 2 (2020): April 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (629.949 KB) | DOI: 10.26905/jkdp.v24i2.3851

Abstract

This study aims to examine the determinants of idiosyncratic volatility. This study uses firm fundamentals, institutional ownership, interest rates as idiosyncratic volatility determinants. The firm fundamentals of this study are represented by firm size, profitability, operating performances, dividend policy, and price to earnings ratio. Institutional ownership represents the ownership of the company’s shares by financial companies. The interest rates are represented by 3-month bank deposit rates for one year. The research method uses a quantitative approach with secondary data. Hypothesis examining is conducted by panel data regression analysis. By using a purposive sampling method, the company selected is 24 banking sector companies with observation time from 2012 up to 2018. Thus, the total sample in this research amounted to 168 firm-year. The result of the study suggests that firm size, price-earnings ratio, dividend policy, profitability, and interest rates are negatively associated with idiosyncratic volatility. However, operating performance and institutional ownership are not associated with idiosyncratic volatility.JEL Classification: E43, G21, G32 How to Cite:Firmansyah, A., Sihombing, P., Kusumastuti, S. Y. (2020). The determinants of idiosyncratic volatility in Indonesia banking industries. Jurnal Keuangan dan Perbankan, 24(2), 175-188.DOI: https://doi.org/10.26905/jkdp.v24i2.3851
PENENTUAN NILAI TUKAR: PENGUJIAN PURCHASING POWER PARITY DI INDONESIA Sri Yani Kusumastuti
KINERJA Vol. 8 No. 1 (2004): Kinerja
Publisher : Faculty of Business and Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/kinerja.v8i1.807

Abstract

This paper provides a test of purchasing power parity (PPP) as an explanation for longtermforeign exchange rate movement. We impose symmetry and proportionality restrictions ofPPP to data drawn from the period 1969.1 through 2001.4. The tests are also run for sub-periods. Symmetry and proportionality restrictions find little support for the unit root tests though the Johansen test suggests that foreign exchange rate and inflation rate are linked in a long run sense. Error correction models are then estimated on the basis of the assumption that the United States inflation rate is exogenous. The error correction models result also rejects the PPP.Keywords: purchasing power parity, exchage rate
ANALISIS KINERJA EMPAT STRATEGI DASAR OPSI MINYAK MENTAH WEST TEXAS INTERMEDIATE (WTI) Abitur Asianto; Pardomuan Sihombing; Sri Yani Kusumastuti
PROSIDING SEMINAR NASIONAL CENDEKIAWAN Prosiding Seminar Nasional Cendekiawan 2015 Buku II
Publisher : Lembaga Penelitian Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/semnas.v0i0.195

Abstract

Perdagangan opsi minyak mentah West Texas Intermediate (WTI) merupakan pasar derivatif yangmeningkat pesat sejak tahun 1997. Saat ini minyak mentah WTI sudah menjadi salah satuindikator ekonomi makro dunia. Penelitian ini bertujuan untuk menganalisis kinerja empat strategidasar opsi minyak mentah WTI. Analisis penelitian ini meliputi analisis deskripsi, kinerja ROI,probability of winning, ROA, dan Sharpe Index. Metodeologi penelitian adalah dengan melakukanuji coba perdagangan selama delapan periode perdagangan bulanan opsi beli dan jual minyakmentah WTI mulai Juli 2013 hingga Februari 2014 dengan posisi strike dari 1 strike hingga 12strike terhadap posisi At The Money. Hasil penelitian menunjukkan strategi opsi jual memilikiprobabilitas lebih baik daripada strategi beli opsi dan ROA opsi jual lebih baik daripada opsi beli.Sharpe Index per bulan pada portofolio opsi beli sebesar -1,83%, yang berarti bahwa portofolio initidak memenuhi persyaratan investasi jika diukur terhadap suku bunga acuan BI rate atau TheFED rate. Sementara itu, Sharpe Index per bulan pada portofolio opsi jual sebesar 1.12%, yangberarti bahwa portofolio ini memenuhi persyaratan investasi jika diukur terhadap suku bunga acuanBI rate atau The FED rate. Dengan demikian diketahui bahwa strategi opsi jual lebih baik daripadastrategi opsi beli.
ANALISIS DAMPAK ALTERNATIF PENGGOLONGAN WILAYAH PERKOTAAN DAN PERDESAAN PADA KEBIJAKAN PENGALOKASIAN ANGGARAN PNPM MANDIRI PERKOTAAN DAN PERDESAAN Dwi Haryanto; Endrawati Fatimah; Sri Yani Kusumastuti
PROSIDING SEMINAR NASIONAL CENDEKIAWAN Prosiding Seminar Nasional Cendekiawan 2015 Buku II
Publisher : Lembaga Penelitian Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/semnas.v0i0.199

Abstract

Program Nasional Pemberdayaan Masyarakat Mandiri (PNPM Mandiri) merupakan salah satuprogram penanggulangan kemiskinan di Indonesia yang meliputi PNPM Mandiri Perkotaan danPNPM Mandiri Perdesaan. Untuk memperlancar program tersebut, diperlukan alokasi anggaranyang sesuai dengan lokasi dan kondisi wilayah sampai tingkat desa/kelurahan. Ketidaksesuaianlokasi dan kondisi wilayah berakibat kurang tepatnya sasaran sehingga tujuan dari masing-masingprogram tidak tercapai. Penelitian ini bertujuan untuk mengevaluasi dan merumuskan kriteriawilayah perkotaan dan perdesaan sebagai pertimbangan mendasar dalam pengalokasiananggaran PNPM Mandiri, serta memberikan alternatif agar pengalokasian anggaran PNPM Mandirilebih sesuai dengan kriteria wilayah perkotaan dan perdesaan. Ruang lingkup penelitian inimencakup seluruh provinsi di Indonesia. Berdasarkan hasil analisis diskriminan, diketahui bahwavariabel TK, SMP, rumah tangga listrik, pasar, SMU, pertokoan, rumah sakit, dan rumah tanggatelepon merupakan variabel pembentuk kriteria keberadaan/akses fasilitas perkotaan yangmemiliki kontribusi besar terhadap pembentukan wilayah perkotaan. Dengan diperolehnya 8variabel tersebut, maka 3 kriteria pembentuk wilayah perkotaan (jumlah kepadatan penduduk,persentase rumah tangga pertanian, dan keberadaan/akses fasilitas perkotaan) dapat dijadikanpembeda dalam pembentukan wilayah perkotaan dan perdesaan. Perubahan jumlah variabel padakriteria keberadaan/akses fasilitas perkotaan mempengaruhi perubahan wilayah perkotaan diIndonesia. Perubahan wilayah menjadi penting untuk dipertimbangkan agar pengalokasiananggaran PNPM Mandiri lebih tepat sasaran.
ANALISIS PENGARUH PERTUMBUHAN BELANJA PEMERINTAH PUSAT, PEMBAYARAN BUNGA UTANG, DAN SUBSIDI TERHADAP PERTUMBUHAN EKONOMI INDONESIA TAHUN 1999-2013 Hangga Filardikh Bachtiar; Eleonora Sofilda; Sri Yani Kusumastuti
PROSIDING SEMINAR NASIONAL CENDEKIAWAN Prosiding Seminar Nasional Cendekiawan 2015 Buku II
Publisher : Lembaga Penelitian Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/semnas.v0i0.201

Abstract

Sebagai salah satu instrumen utama kebijakan fiskal, kebijakan dan alokasi anggaran belanjanegara termasuk kebijakan anggaran belanja pemerintah pusat, menempati posisi yang sangatstrategis dalam mendukung akselerasi pembangunan yang berkelanjutan dan berdimensikewilayahan untuk mencapai dan meningkatkan kesejahteraan rakyat. Melalui kebijakan danalokasi anggaran belanja negara, pemerintah dapat secara langsung berperan dalam mencapaiberbagai tujuan dan sasaran program pembangunan di segala bidang kehidupan, mendukungstabilitas ekonomi, serta menunjang distribusi pendapatan yang lebih merata. Tujuan penelitian iniadalah untuk melihat pengaruh pertumbuhan belanja pemerintah pusat yang terdiri dari belanjapegawai, belanja barang, belanja modal, pembayaran bunga utang, dan subsidi terhadappertumbuhan ekonomi Indonesia. Penelitian ini menggunakan model regresi linear berganda,dengan pertumbuhan ekonomi sebagai variabel terikat dan pertumbuhan belanja pegawai, belanjabarang, belanja modal, pembayaran bunga utang, dan subsidi sebagai variabel bebas. Data yangdigunakan adalah data sekunder periode 1999 hingga 2013 yang berasal dari Data Pokok APBN,laporan BPS, dan Nota Keuangan. Berdasarkan hasil penelitian disimpulkan bahwa variabelpertumbuhan belanja modal, pembayaran bunga utang dan subsidi memiliki pengaruh signifikanterhadap pertumbuhan ekonomi, sedangkan dua variabel bebas lainnya yakni belanja barang danbelanja pegawai tidak memiliki pengaruh signifikan terhadap pertumbuhan ekonomi.
PERGERAKAN INDEKS HARGA SAHAM SEKTOR PERTANIAN DI BURSA EFEK INDONESIA Prakosa Andiantyo; Pardomuan Sihombing; Sri Yani Kusumastuti
PROSIDING SEMINAR NASIONAL CENDEKIAWAN PROSIDING SEMINAR NASIONAL CENDEKIAWAN 2018 BUKU II
Publisher : Lembaga Penelitian Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/semnas.v0i0.3488

Abstract

Pergerakan indeks harga sektor pertanian selama lima tahun terakhir terlihat sangat fluktuatif, dan berdampak pada kinerja sektor pertanian menempati urutan paling rendah dibanding sektor-sektor lainnya. Penelitian ini bertujuan untuk menganalisis pergerakan indeks harga saham sektor pertanian di Bursa Efek Indonesia akibat pengaruh kondisi makro ekonomi dan harga minyak kelapa sawit. Indikator makro ekonomi yang digunakan adalah BI rate, kurs Rupiah terhadap Dolar AS, jumlah uang beredar, indeks harga konsumen, serta harga minyak kelapa sawit yang menjadi faktor eksternal. Metode analisis yang digunakan adalah analisis Vector Error Correction Model (VECM). Periode data adalah Januari tahun 2012 hingga Desember tahun 2017. Hasil penelitian menunjukkan bahwa dalam jangka panjang, pergerakan indeks harga saham sektor pertanian tidak dipengaruhi oleh variabel BI rate, tetapi dipengaruhi secara negatif oleh variabel indeks harga konsumen, dan dipengaruhi secara positif oleh variabel kurs Rupiah terhadap Dolar AS, jumlah uang beredar, dan harga minyak kelapa sawit. Sedangkan dalam jangka pendek variabel yang mempengaruhi pergerakan indeks harga saham sektor pertanian adalah harga minyak kelapa sawit. 
PENANAMAN MODAL ASING DAN PERTUMBUHAN INDUSTRI DI ASEAN(6), CHINA, INDIA, DAN KOREA SELATAN 1999-2004 Sri Yani Kusumastuti
Journal of Indonesian Economy and Business (JIEB) Vol 23, No 3 (2008): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (222.035 KB) | DOI: 10.22146/jieb.6338

Abstract

The objective of this study is to shed light on the determinants of foreign direct investment (FDI) in Asian developing countries and their impact on industrial growth. In order to undertake it, we perform an econometric model based in panel data analysis for 9 countries (such as ASEAN 6, China, India, and Korea) for the 1999-2004 periods. We estimate the simultaneous equation using panel data estimation with fixed effect and random effect. Among the major conclusions we have that the FDI is determined by country risk and variables related to macroeconomic indicators like inflation, risk, economy’s degree of openness and average rate of economic growth, average rate of world economic growth, and level of education. The results also show that the FDI has been closely associated with corruption perception index and performance of FDI in the past. However the other variables, such as the global competitive index and rank of investment performance and potential have no more influential on FDI inflows. Finally, we have that the growth of industrial sector is positively related to the FDI inflows. 
Co-Authors Abitur Asianto Agrevinna Beatrice Agustina Suparyati Agustina Suparyati, Agustina Akmal, Makarimal Amrie Firmansyah Anna S. N. Dasril Audrey Alviona Ribuna Kaban Bayu Sedih Nanda Ria Carissa Vania Dini Hariyanti Dzulfikar Kharisma Ego Bagas Anugerah Pratama Eleonora Sofilda Endrawati Fatimah, Endrawati Erista Nurfianingrum Fadilah, Putri Fadilla, Meita Indah Fajrig Arsyelan Haedzar P, Rizqi Hangga Filardikh Bachtiar Haznil Zainal Hermansyah Hermansyah Ika Kristina Intan Afriyani Irma Agustiani Justin, Justin Kharisma, Dzulfikar Khirstina Curry Lavli Matria Esya Marwansyah Marwansyah Mia Amelia Mirna Albertina Wijaja Nidya Khaeruni Nur Hidayatullah Nur Hidayatullah Nurhafifah Amalina Nurhayati Nurhayati Pardomuan Sihombing, Pardomuan Pradana, Rizqi Haedzar Prakosa Andiantyo Purba, Samuel Fery Putri Fadilah Putri, Risza Estuning Puspita Raden Mohamad Herdian Bhakti Raden Rudi Alhempi Simandjorang, Bonataon MT Vincent Sumiyarti Syafri Taureni Hayati Teresia Perpetua Kota Tia Anggraini Yulyanah Yulyanah