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All Journal Journal of Business and Management The Asian Journal of Technology Management (AJTM) Sebelas Maret Business Review
Ahmad Danu Prasetyo
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Measuring Government Expenditure Efficiencies Towards Peace and Human Development Prasetyo, Ahmad Danu; Pudjono, Alpha Nur Setyawan
The Asian Journal of Technology Management (AJTM) Vol 6, No 2 (2013)
Publisher : School of Business and Management Institut Teknologi Bandung

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In this paper, we investigate the efficiency level of government expenditure in 82 countries towards the human development and peace index of the respective countries by using Data Envelopment Analysis (DEA) approach during 2007-2011. We found that only few countries that always being positioned in the efficient frontier during the sample period, namely: Japan, Nigeria, and Norway.  By using Malmquist index approach, we also found that Cyprus has the largest government expenditure efficiency improvement.Keywords: Government Expenditure Efficiencies, Human Development Index, Global Peace Indexdoi:10.12695/ajtm.2013.6.2.3 How to cite this article:Prasetyo, A.D., and Pudjono, A.N.S. (2013). Measuring Government Expenditure Efficiencies Towards Peace and Human Development. The Asian Journal of Technology Management 6 (2): 82-91. Print ISSN: 1978-6956; Online ISSN: 2089-791X. doi:10.12695/ajtm.2013.6.2.3
ANALYSIS OF FACTORS INFLUENCING FOREIGN OWNERSHIP IN GOVERNMENT BONDS INDONESIA Wati, Utami Aprilia; Prasetyo, Ahmad Danu
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract. Indonesia is using a budget deficit policy in drafting a budget. The budget deficit is a policy where the government spending is planned greater than government revenue. To cover the deficit, government issue bonds. Compare with other countries in ASEAN, the proportion of foreign ownership in government bonds is the highest. However, a higher proportion of foreign ownership makes the risk of countries also higher. This research aims at providing empirical evidence on factors that affecting foreign ownership in Indonesia government bonds. The variables in this research consist of an internal factor, external factors, and combine factors during the period 2003M1 until 2017M12.The VECM test is used to test the hypothesis. Our result is all of the endogenous factors significantly affecting foreign ownership in Indonesia Government Bonds in the long-term period. Lagged three periods of foreign ownership, lagged two periods of 10-year Indonesia government bonds yield, the exchange rate of ringgit to US dollar, and 10-year Thailand government bonds yield have significantly affecting foreign ownership in Indonesia government bonds in the short-term period. Keyword: Exchange Rate, Foreign ownership, Government Bonds, VECM, yield 
THE DETERMINANTS OF DOMESTIC TOURISM: CASE IN iNDONESIA Qurrota A’yun, Safira Asti; Prasetyo, Ahmad Danu
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract. Development of tourism in Indonesia can be seen from the number of tourist arrivals in Indonesia both domestic and international that continuously increase. It affects to the increasing in contribution tourism sector into Indonesian economy. Most of tourism activity in Indonesia is generated by domestic tourist which weight 96.60% during 2009-2016. Domestic tourism can contribute in consumption, value added, and employment to Indonesian economy. In 2019, Indonesian Minister of Tourism has target to increase contribution of tourism in GDP to 8%. The precise strategy is needed to achieve the target. With knowing the factor that can influence the number of domestic tourist to do domestic tourism activities, it can easier to make strategy to achieve the target. This research is conducted to investigate the impact of factors on domestic tourism in Indonesia. There are three factors of number of domestic tourist arrivals in Indonesia that will be used in this research; tourists’ income, price of goods and services, and number of accommodation. Panel data regression was used. Based on Hausman Test, fixed-effect panel regression is the appropriate model that describe the problem in this research. All independent variables were significantly affect number of domestic tourist arrivals with positive relationship. Fixed-effect panel regression indicate that 64.64% of the variation in Indonesian domestic tourist inflows could be explained all independent variables. Tourists’ income, price of goods and services, and accommodation are determinants of domestic tourist in making travel decision. Keywords:  determinants, domestic tourism, Hausman test, Indonesia, panel data
Are Foreign Banks More Efficient than Domestic Banks? Case Study: Indonesia Hutama, Gani Akbar; Prasetyo, Ahmad Danu
Journal of Business and Management Vol 5, No 5 (2016)
Publisher : Journal of Business and Management

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Abstract.The aim of this study is to analyze and compare the efficiency of foreign and domestic conventional banks in Indonesia in 2013-2015 based on the BUKU 3 category regulated by Bank Indonesia and further sees the growth of those efficiencies by each month during the period of the study. The objects of this study are 9 foreign and 11 domestic conventional banks that operated in Indonesia in2013-2015. Data are retrieved from monthly financial reports of the sample. This study uses input-oriented Variable Return to Scale (VRS) Data Envelopment Analysis (DEA) model with intermediation approach to measure the technical efficiencies of the banks and Malmquist Index to investigate the growth of the efficiencies and also the monthly growth of the sample in the analysis period. Mann-Whitney test is used for hypothesis testing to examine the significance level of the efficiencies and its growth. DEA results shows that in aggregate, foreign banks are more efficient than domestic banks. The malmquist index results presents that domestic banks have higher average growth compared foreign banks in the period of analysis. Moreover, the sample’s performances in terms of monthly changes from the malmquist index experience fluctuation. However, there are no significant differences of both efficiency and its growth of foreign or domestic conventional banks in Indonesia during the period, meaning that both bank groups whether foreign or domestic banks in this study are operating in almost the same level.Keywords: foreign banks, domestic banks, efficiency, Data Envelopment Analysis, Malmquist Index
THE EFFECT OF MANAGERIAL OWNERSHIP, PRIVATE INSTITUTIONAL OWNERSHIP, STATE-OWNED INSTITUTIONAL OWNERSHIP AND PROFITABILITY TOWARDS DIVIDEND POLICY IN BANKING INDUSTRY Irmadani, Uci; Prasetyo, Ahmad Danu
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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This research aims to determine the effect of managerial ownership, private institutional ownership, state-owned institutional ownership and profitability towards dividend policy in banking industry. The research model uses dividend policy to reflect the agency issues and conflict of interests between agent (manager) and principle (shareholder). This research is categorized as causal comparative research. The sample of this research is bank companies listed in Indonesia Stock Exchange (IDX) from 2012-2016. The data needed for this research is collected from each company’s annual report available in idx.co.id. This research use data panel regression analysis method. The results of this research show that the managerial and private institutional ownership have negative and insignificant effect towards dividend policy in banking companies in Indonesia. The state-owned institution ownership has positive and significant effect towards dividend policy in banking companies in Indonesia. Profitability has positive and insignificant effect towards dividend policy in banking companies in Indonesia.
Determinants of Capital Structure Analysis: Empirical Study of Telecommunication Industry in Indonesia 2008-2015 Rahmatillah, Intan; Prasetyo, Ahmad Danu
Journal of Business and Management Vol 5, No 3 (2016)
Publisher : Journal of Business and Management

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Abstract.The capital structure is an essential element in the firm’s long-term financial strategic decision. Generally, the firm’s management tends to create leverage with the optimal capital structure as the target. The optimal capital structure reflects proportional number of debt and equity to maximize the return on investment and firm’s value alongside minimizes the cost of capital that directly protects the firm from any potential risks such as bankruptcy and financial distress.Many studies have been discovered the contemporary capital structure theory which helps the firms to understand financing behavior with the capital structure determinants. But, these theories also proposed different hypotheses/assumptions regarding the capital structure. The result of those studies does not lead to a concurrence for the specific factors that affect the capital structure so that the theories cannot perfectly explain the ideal financing decisions. Therefore, this research focuses on investigating the capital structure regarding the MoF (Minister of Finance) regulation No. 169/PMK.010/2015, the government limits the Debt to Equity Ratio (“DER”) maximum of 4:1 which effective for Fiscal Year 2016. One of the industries that will be restructured their capital is telecommunication. They had an important role as one of the key industries in Indonesia. This final project reviews the capital structure theories to formulate testable hypotheses regarding the determinants of capital structure. The panel data econometric techniques are used to investigate the most significant factors that affect the capital structure of telecommunication industry in Indonesia which represented by five listed telecom firms with the largest market capitalization in Indonesia Stock Exchange (IDX) during 2008-2015. The final project processes the data from secondary sources to be tested in a statistical software STATA.11. The result shows 68.5% variation of the dependent variables (leverage/TDR) of capital structure as a whole can be explained by the variables in the model such as profitability, size, tangibility, liquidity, risk, the effective tax rate, ownership, interest rate and GDP, while the remaining 31.5% is influenced by other variables outside the system. The final project suggests the most significant factors that affect the capital structure such as size, tangibility, liquidity, risk, interest rate, GDP and ownership which consistent with some capital structure theories. It is suggested for managers in the telecommunication industry in Indonesia to consider those factors when restructuring their capitals or others financial decision. However, the optimal capital structure variable evidently does not affect the firm’s value in industry level. The result indicates that firm value independent of the capital structure due to behavioral factors of the investors in Indonesia who tend to ignore the fundamental factor(s) of the firm.Keywords: Indonesia’s telecommunication industry, capital structure, leverage, value of the firm
EFFICIENCY OF LOCAL GOVERNMENT AGAINST INDEKS DESA MEMBANGUN Pelawi, Florence Theodora Ersada; Prasetyo, Ahmad Danu
Journal of Business and Management Vol 6, No 3 (2017)
Publisher : Journal of Business and Management

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Abstract. Nawa Cita is a program that made by President of Republic Indonesia, Bapak Joko Widodo, this program aims to transform Indonesia into a politically sovereign country, which is independent in economy and culture’s personality. Strengthening the regions and rurals in municipal is the strategy to make this program can be implemented. One of criterion that can be used to strengthen the rural development is rural index. There are not only 3 dimensions developing rural index that affect rural development include social, economy and ecology, but also local government is a factor in the process of developing rural area. Local governments can provide enormous benefits for rural development if the factors can be managed appropriately. So, this research is aimed to find rurals that have been effcient and have not been efficient in managing local government factors. The objects of this research are 345 rurals in municipal in Indonesia. This research uses input oriented Variable Return to Scale ( VRS) Data Envelopment Analysis ( DEA) model to measure the technical efficiencies of the rurals in municipal and Mann Whitney U – Test to hypothesis testing to examine the significance level of the efficiencies. Keywords: efficiency, Data Envelopment Analysis, developing rural index
Microfinance and its Impact on Indonesian Small to Medium Size Enterprise Productivity for Development Yosua Christanto; Ahmad Danu Prasetyo
Sebelas Maret Business Review Vol 4, No 1 (2019): June 2019
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v4i1.13782

Abstract

Microfinance is one of the key aspects that help the development of MSME, and it also applies globally. In many previous studies, there are no coherence about the impact of microfinance towards the development of MSME. We investigate the impact of microfinance to the development of MSME in Indonesia. Panel regression is the method that is utilized in this present study because the current data is in panel form which came from 32 provinces in Indonesia with the range of 2012-2014. Results indicated that there are two variables which are the number of microloans, HDI that significantly influence the development of MSME, microloans and HDI are negatively affected. The conclusion reflected the public views of Indonesian regarding entrepreneurship & MSME development. Entrepreneurship is viewed poorly by the public, society values working in cooperations are more valuable.The results of the research also indicated boundaries such as regulations, and views that obstructed the development of MSME in Indonesia.  
Co-Authors Alpha Nur Setyawan Pudjono Hutama, Gani Akbar Irmadani, Uci Pelawi, Florence Theodora Ersada Qurrota A’yun, Safira Asti Rahmatillah, Intan Wati, Utami Aprilia Yosua Christanto