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All Journal Parahyangan Economic Development Review (PEDR) Journal of Economics, Finance, Accounting, and Organizational Advancement
Patricia Aurel
Unknown Affiliation
Economics, Econometrics & Finance Social Sciences

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Pengaruh Volatilitas Nilai Tukar terhadap Ekspor Indonesia ke 5 Negara ASEAN Patricia Aurel
PARAHYANGAN ECONOMIC DEVELOPMENT REVIEW Vol 2 No 1 (2023): Parahyangan Economic Development Review
Publisher : Jurusan Ilmu Ekonomi Universitas Katolik Parahyangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26593/pedr.v2i1.7412

Abstract

Perdagangan internasional merupakan salah satu kegiatan ekonomi yang berkontribusi dalam meningkatkan pertumbuhan ekonomi negara. Salah satu faktor yang juga berpengaruh terhadap berjalannya kegiatan perdagangan internasional adalah perubahan nilai tukar. Naik turunnya nilai tukar suatu negara menunjukkan besarnya volatilitas yang terjadi pada mata uang negara tertentu terhadap mata uang negara lain. Penelitian ini bertujuan untuk menganalisis pengaruh volatilitas nilai tukar terhadap ekspor Indonesia dengan 5 negara anggota ASEAN. Data yang digunakan terdiri dari data ekspor, volatilitas nilai tukar, nilai tukar, GDP dan jarak yang menggunakan estimasi regresi data panel pendekatan common effect model. Dari hasil estimasi yang dilakukan didapatkan hasil bahwa variabel volatilitas nilai tukar berpengaruh signifikan terhadap volume ekspor Indonesia terhadap 5 negara anggota ASEAN.
Interest Rate Policy and Investment Behavior: A Panel Dataset Analysis of Corporate Financial Decisions in Indonesia Gladya Regita Siahaan; Patricia Aurel
JENOVA : Journal of Economics, Finance, Accounting, and Organizational Advancement Vol. 1 No. 2 (2025): Journal of Economics, Finance, Accounting, and Organizational Advancement
Publisher : Cv. Data Sinergi Digital

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65853/jenova.v1i2.132

Abstract

This study investigates the effect of interest rate policy on corporate investment behavior using a panel dataset of non-financial firms listed on the Indonesia Stock Exchange (IDX) for the period 2015-2023. Drawing upon the neoclassical theory of investment, the financial accelerator framework, and the interest rate channel of monetary policy transmission, the research examines how changes in Bank Indonesia’s benchmark interest rate (BI-Rate) affect firm-level capital expenditure decisions. Using a balanced panel of 185 firms across nine sectors with 1,665 firm-year observations, the study employs fixed-effects and random-effects panel regression models, complemented by Generalized Method of Moments (GMM) estimation to address endogeneity. The dependent variable is the investment rate (capital expenditure scaled by lagged total assets), while independent variables include the BI-Rate, Tobin’s Q, cash flow-to-assets ratio, leverage, firm size, and GDP growth. The results reveal that an increase in the BI-Rate significantly reduces corporate investment, with a one-percentage-point rise associated with a 2.34 percentage-point decline in the average investment rate. The effect is heterogeneous: younger firms, highly leveraged firms, and firms in capital-intensive sectors exhibit greater sensitivity to interest rate changes, consistent with the financial accelerator hypothesis. Tobin’s Q and cash flow positively and significantly influence investment, while leverage exerts a negative effect. Robustness checks using two-step system GMM confirm the baseline findings. The study contributes to the literature by providing micro-level evidence on the monetary policy transmission mechanism in an emerging market context.
Co-Authors Gladya Regita Siahaan