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AFEBI Economic and Finance Review

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Published by Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

ISSN : 25485261 EISSN : 2548527X DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

AFEBI Economic and Finance Review (AEFR) is an academic journal which is published twice a year (June and December) by The Association of The Faculty of Economics and Business Indonesia. AEFR is aimed as an outlet for theoretical and empirical research in the field of economics and to disseminate the information of the economics research was conducted by members of AFEBI in particular and researchers in general to the academics, practitioners, students, and others who interested in economics research.

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Articles 6 Documents

Search results for , issue "Vol 2, No 2 (2017)" : 6 Documents clear

Determinants of Corporate Value (Empirical Studies of Manufacturing Sector 2012-2015 BEJ) Sri Suartini; Suparno Padikromo
AFEBI Economic and Finance Review Vol 2, No 2 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

The study aims to conduct analysis themselves and provide empirical evidence that independent variable Managerial Ownership, ownership of Instisusional both partian or simultaneous effect on the value of the Corporation. This research uses the approach of kuantitative with a sample of 50 manufacturing companies registered in BEI during 2012-2015 with purposive sampling method. Then technical data analysis done with test statiistik using multiple regression. Research results showed variable Managerial Ownership and Institutional Ownership affect the value of the company. This finding is interesting that increased value of the company's success depends on the ability of the company to the maximum resources to empower and implement company policies that have been defined not by a factor of incentive Manager and supervision of instituonal.JEL Classification: G10, G17, G32Keywords: Institutional Ownership, Managerial Ownership, The Value of The Company

Analysis of Uneven Regional Development in North-East, Middle–Southeast, and West-South Regions of Aceh Province Yayuk Eko Wahyuningsih; Irfan Syah Putra; Eni Meliana
AFEBI Economic and Finance Review Vol 2, No 2 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Aceh is a province of Indonesia that currently consists of 23 districts/municipalities that are generally divided into three (3) regions, namely, the Northeast (11 districts/municipalities), the Middle-southeast (4 districts) and the Southwest (8 districts/municipalities) regions. These regions have different natural, human, social, political, and cultural resources. These differences have caused uneven economic development, which has further caused developmental disparity among the regions. This study aims to assess the extent of developmental disparity among regions and to analyze the impact of Gross Regional Domestic Product per capita on regional developmental disparity in the three (3) regions of Aceh province in the period of 2000-2014. The data used in this research are secondary data that were obtained from the Central Statistics Agency (BPS), and the Regional Development Planning Board (Badan Perencanaan Daerah/Bappeda) of Aceh Province. To identify the level of inequality, the researcher utilizes Williamson Index;whereas to determine theimpact of Regional GDP per capita on the inequality of regional development, the researcher utilizes a semi logarithmic linear regression model that includes a discussion on the correlationcoefficient (R), determination coefficient (R Square), and t test using SPSS.Based on estimation results, the researcher discovers that, for the North-East region,the value of correlation coefficient (R) is 0.8032, the value of determination coefficient is 64.52%, and the equation for Y isY = -1.8942 + 0,1263X;for the Middle-Southeast region, the value ofcorrelation coefficientis0.6760, the value of determination coefficient is 45.70%, and the equation for Y is Y = 0.6441 + 0,0400X, and;for the Southwest region,the value ofcorrelation coefficientis 0.4045, the value of determination coefficient is 16.36%, and the equation for Y is Y = -0.4703 + 0,0318X. As for the t test, the researcher discovers that for North-East region the per capita regional GDP wastcount> ttable(4.671> 1.7823);for the Middle-Southeast regional tcount<ttable(-3.178<1.7823), and; for the Southwest region tcount<ttable (1.532 <1.7823). These per capita regional GDP values mean that only in the Northeast region does the variable of per capita regional GDP have a real impact on the variables of regional developmental disparity. This is consistent with the fact that the Northeast region is much more advanced and developed than the other two regions.JEL Classification: O10, O11, O15 Keywords: GDP, Index of Williamson and Discrepancy, Per capita GDP, Total of population

Interest Rate Pass-Through: Empirical Study Towards Monetary Policy Transmission Effectiveness in Indonesia Heni Hasanah
AFEBI Economic and Finance Review Vol 2, No 2 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

This research aims to measure the effectiveness of monetary policy transmission, especially through the interest rate channel. The analysis was conducted on the first stage of its transmission, namely Interest Rate Pass-through (IRPT). IRPT refers to condition in which retail interest rate (both deposit and lending rate) responds to changes in policy rate of central bank. IRPT was measured using Error Correction Model (ECM) for time series data in the period of January 2010 - December 2015. The results of this study indicated that degree of long term and short term IRPT is incomplete for deposit and lending rate. In addition, IRPT for deposit rate is higher than lending rate, but the adjustment process of lending rate faster than deposit rate. Finally, model that include other variables (macroeconomic and internal banking indicator) generate long term IRPT which is smaller than the standard model. This results implies that the Central Bank, the FSA, and government needs to pay attention to the stability of the other variables that may interfere or reduce the effectiveness of monetary policy through the interest channel. JEL Classification: E42, E43, E52Keywords: Deposit rate, ECM, IRPT, Lending Rate, Policy Rate

Spillover Effect of Global Financial Cycle To Asset Markets in Asean-5 Countries: A Structural VAR Approach Sri Andaiyani; Telisa Aulia Falianty
AFEBI Economic and Finance Review Vol 2, No 2 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47312/aefr.v2i02.97

An upsurge and volatility of capital flows to Emerging Asian Economies indicated that there is the potential effect of global financial cycle to emerging market. It provides an overview of investor risk aversion in short term investment after financial crisis 2008. Global financial cycle could have a significant impact to asset prices, including equity prices and property prices. Rey (2015) has triggered an interesting discussion about global financial cycle. She found that there was a global financial cycle in capital flows, asset prices and credit growth. This cycle was co‐moves with the VIX, a measure of uncertainty and risk aversion of the markets. Therefore, this study attempts to analyze empirically global financial cycle shocks, measured by the VIX, on equity prices and property prices in ASEAN-5, namely Indonesia, Malaysia, Singapore, Thailand and Philippines. We estimate quarterly frequency data from Q1 1990 to Q2 2016 with Structural Vector Autoregressive (SVAR) approach. The result of this study showed that global financial cycle has a negative significant impact on the ASEAN-5 asset markets, in spite of the response of shock differs by country and size. This result is consistent with ASEAN-5 as small open economies that remain vulnerable to the global factor. This study contributes to the literature in several ways. First, we identify not only cyclical expansions or contraction in asset markets but also the impact of global financial cycle to asset markets in ASEAN-5 countries. Second, we investigate whether there are heterogeneous responses of ASEAN-5 countries to global financial cycle shocks. Third, we also identify the pattern of cycle in ASEAN-5 countries.JEL Classification: F30, F37, F42Keywords: ASEAN, Asset Markets, Global Financial Cycle, SVAR

The Factors of Decision in Taking Tertiary Education Alfi Nur Lailiyah; Dominicus Savio Priyarsono; Mutiara Probokawuryan
AFEBI Economic and Finance Review Vol 2, No 2 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

The decision to access tertiary education is influenced by individual characteristics, household characteristics, and regional factors. This study aimed to examine the determinant of individual decision to access tertiary education based on individual characteristics, household characteristics, and regional factors. The respondents of the study were 19 years old or above and already finished secondary education. This study used secondary data from data Indonesian Family Life Survey (IFLS) 5. Technique analysis used multinominal logit by samples that consist of 1.936 respondent. The result of this analysis showed that the individual characteristic that consist of UN score, Sex, and Occupational status while study has significant impact on the choice to access undergraduate study. Likewise, on the household characteristics that consist of educational assistance from non government, level of education of head of household, and the consumption per member of the family has significant impact to the choice to access diploma. In undergraduate education, only the UN score in individual characteristic that has significant impact. The household characteristics were consist of educational assistance from government and non-government, the level of education of head of household, the consumption per member of the family, and dependency ratio impact significantly on the choice to access undergraduate study.JEL Classification: I20, I21, I25Keywords: Household Characteristics, Individual Characteristics, Indonesia Family Life Survey, Multinomial Logit, Regional Factors, Tertiary Education

Indonesia’s Export-Import Analisys: Granger Causality Approach Syaparuddin Syaparuddin
AFEBI Economic and Finance Review Vol 2, No 2 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

In a global economy context, the role of export-import becomes really important in supporting economic growth. An interesting phenomenon is that, most of Indonesian export are import-content and capital goods.This study is aimed at (1) analyzing Indonesia’s export-import patterns, (2) analyzing causality relationship between export and import in Indonesia. Analysis method used in this research is Granger Causality model. The result of study shows that the patters of the progress and the changes of Indonesia’s export and import have similar patters since 1980-2015. Those have causality relationship which indicate that export and import are mutual dependence. The conclusion of the research is that when Indonesia’s export would be increased so import should also be increased. On the other hand, the increasing of import must also be preceded by the increasing in export. JEL Classification: F13, F17, F18Keywords: Export, Important and Causality Granger

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