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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 166 Documents

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Day-of-The-Week Anomaly on Different Stock Capitalization: Evidence from Indonesian Stock Market Dadang Wahyu Juniarwoko; Tony Irawan; Lukytawati Anggraeni
AFEBI Economic and Finance Review Vol 2, No 1 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

The aim of this study is to determine whether the “Day-of-The-Week Anomaly” (DOWA) exists on different stock capitalization in Indonesian stock market. A total of 58 stocks listed in both LQ45 index and Pefindo25 index used to represent large cap stocks and small and medium cap stocks respectively. The Ordinary Least Squares (OLS) method and ARCH/GARCH model were employed to capture the DOWA and the daily volatility behavior for the period between January 2010 and December 2015. The result reveals that DOWA exist for a significant proportion of individual stocks in both LQ45 and Pefindo25. Monday was found to have the lowest mean returns while Wednesday has the highest mean return. The differences between Monday’s return and return of the other days ranged from 0.15 to 0.41 percent. LQ45 stocks also found to have slightly higher Wednesday’s volatility than of Pefindo25 stocks. It indicates that the higher return of the LQ45 is naturally accompanied by a higher risk.JEL Classification: G02, G10, G17Keywords: Day-of-The-Week Anomaly, Indonesia, LQ45, Pefindo25, Stock Market

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

The Influence of Locally Generated Revenue, Public Allocation Funds and Specific To Financial Performance of The Region in The City/Regency Government in Aceh Province Zainal Putra
AFEBI Economic and Finance Review Vol 1, No 1 (2016)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

The purpose of this research are: (1). To know how the condition of region own source revenue, the general allocation fund, special allocation fund and regional financial performance , (2). To find out the influence of region own source revenue, the general allocation fund, special allocation fund to the region financial performance, (3). To know the influence of region own source revenue to the region financial performance, (4). To find out the influence of the general allocation fund to the region financial performance, (5). to know the effect of the special allocation fund toward region financial performance. The data used in this research is a secondary data obtained from the office of BPK RI Aceh province Representative. The data collected in the form of pooling data in period of 2008-2012. The entire population in this research are sampled as many as 23 regencies / cities in Aceh province. In analyzing the data using multiple linear regression models. The results showed that: (1). Regencies / cities in Aceh province the category of of region finance ability is “very less" and the category of Region Finance Independence is "very low" with a pattern of "instructive" relationship, (2). The financial performance of the region show a decreasing trend in the span of 2008-2012 , (3). The variable of region own source revenue, general allocation fund, special allocation fund simultaneously influential and significant to the variable of regional financial performance , (4). Partially only variable of general allocation fund and variable of special allocation fund that influence and significant toward the variable of regional financial performance, whereas the variable of region own source revenue does not influence significantly to the variable of regional financial performance.JEL Classification: H20, H50, P50Key words: The General Allocation Fund, The Region Own Source Revenue, The Regional Financial Performance, The Special Allocation Fund

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 Role of Tourism in The Development of Regional Economy: Case Study of The Special Capital Region of Jakarta Province Sutyastie Soemitro Remi; Sihono Dwi Waluyo; Bagdja Muljarijadi
AFEBI Economic and Finance Review Vol 2, No 1 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

This study aims to assess the economic role of tourism to the economy of the Province of the Special Capital Region (DKI) of Jakarta. The research model used is the input-output model.The results showed that the tourism economy of Jakarta contributed significantly to the economy of Jakarta. The restaurant sector in the core sectors of tourism (hotel, restaurant, travel agency services and entertainment services, transportation) have the highest backward linkages and forward linkages as well as power distribution and a high level of sensitivity. In the tourist expenditure structure, the expenditure for sectors that are directly related to tourism highway transportation, hotel and restaurant occupy the highest role.Sectors that have an impact on the resulting output of the largest tourist expenditure is directly related to the sectors of tourism, namely the hotel sector, followed by the air transport sector, banks, insurance and business services, restaurant and travel agency services. While that get impacted gross value added is the largest hotel, air transport; banks, insurance and business services; restaurant and travel agency services. Which have an impact on wages / salaries is the largest hotel sector, air transport, restaurant and travel agency services. The impact of the tax, which obtained the largest sector was the hotel sector, followed by restaurants, trade and travel agency services. The resulting impact of labor is the hotel sector which obtained the largest share, followed by the restaurant sector, air transport and travel agency services.The results also show the potential for increased tourism to the economic value of Jakarta which can be achieved by: (1) prepare tourism policy related to trade, the bank sector, insurance and business services sector, the food industry, beverages, tobacco and cigarettes; the electricity sector / gas / water, and the construction sector, and (2) developing the core sectors of tourism with hotel sector priorities, the air transport sector, the sector of the restaurant, travel agency services sector, and the road transport sector.JEL Classification: H71, L80, L83Keywords: Input-Output, Labor, Linkages, Multipliers, Taxes, Wages/Salaries

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

The Influence of Ownership Structure and Specific Characteristics To Capital Structure in Public Banks in Indonesia Imas Maesaroh; Angga Sucitra H; Radis Diding R
AFEBI Economic and Finance Review Vol 1, No 1 (2016)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

This study aims to determine the effect of ownership structure and the specific characteristics of the capital structure in banks Indonesia. The results showed that partial ownership structure and the specific characteristics of the bank (profitability, size, and credit risk) had no significant effect on the capital structure, while the bank characteristics (expenses management) partially significant effect on the capital structure.JEL Classification: E50, G10, G21Keyword: capital structure, ownership structure, specific characteristics of bank

IMPACT OF EDUCATION TO HEAD OF HOUSEHOLD IN INDONESIA Maudytia Rismalasari Prabowo; Dominicus Savio Priyarsono; Mutiara Probokawuryan
AFEBI Economic and Finance Review Vol 3, No 1 (2018)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Poverty is one of the most crucial problems in Indonesia which is the fifth city in South-East Asia, have a poverty line around 11.2% in 2014 (BPS 2016). Moreover, poverty in Indonesia has decreased slowly from 2000 (19.1%) until 2016 (10.9%) (Smeru, 2015). It means poverty in Indonesia should be accelerated the decline. One of the things that can reduce poverty is education (Gounder and Xing 2012). Education has a relationship with household consumption per capita. That means, the higher the education of household head, the higher the consumption per capita that household get. The aim of this study is to analyze the impact of education on poverty as measured by household's consumption in West Indonesia in 2014. This study uses Two-Stage Least Square (2SLS) methods with cross-section data and obtained from IFLS (Indonesia Family Life Survey). The result shows that there is a relationship between education and other independent variables on poverty. The independent variables that significantly affect poverty are age, age squared, gender, and marital status. The implication of this study is education can increase the number of consumption per capita so that the living standard will increase and poverty will decrease.JEL Classification: I20, I21, I25Keywords: consumption per capita, cross section, education, Two Stage Least Square, poverty.

EFFECT OF CONSUMPTION ON ACCEPTANCE OF VALUE ADDED TAXES ( VAT ) IN INDONESIA DURING 1984-2016 Indri Arrafi Juliannisa
AFEBI Economic and Finance Review Vol 3, No 1 (2018)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

VAT is a tax component that contributes the most to total tax revenue, this study analyzed the relationship of consumption to VAT receipts, but there are other free control variables such as; the money supply, population, and industrial sector revenues. This study refers to previous research that has been carried out by Harju, Kosonen, and Skans (2018) , entitled about “Firm types, pricesetting strategies, and consumption-tax incidence”. This study uses a Time Series Model, that is : is a forecast of future values based on past values of a variable and past mistakes. Time series models are usually use for forecasting. The research method used is quantitative descriptive, by using the Eviews test tool. Because at the beginning of testing this research experienced problems on the classical assumption test, then to overcome the problem of classical assumption test, the test continues using estimation method Newey-West HAC regression model (heteroscedasticity and autocorrelation consistent) standard error or more often called Newey-West HAC. The results of the study show that consumption as the main independent variable has a significant effect, and the control variable that has influence is the money supply and the industrial sector. the increasing amount of consumption each year can stimulate VAT revenues and economic growth in Indonesia.JEL Classification: H20, H25, H26Keywords: Consumption, Industrial sector Money Supply, VAT

THE INFLUENCE OF THE 1998 ASIAN BANKING CRISIS AND THE 2008 GLOBAL FINANCIAL CRISIS TO GROWTH OF THE THIRD PARTY FUNDS OF BANKING SECTOR IN INDONESIA Rani Nurfaidah; Fitri Hastuti
AFEBI Economic and Finance Review Vol 3, No 1 (2018)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

The purpose of this research is to investigate the influence of macroeconomic fundamentals such as real GDP growth, deposit rate, and return of composite stock price index, and the influence of bank performance such as the growth of secondary reserve and Non Performing Loans to Third Party Funds. The growth of the banking sector in Indonesia in the 1998 Asian Banking Crisis and the 2008 Global Financial Crisis and also to analyze the different influence of independent variables to Third Party Funds growth in both crises. The data used are secondary data with the research object of 101 banks which were established in both crises consistently. The method which is used in this study is the pooled EGLS (Cross-Section Weight) and fixed effect method. The results show that macroeconomic fundamentals such as real GDP growth, deposit rate, and return of IHSG have significant effect to growth of Third Party Funds, and bank performance such as the growth of secondary reserve has a significant effect while NPL has no significant effect to growth of Third Party Funds in both crises. Besides that, there is a different effect of each independent variable in both crisis periods where all the independent variables in the period of the 1998 Asian Banking Crisis is not according to the theory, while all of the independent variables in the period of the 2008 Global Financial Crisis is according to the theory.JEL Classification: E50, G01, G21Keywords: Banking Performance, Crisis, Cross-Section Weight,Macroeconomic Fundamentals Third Party Funds Growth

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