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Indanazulfa Qurrota A'yun
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INDONESIA
Journal of Asset Management and Public Economy
Published by Universitas Ahmad Dahlan
ISSN : -     EISSN : 28279816     DOI : https://doi.org/10.12928/jampe.v1i1.4952
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
JAMPE (Journal of Asset Management and Public Economy) publishes research findings of economics both in national and international developments as well as economic theory and application in asset management and public economics, but is not limited to: International economics Monetary economics and banking finance Development and planning economics Regional economics Environmental economics Property valuation Islamic economics Political econoimcs Creative economy
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 50 Documents
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Analysis of Determinants of Local Own-Source Revenue of Bali Province: A Panel Data Approach Wahyu Tri Wibowo; Nolla Billa Nasokha; Rifki Khoirudin
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i1.12702

Abstract

This study examines the impact of economic growth, foreign direct investment (FDI), local expenditure, and population on local own-source revenue (PAD) in Bali Province from 2012 to 2023. Employing a quantitative approach with panel data from nine districts/cities, the study applies Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). The research contributes to the existing literature in three novel ways: first, it is the pioneering study examining PAD determinants in a tourism-dependent economy during post-COVID-19 recovery period; second, it provides comprehensive empirical evidence on the asymmetric effects of population growth on regional revenue in tourism-centric regions; and third, it introduces an integrated analytical framework combining macro-fiscal and demographic variables for regional revenue analysis. Based on the Chow, Hausman, and Lagrange Multiplier tests, CEM was selected as the most appropriate model, with three variables significant at 1% level. The analysis reveals that FDI and local expenditure exert significant positive effects on PAD, whereby each unit increase in FDI raises PAD by 14.53% and each Rp 1 increase in local expenditure increases PAD by 103.69%. Conversely, population has a significant negative effect, with each additional person decreasing PAD by 75.71%, while economic growth exhibits no significant influence. The model explains 79.88% of the variation in PAD, with the remaining 22.12% influenced by external factors. To optimize development, several key strategies are recommended, including economic diversification beyond tourism, simplifying investment licensing procedures, optimizing productive regional spending, and improving human resource quality through market-oriented vocational education.
Preference Gaps Between Developers and Millennials in Landed Housing in Yogyakarta Urban Agglomeration Fatima Putri Prativi; Bagaskara Bagaskara; Anisa Nurpita; Nurisqi Amalia; Anas Usman Bello
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i1.12998

Abstract

The increasing urbanization in Yogyakarta Urban Agglomeration has driven rapid residential development, especially in landed housing. This study analyzes the gap between property developers' preferences and millennial consumers' expectations in housing provision. Utilizing mixed methods, primary data were collected from 54 property practitioners through structured questionnaires and in-depth interviews. Quantitative analysis included Exploratory Factor Analysis (EFA), Pearson Correlation, and K-Means Clustering to identify dominant developer preferences. Qualitative phenomenological analysis confirmed market trends and millennial preferences. The findings reveal that developers prioritize factors such as land position, house type, and land shape, while millennial consumers emphasize affordability, accessibility, and neighborhood comfort. A comparative analysis using Principal Component Analysis (PCA) and independent ttests revealed significant preference misalignments, particularly in access to main roads and environmental quality. The study highlights the necessity for coordinated policy intervention and developer adaptation to align housing supply with millennial demands, proposing the integration of public facility proximity and price affordability into future residential planning strategies. This research contributes by highlighting the mismatch in housing value perceptions between stakeholders and consumers. Practically, these insights provide policymakers and developers with a framework for designing housing policies and projects that better integrate affordability, accessibility, and livability, ensuring that they meet the housing needs of millennials.
Estimation of Rental Rates of Assets in Public Service Agencies Using Alternative Methods Dhian Adhetiya Safitra; Akhmad Khabibi; Roy Anshor
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i1.13816

Abstract

Asset optimization is an increasingly important issue for Indonesia’s Public Service Agencies (PSAs), which are required to determine fair and transparent rental values for state-owned assets (SOAs). This research develops an alternative rental-pricing framework for recreational sports assets, using a mini soccer field at the Polytechnic of State Finance STAN (PKN STAN) as a case study. Data were collected from a survey of 117 respondents to compare three valuation approaches: the Contingent Valuation Method (CVM), a cost-based approach, and a market-based benchmark. CVM estimation was conducted using two Ordinary Least Squares (OLS) models. The model analyzes respondents’ acceptance of an offered bid (1 = accept; 0 = reject) as a function of bid levels and demographic characteristics. The predicted acceptance probability was used to derive willingness to pay (WTP), serving as the basis for the CVM-derived rental value. The empirical results indicate that the CVM-based rental estimates are broadly aligned with values derived from the cost-based approach, while the market approach provides useful external validation for establishing a fair rental range. The findings also support the implementation of differentiated pricing strategies, such as higher rates during weekends and peak afternoon periods, to enhance both revenue optimization and facility utilization. The current research primarily contributes to the demonstration that CVM can be effectively adapted for pricing small-scale sport facility assets within PSA asset management. The research provides a methodological alternative that strengthens evidence-based decision-making and offers preliminary input for future improvements in regulatory guidelines governing state-owned asset rental valuation.
Macroeconomic and Institutional Determinants of ASEAN Middle Income Trap: Evidence from 2014–2023 Alfira Nabila; Jamzani Sodik; Didi Nuryadin
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i1.13910

Abstract

This study aimed to analyze the effect of Foreign Direct Investment (FDI), Human Development Index (HDI), Corruption Perception Index (CPI), and inflation on Gross National Income (GNI) per capita in 11 ASEAN countries during the period 2014–2023. In addition, this study evaluates the differences in GNI levels between countries that remain trapped in the Middle Income Trap (MIT) and those that have successfully escaped it. The method used was panel data regression with the Random Effect Model approach. The results showed that FDI and HDI have a significant positive effect on GNI per capita, whereas CPI has a significant negative effect. Inflation has no significant effect. The MIT dummy variable also has a significant negative effect, indicating that countries that remain in the MIT tend to have lower per capita income levels compared to countries that have successfully escaped. These findings reinforce the importance of the role of institutional quality and human development in increasing national income. This study contributes to the development economics literature by highlighting the importance of macroeconomic and institutional variables in explaining income disparities in the ASEAN region.
The Role of Fiscal Decentralization on Inequality: Evidence from Papua Province Fitra Pasapawidya Purna; Putri Hardiningsih; Mahrus Lutfi Adi Kurniawan; Lestari Sukarniati; Stanislaw Flejterski
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i1.14475

Abstract

High income inequality is generally accompanied by unequal access to education, job training, and business opportunities, limitingemployment opportunities for the poor. One approach that can be applied to resolve this problem is by implementing a fiscal decentralization policy. Papua is one of the regions categorized as 3T (Underdeveloped, Frontier, and Outermost). This condition indicates serious challenges in development in Papua, especially in the aspects of basic infrastructure and fiscal independence. The main contribution of the study is to analyze the role of fiscal decentralization on development in Papua province. Fiscal decentralization plays an important role in promoting regional development, particularly in disadvantaged areas. The study used a panel data approach that combines time-series data (2019-2023) and cross-sectional data (29 regencies and cities) in Papua Province. The results of the study indicate that fiscal decentralization through the General Allocation Fund (DAU) and Special Allocation Fund (DAK) has no effect in reducing inequality rates in Papua Province. It isdue to geographical challenges and the unconditional transfer nature of DAU and DAK. In this case, DAU is mostly used for regional routine expenditures, while the DAK has a long-term effect on infrastructure development, which is the major obstacle in reducing inequality in Papua. This research implies that local governments need to improve the effectiveness of DAU and DAK utilization by prioritizing productive sectors.
Defining and Measuring Housing Location in Appraisal and Hedonic Price Models: A Systematic Review Bagaskara Bagaskara; Wakhid Slamet Ciptono
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i2.12673

Abstract

Location is a complex, multidimensional aspect often highly preferential and dependent on personal preference. In general discussions, this may not pose a significant problem. However, in quantitative analyses such as housing appraisals (sales comparison approach) or applied research using the hedonic price model, the nature and characteristics of location can become a major issue. Even though location is often included in housing studies, there is no clear and straightforward way to measure it as a single variable. This challenge is exacerbated in Indonesia due to the lack of a valid and reliable property database. Therefore, this study conducts a systematic review that contributes to the understanding of how location can be measured objectively. The present study aims to propose an alternative method for defining and measuring the strategic location of housing in appraisal practice, particularly through the sales comparison approach. Based on the review, location is measured using two aspects: spatial aspects and circumstantial aspects. Generally, spatial aspects are much more dominant than circumstantial aspects. The identified location dimensions include distance to the Central Business District (CBD), transportation facilities, commercial/shopping centers, employment centers, health facilities, educational facilities, recreational areas, as well as the conditions and accessibility to these amenities. The results of this study provide practical implications for improving the accuracy of property appraisal practices and offer a useful reference for future research, particularly in data-limited contexts such as Indonesia.
Electricity Consumption Dynamics in Indonesia: ARDL Approach Thangraj Venkatesanirst; Suripto Suripto; Natasya Cut Dian Amelia; Azkal Azkiya Athfal
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i2.15791

Abstract

This study analyzes the determinants of per capita electricity consumption in Indonesia using consumption expenditure, foreign direct investment (FDI), trade, and inflation over the period 1980–2022. Given the increasing electricity demand driven by economic growth and structural transformation, understanding these determinants is essential for sustainable energy planning. This study contributes by providing evidence on how macroeconomic variables affect electricity consumption differently in the short run and long run in Indonesia. The findings imply that energy policy should distinguish between short-term demand management and long-term supply planning. The results show that, in the short run, consumption expenditure and trade have a positive and significant effect on electricity consumption, while inflation has a negative and significant impact. FDI has no significant effect in the short term. In the long term, FDI and inflation have a positive and significant effect on per capita electricity consumption, indicating that foreign investment strengthens industrial and infrastructure capacity, thereby increasing energy demand. Consumption and trade spending are not statistically significant in the long run, which indicates that the impact is temporary. These findings imply that electricity demand in Indonesia is influenced by both cyclical and structural factors. Therefore, energy policy should differentiate between short-term demand stabilization and long-term planning, particularly by promoting productive investment and maintaining macroeconomic stability.
Macroeconomic and Environmental Determinants of FDI in 6-ASEAN Countries: A Panel Analysis Muhammad Fathur Reza; Silvia Maura Madrim; Indanazulfa Qurrota A'yun
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i2.15931

Abstract

Foreign Direct Investment (FDI) plays an important role in promoting economic growth, technology transfer, employment creation, and regional economic integration in developing countries, particularly in ASEAN economies. However, despite the growing literature on FDI determinants, previous studies have generally examined macroeconomic, environmental, financial, and technological factors separately, resulting in limited understanding of their combined effects on FDI inflows, especially in the ASEAN context. This study offers a more integrated perspective by simultaneously incorporating economic growth, carbon emissions, domestic credit, technology, and energy consumption into a unified empirical framework using the Seemingly Unrelated Regression–Panel Corrected Standard Errors (SUR-PCSE) approach. The study analyzes panel data from six ASEAN countries: Cambodia, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. The results indicate that economic growth, domestic credit, and energy consumption have significant positive effects on FDI inflows, while carbon emissions negatively affect FDI. In contrast, technology does not have a statistically significant effect on FDI in the observed countries. These findings suggest that ASEAN economies still rely heavily on macroeconomic stability, financial development, and infrastructure readiness in attracting foreign investment, while environmental sustainability is becoming increasingly important in shaping investment decisions. This study contributes to the literature by providing a more comprehensive framework for analyzing FDI determinants in ASEAN countries and offers policy insights for strengthening sustainable investment competitiveness in developing economies.
FDI Determinants in Asia: Financial Inclusion and Macroeconomic Stability—A First-Difference GMM Approach Hopkins Henry Kawaye; Agustina Puji Rahayu; Firsty Ramadhona Amalia Lubis; Nurul Azizah Az Zakiyyah; Selly Kudrati Ningsih; Happy Febrina Hariyani
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i2.16076

Abstract

This study analyses the influence of financial inclusion and macroeconomic variables on Foreign Direct Investment (FDI) in nine Asian countries with the highest FDI performance during 2011–2023. Using secondary data from the World Bank, this research employs a dynamic panel-data approach with the First-Difference Generalised Method of Moments (FD-GMM) to address potential endogeneity issues. The variables examined include inflation, interest rates, trade openness, bank credit financing, and the number of bank branches as proxies for financial inclusion. The results indicate that all variables have a positive and significant effect on FDI inflows. The main contributions of this study lie in three areas. First, this study integrates financial inclusion indicators—specifically bank credit and branch availability—into the analysis of FDI determinants, an area that remains underexplored compared to traditional macroeconomic factors. Second, this study provides empirical evidence from a focused sample of top-performing Asian economies, offering more targeted regional insights into FDI dynamics. Third, by applying the FD-GMM approach, this study enhances methodological robustness by addressing endogeneity and dynamic relationships, which are often overlooked in conventional panel-data analyses. These findings suggest that strengthening financial inclusion alongside maintaining macroeconomic stability can significantly enhance a country's attractiveness to foreign investors. From a policy perspective, governments should improve access to financial services while maintaining macroeconomic stability to foster a more conducive investment climate. These findings also provide empirical evidence for policymakers in emerging Asian economies seeking to design strategies for attracting sustainable foreign direct investment.
Monetary Valuation of Human Capital: Theoretical Framework and Simulation of Modern HRA Models Damar Jati; Minadi Wijaya; Gawik Setiawan; Fatima Muhammad Abdulkarim
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i2.16271

Abstract

This research is motivated by the shift toward knowledge-based economies and the rise of start-ups, where human resources are the primary strategic asset but remain unrecognized in conventional accounting. This limitation may lead to an incomplete representation of corporate value and contribute to valuation discrepancies. This study aims to examine and synthesize various monetary valuation models in Human Resource Accounting (HRA) to address the limitations of conventional accounting in recognizing human capital as a strategic asset. The study adopts a qualitative literature review and conceptual analysis, drawing on foundational theories of human resources, including Resource-Based Theory, and major monetary valuation models such as the Lev and Schwartz compensation model, the Flamholtz model of individual and organizational economic value, and the Jaggi and Lau group valuation approach. Through content and comparative analysis, the study evaluates these models based on their theoretical foundations, valuation assumptions, and practical applicability in converting human productivity into monetary value. The synthesis further demonstrates that while individual-based valuation models provide greater measurement precision, organization-level economic value approaches are more suitable for corporate reporting due to their broader applicability. This study provides a unified analytical framework for comparing major monetary valuation models in Human Resource Accounting. Overall, the study concludes that no single monetary valuation model is universally applicable; rather, model selection should align with the intended valuation objective. These findings support more effective human capital valuation and corporate reporting.

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