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Journal of Indonesian Economy and Business

jieb
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Published by Universitas Gadjah Mada

ISSN : 20858272 EISSN : 23385847 DOI : https://doi.org/10.22146/jieb.v37i2.3449

Core Subject : Economy, Science,

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Journal of Indonesian Economy and Business (JIEB), with registered number print ISSN 2085-8272; online ISSN 2338-5847, is open access, peer-reviewed journal whose objective is to publish original research papers related to the Indonesian economy and business issues. This journal is also dedicated to disseminating the published articles freely for international academicians, researchers, practitioners, regulators, and public societies. The journal welcomes authors from any institutional backgrounds and accepts rigorous empirical research papers with any methods or approach that is relevant to the Indonesian economy and business context or content, as long as the research fits one of three salient disciplines: economics, business, or accounting. The JIEB is Internationally indexed in SCOPUS, EBSCOHost (Business Source Corporate Plus and Business Source Complete), EconLit, ProQuest, Google Scholar, DOAJ, Microsoft Academic Search, and ACI (ASEAN Citation Index). Furthermore, this journal has been nationally accredited by the Directorate-General for Research Strengthening and Development, the Ministry of Research and Technology for Higher Education, Republic of Indonesia (Decree No. 148/M/KPT/2020) in SINTA 2 (Indonesian Science & Technology Index).

Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)

Articles 77 Documents

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Intellectual Dynamics of Good Governance Studies: A Bibliometric Analysis Fauzan; Adi Susilo Jahja
Journal of Indonesian Economy and Business Vol 36 No 2 (2021): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Introduction/Main Objectives: This study presents a bibliometric analysis of good governance research publications from the Scopus database from 1984 to 2020. Background Problems: Since good governance has an essential and central role in organizations, the research trends on good governance in the literature need to be revealed. Novelty: To the best of our knowledge, bibliometric analysis for the term good governance is not yet available. This paper aims to fill in the gap by providing a broad overview of the bibliometric analysis of the literature relating to this term. Research Methods: Good governance is used as a keyword in the titles of articles taken from the Scopus database on November 4, 2020. There were 1,954 documents analyzed. Microsoft Excel is used for frequency analysis, the VOSviewer app is used for the data’s visualization, and Harzing's Publish or Perish is used for citation metrics and analysis. Finding/Results: The results showed an increase in the growth rate of good governance literature from 1984 to 2020, particularly since 2011. Conclusion: Research related to corporate governance has involved various authors, and is published in various languages. There are 159 authors from 123 countries and 160 institutions. The United States is the most significant contributor to this study, followed by the United Kingdom and Indonesia. The International Review of Administrative Sciences has published the most papers on good governance. Our findings indicate that studies on good governance are mostly carried out in the field of social sciences.

Does Institutional Quality Matter in the Relationship Between Competition and Bank Stability? Evidence from Asia Muizzuddin Muizzuddin; Eduardus Tandelilin; Mamduh Mahmadah Hanafi; Bowo Setiyono
Journal of Indonesian Economy and Business Vol 36 No 3 (2021): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Introduction/Main Objectives: This study aims to investigate whether competition impacts bank stability. Furthermore, the study also analyzes the role of institutional quality in a country, such as voice and accountability, political stability, government effectiveness, regulatory quality, the rule of law, and control of corruption, forming the effect of competition on bank stability. Background Problem: Analysis of the relationship between competition and bank stability has been at the center of academic and policy debate. However, the theoretical and empirical research has not concluded whether bank competition leads to more or fewer stable banks. Novelty: We consider institutional quality's role in mitigating the negative impact of competition on bank stability, which has mainly been under-elaborated in prior studies, particularly in using measures from The World Bank’s Worldwide Governance Indicators, which measure how the institutions of each country influence bankers’ and the people's behavior, as part of the cultural system. Research Methods: Using a sample of 427 Asian commercial banks from 2011 to 2019, we employ the generalized method of moments (GMM) estimator and consider loan growth and the cost to income ratio as instrumental variables. Findings/Results: We find robust evidence that competition erodes bank stability. Besides, better institutional quality, especially government effectiveness, regulatory quality, the rule of law, and corruption control in each country are important aspects that promote bank stability and mitigate the negative impact of competition on bank stability. Conclusion: Competition has a negative impact on bank stability. Meanwhile, the quality of institutions can both promote bank stability and mitigate this negative relationship.

The Relationship between Asia Pacific Markets during the Financial Crisis: VAR-Granger Causality Analysis Hayun Kusumah; Marwan Asri; Kusdhianto Setiawan; Bowo Setiyono
Journal of Indonesian Economy and Business Vol 37 No 2 (2022): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Introduction/Main Objectives: This study investigates the relationships between equity markets during the Asian financial crisis and the subprime mortgage crisis in Asia-Pacific. Background Problems: The advantages of market integration are under scrutiny in the midst of global financial crises, which have many implications for international asset pricing and regulators to develop strategies to protect economies. During the crises, the equity markets responded with different patterns, and it is important to understand in more detail the market relations during each crisis, especially for the less and more integrated markets. Novelty: We provide in-depth analysis to compare the market relationships during two extremely different financial crises originating from less integrated markets (i.e., emerging ones) and more integrated markets (i.e., developed ones), based on the prices which give a direct measurement and clear interpretation. This research provides a significant contribution by showing new findings in the form of a comparison of market relations during two extremely different crises in the Asia-Pacific region. Research Methods: This study employs time-series data from economic territories based on the Morgan Stanley Capital International (MSCI) Asia-Pacific classification and the United States. We conducted analysis using the vector autoregressive, Granger causality test, and impulse response, to point out the market relationships during the crises or turmoil periods. Finding/Results: The results show that the Asian financial crisis affected the emerging markets more and this indicates the unidirectional causality relationships among them. Meanwhile, the subprime mortgage crisis affected all the markets, but more indicated the bidirectional relationships, especially the developed markets. Conclusion: Although these two financial crises were global in nature, the effects on the region were different. The origin of the shock and the level of market integration affected the market relationships differently during the crises.

Calibrating the Final Results of the Hay System of Job Evaluation Using Urgency, Seriousness, and Growth (USG) Analysis in Indonesia Haspul Naser Haspul Naser; Nurwulan Kusuma Devi; Nurul Wahdini
Journal of Indonesian Economy and Business Vol 37 No 1 (2022): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Introduction/ Main Objectives: The research argues that the job evaluation process may not reflect a sense of justice, that is, in most cases, the decisions of the board of directors (BOD) appear to be biased. Background Problems: Lack of transparency and unfairness in job evaluations may create disharmony in the workplace. Novelty: The researchers used the Urgency, Seriousness, and Growth (USG) analysis to find the root cause of employees’ dissatisfaction because of unfairness in the final job size, which may impact the wages. The researchers were also required to be familiar and have experience with the Hay System. Research Methods: To adjust the job size and to promote fairness, the Hay System needs to be strengthened with the USG analysis. This study uses a qualitative approach and requires a more in-depth analysis to obtain the best results. Findings/ Results: The job evaluation only refers to the Hay System. The job analysis, benchmark, and survey are not used as a reference or to interview the managers. If the Hay system is solely used, the final result of the job evaluation can be biased;. therefore, it is necessary to get a second opinion to create a sense of fairness. One of the tools to calibrate the final result of job evaluation is the USG analysis. Conclusion: USG analysis is to provide a second opinion and can also strengthen the job size analysis with the job reference level.

The Effect of Financial Compensation for Farmland Acquisition on Household Welfare: The Yogyakarta International Airport Development Case Yudha Purbawa
Journal of Indonesian Economy and Business Vol 37 No 2 (2022): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Background Problems: Land acquisition is a major issue in development policy, and compensation is often described as being inadequate; meanwhile, adequate compensation is the key element of fairness. Main Objectives: The objective of this study is to examine the impact on household welfare of financial compensation for farmland acquisition for new airport development. Novelty: This study utilizes land acquisition for the new Yogyakarta International Airport (YIA) because this area provides a reasonable case for evaluation. Research Methods: A quasi-experimental design is used to draw a causal relationship. A questionnaire survey has been conducted with 452 households, consisting of 207 households in the treatment group and 245 households in the control group. Finding/Results: On average, the financial compensation for the farmland acquired for the new airport development increased a household’s total annual income by as much as 32.06%, especially the income that was generated from self-owned business and farmland activity, and it also increased their total annual expenditures by as much as 26.55%, especially those related to food, energy (LPG and fuel), vehicles, internet and phone, religion, social relationships, and insurance. Conclusion: This study highlights that financial compensation for farmland acquisition for tertiary industry, specifically a new airport development, has a positive impact on both the total annual income and the total annual expenditures.

The Role of University-Based Incubators in Social Entrepreneurship’s Development: The Capability Approach as an Evaluative Framework Matahari Farransahat; Risa Bhinekawati; Evelyn Hendriana
Journal of Indonesian Economy and Business Vol 36 No 3 (2021): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Introduction/Main Objectives: This study evaluates the role of a large university in developing the social entrepreneurship capabilities of its students and fresh graduates through its business incubator; and investigates why tenants choose to be or not to be social entrepreneurs after their incubation process. Background Problems: There are many discussions about university-based incubators for developing entrepreneurship, but the actual mechanism of how these incubators develop social entrepreneurs is still unknown. Novelty: This research explores the development of social entrepreneurship through the university-based incubator program. Hence, it can be used to provide best practices for the program, especially for developing the tenants’ capacity. Research Methods: This study applies a case study approach and adopts Amartya Sen’s capability approach as an evaluative framework. The C-Hub UGM was chosen as a case since it was selected as a good example of a social entrepreneurship incubator by the British Council. This research used three sources of evidence: documents, interviews, and focus group discussions to collect information from 14 of the incubator’s tenants. Finding/Results: The results reveal that the incubator serves as a hub for the resources that enhance the tenants’ personal conversion factors and their performance as agents for change. Subsequently, the incubator improves the tenants’ social entrepreneurship capabilities set; however, it is up to the tenants to choose whether they want to continue as social entrepreneurs or work in other roles as their functioning. Conclusion: This study illuminates the linkages among the concepts of the capability approach, the university-based incubator and social entrepreneurship. It reveals that the university-based incubator serves as a hub for the resources that enhance the tenants’ personal conversion factors; thereby they can be effective social entrepreneurs.

Obedience Pressure vs. Peer Pressure: An Explanation of Muslims’ Religious Role in Budgetary Slack Aryan Danil Mirza. BR; Kharisa Rachmi Khoirunisa
Journal of Indonesian Economy and Business Vol 36 No 2 (2021): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Introduction/Main Objectives: The performance of individuals in organizations is generally evaluated based on their success at achieving targets. Furthermore, the role of the budget has a major effect on individual behavior in the preparation of the budget, by allowing unethical actions (budgetary slack). Background Problems: There are a few studies that measure the difference in the influence of social pressure between superiors and peers on individual’s behavior in the organizational budgeting process. On the other hand, there are inconsistencies in the results of the research into the role of religiosity in the creation of budgetary slack. Novelty: To explain why people are not influenced by social pressures to create budgetary slack, we use the Psychological Reactance Theory. We argue that religiosity is one factor that influences people in making decisions about participative budgeting. Religiosity is believed to be able to influence one's personal values, so it impacts on one's judgment and determination of whether a thing is good or bad. Research Methods: This study uses an experimental research method on 65 undergraduate accounting students and a 2x2 factorial design consisting of two factors, social pressure (obedience pressure and peer pressure) and religiosity (high and low). Finding/Results: The results show that religiosity is proven to play an important role in the budget decision-making process, futhermore it minimizes the occurrence of budgetary slack. Conclusion: Individuals who have high religiosity are proven to be better able to avoid creating budgetary slack compared to individuals who have low religiosity, when receiving pressure from superiors and peers. This result has implications for organizational stakeholders dealing with employee recruitment or in the organization's management control system, as religiosity is an important factor that must be prioritized.

Income Inequality in Indonesia: Which Aspects Cause the Most? Eny Sulistyaningrum; Alexander Michael Tjahjadi
Journal of Indonesian Economy and Business Vol 37 No 3 (2022): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Introduction/Main Objectives: This study discusses the three main aspects of inequality: the level of education attained, urban-rural area, and gender. Background Problems: Inequality is one of the fundamental economic problems in Indonesia that has the potential to cause the non-optimal distribution of resources, economic instability, and may even lead to an economic crisis. Novelty: This study provide a new perspective on the differences in findings for the aspects of gender, education, and geographic factors on income inequality Research Methods: This study uses the Theil index for decomposition analysis and quantile regression analysis to analyze each class of income, particularly in the context of income inequality factors. Finding/Results: The findings show that, male workers in the lower class have a greater income than female workers. In addition, workers with an elementary school level experience higher inequality than workers with other levels of education do. Moreover, higher inequality occurs for urban workers in both the upper and lower classes, compared to workers in rural areas. From quantile regression analysis, the results show that, income inequality between men and women is reducing. The number of completed years has less influence compared to that in earlier periods, because more and more people enter education to increase their income. Lastly, urban workers have different incomes from rural workers, though the gap is reducing. It means both urban and rural workers have greater opportunities to earn a better income. Conclusion: Gender plays an important role in income inequality. The length of education has constantly affected income inequality as well. In the context of the area, urban workers normally have higher incomes.

A Scholarly Examination of Tax Compliance: A Bibliometric Analysis (1960-2021) Fauzan Fauzan; Marhaiza Ibrahim; Adi Susilo Jahja
Journal of Indonesian Economy and Business Vol 37 No 1 (2022): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Introduction/Main Objectives: Tax compliance plays a significant role in ensuring government has revenue for its expenditure. Thus, tax compliance should be understood thoroughly. Background Problems: Since tax compliance is important, a scholarly examination with bibliometric analysis is needed. This study aims to map past and current research on tax compliance to direct future research. Novelty: To the best of our knowledge, no article discusses tax compliance using bibliometric analysis. Research Methods: This study uses the bibliometric method to observe 715 documents on tax compliance research publications from the Scopus database from 1960-2021. Metadata was analyzed using Microsoft Excel for frequency analysis, VOSviewer for data visualization, and Harzing's Publish or Perish for citation metrics. Finding/Results: The number of publications on tax compliance has grown significantly. Most articles were published in journals and conferences, mainly in English. The most widely cited articles and most co-authors come from the United States, Australia, Europe, Malaysia, and Indonesia. This study identifies the widely discussed themes and possible themes for future research. Conclusion: Tax compliance studies are increasing in number and are being carried out with a multidisciplinary approach by authors from various countries. This paper also proposes some future avenues of tax compliance research. In future research, it is recommended to extend the use of databases and to include more fields in search queries.

The Psychological Aspects of Virtual Office at Home for Employees and Employers During The COVID-19 Pandemic Yuliana Yuliana
Journal of Indonesian Economy and Business Vol 37 No 3 (2022): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Introduction/Main Objectives: The COVID-19 pandemic has made changes to all aspects of life. Work must be done at home or somewhere outside the office. Although a virtual office is mostly done from one’s home, it can be done anywhere. The aim of this paper is to describe the positive and negative psychological aspects when implementing virtual offices at home for employees and employers during the COVID-19 pandemic. Background Problems: A virtual office has commonly been used during the pandemic condition. Many psychological aspects of a virtual office can affect the employee and his/her family. The impacts can be both positive and negative. Research problem: There are negative impacts, from a psychological aspect, of creating a virtual office at home besides the positive values. Novelty: This paper highlights the psychological aspects when implementing a virtual office at home. People often think that working from home has no challenges at all; it is considered to be more flexible and comfortable. On the other hand, working from home has many aspects that should be considered from the employees’ and employers’ views. Research Methods: This is a narrative literature review. Various types of literature were taken from the Science Direct and Google Scholar databases. Inclusion criteria were research and review articles. Exclusion criteria were un peer-reviewed articles and unavailable full texts. To maintain the quality of the paper, all the articles were read twice. The articles were categorized in a table, summarized, and then narrated. Finding/Results: The positive psychological impacts are flexibility, creativity, and independence. A worker can creatively manage his/her time accordingly, to create a life balance between work and family. The negative psychological impacts are life-work conflicts, burnout, and the autonomy-paradox. Conclusion: The essential keys for a virtual office’s implementation are resilience, creativity, flexibility, and adaptation. The use of a virtual office may continue, due to time and financial efficiencies, despite the COVID-19 pandemic ending.

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Contact Name Widya Paramita

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Journal Mail Official jieb@ugm.ac.id

Editorial Address Jl. Sosio Humaniora no. 1, Yogyakarta 55281, Indonesia

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Abstract

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Contact Name
Widya Paramita

Contact Email
jieb@ugm.ac.id

Phone
+628112822260

Journal Mail Official
jieb@ugm.ac.id

Editorial Address
Jl. Sosio Humaniora no. 1, Yogyakarta 55281, Indonesia

Location
Kab. sleman,

Daerah istimewa yogyakarta

INDONESIA