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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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The Impact of Directive Leadership on Innovative Work Behavior: The Mediation Role of Continuance Commitment Dhyah Mutmainnah; Tjutju Yuniarsih; Disman Disman; Janah Sojanah; Muji Rahayu; Iman Sidik Nusannas
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 aim of this study is to test the effect of directive leadership and continuance commitment on innovative work behavior while also explaining the mediating role of continuance commitment and the effect of directive leadership on innovative work behavior. Background Problems: Managing innovative employee behavior is an integral component of sustainable organizational development. Innovative work behavior (IWB) is very important for improving organizational performance. Many studies have identified the antecedent factors of IWB. Novelty: The novelty of this research is finding a new concept of innovative work behavior, through the combination of the mediation construct of continuance commitment, further established under the terms of "The Improvement Model of Innovative Work Behavior based on Directive Leadership through Integration Strategy by Continuance Commitment." Research Methods: This research’s design is hypothesis testing research and the type of research design it uses is survey research (non-experimental). This study uses the indicators from only one dimension of leadership and one organizational commitment category, so there are some empirical gaps between this and the results of previous studies. The sample in this study was 120 civil servants from PPPPTK TK and PLB Bandung. In assessing the empirical model this study used partial least square structural equation modeling (PLS-SEM) analysis. Finding/ Results: The results of this study show that directive leadership has a positive and significant impact on continuance commitment, and continuance commitment has a positive and significant influence on innovative work behavior. The effect of directed leadership on innovative work behavior is fully mediated by the continuance commitment, which is positively associated with innovative work behavior, but it is not significant. The influence of directive leadership on innovative work behavior is more favorable and significant as a result of the continuance commitment. Conclusion: This study concludes that directing leadership has an indirect effect on innovative work behavior through the mediating variable of continuance commitment, implying that directive leadership might indirectly promote innovative behavior through the continuance commitment. The assumption is that if a leader is effective at directing staff, there will be an increase in employees’ continuance commitment, and if commitment improves, there will be an increase in innovative work behavior.

Exploring Citizen’s Satisfaction with the Infrastructure of Services at a Local Seaport in Ternate, North Maluku Johan Fahri
Journal of Indonesian Economy and Business Vol 37 No 2 (2022): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Main objective: This research aims to explore the aspects of citizen satisfaction with basic government infrastructures, using a specific seaport as the site for the research. Background problems: Their impacts of on people’s lives of basic infrastructures that the Indonesian government is currently developing should be measured, particularly how satisfied citizens are with these infrastructures. Extant literature indicates there has been limited discussion using qualitative research—which has mainly used the grounded theory approach—to understand citizen satisfaction. This context has rarely been used to explore users’ satisfaction with the local seaport. Novelty: This current research offers theoretically grounded and real aspects of citizen satisfaction that lead to a testable model to enrich a comprehensive conversation of customer satisfaction in the public sector. Methods: This research has used a grounded theory approach to define and explore, in depth, the main aspects of satisfaction felt by citizens who are the customers frequently using the seaport to enable their mobility between the islands. Results: The results identify five main aspects of citizen satisfaction when using local seaports. These aspects were used to revisit the dimensions of SERVQUAL. The sentiments of the users were also recognized and analyzed as a part of an overall evaluation of the satisfaction. Conclusion: While previous studies have provided a great deal of evidence on citizen satisfaction, the results of this study are drawn from an in-depth examination of those earlier pieces of evidence, including those regarding emotions and sentiments. Future studies are also recommended to overcome some of the limitations of this research.

Role of Profitability, Business Risk, and Intellectual Capital in Increasing Firm Value Dewi Pangestuti; Ali Muktiyanto; Ira Geraldina; Darmawan Darmawan
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 research illustrates the importance of firm value, both to investors and companies. Investors assess that an increase in the value of a company indicates a positive view of the company's performance, which leads to an investment decision. Besides that, an increase in the value of the company can indicate that the company is getting closer to achieving its goal, namely increasing the welfare of its stakeholders. Background Issues: In recent years, there has been a decline in the value of firms in the mining sector due to various factors that have affected it, which has resulted in a decrease in the value of the shares in several of the sub-sectors, especially the coal mining and petroleum sub-sectors. Novelty: This study examines the business risk and intellectual capital that are typical of firms in the mining industry with the generalized moments’ methods. Research Methods: This research is a quantitative study that uses the generalized moments methods, where the robust least square test determines which model is more suitable for use in the research. The variables in this study consist of profitability, intellectual capital, and business risk, with variable controls being the gold price, exchange rate, and petroleum price. This study uses annual financial statements from mining companies that are listed on the Indonesia Stock Exchange. These statements include balance sheets and income statements. Finding/Results: These findings reveal that profitability, intellectual capital, and business risk affect the value of a company. Macroeconomic factors as the variable controls, namely gold prices, exchange rates, and petroleum prices, also affect the value of a company. Therefore, based on the research’s results, management must pay attention to internal factors or company micro factors (profitability, intellectual capital, and business risks) and macroeconomic factors (gold prices, exchange rates, and petroleum prices) to increase company value. This is because investors use these factors when making decisions to invest in the mining sector. Conclusion: There are several important factors that, in principle, increase the value of a company. These factors come from internal and external factors (macroeconomics). This article successfully demonstrates the importance of profitability, intellectual capital, and business risk in supporting firm value. The results also showed that the gold price, exchange rate, and the price of oil have an effect on the price of mining stocks, which are used to measure changes in the economy

The Role of Digital Marketing Interventions in E-Advocacy Leverage Capacity: A Culinary Business Breakthrough to Counter the COVID-19 Pandemic Ahmad Ikhwan Setiawan; Annisa Pratiwi Hendraningsih; Sri Rahayu; Amina Sukma Dewi
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 research aims to study the important factors behind achieving the e-advocacy leverage capacity that determines the success of a business in the sphere of digital marketing. Background Problems: In response to the increasing competition in the world of online culinary businesses due to the COVID-19 pandemic, businesses have to enhance strategic marketing to improve consumer loyalty. Novelty: This research model contributes to the development of a concept about consumer advocacy from the perspective of strategic marketing, which is still a limited area of study. Research Methods: The research model was applied to 220 respondents (Indonesian culinary business owners) using a survey that was processed with AMOS SEM. Finding/Results: This research convincingly identifies two significant building factors for e-advocacy leveraged capacity, namely promotional attractiveness and digital affinity direction. Conclusion: Companies’ marketing strategies focus not only on maintaining close customer relations but also on ways to intervene with customers so that they are willing to advocate products or brands through digital media.

Does the Costless Identification of Contributors Affect the Intuitiveness of Prosocial Behavior? Rimawan Pradiptyo; Putu Sanjiwacika Wibisana
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 investigates whether relaxing the assumption of the non-anonymity of participants in an experiment of a finitely repeated public-good game with randomly matched players affects the intuitiveness of prosocial behavior. Background Problems: Various studies show that, in general, participants of social dilemma game experiments tend to be intuitive in choosing prosocial behaviour, whereas non-cooperative behavior tends to be slow. Other studies show that experiments which induced the non-anonymity of participants promote prosocial behavior, however, these studies did not impose non-anonymity on the participants. Novelty: This study aims to fill the literature gap on whether introducing non-anonymity of participants in a social dilemma game experiment may affect the intuitiveness of prosocial behavior. Research Methods: This study used a laboratory experiment of finitely repeated public-good games with randomly matched players in each stage. The main difference between the control and the treatment groups lay in the anonymity of participants in the interaction, where participants in treatment group are exposed to the photo of their opponent. Finding/Results: The results show that relaxing the anonymity setting improved the participants’ contributions to the public-good game; however, their prosocial behavior became less intuitive than non-cooperative behavior. Conclusion: This paper demonstrated an attempt to fill the gap in the literature between the intuitiveness of prosocial behaviour and the role of identity in prosocial behavior.

Cash Holdings and R&D Intensity with Different Controlling Shareholders Rayenda Khresna Brahmana; Doddy Setiawan; Maria Kontesa; Lee-Ung Soo
Journal of Indonesian Economy and Business Vol 38 No 1 (2023): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i1.3981

Introduction/Main Objectives: This research aims to examine the effects of cash holdings on a firm’s R&D intensity. We further examine how that relationship may be varied across different controlling shareholders. For robustness reasons, we test it in a developing market and a developed market. Background Problems: Economics and business theories state that research and development (R&D) is susceptible to financing constraints due to the lack of collateral value and asymmetric information issues. This argument has been extensively debated with no consensus being reached. Therefore current study focuses on the examination of R&D and cash holding and the role of controlling shareholders. Novelty: The current study considers the importance of controlling shareholders on the relationship between cash holding and R&D intensity. We expect that different controlling shareholders will have different constraints on R&D financing. Research Methods: This study focuses on a sample of public listed companies in Malaysia and Singapore from the year 2012 to 2018, and estimates the model under a two-step GMM panel regression to eliminate the endogeneity issue. Finding/Results: The results show that cash holdings have significant effects on the intensity of R&D. However, that relationship is different across countries and across controlling shareholders. Malaysia’s foreign firms will increase their R&D’s intensity when their cash holdings are high. Meanwhile, Singaporean family firms will reduce the intensity of their R&D when their cash holdings are high. Overall the findings confirm the hypothetical alignment of the agency theory and also the resource-based view theory. Conclusion: Our findings surmise that higher cash holdings cause a lower R&D intensity due to the cash management decisions by managers. A firm with high leverage tends to reduce its R&D intensity when cash holdings are high, and vice versa. This behavior can be found in all the controlling shareholders.

Nexus between Financial Leverage and Board Independence of Public-Listed Firms: Is There Any Stylised Fact? Wai-Cheng Kok; Wee-Yeap Lau; Tien-Ming Yip
Journal of Indonesian Economy and Business Vol 38 No 1 (2023): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i1.4096

Introduction/Main Objectives: This paper examines the relationship between financial leverage and board independence for firms listed on the Malaysian stock exchange. Research Methods: This research is conducted using sample of 265 non-financial firms listed on Bursa Malaysia from 2014 to 2018. Finding/Results: Our results show: first, board independence is essential in reducing firm leverage. However, board independence does not affect all firms equally. In particular, board independence has insignificant influences on the financial leverage of young or small firms. In contrast, the financial leverage of old or large firms is negatively associated with board independence. Second, the financial leverage of firms with low profitability is adversely affected by the presence of independent directors. However, the negative impact diminishes as the firms' profitability increases. Conclusion: These results indicate the importance of having independent directors for old, large, or low-profitability firms to reduce their financial leverage. These findings contribute to the stylised facts of the nexus between financial leverage and board independence.

Factors Affecting Trust and Interest in Transactions by Indonesian MSME Sellers in e-Commerce Yongki Alfa Rizi; Fitra Dharma; Yunia Amelia; Tri Joko Prasetyo
Journal of Indonesian Economy and Business Vol 38 No 1 (2023): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i1.4394

Introduction/Main Objective: This study aims to examine the factors that influence the trust and interest in e-commerce transactions among MSME actors in Indonesia. Therefore, a study was conducted on the effect of these variables. Background of the problem: The transition of MSMEs in Indonesia to using e-commerce for carrying out their business transactions. Every year, there is an increase in the number of MSMEs converting from conventional to digital, as well as the government's contribution to assist in the transition. Novelty: The variable of interest in transacting through e-commerce is the basis for conventional businesses to switch to digital, but in other studies, no one has added a variable of trust as an intervening variable, and several other supporting variables for the interest in transacting via e-commerce. This study presents new research that provides a comprehensive view of the technology acceptance model (TAM) and how it relates to trust and interest in e-commerce transactions. Research Methods: This study uses a snowball sampling technique by employing a survey of the MSMEs in Indonesia with certain criteria. This study also uses structural equation modeling (SEM) based on partial least squares (PLS). Findings/Results: This study proves that all the variables of trust and interest in e-commerce transactions are supportive and significant, but there are two hypotheses that do not support them (H3 and H6). This shows that empirically MSMEs are not necessarily interested in using e-commerce for their business transactions. Conclusion: This study provides insight into the trust and interest in e-commerce transactions among MSME business actors. We suggest that the MSMEs should switch to using e-commerce for their transactions, to develop their businesses into digital ones.

Characteristics of a Good Board of Directors for Indonesian SOEs Performance Dian Kusuma Wardhani; Wiwik Supratiwi
Journal of Indonesian Economy and Business Vol 38 No 1 (2023): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i1.4410

Introduction/Main Objectives: This research aims to empirically show the positive influence of the board of directors' characteristics on company performance, proxied by female directors, political connections, economic and/or business educational backgrounds, and education levels. Background Problems: Essential characteristics are required to produce quality strategies because they directly affect the performance of SOEs, and Regulation PER-8/MBU/08/2020 of the Minister of SOEs restructures the BOD to increase the proportion of women. Novelty: This research measures SOEs' performance from their financial, administrative, and operational aspects. It comprehensively assesses the dual function of SOEs as public servants and producers of state profits. Research Methods: A total of 245 Indonesian state-owned enterprises were examined between 2014 and 2019 using panel regression with the random effect model. The companies’ performance data were obtained from the Information Management and Documentation Officer (PPID) of the Ministry of SOEs of the Republic of Indonesia (RI). Finding/ Results: The results show that female directors and political connections positively influence the performance of SOEs. According to the robustness test, directors with economic and/or business education backgrounds positively influence the financial performance, and the higher the education level is, this negatively influences the performance of SOEs. Conclusion: Essentially, this research supports the plan of the Minister of SOEs to increase the proportion of women on the boards of directors. The findings also prove that political connections strengthen the personal qualities of SOE directors, whether they are female or not.

The Effect of Tournament Horizon, Faultline and Group Performance Relationships under Decentralized System Frida Fanani Rohma; Indah Shofiyah; Abdus Salam Junaedi
Journal of Indonesian Economy and Business Vol 38 No 1 (2023): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i1.4532

Introduction/Main Objectives: This research integrates the self-categorization and contagion theories to analyze faultlines due to a decentralization system. Besides, this research investigates the inducement of tournament incentives as a control mechanism to mitigate the harmful effects of a faultline on group performance. Background Problems: Fiscal decentralization has a crucial role as it stimulates economic growth, enhances the quality of decision-making and escalates performance. However, decentralization by one local government, which consists of various local government departments, may trigger a faultline. This research argues that patterned diversity convenes faultlines that split up a group into antagonistic sub-groups following the attributes affecting the aggregate group performance. Novelty: This research provides a new insight, in that decentralization appears to be a double-edged sword. It can elevate the quality of local decision-making, and trigger faultlines between local government departments at other times, affecting the local government’s aggregate performance. Research Methods: This research uses a laboratory experimental method with a 2×3 between-subjects factorial design. The research design uses the dyad analysis level. Finding/Results: The results found that the induction of a tournament scheme with the use of a cumulative ordinal scale for determining group performance encourages the social cognitive activation of individuals, thus encouraging cognitive orientation to optimize compensation and minimize categorization and antagonism. Conclusion: A tournament incentive scheme can be induced as a management control mechanism and to encourage the sub-groups to be winners. This resolution is expected to mitigate antagonistic behavior due to faultlines and enhance the optimization of aggregate performance

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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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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