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Journal of Indonesian Economy and Business
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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Examining the Role of Social Media Marketing on Brand Love and Its Impact on Brand Centrality: The Study of Local Fashion Brands for the Millennials Iin Mayasari; Handrix Chris Haryanto; Olivia Deliani Hutagaol; Adam Rizky Ramadhan; Iwan Amir
Journal of Indonesian Economy and Business Vol 38 No 2 (2023): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i2.5364

Abstract

Purpose: Local fashion brands are an important issue for millennial consumers. To create their love of local fashion brands, social media marketing is necessary. The study also examines brand love's effects on local fashion brands' centrality. This study also investigates brand love and centrality’s impact on the repurchase intention. Design/ Methodology/Approach: The data were taken using survey methods with questionnaires developed by previous researchers. A partial least squares regression was used to test the hypotheses. Findings: This study shows that social media marketing can create conditions for consumers to develop brand love, but brand love still needs to be able to develop brand centrality. This study also shows that although brand love has yet to create brand centrality, the concept of brand love can influence the repurchase intention. At the same time, brand centrality also affects the repurchase intention. Originality/value: This is the first study analyzing millennials’ brand love toward fashion clothing brands and the analysis of the influence of social media marketing on brand love and its impact on brand centrality.
Revisiting Financial Volatility in the Indonesian Islamic Stock Market: GARCH – MIDAS Approach Nevi Danila
Journal of Indonesian Economy and Business Vol 38 No 2 (2023): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i2.5704

Abstract

Introduction/main objectives: The aim of this research is to study the impact of macroeconomic variables on the Indonesian Islamic stock market’s volatility. Background issues: To predict the stock market’s volatility, daily or high-frequency data has been applied to the model’s explanatory variables with the same data frequency. However, when it comes to the macroeconomic variables as volatility drivers, the data is low-frequency, such as weekly, monthly, or quarterly. The current study uses a model which treats the data equally. Novelty: This study employs the mixed data sampling (MIDAS) model, which allows data from multiple frequencies to be included in the same model. This model can combine daily stock returns’ data with monthly or quarterly macro­economic data. Hence, this is the first paper to study the determinants of the volatility of Indonesia's Islamic stock index using GARCH-MIDAS. Research Methods: The Generalized Autoregressive Conditional Heteroscedasticity GARCH-MIDAS model captures the short-run from the long-term element of volatility; the findings show the asymmetry effect for the short-term element’s result. Finding/Results: Inflation does not influence long-term market volatility. Moreover, after the 2008 crisis, the study shows that inflation and short-term interest rates positively influenced market volatility. Conclusion: The positive effect of inflation suggests that stocks can function as inflation hedges for stock investors in the long run. Further, the positive impact of interest rates implies that Muslim investors use the conventional short-term interest rates as a benchmark for investment in Shari’ah-compliant instruments.
The Effect of Foreign Debt, Liquidity, Firm Size, and Exchange Rate on Hedging Decision Jovi Ostana Mangara Yudha; Reni Oktavia; Neny Desriani
Journal of Indonesian Economy and Business Vol 38 No 2 (2023): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i2.5887

Abstract

Introduction/Main Objectives: This research aims to analyze the effect of internal factors, especially foreign debt, liquidity, and firm size, and also external factors, especially the exchange rate, on hedging decisions, with profitability as the control variable. Background Problems: Exchange rates are always affected by uncertainty. To ensure a company does not suffer losses, it will implement risk management, such as hedging. This is in accordance with the recommendation of the Ministry of SOEs to undertake hedging in the context of risk management. But in reality, not all state-owned enterprises do this. Novelty: This research adds profitability as a control variable, because this research does not involve the profit of the company, and focuses on how the company minimizes the risk of potential losses. Research Methods: The research used quantitative data, which is secondary data taken from the annual financial reports of state-owned enterprises listed on the Indonesia Stock Exchange for the 2016 to 2020 period that are accessed through the website www.idx.co.id and the annual reports of state-owned enterprises that are accessed through their official websites. Data analysis techniques that were used are descriptive statistics test, multicollinearity test, and logistic regression test. Finding/Results: The results show a significant effect from foreign debt and firm size on the hedging decisions of state-owned enterprises in Indonesia, while liquidity and the exchange rate did not show a significant effect on the hedging decisions of state-owned enterprises in Indonesia. Conclusion: This research shows that state-owned enterprises in Indonesia focus more on their foreign debt and firm size, than their liquidity or the exchange rate,in their decision to hedge.
The Roles of Social Media Influencers on Online Fundraising in Indonesia Joyce Cheah Lynn-Sze; Nurul Nazielah Bt Fathi
Journal of Indonesian Economy and Business Vol 38 No 2 (2023): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i2.6010

Abstract

Introduction/Main Objectives: Using celebrities for online fundraising has become increasingly popular, especially duringthe recent COVID-19 pandemic. It has encouraged social media influencers (SMIs) around the world to help raise money through their own Instagram accounts. Thus, this study aims to understand the roles of SMIs in fundraising activities, to identify the influencers’ attributes which affect their followers’ willingness to donate, and to explore the motivation of the followers to donate. The SMI who became the subject of this study is Rachel Vennya, an Instagram celebrity who is also an entrepreneur. Background Problems: The growing role of SMIs in online fundraising has indirectly made them idols. However, there is a need to investigate what drives social media users’ willingness to support and donate to online fundraising hosted by SMIs. Novelty: This study enriches the literature about SMIs and the motivation to donate in different contexts, such as online fundraising through Instagram, especially amid the COVID-19 pandemic in Indonesia. Research Methods: Using a qualitative method, semi-structured interviews with 10 informants, who were aged between 25 and 35 years old were conducted. The informants were selected from among Rachel Vennya’s Instagram followers and participated in her COVID-19 fundraising campaign. Finding/Results: In accordance with the objectives, there are three roles for the SMIs, which are expanding their followers, raising awareness and inspiring people to donate. The findings also identified three characteristics that affect the willingness of people to donate, namely attractiveness, trustworthiness and ability, while the influencer’s influence and making it easy to donate are the motivations for the followers’ intentions to donate. Conclusion: The findings could contribute to the knowledge of SMIs and online fundraising. They could also help the governments’ efforts to get non-profit organizations to focus attention on proactive strategies aimed at boosting their online fundraising campaigns in the future.
Work Engagement Influences Affective Commitment: Psychological Capital and Perceived Organisation Support As Moderators Daniel Lie; Kiky Dwi Hapsari Saraswati; David Sugianto Lie
Journal of Indonesian Economy and Business Vol 38 No 2 (2023): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i2.6821

Abstract

Introduction/Main Objectives: It is well-known that millennials have low levels of attachment towards the organisation.It istherefore necessary to consider ways of retaining them as leavers may affect the organisation financially. Background Problem: Previous studies have consistently shown that work engagement (WE) significantly affects affective com­mitment (AC). However, the correlation level varies. Hence, a moderator could be affecting the strength of their relationship. Novelty: This research investigated whether psychological capital (PsyCap) and perceived organisation support (POS) could act as moderators. Research Methods: The research was a quantitative and non-experimental study. Researchers usingthe convenience sampling technique and the participants were 111 Indonesian millennial employees who completed questionnaires virtually. Findings/Results: Regression analysis confirmed that WE influenced AC significantly and PsyCap was shown to be a moderator. Further, a three-way interaction revealed that a low level of POS has a significant effect,but only when the level of PsyCap is low, implying that POS is still valid as a moderator (even though only partially). Conclusion: This study concluded that both PsyCap and POS are important for millennial employees. Therefore, it is recommended that management consider these two variables when managing the millennials in their organisation.
Does Heuristic Bias Matter for Long and Short-Term Investment Decision-Making During the COVID-19 Pandemic? Wahyu Febri Ramadhan Sudirman; Muhammad Ikhsan Alif; Anggun Pratiwi
Journal of Indonesian Economy and Business Vol 38 No 3 (2023): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i3.3666

Abstract

Introduction/Main Objectives: This study examines the effect of heuristic behavior on investment decision-making in the long- and short-term during the COVID-19 pandemic in the Indonesian capital market. Background Problems: Traditional finance cannot fully explain how investors behave in the capital market. Investors will tend to use heuristics when making investment decisions because humans have cognitive limitations, as explained in the bounded rationality theory. Especially during the COVID-19 pandemic, investors have shown their irrationality due to the high uncertainty and panic caused by the COVID-19 pandemic. This phenomenon can only be explained by behavioral finance. Novelty: This study examines the effect of bias on the invest­ment decision-making of investors who make long-term and short-term investments. Previous studies only tested the impact of bias directly, without differentiating the length of time of the investment. Research Methods: This study used partial least squares structural equation modelling (PLS-SEM) with WarpPLS tool. Testing the moderating effect was undertaken using multi-group analysis (MGA). Finding/ Results: The results of this study indicate that anchoring and availability bias have a positive effect on investment decision-making, while representativeness bias has no significant impact. Investment time moderates the effect of representativeness bias on irrational investment decision-making, while anchoring and availability bias are not supported. Conclusion: Anchoring and availability heuristics will increase irrational investment decisions, while the effect of representativeness heuristics on irrational investment decisions will decrease when investors make long-term investments.
High Tax Burden Reduces Competitiveness: A Study of the Cocoa Industry in Indonesia Murwendah; Wina Desyani
Journal of Indonesian Economy and Business Vol 38 No 3 (2023): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i3.4408

Abstract

Introduction: Due to its large production in Indonesia, cocoa beans have the potential to be one of the commodities that can increase state revenue, as they provide higher value-added than unprocessed cocoa beans. Domestic cocoa bean output has not been able to meet the needs of the domestic cocoa processing industry; hence cocoa bean imports have increased year after year. On the other hand, domestic processed cocoa producers must incur a significant tax burden to import cocoa beans. Finally, the total tax paid in the cocoa industry is substantial. It also makes domestic processed cocoa goods unable to compete with imported products. Background Problems: This study analyzes the tax policies' effects on the cocoa industry's local-oriented and export-oriented business processes. Novelty: This study provides critical insights into a comprehensive overview of tax policy on the processes of the cocoa business, whereas previous studies only addressed tax policies in one area of the cocoa industry, either the upstream, intermediate, or downstream sectors. Research Methods: This study applied a qualitative approach and collected the data through a literature study and in-depth interviews. Results: The findings revealed that tax policies on the local-oriented and export-oriented business processes of cocoa vary. The export-oriented downstream cocoa industry can utilize the facilities of a bonded zone, where the tax policy differs from that of a non-bonded zone. Conclusions: There are differences in the tax policies for cocoa's local and export-oriented business processes. The main issue for the local-oriented business processes is VAT. The imposition of VAT on cocoa beans is ultimately detrimental to farmers.
The Impact of Workplace Ostracism Induced by Co-Worker Envy on Psychological Empowerment and Organizational Commitment Risgiyanti; Joko Suyono; Harmadi; Suryandari Istiqomah
Journal of Indonesian Economy and Business Vol 38 No 3 (2023): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i3.5075

Abstract

Introduction/Main Objectives: Ostracism is a painful workplace experience that may influence employees' attitudes and behavior. This study aims to analyze how workplace ostracism impacts employees’ psychological empowerment and commitment through the co-worker envy mechanism. Background Problems: Previous studies mostly focused on ostracism and its effect on employees and organizations, and demonstrated inconsistency concerning the relationship between it and commitment. Novelty: The current study fills a gap, namely the inconsistencies of previous studies into the direct effect of workplace ostracism on organizational commitment. Research Methods: Data were collected from employees in the information and communication technology sectors in Indonesia. To collect the data, we used a self-report questionnaire to assess the employees’ perceived co-worker envy, perceived workplace ostracism, psychological empowerment, and commitment. Out of 499 online survey questionnaires filled out by the respondents, 201 responses met the criteria. Partial least squares structural equation modelling (PLS-SEM) was used to test the proposed hypotheses. Findings/Results: The result indicates that co-worker envy positively influences workplace ostracism. The resulting workplace ostracism indirectly leads to lower commit­ment, via employee psychological empowerment as a mediator. Conclusion: Taken together, the results of the study give additional and more substantial empirical evidence to the workplace ostracism literature.
The Role of Receiving Technology on Employee Performance: Job Satisfaction as Mediation Abdullah W. Jabid; Rinto Syahdan; Johan Fahri; Irfandi Buamonabot
Journal of Indonesian Economy and Business Vol 38 No 3 (2023): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i3.5361

Abstract

Introduction/Main Objectives: The development of information technology today has resulted in the acceptance of technology being strongly influenced by transformational leadership, system quality, and facilitating conditions, as well as how it can affect employee performance and job satisfaction. Background Problems: Research on how job satisfaction mediates the relationship between employee performance and acceptance still needs to be improved. This research discusses how transformational leadership, facilitating conditions, and system quality shape technology acceptance and employee performance, primarily determined by job satisfaction, especially the mediating effect of job satisfaction on the relationship between techno­logy acceptance and employee performance. Novelty: Inconsistencies both in theory and empirically making it necessary to re-test transformational leadership, system quality, and conditions that facilitate technology acceptance and analyze the effect of technology acceptance on employee performance through job satisfac­tion, both directly and indirectly, in a study of the Ternate City Government. Research Method: 117 respondents were involved in this study. The respondents were determined through purposive sampling. The data were analyzed using partial least squares (PLS) version 3. Seven hypotheses were proposed in this study. Findings: The research findings indicate that system quality and facilitating conditions can predict technology acceptance and employee performance can predict job satisfaction. The results of this study confirm the indirect mediating function of job satisfaction in the relationship between technology acceptance and employee performance. Conclusion: The Municipal Government of Ternate must improve system information management and offer even better facilitating conditions for implementation to increase the acceptance of the technology.
Managing Consumers’ Adoption of Artificial Intelligence-Based Financial Robo-Advisory Services: A Moderated Mediation Model Dewan Mehrab Ashrafi
Journal of Indonesian Economy and Business Vol 38 No 3 (2023): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v38i3.6242

Abstract

Introduction/Main Objectives: This study investigates the determinants of willingness to use financial robo-advisory services. The study aims to identify the intertwined roles of perceived value, perceived risk, and perceived financial knowledge in consumers’ acceptance of financial robo-advisory services. Background Problem: Fintech and AI-based applications have opened up new prospects for financial management, but studies into the adoption and implementation of robo-advisors are limited and scant. Novelty: The study offers novel insights by exploring the direct and indirect effects of perceived value and risk on consumer deci­sions around adopting robo-advisory services. The study also identifies other major drivers of robo-advisory service adoption and formulates a comprehensive model. Research Methods: A quantitative method using a deductive approach was applied, with PLS-SEM performed on a sample of 285 respondents from Bangladesh. The sample was gathered using a purposive sampling method. Findings/Results: Findings revealed that while relative advantage and perceived innovativeness positively affected perceived value and adoption intention, complexity negatively impacted perceived value and adoption intention. The findings also highlighted that attitude had a negative effect on perceived risk and intention to adopt robo-advisory services. The mediating impact of perceived value and risk in predicting the relationship between relative advantage, attitude and behavioral intention to adopt robo-advisory services was also identified. Moreover, the study revealed that perceived financial knowledge moderated the relationship between perceived value and behavioral intention. Conclusion: This study contributes to the existing body of literature by showing the intertwined roles of perceived value, perceived risk, and perceived financial knowledge in consumer acceptance of robo-advisory services. The study provides meaningful insights for financial institutions, and policymakers seeking to make robo-advisory services more reliable and acceptable to consumers through innovative service design and positioning.

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