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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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The Effect of Government Policy on Infrastructure Priorities on the Profitability of Construction Companies in Indonesia 2011-2019 Ahmad Rifai; Tony Irawan; Dikky Indrawan
Journal of Indonesian Economy and Business Vol 39 No 3 (2024): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v39i3.4369

Abstract

Introduction/Main Objective: The Indonesian government's policy of prioritizing the acceleration in infrastructure development will certainly have an impact on construction companies. Background of the Problem: This research aims to determine the influence of internal and external company factors on the profitability of companies in the building construction subsector. Novelty: This research analyzes the impact of increasing the government's infrastructure budget on the profitability of building construction subsector companies. Research Method: This research uses panel data regression analysis with annual financial report data from building construction subsector companies listed on the Indonesia Stock Exchange for the period from 2011 to 2019, which is divided into the period before the infrastructure sector became the focus of development (2011 to 2014) and after (2015 to 2019). Profitability is measured using the return on assets. The external factors are measured using the infrastructure budget and inflation, while the internal factors are measured using company size, liquidity, leverage, cash turnover, working capital turnover and receivables turnover. Findings/Results: This research concludes that the infrastructure budget, company size, and liquidity do not have a significant positive effect on company profitability, while inflation does not have a significant negative effect on profitability. Furthermore, cash turnover, working capital turnover, and account receivable turnover have a significant positive effect on profitability, while leverage has a significant negative effect on profitability. Conclusion: This research shows that companies should periodically review the impact of loans and always maintain the composition of their funding, according to their needs. Meanwhile, the government needs to evaluate the auction process, and sharpen its alternative infrastructure project funding strategies.
The Retirement Consumption Puzzle Effect in Indonesia: Evidence from IFLS 4 and 5 Margareta Vania Putri; Catur Sugiyanto
Journal of Indonesian Economy and Business Vol 39 No 1 (2024): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v39i1.5033

Abstract

Introduction/Main Objectives: This study aims to see whether the retirement consumption puzzle occurs in Indonesia. The retirement consumption puzzle refers to when there is a decline in consumption in retirement which is not in line with the life-cycle hypothesis. Background Problems: Previous studies have revealed that consump­tion shifts when entering retirement due to efficient spending. This research analyzes the consumption pattern of the Indonesian elderly peculiarly in the frame of the retirement consumption puzzle. Novelty: There is a lack of studies on the effect of retirement on consumption by Indonesian retirees and prior research has focused on the impact of retirement on household expenditure. Research Methods: This study uses data from the Indonesian Family Life Survey (IFLS) wave 4 and 5 from the years 2007 and 2014. It uses panel data and the total sample is 2,556. It also uses the difference in differences (DiD) method to see whether the change in labor status toward retirement causes a decrease in consumption in households in Indonesia. Then, this study also uses the division of age categories as the robustness check. Finding/Results: The results of this study show that there is a retirement consumption puzzle in Indonesia indicated by a decrease of 19.9% in total expenditure per capita. Conclusion: The consumption decrease in retirement demons­trates that the government should consider pension funds and create social security programs to maintain the welfare of elderly people.
The Effect of Prepayment Contract Frames and Feedback on Budgetary Slack: An Experimental Investigation Frida Fanani Rohma; Nur Anita
Journal of Indonesian Economy and Business Vol 39 No 1 (2024): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v39i1.5754

Abstract

Introduction/Main Objectives: This research investigates the effect of prepayment contract frames and feedback incentives in mitigating budgetary slack. Background Problems: Clawback is an incentive scheme based on the endowment concept that has recently drawn researchers’ concerns. The literature suggests emphasizing the endowment and loss aversion concepts. This research examines these two concepts with one test model. Novelty: This research presents the preliminary manipulation role of hybrid clawback as one of the prepayment contract frames that are smoother and without penalty provisions. This study also examines the interaction between the concept of endowment and loss aversion in one test model. Research Methods: This research applied a field experiment with a 3 × 2 between-subject design. Finding/Results: This research found that prepayment contract frames require motivation from an adequate formal control system through frequent feedback to mitigate the slack. The findings prove that the capability of prepayment contract frames to minimize slack would be more effective after the frequency of the feedback has been moderated. Conclusion: The hybrid clawback could be a smoother alternative compensation scheme that is just as effective as a simple clawback, but without any penalty provisions. The effectiveness of a low feedback frequency could be increased to equal the efficacy of a high feedback frequency when assisted by prepayment contract frames.
Nonlinear Analysis of Growth’s Effect on Debt: Finding the Threshold Sugeng Triwibowo; Defy Oktaviani; Nurfika
Journal of Indonesian Economy and Business Vol 39 No 2 (2024): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v39i2.5819

Abstract

Introduction/Main Objectives: This paper explores the nonlinear effect of economic growth on the accumulation of public debt for groups of countries, based on their income levels, by finding its threshold estimator. Background Problems: The existing literature has discussed the debt's effect on growth intensively. Thus, empirical analysis to observe the inverse relationship between both variables is needed. Novelty: This paper confirms the negative and nonlinear impact of economic growth on public debt, and finds the threshold levels of economic growth on debt in high-income countries (HIC) and low-and middle-income countries (LMIC). Research Methods: We employed OLS panel regression with data covering 62 countries from 1970 to 2015. The fixed-effect panel threshold model is used to estimate the threshold level of economic growth that affects debt accumulation. Finding/Results: We found that economic growth reduces the public debt in the long run. In HIC, we find two threshold levels of economic growth, at 2.92% and at 8.41%. Moreover, in LMIC, a single threshold is found at 11.61%. Conclusion: It is proven that maintaining robust economic growth could reduce debt accumulation in the long run, the magnitude of the impacts varies between HIC and LMIC.
The Impact of Input Tariffs on Gender Inequality: An Empirical Study in Indonesia Noorish Heldini
Journal of Indonesian Economy and Business Vol 39 No 1 (2024): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v39i1.5948

Abstract

Introduction/Main Objectives: Discrimination between male and female workers occurs because of the difference in the “endowment” and social and cultural norms, especially in developing countries. This study aims to examine the impact of input tariffs on the ratio of female workers who are differentiated, based on technology-intensity and the labor-intensive sector and the non-labor-intensive sector. Background Problems: Trade openness contributes to technological change so companies reallocate resources more efficiently and reduce discrimi­nation. Previous studies have yielded ambiguous results regarding input tariffs and the ratio of female workers. Therefore this study attempts to estimate the impact of input tariffs on the ratio of female workers in Indonesia. Novelty: In contrast to the previous studies that did not include the lag-dependent variable, this study includes the lag variable female labor ratio as an exogenous variable in the estimation. Research Methods: Using FE-IV, panel data at the company level for the period from 2003 to 2015. Finding/Results: The estimation results show that trade openness can eliminate discrimination and increase the ratio of female workers. When firms are differentiated by their technology-intensity, the reduction in input tariffs leads to an increase in the ratio of female workers in medium and high technology-intensity firms, and non-labor-intensive firms, where the impact is the same between importing and non-importing firms. The estimation results show that trade openness can eliminate discrimination and increase the ratio of female workers entering the market. Conclusion: Trade openness can have both positive and negative impacts on Indonesian workers, especially female workers. To increase female labor participation, the Indonesian government needs to implement supporting policies, to improve equitable access to education for all citizens in Indonesia, needs to provide child-care facilities around office areas, flexibility in working hours for women, training and skills, and provide opportunities for women to occupy strategic positions.
Unveiling the COVID-19 Recession: The Effect of Sectoral Exposure on the Economy and Labor Market Fitri Handayani
Journal of Indonesian Economy and Business Vol 39 No 2 (2024): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v39i2.6219

Abstract

Introduction/Main Objectives: The impacts of the COVID-19 pandemic on economic and labor market conditions still need further research. This is because the pandemic had different and more extensive impacts than the 2008 global financial crisis. Background Problems: The lack of studies that explore the sectoral exposure of the economic and labor market to COVID-19 motivates this study to examine the problems and determine the impacts of the pandemic on the economy and labor market heterogeneity. Novelty: The sectoral exposure classification was based on sectoral risk and teleworkability indicators. Furthermore, input-output tables are used to analyze the interregional economic linkages based on economic activities in terms of sectoral exposure. To the best of the author’s knowledge, this is the first study to explore the topic in Indonesia. Research Methods: The data used are a cross-section of 34 provinces in 2020. This study uses input-output tables to examine the relationship between sectoral exposure and the economy. In addition, regression analysis is used to examine the effect on the labor market. Finding/Results: The industry categorized as having medium-high sectoral exposure is the key sector in Indonesia because the forward and backward linkage has a value of more than 1. It means medium-high sectoral exposure greatly affects other industries' input and output. According to the OLS result, sectoral exposure significantly impacts short-time workers and the unemployment rate. Conclusion: This study implies that sectoral exposure to COVID-19 was significant for Indonesia's economic and labor market.
The Effect of the Covid-19 Pandemic on Mental Health: Quasi-Experimental Evidence from Indonesia Gumilang Sahadewo; Yudistira Hendra Permana; Yuanyuan Gu; Elizabeth-Ann Schroeder
Journal of Indonesian Economy and Business Vol 39 No 1 (2024): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v39i1.6363

Abstract

Introduction/Main Objectives: This research aims to explore and analyze the effect of the COVID-19 pandemic on mental health status as measured by DASS-21. Background Problems: The prolonged impact of the COVID-19 pandemic on the global economy may have adversely affected mental health. A decrease in income and consumption and the uncertainties surrounding job security and business performance have been some of the main factors contributing to mental health issues. Novelty: This paper aims to evaluate the effect of the COVID-19 pandemic—as a natural experiment—on mental health measured by DASS-21 and how the effect of the pandemic varied across different socioeconomic subgroups. Research Methods: We conducted an online survey across Indonesia to collect self-reported mental health status and socioeconomic characteristics before and during the COVID-19 pandemic to measure its impacts on mental health. Finding/Results: Our results suggest that the COVID-19 pandemic has had an adverse impact on mental health, particularly in terms of anxiety and stress. The effect has been higher among individuals with lower self-efficacy, lower expenditure, and lower education levels. Conclusion: The health and economic crisis driven by the COVID-19 pandemic affected individuals' mental health, suggesting the need for appropriate policy responses.
Managing Financial Life: Examining the Factors Impacting the Financial Literacy of Indonesian Students Studying Abroad Pantri Heriyati; Louis Antonio; Mohammad Soliman
Journal of Indonesian Economy and Business Vol 39 No 2 (2024): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v39i2.6856

Abstract

Introduction/Main Objectives: The number of Indonesian students who study abroad has expanded significantly during the past few decades. Nonetheless, the nation has a lot of variables that would assist in the growth of overseas students leaving the country in the future. Consequently, this study aims to investigate the variables influencing the financial literacy of Indonesian students participating in international exchange programs. This study empirically examines how students' financial behavior could be affected by their financial knowledge, financial attitude, and financial culture. It also tests how financial literacy can be directly influenced by financial behavior. Additionally, the mediating role of financial behavior has been evaluated. Background Problems: Notwithstanding the rise in the number of students enrolled in international programs, and the availability of such programs in educational institutions worldwide, these students will confront numerous obstacles and difficulties. A vital skill for these students to possess is financial literacy, since there is a lot of emphasis on cost-saving when pursuing higher education in a global setting. However, studies into financial literacy are noticeably lacking, particularly in emerging nations such as Indonesia. Novelty: The current paper adds to the limited studies concerning the financial life of international students by developing an integrated framework to examine the most crucial factors impacting the financial literacy of Indonesian students participating in international exchange programs. Research Methods: An online survey was conducted to gather the primary data from the respondents. The acquired data were analyzed using PLS-SEM. Finding/Results: The research findings showed that financial literacy was significantly impacted by financial behavior, which in turn was impacted by financial knowledge, financial attitudes, and financial culture. The relationship between financial knowledge, financial attitudes, financial culture, and financial literacy was found to be significantly mediated by financial behavior. Conclusion: The present work provides theoretical and managerial contributions regarding managing the financial life of international students in Indonesia.
Employee Satisfaction Factors in the E-Commerce Company: The Mediating Role of Employee Engagement Ahmad Azmy
Journal of Indonesian Economy and Business Vol 39 No 1 (2024): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v39i1.6936

Abstract

Introduction/Main Objectives: This study discusses the factors that have implications for job satisfaction in e-commerce companies. The focus of the study is to analyze the organizational commitment, spiritual leadership, and technological advancement, which are mediated by employee engagement. Background Problems: Some e-commerce companies have problems with their employees’ level of satisfaction. This study provides recommendations for dealing with the satisfaction factors of employees working in e-commerce. Novelty: The novelty of this study is that it offers a different model for measuring job satisfaction. Employee engagement is used as a mediating variable to measure the implications for employee satisfaction in e-commerce companies. One of the variables used is technological advancement. Research Methods: This study uses the PLS-SEM method. The total respondents is 250 employees who work in e-commerce companies. Purposive sampling is used, according to the research needs, with a total of 207 respondents. The object of this study is a business organization that is engaged in e-commerce. Finding/Results: The direct and indirect effects of employee satisfaction are implied by spiritual leadership and organizational commitment. Technological advancement has no direct or indirect effect on employee satisfaction. Employee engagement has a mediating role in both the direct and indirect effects on employee satisfaction. Conclusion: E-commerce organizations should pay more attention to their employees’ development through building their technological capabilities. This research can explain the improvement in a business’s quality through its employees’ satisfaction. This adds value to human resources manage­ment.
The Relationship of Trust, Knowledge Transfer and the Person-Job and Person-Organization Fit as Moderating Effects Nikolas Fajar Wuryaningrat; Ardianus Laurens Paulus; Danny I. Rantung; Deske W. Mandagi
Journal of Indonesian Economy and Business Vol 39 No 2 (2024): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v39i2.7001

Abstract

Introduction/Main Objectives: The study aims to assess the relationship between trust and knowledge transfer with PJ-fit and PO-fit as moderating variables. Background Problems: There are two divergent perspectives on knowledge transfer, and trust has been posited as a potential unifying factor that could mitigate these differences. Trust, in many studies, has been regarded as a crucial factor for knowledge transfer, although there is a blurred understanding between trust and distrust. PJ-fit and PO-fit are moderating variables in the relationship between trust and knowledge transfer. Novelty: Most PJ-fit and PO-fit studies discuss trust and knowledge transfer. This makes the constructs of PJ-fit and PO-fit, as the moderating variables between trust and knowledge transfer, a novelty in this research. Research Methods: This survey analyzed the employees in companies’ information and technology divisions and collected data from 271 participants. The data was analyzed with PLS-SEM 3.29. Finding/Results: The result revealed that trust significantly impacts knowledge transfer, with the relationship being strengthened by PJ-fit. Conclusion: The optimal fit of knowledge, skills, and abilities is essential in promoting the relationship between trust and knowledge transfer in organizations that require employees who are oriented toward high-tech abilities. Therefore, recruitment based on PJ-fit may be more suitable when looking for an employee with a strong emphasis on expertise.

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