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Journal of Business and Political Economy: Biannual Review of The Indonesian Economy Review
Published by INDEF
ISSN : 26852004     EISSN : 27235734     DOI : https://doi.org/10.46851
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
Journal of Business and Political Economy: Biannual Review of The Indonesian Economy Review [P-ISSN 2685-2004] is devoted to the study of political economy, economy, and business issues, focussing on encouraging transparency on the economic decision-making process in Indonesia. The review is published biannually in July and December by Institute for Development of Economics and Finance (INDEF), Jakarta, Indonesia. The coverage topics of the journal are Finance and Banking, Institutional Economics, Agricultural Economics, Political Economy, Economics Science, Development Economics, International Trade, Monetary Economy, Industrial Economics and Macroeconomics. This journal also receives all of the articles from developing and developed countries.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 30 Documents
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Causality Analysis between ESG Performance and Financing Support: Case Study Mining Holding Company in Indonesia Mahardhika, Galih S; Raka Achmad, Inggis; Putri, Kusuma Hani
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 3 No. 2 (2021): Journal of Business and Political Economy
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/130

Abstract

Recent global trends in electric vehicles (EV) triggered Indonesia to participate in battery industry development. Rich in geological resources, the government promotes various capital-intensive industries that process raw mining commodities, particularly limonite nickel ore, to support the EV industry in Indonesia. Inarguably, financial support is needed from various financial institutions and investors. On the contrary, the mining industry is closely related to environmental issues that attract the attention of financial institutions and investors. Therefore, understanding the relationship between “sustainability” and “financing activity” is essential, as it may not only practically guide the business to re-examine their environmental, social, and governance (ESG) initiatives but also extend the literature review on these matters. Therefore, this paper aims to describe the system through the Causal Loop Diagram (CLD) formed by ESG factors related to the financing process in mining companies in Indonesia. The research method used in this paper is developing causal loop diagrams from primary data and literature reviews. The CLD is constructed through a literature review and confirmed by an expert from the mining company. The result explains the causal loop between sustainability and financing. Improving ESG performance will increase financial support from global investors and financial institutions. To support practice and concept sustainability in Indonesia, the government should encourage mining companies to increase local partnerships and CSR Allocation as it will support the company's financing activity and trigger community improvement. Creating a supporting environment to attract global investors to finance the mining company in Indonesia is also necessary.  Keywords: Causal Loop Diagram, ESG Performance, Financial Performance, Mining Industry, Sustainability JEL : M14, Q01, G32
Cooperation for Mutual Interests: Reinstating U.S. Influence and Indonesia Green Economy Through Green Investment. Angdreas, Kevin
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 5 No. 1 (2023): Journal of Business and Political Economy
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/131

Abstract

This article is dissecting the dynamism of environmental sentiment in international political economy that currently on the rise, in particular with the United States and Indonesia. This article explores the United States as a superpower country post-President Donald Trump, and the challenges arise and its response during President Joe Biden presidency. Moreover, this paper further examines Indonesia as a developing country that has a great potential of decarbonization on how to put it into practice, while maintain economic development. Seeing the interests of both countries could cross-cut, the paper analyze the potential of environmental-economic cooperation that can deepen bilateral relation. Three theories apply to put into practice: Green Theory; Green Capitalism; and Corporatism. The findings of the paper largely on how the foreign policy of the United States to be the pioneer in decarbonization can be accommodated by Indonesia. However, the decarbonization in Indonesia, facilitated by the United States does not immediately ignite regressive economic development. Instead, it is an opportunity for Indonesia to start in sustainable green economy. The multilateralism approach of the United States, followed by the opportunity of Green Capitalism and Corporatism by Indonesia  could benefit, deepen, and strengthen relation between both countries. Keywords: Green Investment, Green Economy, Indonesia, United States, Multilateralism JEL : F59, P33, Q56
The Nexus Between Financial Inclusion and Economic Growth in The Organization of Islamic Cooperation (OIC) Countries Sulaeman, Sulaeman; Ninglasari, Sri Yayu
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 4 No. 1 (2022): Journal of Business and Political Economy
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/132

Abstract

This study aims to examine the relationship between financial inclusion and economic growth in 22 OIC countries from 2005-2018 using a panel regression model, especially the REM model. There are three financial inclusion indicators as independent variables considered in this research: the financial inclusion index, the financial outreach index, and the financial usage index. We use GDP per capita as a proxy measure for economic growth. Using a random effect model (REM), our empirical results show that financial inclusion positively and significantly affects national economic growth in OIC countries. It is proven by all the proxy variables of financial inclusion, i.e., the financial inclusion index, financial outreach index, and financial usage index, positively correlate with the GDP per capita as a proxy for national economic growth. Other empirical results from control variables show that inflation is found significant to decrease OIC's economic growth. Trade also has significant effects on economic growth in OIC countries. Besides, in this study, unemployment has positively effects to increase economic growth in OIC countries. The main hypotheses in this study are accepted. Therefore, it could be concluded that financial inclusion positively contributes to increasing economic growth in Muslim countries. Furthermore, this finding will implicate the government to enhance and promote financial inclusion programs massively and provide access to financial services formally, such as insurance, saving, or credits/financing for the underprivileged community, especially for SMEs in all rural areas in OIC countries.
Culture As A Catalyst: : Unveiling The Nexus Between Health Services Performance Management and National Identity Komalasari, Rita
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 5 No. 1 (2023): Journal of Business and Political Economy
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/138

Abstract

The study aims to examine the effects of performance management in health care via the prism of national culture. The study presents a review synthesis of a research report on performance evaluation. The research method used is narrative review. In today's corporate environment, when firms are increasingly competing worldwide, this is a must. As a result, workers and company executives alike must grapple with how easily rules and procedures created in one country may apply to other nations' operations. Some have argued for worldwide standardization in this field to save money and take advantage of economies of scale. Researchers in international business and cultural studies have suggested that cultural differences influence every company's activity. In contrast, some others have urged adopting organizational procedures when enterprises move across international borders. This article presents a meta-ethnographic synthesis of research on professional contacts with performance evaluation. Forty-four papers were analyzed. The results study show that performance management organizations affect the results of evaluations and give some good ideas for more research. The implication of the result is that performance management organizations have an impact on the outcomes of evaluations. Keywords: business, health-related, organizational processes, performance management. JEL: A11, A13
Post Pandemic on Islamic Human Development: Study Case in Indonesia Purbasari, Lintang Titian; Hazami, Muhammad Fikrie
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 5 No. 1 (2023): Journal of Business and Political Economy
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/152

Abstract

Human development cannot run properly without macro and microeconomic factors. The government's role is very important because it can regulate the flow of the economy so that, in the end, it can meet human material and non-material needs and achieve maslahah. This study aims to analyze the influence of the Gross Domestic Regional Product (GDRP), poverty rate, unemployment rate, economic function, health, and education on the Islamic Human Development Index (I-HDI) in several provinces in Indonesia. The methodology used is quantitative, with secondary data from the Central Statistics Agency (BPS) and the Ministry of Finance for 2010–2021. Data analysis method using Panel Data Regression with Random Effect Model (REM). The results of this study indicate that simultaneously the variables Gross Domestic Regional Product (GDRP), poverty rate, unemployment rate, economic, health, and education functions have a significant effect on the Islamic Human Development Index (I-HDI) in all research areas. At the same time, each variable has an influence on I-HDI except for the poverty rate and economic function. Based on these results, we provide alternative proxies to develop I-HDI and urge national and international databases and independent international Muslim organizations to start publishing proposed I-HDI for all Muslim-majority countries every year. As such, it will provide an opportunity to monitor human development across countries over time, and the I-HDI model can be improved over time.  Keywords: Maqashid Syariah, Pandemic, Islamic Human Development Index, Human Development JEL: I31, O15, P46
Labor Productivity in Southeast Asian Emerging Market Countries: The Role of Education and Digitalization (2000-2023) Utama , M. Munip; Aji, Rizqon Halal Syah; Chalid, Pheni Chalid
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 5 No. 2 (2023): Journal of Business and Political Economy
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/160

Abstract

This study investigates the impact of investment in education and digitalization on labor productivity in four emerging market countries in Southeast Asia (Indonesia, Malaysia, the Philippines, and Thailand). The study uses dynamic panel data (2000-2023) and fixed effects models to examine the effects of education investment (proxied by average schooling attainment) and digitalization (proxied by internet penetration) on labor productivity (measured by GDP per employed person). The findings show that current labor productivity is strongly influenced by labor productivity in previous years. Education investment does not show a significant effect on overall labor productivity. However, Malaysia and the Philippines show that the percentage of internet users, which reflects digital literacy, significantly affects their workforce productivity. In contrast, the percentage of internet users in Indonesia and Thailand does not yet fully reflect digital literacy, which can significantly affect productivity. Further analysis shows that education investment and digitalization jointly significantly affect labor productivity in all countries studied.
Comparison Analysis of The Performance of Financial Reports on Conventional Bank and Islamic Bank Asta, Sephia Septiana; Hasan, Zulfikar; Kamiludin, Kamiludin
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 5 No. 1 (2023): Journal of Business and Political Economy
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/163

Abstract

The existence of many bank financial institutions in Indonesia makes the whole community and the government feel the impact of the existence of banks. From the past until now, all economic activities in Indonesia have depended on bank financial institutions. With the current dual banking system, it is difficult for the public to determine which bank is more effective as a financial institution that can be trusted to have good quality and financial performance. This study aims to find out how the performance of financial statements is compared between conventional banks (BRI) and Islamic banks (BSI) for 2021 – 2022. The method used in this research is a descriptive qualitative method. The results obtained from this study show that the financial performance of BRI banks in 2021 – 2022 is superior in evaluating the ratios of ROA, ROE, and LDR compared to BSI banks. However, BSI banks are superior to BRI banks in assessing the NPL ratio. Even so, there are advantages between the two banks, which have a good and effective soundness. The contribution that can be made from the results of this research is in the form of a comparison with similar research. The hope is that sharia banking can play a sharia economic role in Indonesia, which has the power of having the most immense Muslim majority in the world.
Dynamics of Economic Factors Influencing Human Development in ASEAN-7 Kurniawan, Bagja
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 4 No. 2 (2022): Journal of Business and Political Economy
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/175

Abstract

Abstract This study analyzes the relationship between economic factors and human development in the seven ASEAN countries using the panel data regression approach and Moderated Regression Analysis (MRA). The factors investigated include international trade (TRD), per capita GDP growth (GrGDPPC), inflation (INF), and economic freedom (EFI). Panel data covers seven ASEAN countries during the 2012–2020 time period. Based on the results of the panel data regression analysis, it was found that only the inflation variable did not have a significant effect on human development. Meanwhile, the results of the MRA analysis show that economic freedom acts as a quasi-moderation in the relationship between international trade and human development. Meanwhile, economic freedom also functions as an independent variable in influencing the growth of GDP per capita and inflation in human development. These findings provide a deeper understanding of the complexity of the interactions between economic factors shaping HDI achievement in ASEAN. Keywords: ASEAN, economic freedom, human development JEL: O15, F43, E31, I32
Preliminary System Dynamics Model to Understand the Struggle of Downstream Agro-Industry Development in Aceh, Indonesia Mulyati, Trisna; Prasetyo, Diaz Adi
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 5 No. 1 (2023): Journal of Business and Political Economy
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/178

Abstract

The successful agriculture industrialisation in developing regions is a big challenge which continues to be pursued globally. It is a dynamically complex system with many interplay stakeholders. Properly managing it therefore requires root understanding of the underlying structures and feedback mechanisms that influence the systems behaviour. This study explores the system dynamics modelling approach in Aceh that has been envisioning a progressive downstream agro-industry development for decades after the Tsunami and conflict rehabilitation but with very little success. The findings indicate that the reinforcing loop of numerous efforts is slow and worsened by the strong balancing loop of pressure from agriculture mafia in the system. This particularly includes the massive investment promotion that has caused a shifting of the burden for Aceh due to widespread extortion practice being unaddressed, and thus leading to temporary business establishments or inactive business plans. It is also evident that necessary law enforcement has been mainly ignored. Results from the simulation model have been able to replicate the historical behaviour of stagnant agribusiness growth in the downstream. Three scenarios were simulated in order to recommend policy intervention, which is by looking at the effect of doubled and halved extortion rate. The latter is projected to achieve a more favourable result for Aceh agro-industry development. In order to maintain the balance between economic growth, sustainable use of resources, and minimisation of unintended environmental and social consequences, such intervention is subjected to other policies.  Keywords: agriculture, agro-industry, industrial development, system dynamics JEL: C63, O13, Q13
The The Impact of Foreign Direct Investment on Manufacturing Company Innovation Opportunities in ASEAN: A CDM Model Analysis Yuliana, Tarisha; Rohman, Ibrahim Kholilul
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 6 No. 1 (2024): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

ASEAN is known as a region that has several comparative advantages that can attract and encourage increased FDI. Indonesia as the 2023 ASEAN Chairmanship, raised the theme "ASEAN Matters: Epicentrum of Growth". However, there are two fundamental problems, such as FDI restrictions in the telecommunications sector and low R&D activity which has implications for low innovative activity leading to deindustrialization in ASEAN. Thus, to answer this problem, this study will analyse the effect of FDI on innovation opportunities for manufacturing companies using the CDM model approach. Through the Heckman Selection Model and Probit methods, it was found that the presence of FDI tends to reduce R&D spending. In fact, the results of R&D spending have a positive and significant relationship to manufacturing company innovation opportunities. In addition, it was found that innovation in ASEAN was not from R&D activities, but came from foreign R&D that had been carried out in their home countries.

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