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INDONESIA
Economic and Finance in Indonesia
Published by Universitas Indonesia
ISSN : 0126155X     EISSN : 24429260     DOI : -
Core Subject : Economy, Education,
Economics, Econometrics & Finance Education
Aims & Scope EFI mainly covers original idea related to the Economics and Finance in Indonesia. Published articles can be either theoretical, empirical, or in between of those two polar variants. The journal covers specific areas, including but not limited to: Agricultural Economics Capital Market Demography Development Economics Economy in Crisis Economy of Rural Areas Education Economics Energy Economics Environmental and Natural Resources Economics Financial Sector Health Economics History of Economic Thoughts Industrial Economics Institutional Aspect of Economy International Economics Investment Labor Economics Maritime Economics Methodology of Economics Monetary Economics Political Economics Poverty Economics Public Policy Public Sector Economics Regional Economics Urban Economics
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 5 Documents
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Search results for , issue "Vol. 68, No. 1" : 5 Documents clear
Exporters in the Time of COVID-19 Pandemic: Evidence from Indonesia Eschachasthi, Realita
Economics and Finance in Indonesia Vol. 68, No. 1
Publisher : UI Scholars Hub

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Abstract

The export of Indonesia has contracted rapidly in response to the COVID-19 outbreak. However, little is known about the crisis-trade relationship, which is important for the policymakers to design the relevant policies. To that end, this study examines how exporters adjust in the time of pandemic as well as estimates the impact of COVID-19 on export performance by using microdata of monthly export transactions from January 2019 to August 2020. This relationship is analyzed by employing intensive and extensive margins as well as a panel fixed effects specification. The result shows that capital goods, mainly manufactured products, have been hit the hardest compared to consumption and intermediate goods. The evidence also suggests that the exporters have been primarily affected at the extensive margin or leaving the market. During the crisis, the rate of ceasing export transactions is approximately 40%, while the rate of decline in export value is 14%. The aftermath of COVID-19 is expected to disrupt export performance by 0.15 percentage points of mid-point growth. The result is robust subsequent to performing several alternative specifications. Finally, the study discovers that the virus does not discriminate; it hits all exporters regardless of their size.
Why the Rate of Return of Religious School (Madrasah) is Too Low: The Case in Indonesia Elfindri, Elfindri; Ariyanto, Edi; Maryati, Sri; Sari, Delfia Tanjung
Economics and Finance in Indonesia Vol. 68, No. 1
Publisher : UI Scholars Hub

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Abstract

Religious schools (madrasah) in Indonesia have contributed to fulfilling the equity goals of education. Up to this point, studies on the rate of return of madrasah and its relation to general or vocational education remain limited. In contrast to the previous studies that omit madrasah from their analysis, this study pay greater attention to this particular type of education. By adopting the Mincerian model of the human capital and applying the semi-log earnings function to the 2012 data of the National Socioeconomic Survey (SUSENAS) of Indonesia, this study discovers that the rate of return of graduates from madrasah is considerably lower than that of graduates from the equivalent formal general and vocational education. Furthermore, graduates from lower and upper secondary madrasah are unable to increase their income in the labor market. Raising awareness of the quality of madrasah in Indonesia is an important point discussed in this study.
Does It Pay to be Good? The Performance of Indonesian Green Companies from 2009 - 2018 Rizti, Ega Annisa; Martawardaya, Berli
Economics and Finance in Indonesia Vol. 68, No. 1
Publisher : UI Scholars Hub

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Abstract

In Indonesia, KEHATI Sustainable and Responsible Investment (SRI) Index, hereafter referred to as SKI, aims to raise public awareness and help pro-environmental investors by selecting 25 highly rated public companies that adhere to the internationally accepted green business standard. This paper compared the financial performance of the companies listed in SKI and their counterparts between the period of January 2009 and December 2018 by predicting their future opening price of stock, comparing the performance of SKI to JKSE market index, and examining their financial performance using ROA and ROE as dependent variables. The findings suggest that being included in SKI is insignificant to the future opening price of stock. The index itself is found to be slightly more volatile than the market index, which is attributed by a previous study to SKI selection process lowering the chance for portfolio diversification and the volatility of the Indonesian market due to the financial crises. However, being included in the index positively affects both ROA and ROE, albeit small differences. Therefore, there is no significant difference between the financial performance of green companies in Indonesia and their counterparts.
The Impact of Foreign Investment on Firm Performance: Indonesia After the 2007 FDI Reform Hafiluddin, Nauval; Patunru, Arianto Arif
Economics and Finance in Indonesia Vol. 68, No. 1
Publisher : UI Scholars Hub

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Abstract

Foreign Direct Investment (FDI) plays a crucial role in the economy of Indonesia. The new FDI law passed in 2007 serves as a new milestone in the FDI regime in Indonesia. As the country implements the new regulation, the impact of foreign investment on firm performance becomes an interesting subject. This paper aims to estimate the effect of foreign investment on the productivity and contribution of firms in relation to the new FDI law in Indonesia. This study employed a combination of Propensity Score Matching (PSM) and Difference-in-Differences (DiD) methods to eliminate endogeneity problems and to examine causality. We discover that foreign investment increases the contribution of firms in terms of tax and employment yet drives no significant change in firm productivity after the new FDI law came into force. This result implies that foreign investors might have picked already productive domestic firms; and that other firms need to increase their level of attractiveness while policymakers need to improve the investment climate in order to attract more FDI.
Constructing Indonesian Digital Economy Index in Determining Economic Policy Priorities amidst the Covid-19 Pandemic Sari, Diah Rukmana; Nasrudin, Nasrudin
Economics and Finance in Indonesia Vol. 68, No. 1
Publisher : UI Scholars Hub

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Abstract

The constant increase in the number of internet users in Indonesia amid a sluggish economy caused by the Large-Scale Social Restriction (PSBB) policy is a great opportunity for a digital-based economy. However, the unavailability of relevant macroeconomic statistical measurements inhibits the digital economy from being determined as a policy priority amidst the Covid-19 pandemic. This study offers an alternative measurement of the digital economy of Indonesia by establishing Digital Economy Index (DEI). This study discovers that digital economic activities in Indonesia have grown rapidly with an average growth of almost nine percent quarterly. On the other hand, this study also utilizes the established index to determine its effect on the economy using the Error Correction Model (ECM). The analysis reveals that DEI has not affected GDP in the short term, but it has significantly and positively in the long term. Therefore, the government can apply this digital economy index to describe the development of digital economic activities to support the digital economy as a priority for economic policy amidst the Covid-19 pandemic.

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