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INDONESIA
Journal of Indonesian Economy and Business
Published by Universitas Gadjah Mada
ISSN : 20858272     EISSN : 23385847     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Journal of Indonesian Economy and Business (JIEB) is open access, peer-reviewed journal whose objectives 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 author from any institutional backgrounds and accepts rigorous empirical or theoretical research paper with any methods or approach that is relevant to the Indonesian economy and business content, as long as the research fits one of three salient disciplines: economics, business, or accounting.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 10 Documents
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Search results for , issue "Vol 13, No 2 (1998): April" : 10 Documents clear
DO BUDGET DEFICITS RAISE CURRENT ACCOUNT DEFICITS? CASES IN ASEAN-5 Arti D. Adji
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Tulisan ini bertujuan untuk mengkaji apakah defisit anggaran meningkatkan defisit transaksi berjalan seperti yang diharapkan oleh teori makroekonomi konvensional. Objek dari tulisan ini adalah lima negara pendiri ASEAN (Indonesia, Malaysia, Singapura, Thailand dan Philipina). Terdapat debat mengenai pengaruh defisit anggaran terhadap defisit transaksi berjalan. Pendekatan konvensional menyatakan bahwa defisit anggaran akan meningkatkan defisit transaksi berjalan melalui pengaruh tingkat bunga dan pengaruh output. Pendekatan Ricardian meyakini bahwa defisit anggaran dan defisit transaksi berjalan tidak berhubungan. Selama ini studi-studi empiris menghasilkan kesimpulan yang mendua. Tulisan ini menemukan bahwa pada awal 1980-an defisit transaksi berjalan di ASEAN-5 terutama disebabkan oleh defisit anggaran, sedangkan pada tahun 1990-an defisit transaksi berjalan lebih banyak disebabkan oleh adanya investasi yang berlebihan (overinvestment). Fenomena overinvestment ini disinyalir juga merupakan salah satu sebab timbulnya krisis keuangan di Asia Tenggara.
EFISIENSI PASAR MODAL : PERBANDINGAN PADA DUA PERIODE YANG BERBEDA DALAM PASAR MODAL INDONESIA Herman Legowo; Mas'ud Machfoedz
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

There are three grades in efficient capital market. They are: (1) weak form, (2) semi strong form, and (3) strong form. Weak form efficiency, the market is efficient in the weak sense if share prices fully reflect the information implied by all prior price movements.The purpose of this research is to know whether the stock price instataneously and fully reflect relevant historical information (weak form efficient capital market hypotesis). This means if someone trades stocks by using historical information, it will not earn abnormal return. In addition, this research is tests the assumption that capital market efficiency in the bullish condition is different from capital marketefficiency in the normal condition. The research is necessary for the reason that if slock price does not instantaneously and fully reflect relevant available informations, it will be able to mislead economic decisions.The focus of this research is on the monthly stock price (the share price at the end of the month) to 23 companies which went publicc before Januari 1989. The year of 1989 was capital market period in the bullish condition, while 1992 year period is capital market period in the normal condition.The hypothesis of this research is : (I) Jakarta Stock Exchange (JSX) is efficient, and (2) stock market (JSX) efficiency is the different after stock market condition to reach normal condition. The first hypothesis is to reach normal condition. The first hypothesis is to reach normal condition. The first hypothesis is tested by using probvalue which are base on randomnes test and serial correlation test. Randomnes test is used because one of the characteristics of the efficient market is that prices change randomly, while the serial corelation test is interrelated with the other characteristic of the efficient capital market, that the change of security prices has no corelation to each other. The statistical test, i.e. Wilcoxon 's signed rank test.From the statistical analysis of the data we find that hypothesis of this research, while serial corelation test failed to reject the second hypothesis. This research hypothesis that stock market efficiency in the bullish condition is different fromn stock market efficiency in the normal condition was fail to rejected. In other words, if the sample was representative of population, this reserch implicity stated that weak form capital market efficienyfor the year of1989 and 1992 are valid in Indonesia.The result of this research is in effect for 1989 and 1992 with monthly secondary-data get from the share price at the end of the month.
AN ECONOMIC ANALYSIS OF RAISING FUEL PRICE IN INDONESIA Catur Sugiyanto
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This paper outlines economic frameworks for analyzing the impact of increasing Juel price on the Indonesian economy. The discussions focus on the analysis of inter-fuels substitution, impact of raising fuel price on cost of productions and on the air quality, and the potential benefits-costs from the mentioned policy. The responsiveness of emission with respect to fuel prices makes fuel prices a powerful tool in the kit of indirect policy instruments available to the policy maker.Several empirical researches show that Juel price can be formulated to induce inter-fuel substitution to reduce the pollution and not necessarily induce high inflation. However, increase in prices for pollution-laden fuels will generally lead to demand reduction, and the net effect on emission will depend on: whether other fuels will produce lesser pollutant, their cross price elasticities are positive, and which fuel share in the total input used are high (the higher the share of fuel the lesser the price elasticity - need higher percentage change in price to decrease the use of such fuel).The impacts of fuel price policy on the Indonesian government budget is examined through change in the government revenue, both from the direct revenue of oils and natural gas sectors and taxation. Lastly, the fuel price policy could be directed to increase the air quality which beneficial for human being.
PENELITIAN TENTANG MANFAAT LAPORAN ARUS KAS Arief Suadi
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Effective 1994, the Indonesian Institute of Accountants made it mandatory for companies in Indonesia to prepare cashflow statement instead of fund flow statement. The reasons stated by the Institute for the change are: (I) historical cash flow is important in predicting the amount, timing, and certainty of future cashflow, and (2) to check the accuracy of future cashflow estimate.For stockholders, the cash inflow consists of cash dividend (hereafter dividend) and sales proceed of the investment. The estimation of proceed from investment sales is difficult because it is dependent on the economy and the expectation of security market. On the other hand, the estimate of total dividend payment is relatively easier to make. By law, a company can pay dividend only if it has profit. For the obvious reason, it can pay dividend, only if it has money. Using, the rules, a regression model is developed The dependent variable is total dividend (DIV) for year (n+1), while the dependent variables are cash provided by operation (AKO) in year n, and ending cash balance (KAT) for year n. The independent variables are components of the cash flow statement.Regression analysis showed that the independent variables explain 56$6 of total dividend payment and that the two independent variables, AKO and KAT, are significant withp-value of 0,0001 and 0,0236, respectively. The study rejected the null hypothesis and concluded that cashflow report is related to the dividend payment in the following year  and therefore cash flow statement is useful for stockholders.
PERANAN DAERAH PERKOTAAN BAGI PEMBANGUNAN REGIONAL: PENERAPAN MODEL THUNEN YANG DIMODIFIKASIKAN DI INDONESIA Prasetyo Soepono
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Location theory shows how firms at first choose their respective optimal location and finally decide to locate in the same area (with the lowest isodapane) so that it forms a city, which is something that has to happen when firms want to operate efficiently and profitably. Further, von Thunen's concentric zone model shows that the determinants of land rent (level of development) are the size of an urban area and accessibility to the urban area. The size of an urban area has a positive effect on the level of development, whereas the accessibility has negative effect on the level of development. The application of that model to the U.S. economy has supported the expectation that urban areas and accessibility influence the level of development. The results of applying the Thunen model to the Indonesian economy will indicate whether the number of-cities and the sizes of cities and the number and types of roads/highways in Indonesia are already optimal or not so that the national urban development strategy in Indonesia needs to be revised or not.
THE EFFECTS OF A LEGAL PROCESS ON MANAGEMENT OF ACCRUALS: FURTHER EVIDENCES ON MANAGEMENT OF EARNINGS Jogiyanto Hartono; Ainun Na'im
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (81.277 KB) | DOI: 10.22146/jieb.39393

Abstract

Studi ini meneliti tentang manajemen earnings perusahaan yang memasukkan tuntutan atas kerugian karena pelanggaran undang-undang anti-monopoli dan antitrust oleh perusahaan lain. Earnings merupakan informasi yang penting dan menjadi salah satu pertimbangan dalam keputusan pengadilan (atau di luar pengadilan) mengenai jumlah ganti rugi yang harus diterima oleh perusahaan penuntut dan denda yang harus dibayar oleh perusaan yang dituntut (yang dituduh melanggar undang-undang anti-monopoli). Perusahaan melakukan manajemen earnings melalui pemilihan metode akrual dalam proses penentuan earnings. Kami memprediksi bahwa perusahaan penuntut akan menggunakan akrual untuk menurunkan earnings selama periode tuntutan. Hipotesis kami uji dengan membandingkan tingkav akrual perusahaan penuntut selama periode proses pengadilan dibanding dengan tingkat akrual selama periode di luar prosespengadilan.Informasi earnings dan keuangan 118 perusahaan tahun, terdiri dari 13 perusahaan selama tahun 1984 - 1992 yang digali dari harian Wall Street Journal digunakan sebagai sampel. Data finansial perusahaan sampel kami ambil dari COMPUSTAT industrial atau Research Tapes. Model akrual Jones (1991) digunakan untuk menghitung tingkat discretionary accruals. Penelitian ini menunjukkan tidak menunjukkan bukti bahwa perusahaan penuntut memanipulasi akrual untuk menurunkan laba pada saat investigasi dan proses pengadilan. Beberapa penjelasan yang mungkin dapat kami berikan adalah udanya informasi lain yang lebih bermanfaat bagi penuntut dalam memenangkan tuntutan, misalnya mengenai penentuan harga, strategi pengembangan produk dan diversiftkasi usaha. Faktor hasil proses pengadilan mungkin juga merupakan variabel penting yang perlu dilihat dalam penelitian seperti ini.
PERILAKU TABUNGAN: KASUS PERBANDINGAN NEGARA-NEGARA ASEAN DAN NEGARA INDUSTRI MAJU 1989 -1996 Faried Wijaya Mansoer
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Understanding the nature of savings behavior is critical in designing policies to promote saving and investment. Usually, government of developing countries addopt saving policies of developed countries, particularly United States, without adjusted with their economy and politics circumstances. This study aims at examining the difference in saving behavior in ASEAN versus industrial countries. The ASEAN countries used are Indonesia, Malaysia, Philipina, Thailand, and Singapura. As expected, the estimation result shows that saving behavior in developing countries differ with developed countries, that decribed by sign and value of parameter of independent (exogenous) variabel. Interest rates have positive impact for saving behavior in developed countries, but negative impact in developing countries. This result doubt hyphotesis of Mckinnon and Swan about financial deregulation.
KOMPETENSI BUDAYA DAN SUKSES BISNIS : BAGAIMANA PELAKU BISNIS INDONESIA MEMAHAMI PERBEDAAN FORMAT BUDAYA BISNIS ? Edi Prasetyo Nugroho
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (56.19 KB) | DOI: 10.22146/jieb.39394

Abstract

One of the major business challenges in the era of global business is howbusiness doers decide their own position in the term of business culture. This issuewill be more important in the years ahead, since strategically the ability of businessdoers to exist in global competition atmosphere will depend on the dialog of theirown business culture with the other business cultures. Generally speaking, there's noroom for short-sighted-syndrome in cultural dialog to success in business. Thisarticle discusses the perspective of Indonesian business doers in understanding theirown business culture and other business cultures. We use these point of views, sincesome business cultures practically affecting the way Indonesian business peopleappreciate their own work environment. A good appreciation toward workenvironment will lead to success in doing business.
ANALISIS PERMINTAAN AKAN UANG KAS DI INDONESIA 1975-1996 Nopirin Nopirin
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Before deregulation 1983 the monetary sector was dominated by the government bank Controlling money supply is directly influenced by Bank Indonesia, so as the interest rate and commercial bank ceiling credit. About 85% of banking assets was dominated by the state bank.Banking deregulation 1983 resulted in a more flexible banking sector. Ceiling credit was abolished and interest rates become market determined. As a result funds mobilization increased, more variety of banking product and competition is getting keen.The banking development has led a dramatic change in the demand for money. Using a fairly standard money demand model, this study attempt to analize:a. Whether there is a liquidity trap (as indicated by high interest elasticity of money demand)b. Whether there is also an economies of scale of holding moneyc. Stability of the demand for moneyUsing data for the period 1975 - 1996 and then disagregated into before andafter deregulation, the empirical results arc:a. For the periode 1975 - 1996 interest rate was significance factor affectingdemand for money and the elasticity is greater than one especially afterderegulation.  This indicate that there is a liquidity trap, so that fiscal policy ismore effective.b.  There is also an economies of scale as indicated by less elastic demand formoney with respect to income.   The reason is that a rapid development in thepayment system, such as the use of credit card.c.  Finally,  using Chow-test shows thai the demand for money is unstable.  Theimplication is that real sector policy is more appropriate than monetary policy.
DAPATKAH STRATEGI KONTRARIAN DITERAPKAN DIPASAR MODAL INDONESIA? (Pengujian Anomali Winner-Loser di Bursa Efek Jakarta) Titi Dewi Warninda; Marwan Asri Sw
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The fluctuation of of stock prices, in many occassions, are related to so called market anomalies. One of those anomalies is known as a winnerloser anomaly. A winner-loser anomaly is identified when stocks that initially earned extremely positive abnormal returns (winners) or extremely negative abnormal returns (losers) experience extended reversal, so that losers can outperform winners. The presence of this anomaly creates a contrarian investment strategy: buy loserstocks and sellshort the winner-stocks, in order to earn significant positif abnormal return. De bondt and Thaler (1985) suggested the overreaction hypothesis as an explanation of this anomaly. The hypothesis claims that the market tends to overreact to (especially new and dramatic) information. The market overvalues stock prices as a reaction to good news and undervalues stock prices as a reaction to bad news. This phenomenon is reversed when it is recognized that the market has overreacted to the information. The purpose of this research is to test the existence of winnerloser anomaly in the Jakarta Stock Exchange. Using market adjusted abnormal return, data from December 1990 to June 1997, and overlapping six months formation/test periods, this research does not find any indication of market overreaction. So, it is not suggested that investor can use the contrarian investment strategy. This research also finds that there is no significant difference between average size of winners and losers.

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