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Journal of Indonesian Economy and Business

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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 24 Documents

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Search results for , issue "Vol 17, No 4 (2002): October" : 24 Documents clear

PENAWARAN SAHAM PERDANA: PENGALAMAN DI BURSA EFEK JAKARTA 1990 â 1998 Rodoni, Ahmad
Journal of Indonesian Economy and Business Vol 17, No 4 (2002): October
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (302.782 KB)

This study investigates initial and aftermarket performance of initial public offering (IPOs) for both short term and long term in the Jakarta Stock Exchange (JSE), from January 1990 to December 1998. This study considers market situation at the time of the issuance of IPOs. The short term performance measure of IPOs is tested using daily closing return (Rct), opening return (Rot), offering price to opening price, offering price to closing price and opening price to closing price criteria. The long term aftermarket performance of IPOs is measured using cumulative abnormal returns analysis, buy and hold market adjusted compounded returns, wealth relative, offering price to closing price and opening price to closing price. Using a sample of 233 IPOs in the Jakarta Stock Exchange (JSE), this study finds an average initial (offer-to-open) return of 10.948 percent (10.912 % adjusted return). The findings reveals a lower expected return from those found in developing and several developed markets. The short term aftermarket mean return based on daily closing mean return (Rct), opening mean return (Rot) and opening price to closing price, indicates that benefits of initial performance do not accrue to the secondary market traders. This result is consistent with studies of Barry and Jennings (1993) on the U.S. markets and Yong (1997) on the Malaysian market. The long run aftermarket performance of IPOs is found to be negative. This finding is supported by many IPOs results in the literature.Keywords: Opening-closing mean return, performance of IPO.

STUDI KETERKAITAN ANTARA DIVIDEND PAYOUT RATIO, FINANCIAL LEVERAGE DAN INVESTASI DALAM PENGUJIAN HIPOTESIS PECKING ORDER. Wibowo, A. Jatmiko; Erkaningrum, F. Indri
Journal of Indonesian Economy and Business Vol 17, No 4 (2002): October
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (246.523 KB)

This study is aimed to examine the prediction of pecking order hypothesis in Indonesian. The hypothesis states that there is negative relationship between dividend payout ratio and investment. In addition, this study will learn the relationship between dividend payout ratio, financial leverage and investment. The dividend payout ratio determinants are financial leverage, investment, liquidity, profitability, size and variability of earnings. The financial leverage determinants are dividend payout ratio, investment, profitability, size, assets structure and variability of earnings. The determinants of investment are dividend payout ratio, financial leverage, sales growth, profitability, Q ratio and size.The data of this study is collected from 70 manufacturing companies as listed in the Jakarta Stock Exchange for the period of 1991 â 2000. The three stage least square simultaneous equation model is used to learn the relationship between dividend payout ratio, financial leverage and investment.In this study, it is found that there is no significant evidence that manufacturing companies in Indonesia tend to follow the pecking order hypothesis. In addition, it is found that the financial leverage gives a negative and significant influence on dividend payout ratio and vice versa; investment do not give a significant influence on dividend payout ration and vice versa; investment gives a positive and significant influence on financial leverage; and financial leverage do not give a significant influence on investment.Keywords: pecking order, dividend payout ratio, financial leverage, investment

AN INVESTIGATION OF PRICE MOVEMENTS DURING THE ANNOUNCEMENT OF ACQUISITION NEWS: THE CASE OF JAKARTA STOCK EXCHANGE Mamduh M. Hanafi
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Paper ini ingin melihat siapa yang berada di balik pergerekan harga selama periode pengumuman merjer dan akuisisi di Bursa Efek Jakarta. Data menunjukkan bahwa harga meningkat cukup tajam selama periode pengumuman. Penelitian ingin membandingkan apakah investor asing atau domestik yang mendorong pergerakan harga tersebut. Disamping itu, penelitian ini ingin melihat apakah pergerekan harga terkonsentrasi pada volume perdagangan (trade size) yang kecil atau tidak dan apakah terkonsentrasi pada investor domestik yang menggunakan volume perdagangan yang kecil. Hasil analisis memperlihatkan bukti yang cukup kuat yang menunjukkan bahwa investor domestik mendorong pergerakan harga tersebut. Untuk hipotesis kedua dan ketiga, tidak ditemukan bukti yang cukup kuat. Pergerakan harga oleh investor domestik tersebut menunjukkan superioritas informasi yang dimiliki oleh investor domestik, yang berarti ada asimetri informasi di Bursa Efek Jakarta.Keywords: Price movement, trading size, acquisition announcement.

EMPIRICAL STUDY OF VOLATILITY PROCESS ON ERROR CORRECTION MODEL ESTIMATION Syamsul Hidayat Pasaribu
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Ada dua tujuan yang ingin dicapai dalam penelitian ini. Pertama, adalah untuk menyelidiki apakah dalam estimasi model koreksi kesalahan atau error correction model (ECM) terdapat proses volatilitas. Jika ternyata ada, maka model estimasi koreksi kesalahan seharusnya diestimasi dengan menggunakan model volatilitas. Hasil empirik estimasi ECM ternyata mengindikasikan adanya proses volatilitas yang ditunjukkan oleh signifikannya pengujian Autoregressive Conditional Heteroscedasticity (ARCH).Tujuan kedua adalah untuk menentukan model yang paling baik antara estimasi ECM dan estimasi ECM yang diikuti dengan proses volatilitas. Setelah dilakukan estimasi terhadap kedua model tersebut ternyata dapat disimpulkan bahwa estimasi model ECM dengan proses Generalized ARCH (EC-GARCH) lebih baik dibandingkan dengan estimasi model ECM. Sebagai contoh kasus digunkan model estimasi indeks harga saham gabungan di bursa efek Jakarta (BEJ).Keywords: error correction model, volatility process, GARCH, EC-GARCH.

PENAWARAN SAHAM PERDANA: PENGALAMAN DI BURSA EFEK JAKARTA 1990 – 1998 Ahmad Rodoni
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

PENGARUH PERILAKU RESIKO, KEPEMILIKAN INSTITUSI DAN KINERJA TERHADAP KEBANGKRUTAN BANK UMUM DI INDONESIA Fifi Swandari
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This paper investigates the impact of risk taking behavior, institution ownership and performance on bank failure. I predict that risk-taking behavior has positive impact on bank failure, institution ownership and performance have negative impact on bank failure. Result shows that risk taking behavior and institution ownership give little support to hypothesis. Performance has result as predicted. The result suggests that the impact of risk taking behavior and institution ownership needs further investigation.Keyword: risk taking, institutional ownership, performance, bank failure

PENGARUH RISIKO NILAI TUKAR RUPIAH TERHADAP RETURN SAHAM : STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEJ Desak Putu Suciwati; Mas’ud Machfoedz
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Rupiah exchange rate fluctuation occurred since July 1997 has risked rupiah depreciation on US Dollar and other mayor trading parther’s currencies, that are Yen (Jepang), Mark (Germany), Franc (French), Poundsterling (UK), Dollar (Singapore), and Dollar (Hongkong). The objective of this study is to examine the economic exposures differences of rupiah exchange rate before and after rupiah depreciation, and the different effect of rupiah exchange rate on stock return before and after rupiah depreciation.This study use Chow differential test to compare regression results at two different periods, period of 1994-1996 and 1998-2000 with the same sample. Two models regression equation were used and each model was differentially tested in two periods. Independent variable of the two models was average monthly rupiah real effective exchange rate (REER) during a year from December to November following year, and it was controlled by total debt (THUTANG) of the manufacture during a year. Dependent variable for the first regression model was EPS change of companies during a year, and for the second regression model was daily abnormal return accumulated during a year (CAR).Although regression analysis at the second period showed contrary or defferent result, but after tested with Chow test, it was indicated that economic exposure of rupiah exchange rate change on cash flow change at the second period was not different. It was proved, then, that the effects of rupiah exchange rate on stock return were different between period of before and after the rupiah depreciation.Keywords: Real Effective Exchange Rate, Exposure, Capital Adequacy, Earnings per share

PENGARUH STRUKTUR KEPEMILIKAN, PERILAKU MANAJEMEN LABA, FREE CASH FLOW HYPHOTESIS DAN ECONOMIC VALUE ADDED: PENDEKATAN PATH ANALYSIS1 Wilopo Wilopo; Sekar Mayangsari
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This paper investigates whether ownership structures, earnings management, growth opportunities, free cash flow hyphotesis are related to firm performance, as measured by economic value added. This paper use sample nonregulated companies during crisis period, 1998-2001. We find that during this period the management creates value. Our result also suggest that blockholders and free cash flow hyphotesis have indirect effects to economic value added through corporation policy, such as investing and financing. Interestingly, earnings management have direct effect to economic value added. These results imply that separation of management group ownership and control has significantly more negative relation to creating value in countries with low shareholders protection, as in emerging markets, whereas large blockholders have significantly more positive relation.Keywords: Ownership Structures, Earnings Management, Free Cash Flow Hyphotesis, Economic Value Added

RELEVANSI NILAI DIVIDEND YIELD DAN RASIO P/E DENGAN PERTUMBUHAN PERUSAHAAN Julianto Agung Saputro
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Analysts use valuation model in determining and evaluating share prices. Survey evidence suggests that the dominant valuation model is the price-earnings (P/E) ratio, but that other approaches such as the dividend yield are also important. This study develops and tests a market valuation models whose main prediction is that equity value is a function of earnings, dividends and book value. This study demonstrates that growth firms relevant use P/E ratio approach, and that not growth firms more relevant use dividend yield ratio approach than P/E ratio.Keywords: P/E ratio, dividend yield, market valution model, growth firm

STUDI KETERKAITAN ANTARA DIVIDEND PAYOUT RATIO, FINANCIAL LEVERAGE DAN INVESTASI DALAM PENGUJIAN HIPOTESIS PECKING ORDER. A. Jatmiko Wibowo; F. Indri Erkaningrum
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This study is aimed to examine the prediction of pecking order hypothesis in Indonesian. The hypothesis states that there is negative relationship between dividend payout ratio and investment. In addition, this study will learn the relationship between dividend payout ratio, financial leverage and investment. The dividend payout ratio determinants are financial leverage, investment, liquidity, profitability, size and variability of earnings. The financial leverage determinants are dividend payout ratio, investment, profitability, size, assets structure and variability of earnings. The determinants of investment are dividend payout ratio, financial leverage, sales growth, profitability, Q ratio and size.The data of this study is collected from 70 manufacturing companies as listed in the Jakarta Stock Exchange for the period of 1991 – 2000. The three stage least square simultaneous equation model is used to learn the relationship between dividend payout ratio, financial leverage and investment.In this study, it is found that there is no significant evidence that manufacturing companies in Indonesia tend to follow the pecking order hypothesis. In addition, it is found that the financial leverage gives a negative and significant influence on dividend payout ratio and vice versa; investment do not give a significant influence on dividend payout ration and vice versa; investment gives a positive and significant influence on financial leverage; and financial leverage do not give a significant influence on investment.Keywords: pecking order, dividend payout ratio, financial leverage, investment

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Home Page

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Editorial Address Faculty of Economics and Business, Universitas Gadjah Mada Jalan Sosio Humaniora No. 1, Yogyakarta 55281

Location Kab. sleman, Daerah istimewa yogyakarta INDONESIA

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Contact Name
Wuri Handayani, Ph.D.

Contact Email
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Phone
-

Journal Mail Official
-

Editorial Address
Faculty of Economics and Business, Universitas Gadjah Mada Jalan Sosio Humaniora No. 1, Yogyakarta 55281

Location
Kab. sleman,

Daerah istimewa yogyakarta

INDONESIA