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Wuri Handayani, Ph.D.
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Faculty of Economics and Business, Universitas Gadjah Mada Jalan Sosio Humaniora No. 1, Yogyakarta 55281
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INDONESIA
Journal of Indonesian Economy and Business
ISSN : 20858272     EISSN : 23385847     DOI : -
Core Subject : Economy,
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.
Articles 14 Documents
Search results for , issue "Vol 18, No 1 (2003): January" : 14 Documents clear
FINANCIAL CRISIS AND ITS IMPACTS ON POVERTY IN INDONESIA Mubyarto Mubyarto
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 1 (2003): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (272.476 KB) | DOI: 10.22146/jieb.6613

Abstract

Krisis keuangan di Asia Timur menyebar dari Thailand ke Indonesia dan negara- negara lainnya di kawasan Asia Timur melalui pasar uang dan pasar modal di mana mata uang lokal terdepresiasi dengan cepat dan dalam jumlah yang besar. Akibat dari krisis tersebut terhadap kemiskinan sangat cepat karena depresiasi mata uang lokal mengindikasikan kenaikan harga harga umum secara tiba-tiba, terutama harga makanan yang sebagian besar merupakan produk impor. Inflasi tersebut kemudian dengan serius mempengaruhi rakyat miskin karena mereka tidak mampu untuk mencukupi kebutuhan pangan. Konsekuensinya, kemiskinan meningkat dan proporsi populasi yang berada di bawah garis kemiskinan meningkat pula. Untungnya, inflasi yng tinggi pada tahun 1998 sebesar 78 persen dapat dikontrol dengan cepat dan inflasi tersebut menurun hingga hanya 2 persen pada tahun 1999 dan kemudian kembali ke “normal” sekitar 10 persen pada periode 2000-2001. Penurunan harga bahan pangan secara otomatis pula menurunkan jumlah rakyat miskin hingga 50 persen. Ini disebut sebagai “transient poverty”. Indonesia pada saat ini masih menghadapi krisis keuangan dan perbankan, namun posisi ekonomi masyarakat, termasuk rakyat miskin, telah kembali ke keadaan normal. Ekonomi rakyat memang membuktikan kemampuannya untuk bertahan di tengah krisis. Namun demikian, sangat disayangkan bahwa media masih terus membesar-besarkan krisis keuangan yang merefleksikan kepentingan sektor swasta agar tidak perlu ditekan untuk mengembalikan utang mereka yang sangat besar jumlahnya.
KEMISKINAN: SEBAB STRUKTURAL DAN RESEP TEKNOKRATIS UNTUK MENGHAPUSKANNYA Bambang Sudibyo
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 1 (2003): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.6614

Abstract

There are in Indonesian economy big discrepancies of the nominal per capita NationalIncome and its Purchasing Power Parity with a ratio of 1:5, meaning that the real economy is indeed bigger than what is reported. The very low wages and income of the lowest strata including farmers are indication that the state is being subsidized by its people. This discrepancy can and must be corrected, in stages through “structural correction”.The relationship with foreign economies must not be “in their terms” but eventually tobecome “on our term”. National interest must be given priority in all internationalrelations, and program with IMF should be terminated as soon as possible without seriousnegative impacts to the Indonesian economy.Keywords: Economic nationalism, self-reliance.
STRUKTUR, KINERJA, DAN KLUSTER INDUSTRI ROKOK KRETEK: INDONESIA, 1996-1999 Simon Bambang Sumarno; Mudrajad Kuncoro
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 1 (2003): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.6615

Abstract

This paper attempts to illuminate the dynamics of Indonesia’s clove cigarette industryusing Structure-Conduct-Performance (SCP) paradigm and industrial cluster approach.We employed concentration ratios (CR4, CR8, and IHH) and performance ratios in SCPanalysis. To identify industrial clusters, we used Geographic Information System (GIS) andsome tools of analysis, mainly size and specialization index. The structure of clove cigarette industry suggested that an oligopoly with high concentration has been found, albeit declined slightly over the period 1996-1999. As far as geographic concentration isconcerned, we found that this industy has clustered overwhelmingly in and around Kudus,Kediri, Surabaya, and Malang.Keywords: oligopolistic industry, concentration ratio, cluster
TOTAL AND INDIVIDUAL EFFECTS OF AN AGENCY-COST EXPLANATION FOR DIVIDEND PAYMENTS Dewi Ratnaningsih; Jogiyanto Hartono
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 1 (2003): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.6616

Abstract

Penelitian ini menjelaskan dividend puzzle menggunakan teori biaya keagenan yangdiusulkan oleh Easterbrook (1984). Dia menghipotesiskan bahwa pemegang saham yangmenaikkan pembayaran dividen dan secara ‘simultan’ meningkatkan utang untukmembiayai investasinya lebih sejahtera dibandingkan dengan pemegang saham lainnyayang hanya meningkatkan pembayaran dividennya saja. Dia menyediakan mekanismebahwa pemegang saham menggunakan pembayaran dividen untuk memaksa manajer kepasar modal untuk menggalang dana. Argumen Easterbrook dibangun berdasarkan padabiaya pemonitoran keagenan. Biaya ini merupakan biaya yang signifikan dan pemegangsaham tidak dapat mendapatkan hasil sepenuhnya dari biaya pemonitoran yangdikeluarkan. Mereka hanya menerima manfaat sebesar proporsi kepemilikannya saja,karena beberapa manfaat akibat dari biaya pemonitoran ini akan juga diterima olehprisipal lain seperti pemegang obligasi. Suatu mekanisme untuk meningkatkankesejahteraan pemegang saham dilakukan untuk memaksa pemegang obligasi membagibeban biaya pemonitoran. Dengan demikian pemegang saham yang mampu memaksamanajernya mencari tambahan dana di pasar modal akan mendapatkan insentifmengurangi biaya pemonitoran keagenan.Kesejahteraan pemegang saham dipengaruhi oleh dua kebijakan yaitu, kebijakandividen (meningkatkan pembayaran dividen) dan kebijakan pendanaan (meningkatkanutang) secara ‘simultan’. Penelitian ini mencoba menginvestigasi kebijakan mana yangmempengaruhi yang lainnya. Penelitian ini selain meneliti efek keseluruhan dari keduakebijakan secara ‘simultan,’ juga meneliti efek individual dari masing-masing kebijakanterhadap kesejahteraan pemegang saham.Penelitian ini menemukan hasil mendukung hipotesis dari Easterbrook yaitu,perusahaan-perusahaan yang meningkatkan pembayaran dividen tunainya dan sekaligusmeningkatkan utang-utangnya benar-benar meningkatkan kesejahteraan pemegang saham.Meningkatkan pembayaran dividen akan menurunkan kesejahteraan pemegang saham,tetapi meningkatkan utang setelahnya akan meningkatkan kesejahteraan pemegang saham dengan efek total bersih berpengaruh positif terhadap kesejahteraan pemegang saham.Keywords: agency monitoring cost, dividend mechanism, dividend policy, financing policy,total effect, individual effect, shareholders’ wealth, investment opportunity set.

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