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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 14 Documents
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Search results for , issue "Vol 18, No 3 (2003): July" : 14 Documents clear
GERAKAN SENDAWAR MAKMUR DI KABUPATEN KUTAI BARAT: HIDUP DAN BEREKONOMI TANPA PEMERINTAH Edy Suandi Hamid; Endang Sih Prapti; Hudiyanto Hudiyanto; Mubyarto Mubyarto; Puthut Indroyono
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (281.26 KB) | DOI: 10.22146/jieb.6628

Abstract

The development of ekonomi rakyat in an isolated kampung, kecamatan, or kabupaten is becoming very important in the era of regional autonomy. One of this kabupaten is West Kutai in the Province of East Kalimantan. The size of the kabupaten is 31,629 km2 (as large as the size of Central Java Province) but the population is only 144.000 people (while Central Java’s is 35 million people) with the population density of only 4.5/km2. It is clear that it needs “more” population to exploit the rich natural resources. The 48% poverty is alarming to all concerned and the Bupati is doing everything possible to reduce poverty “as soon as possible” by introducing a mass movement called “Gerakan Sendawar Makmur” (Prosperous Sendawar Movement).Keywords: autonomy, participation, poverty alleviation, cultural economics.
INTERNAL CASH FLOWS, INSIDER OWNERSHIP, INVESTMENT OPPORTUNITY, DAN CAPITAL EXPENDITURES: SUATU PENGUJIAN TERHADAP HIPOTESIS PECKING ORDER DAN MANAGERIAL Masyhuri Hamidi
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (265.226 KB) | DOI: 10.22146/jieb.6629

Abstract

The objectives of this study are to observe the impact of internal cash flows, insider ownership, and investment opportunity on the capital expenditure in two different theories. Those theories are: (1) the pecking order hypothesis and (2) the managerial hypothesis, tested in Indonesian case.On the one hand, the pecking order hypothesis postulates that managers can choose the level of capital expenditure to maximize the wealth of current shareholders without considering insider ownership in the company. On the other hand, according to the managerial hypothesis, managers whose ownership proportions are small tend to use higher level of internal cash flows to finance the capital expenditure than that which would maximize the wealth of current shareholders.This study is predicated on Griner and Gordon’s study (1995) and focused on manufacturing companies listed in BEJ. The data used in this study are taken from the period of 1993-1996. There are 64 companies chosen based on purposive sampling.The result of this study shows that the internal cash flows and the investment opportunity have positive and significant impact on the capital expenditures. However, the impact of insider ownerships on the capital expenditures is not significant. Eventually, this study substantiates the pecking order hypothesis.Keywords: Pecking Order Hypothesis, Managerial Hypothesis, Internal Cash Flows, Insider Ownership, Investment Opportunity, Capital Expenditures
PREDICTABILITY POWER OF DIVIDEND POLICY AND LEVERAGE POLICY TO MANAGERIAL OWNERSHIP: AN AGENCY THEORY PERSPECTIVE Putu Anom Mahadwartha
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (191.189 KB) | DOI: 10.22146/jieb.6630

Abstract

Penelitian ini merupakan pengembangan dari Mahadwartha (2002b) yang mengguna-kan Logit model untuk mengetahui kemampuan prediksi kebijakan leverage dan dividen terhadap kepemilikan manajerial. Variabel leverage dan dividen sudah memisahkan antara kepentingan manajemen dan inside shareholders dengan outside shareholders. Penelitian ini juga menggunakan logit model, dengan modifikasi utama yaitu variabel kepemilikan manajerial menggunakan lead satu tahun kedepan (t+1), penambahan variabel kontrol aktiva lancar untuk meningkatkan kemampuan prediksi model dan periode sampel dari tahun 1993 sampai dengan 2001.Penelitian-penelitian sebelumnya hanya menggunakan variabel kepemilikan manajerial tanpa lead satu tahun kedepan (t+1). Penelitian ini berargumentasi bahwa kebijakan utang dan dividen mempunyai dampak yang lebih besar pada kepemilikan manajerial satu tahun kedepan (t+1) dibandingkan tahun yang berjalan (t0).Hasil penelitian menunjukkan konsistensi kemampuan prediksi kebijakan leverage serta dividen terhadap kepemilikan manajerial, dan kemampuan prediksi leverage dan dividen semakin meningkat dibandingkan penelitian Mahadwartha (2002b) yang hanya mengguna-kan kepemilikan manajerial tanpa lead (t0). Hubungan variabel leverage dan dividen dengan kepemilikan manajerial adalah negatif dengan besaran yang semakin meningkat. Hal ini sesuai dengan prediksi oleh teori keagenan bahwa terdapat efek substitusi antara kepemilikan manajerial dengan kebijakan utang dan dividen dalam mekanisme pengawasan (monitoring) dan pengikatan (bonding). Hasil ini juga menunjukkan bahwa kebijakan utang dan dividen lebih baik dalam menjelaskan program kepemilikan manajerial satu tahun kedepan.Kata Kunci: agency theory; lead; managerial ownership; leverage; dividend.
TEORI INVESTASI DAN PERTUMBUHAN EKONOMI DALAM EKONOMI PANCASILA Mubyarto Mubyarto
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (138.838 KB) | DOI: 10.22146/jieb.6631

Abstract

If economics is to become less of a religion and more of a science, then the foundationsof economics should be torn down and replaced. (Steve Keen, 2001, Debunking Economics:The Naked Emperor of the Social Sciences, Pluto Press, Sydney).Keywords: Religions Economics, Economic Sin.

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