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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 16 Documents
 1   2 
Search results for , issue "Vol 25, No 3 (2010): September" : 16 Documents clear
OWNERSHIP TYPE AND COMPANY PERFORMANCE: EMPIRICAL STUDIES IN THE INDONESIAN STOCK EXCHANGE Fransiska Soejono
Journal of Indonesian Economy and Business (JIEB) Vol 25, No 3 (2010): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (487.101 KB) | DOI: 10.22146/jieb.6288

Abstract

This study is aimed to test the difference in performance among companies with various types of ownership (foreign, state, and private) on a sample of 206 companieslisted in ISE (Indonesian Stock Exchange) between 1999-2006 resulting in 795 company year observations. The ANCOVA model and multiple comparison methods are used to test the hypothesis that private-owned companies have better performance than state-owned enterprises and foreign-owned companies have better performance than private-owned companies. Contrary with the hypothesis, the result shows that state-owned enterprises have better performance than private-owned companies. The possible explanation for this is because state-owned enterprises have more experience than private-owned companies (based on LogAge). State-owned firms may get some special facilities (including the easiness to get debt funding) from government. The result also shows that foreign-owned companies have better performance than private-owned companies which support the hypothesis. Foreign-owned companies have more experience in managing enterprises than private-owned companies. Furthermore, foreign-owned companies in some industries tend to be more active in doing investment than private-owned companies. There are some implications of these results. First, different ownership type gives different effect to thecompany’s performance. Second, government can consider foreign ownership in its privatization policy.Keywords: Ownership type, Performance, Experience, Investment.
THE EFFECTS OF CHANGES IN MINIMUM WAGE ON EMPLOYMENT IN THE COVERED AND UNCOVERED SECTORS IN INDONESIA Devanto Shasta Pratomo
Journal of Indonesian Economy and Business (JIEB) Vol 25, No 3 (2010): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (389.099 KB) | DOI: 10.22146/jieb.6284

Abstract

This study examines the effects of changes in minimum wage on employment in the covered and uncovered sectors in Indonesia using an individual micro-level data set from1989 to 2003. Since the Indonesian Labor Force Survey data are not a panel, this study applies pooled cross-sectional time-series methodology to explore the impact of theminimum wage across individual workers. All of the equations are analyzed separately in urban and rural labor markets, as well as the male and female labor market. The results suggest that an increase in minimum wage is more likely to decrease the covered sector employment and to increase the uncovered sector employment. These results also indicate a displacement effect from the covered sector to the uncovered sector, as suggested by the two-sector model. In addition, this study found the displacement effect is stronger for women, indicating that female workers are the more likely to be hurt as the result of an increase in minimum wage. Compared to urban areas, the effects in rural areas are somewhat lower, indicating that minimum wage is less binding, given the dominance of thetraditional agriculture sector.Keywords: Minimum Wage, Employment, Covered Sector, Uncovered Sector
THE IMPACT OF FX (FOREIGN CURRENCY EXCHANGE) ON THE BOTTOM LINE OF TEXTILE/SHOES INDUSTRIES LISTED IN INDONESIA STOCK EXCHANGE 2006-2008 Hendro Subekti
Journal of Indonesian Economy and Business (JIEB) Vol 25, No 3 (2010): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (499.21 KB) | DOI: 10.22146/jieb.6289

Abstract

During 2006-2008, Indonesia has been experiencing depreciation of IDR against world currency US$. The situation was triggered by global crisis October 2008, and IDR currency plunged. Furthermore, 17 textile/shoes industries publicly listed in ISX have been severely hit by depreciation of IDR The “Huge Loss of Bottom Line” in 2008 was recorded (IDR 617 billions) more than half of trillion IDR. To be curious the most of industry are manufacturer-exporter.Year 2007, national textile industry overwhelmingly reports the export sales of US$ 10.05 billion and the raw material import was US$ 2.04 billions. By these facts, Income contribution from textile/shoes industries sector was US$ 8.01 billion and became a mile stone of the achievement. Depreciation of IDR currency is an advantage to the exporter as product become cheaper for foreign buyer while import goods costly to foreign seller.The aim of this research is to describe the impact of FX on the bottom line of the Textile/Shoes Industries listed in ISX during 2006-2008, a period when the profit performance has been fallen sharply in line with the depreciation of IDR currency. By using the mathematical regression equation is surprisingly proven that FX adversely impact to the “bottom line” of the industry. The equation model selected Net Income as dependent variable while Operating Profit, Financial Charges and FX (Forex) as the independent variable.From the outcome of the research, the dilemma between operation and financial leverage is revealed. Depreciation IDR was negatively reduced the “bottom line” this wasmainly due to higher FX loss. By the end of December 2008, 17 shoes/textile industries have been suffered a huge loss of FX, and recorded FX Loss (IDR 564 billions), in connection with “high financial leverage denominated in US$ currency”. The snapshot of balance sheet position is called “Net Short Asset to US $”. Only 5 Industries were making money among 17 industries during 2008. Only one company had already “hedged” their exposure to FX. Only one company who reported profit show “debt to equity ratio” is much lower than average industry (US Textile Manufacturing) However, under the operational expectation, the depreciation of IDR currency encourage better performance of “export oriented company”. This is the dilemma that textile/shoes industries have been exposed to financial risk in one side and on the other side operational risk (competitiveness).Keywords: net short asset to US$, financial leverage and financial risk, operational risk, foreign exchange loss, depreciation of IDR.
STRATEGY IMPLEMENTATION: THE EFECT OF DECENTRALIZATION, PARTICIPATION IN BUDGET SETTING, AND MANAGERS’ ATTITUDE ON PERFORMANCE Bambang Riyanto
Journal of Indonesian Economy and Business (JIEB) Vol 25, No 3 (2010): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (442.586 KB) | DOI: 10.22146/jieb.6285

Abstract

The performance of a business unit, to a large extent, is determined by the quality of its strategy and how well the strategy is implemented. This study examines the effect ofstrategy implementation on performance. In particular, it investigates the extent to which the fit between two crucial strategic supporting systems, namely decentralization andbudget system, and managers’ attitude with the strategy of SBU on performance. It is argued that the more consistent the level of decentralization, degree of participation in thebudget system and managers’ attitude with the SBU strategies, the higher the performance will be, and vice versa. Unlike most prior studies, the hypothesis was tested by adopting the system of fit approach. Responses from 75 divisional managers of 75 diversified companies are analyzed. The results show that managers pursuing a strategy of differentiation (cost leadership) report high performance when they worked in highly (less) decentralized structures, are given more (less) opportunity to participate in the budget process, and had strongly positive attitude toward their jobs and their firms. These findings are consistent with the basic premise of strategy implementation that different strategies should be supported with different configuration of organizational structure and process to achieve optimal results.Keywords: strategy implementation, decentralization, participation, attitude, system of fit.
NON-FINANCIAL FACTORS IN THE GOING-CONCERN OPINION Junaidi Junaidi; Jogiyanto Hartono
Journal of Indonesian Economy and Business (JIEB) Vol 25, No 3 (2010): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (362.77 KB) | DOI: 10.22146/jieb.6290

Abstract

This paper describes the influence of tenure, auditor reputation, disclosure, and the size of the client company on a going concern opinion. Audit opinion issued by the auditoris expected by users of the quality of information, because as the basis for investment decisions. Going-concern audit opinion is an opinion issued by auditors to ascertainwhether the company can maintain its existence. Studies on the factors that affect the audit opinion have been carried out both overseas and in Indonesia. The factors used are vary and the results are not conclusive. This study uses 89 sample firms listed on the Indonesia Stock Exchange in 2003-2008. Logit regression analysis shows that the tenure, auditor reputation, disclosure has a significant on going-concern opinion while the client company size has no effect on going-concern opinion.Keywords: tenure, auditor reputation, disclosure, size, going-concern opinion
DISTORTION OF CAPACITY ON INTER-REGIONAL TRADE OF IMT-GT: STUDY CASES ON FOUR SELECTED PROVINCES IN SUMATRA, INDONESIA) Benito Rio Avianto
Journal of Indonesian Economy and Business (JIEB) Vol 25, No 3 (2010): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (930.237 KB) | DOI: 10.22146/jieb.6286

Abstract

The objective of the paper was to understand the impact of sub regional economic cooperation, known as the Indonesia-Malaysia-Thailand Growth Triangle (IMT- GT), ontrade sector in Indonesia. The approach of research based on export macro information by provinces and commodities.The method used in the analytical framework was a fixed effect method. The regional study covered Nanggroe Aceh Darussalam, North Sumatera, West Sumatera Barat, andRiau provinces, and the commodities involved CPO, coffee and rubber, with 1990-2008 data series.Based on pooled regression, the IMT-GT, there was a significant impact on export from the four provinces to Malaysia and Thailand for all based years. One might focus on commodity level that, in fact, CPO was the only one coomodity that had a significant impact within the IMT GT region. In addition, Thai Bath and Malaysian Ringgit, withrespect to GDP for both countries, had significant influenced on Export;, especially after the IMT GT endorsed.Keywords: IMT-GT, Province, export, CPO, coffee, and rubber export, pooled regression 

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