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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
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Search results for , issue "Vol 26, No 3 (2011): September" : 16 Documents clear
INSTITUTIONAL OWNERSHIP AND AGENCY CONFLICT CONTROLLING MECHANISM Leo Indra Wardhana; Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 3 (2011): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (204.103 KB) | DOI: 10.22146/jieb.6265

Abstract

The research investigates ownership structure in Indonesia in context of agency theory for non-financial firms listed on the Indonesian Stock Exchange for 2000-2007 periods.The uniqueness of characteristic of ownership structure in Indonesia, which is dominated by large institutional shareholders motivated researcher to examine the impact and its relationship to agency conflict and balancing off agency theory in Indonesian companies.In this condition, it is certainly indicating that the existing conflict is not between managers and owners but majority and minority. The study argues that in low level ownership, controlling institutional shareholder expropriates the minority shareholders. However, when the ownerships comes to higher level, the controlling shareholder will make agency conflict lower since monitoring hypothesis becoming relevant in such level. In other words, the study argues that nonlinear relation between agency conflict which is proxied by firm’s performance ratios and controlling institutional ownership exist. Nevertheless, the study argues that debt and dividend policy can also be used to reduce the conflict. Thus, the study also examines the simultaneous relationships among the mechanisms used to reduce agency conflict.The result indicates that when controlling institutional shareholder has significant amount of shares, they will actively monitor the manager to ensure them making value.However, when the ownership is insignificant, controlling shareholder will harm firm value due to expropriation of controlling shareholder. Therefore, nonlinear relationshipexists between controlling institutional shareholder and agency conflict. Second, debt policy and dividend policy can be used to reduce the conflict. The last, it is found thatbalancing off agency theory is not applied among all policies. The only bidirectional relationship is between institutional ownership and debt policy.Keywords: controlling institutional ownership, agency theory, balancing off agency theory, debt policy, dividend policy
MARKET RETURN, VOLATILITY AND TRADING VOLUME DYNAMICS AFTER ECONOMIC CRISIS Bramantyo Djohanputro
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 3 (2011): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (161.707 KB) | DOI: 10.22146/jieb.6261

Abstract

This paper attempts to explore the relationships of return – trading volume and volatility – trading volume. Trading volume may represent a proxy of information, liquidity, andmomentum. The up and down of trading volume, therefore, contain certain information that can be extracted by traders to make investment decision. Regressions of market returnon its lags, volume, and conditional variance and regressions of volatility on its lags, volume, and conditional variance are employed. Traders may respond positive informationdifferently from negative information. To accommodate such behaviour, threshold autoregressive conditional heteroskedasticity or TARCH is employed. Using market data of Indonesia Stock Exchange between economic crisis and before sub-prime mortgage crisis (from year 2000 to 2007) indicate the existence of return – volume relationships as well as volatility – return relationships albeit not very strong. There is also an indication that traders respond positive information differently from negative information concerningreturn movements but there is no indication concerning volatility movements.Keywords: return, volatility, volume, TARCH
ANTECEDENT AND CONSEQUENCE OF SOCIAL COMPUTING BEHAVIOR FOR SOCIAL NETWORK SITES: PERSPECTIVE OF SOCIAL INFLUENCE THEORY Willy Abdillah
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 3 (2011): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (307.034 KB) | DOI: 10.22146/jieb.6266

Abstract

This research is a preliminary study to develop and examine the adoption model of social computing. Research model is developed upon the Social Influence Factors, Technology Acceptance Model, and Psychosocial Dysfunction. Research design was employed online and self-administered survey questionnaire. Data of 116 samples were analysed using Partial Least Square (PLS) technique. Results suggest that proposed model has met criteria of goodness-of-fit model and indicate that identification is an antecedent of desire to involve in social network sites (SNS) and involvement in SNS predicts psychosocial dysfunction. Implications for stakeholders and further research are discussed.Keyword: social computing, social influence factors, psychosocial dysfunction, and social networking sites.
THE INFLUENCE OF SATISFACTION AND RELATIONSHIP MARKETING ON LOYALTY WITH INDIVIDUAL CHARACTERISTICS AS A MODERATOR: A Case Study on Islamic Banking Customers in East Java Mokhamad Arwani; Suprehatin Suprehatin
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 3 (2011): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (189.056 KB) | DOI: 10.22146/jieb.6262

Abstract

Prospects to attract customers to the Islamic banks do not seem to be very promising. This is mainly due to the fact that customers who had joined conventional banks arereluctant to change their accounts to Islamic banks. Customer loyalty of Islamic banks has been considered relatively low (34%) as compared to that of conventional banks. The purpose of this paper is to analyze the influence of satisfaction and relationship marketing on loyalty. 112 eligible respondents of Islamic bank customers were collected using a designed questionnaire. Structural Equation Modeling (SEM) was employed in the analysis. Findings suggest that in the context of Islamic banks, personal characteristics have a direct impact on customer loyalty, and it does seem to be a moderating variable influence of satisfaction and relationship marketing to customer loyalty. Satisfaction does not directly affect loyalty, but it indirectly affects loyalty through relationship marketing.Keywords: customer satisfaction, relationship marketing, personal characteristics, loyalty, Islamic banks.
INSOLVENT FOREIGN PRIVATE BANK: A STUDY ON MERGER AND LIQUIDATED BANKS Sri Haryati
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 3 (2011): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (191.754 KB) | DOI: 10.22146/jieb.6263

Abstract

The purpose of this research was to apply the result of the previous studies on predictive models of banks soundness in the year of 1999-2004 in private national banks, in which the result showed poor performance as was indicated by Z-score calculation of the discriminatory function of the cut-off position on less soundness and unsoundness level.The study also examined whether the financial ratios that must be published according to SEBI No. 7/10/DPNP March 2005 are able to predict the level of banks soundness whenthey were implemented on the the discriminatory function.The research population was Indonesian Foreign Private Bank (BUSN). The secondary data used in this research were publications of financial statement during the five-yearperception time (2004-2008). The result of the research showed that the discriminatory function of previous research could apply to predict the soundness level of private foreignbanks in the period 2004-2008 and the financial ratios according to SEBI7/10/DPNP publication in March 2005 were not enough to predict the soundness ratings of Indonesia’s Foreign Private Banks.Keyworlds: soundness level of bank, Z-score, financial ratios
REGIONAL ECONOMIC MODELLING FOR INDONESIA: IMPLEMENTATION OF IRSA-INDONESIA5 Budy P. Resosudarmo; Arief A. Yusuf; Djoni Hartono; Ditya A. Nurdianto
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 3 (2011): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (518.433 KB) | DOI: 10.22146/jieb.6259

Abstract

Ten years after Indonesia implemented a major decentralisation policy, regional income per capita disparity and excessive rate of natural resource extraction continue to be pressing issues. There are great interests in identifying macro policies that would reduce regional income disparity and better control the rate of natural extraction, whilemaintaining reasonable national economic growth. This paper utilises an inter-regional computable general equilibrium model, IRSA-INDONESIA5, to discuss the economy-wideimpacts of various policies dealing with the development gap among regions in the country, achieving low carbon growth, and reducing deforestation. The results of simulations conducted reveal that, primarily, the best way to reduce the development gap among regions is by creating effective programs to accelerate the growth of human capital in the less developed regions. Secondly, in the short-term, the elimination of energy subsidies and/or implementation of a carbon tax is effective in reducing CO2 emission and producing higher economic growth, while in the long-run, however, technological improvement, particularly toward a more energy efficient technology, is needed to maintain a relatively low level of emission with continued high growth. Thirdly, if reducing deforestation means reducing the amount of timber harvested, it negatively affects the economy. To eliminate this negative impact, deforestation compensation is needed. Keywords: computable general equilibrium, development planning and policy, environmental economics

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