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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 27, No 1 (2012): January" : 16 Documents clear
THE IMPOSSIBILITY OF REVIVING DINAR AND DIRHAM CURRENCY SYSTEM IN THE MODERN ECONOMY WORLD Muflih, Muhammad
Journal of Indonesian Economy and Business Vol 27, No 1 (2012): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study proves that in the discourse of fiqh, Islamic history, and Islamic banking the position of the concept of reviving the currency of dirham and dinar is very weak.Indicators that justify the conclusion of this study are: (1) there is a correspondence with historical evidence of inflation in the Islamic world, (2) there is correspondence with thoughts of fiqh, (3) there is a correspondence with modern syariah financial concept, and (4) there is a correspondence with Islamic banking attitude.This study is written to challenge the idea of Ahmad Hasan, Hifzu Rab, Khan-Mirakhor, Meera-Larbani, and ‘Umar Vadillo who state that inflation problem in Islamic world is best solved by reapplying the currencies of dinar and dirham as bases of transaction mediation. The inaccuracy of conclusion of the modern Islamic economist figures was shown by many historical facts showing the turmoil in values of these two gold bills in time of inflation. Other reasons for the fragility of these two currencies are;(i) lack of support of the fiqh expert in strengthening these currency systems as way out of the inflation-affected transaction, (ii)lack of support of fiqh experts to urge Islamic worlds to use only dinar and dirham as official currency,(iii) lack of support of Islamic banking experts to revive the use of dinar and dirham as transaction bases and remedy for inflation-affected transaction. The facts showed that the chosen system taken by fiqh and Islamic banking experts in settling the inflation-affected transaction was the strengthening of mu‘âmalah transaction system instead of alternating the currency system. The outcome of the strengthening the mu‘âmalah transaction system is a concept of price adjustment.The concept of price adjustment gives a strong implication to modern Islamic banking as an instrument of the mu‘âmalah transaction system support when facing inflation cases.Keywords: inflation, islamic banking, dinar, dirham
MATRIX INDEX OF INCOME VARIETIES OF INDONESIAN LABOR FORCE AND ITS APPLICATION IN INDONESA Canon, Syarwani
Journal of Indonesian Economy and Business Vol 27, No 1 (2012): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

Matrix Index of Income Varieties (MIVP) is an index, which is developed from the variety co efficiency and statistic χ2 so that it will produce output totally as shown by Index of Williamson/Theil, as regionally as Index of Theil, sectorally as Index of Gini.Besides, Matrix Index of Income Varieties (MIIV) is able to identify which individual/ sector/region influence the draw of income inequalities above or below the average. In application, MIIV will produce a maximal outcome if it is combined with Labor Force Productivity Index.The outcome of MIIV/MIVP in Indonesia shows that the high-income inequalities in Indonesia are influenced by the contribution of regional economy, regional labor force contribution, the characteristic of regional economic sector, and regional potentials of each province.Keywords: income distribution, total, region, sector, regional sector
DOES LEGAL TRANSPLANTATION WORK? THE CASE OF INDONESIAN CORPORATE GOVERNANCE REFORMS Harijono, Harijono; Tanewski, George
Journal of Indonesian Economy and Business Vol 27, No 1 (2012): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study examines the impact of corporate governance reforms by analysing the relation between firms’ operating performance and key ownership structure and corporategovernance variables on a sample of firms listed on the Jakarta Stock Exchange between the periods 1993 to 2007. Contrary to widespread belief that reforms in Indonesia havefailed, this paper provides empirical evidence in support of the positive impact of corporate governance reforms. While the impact of family control, the firms’ business group affiliation, divergence between cash flow and control rights and political connection are all negatively associated with firms’ operating performance (ROA) for the pre-reformperiod (i.e., 1993-1999), these negative effects disappear during the post-reform period (i.e., 2001-2007), except for family control. More importantly, the relationship betweenfamily control and operating performance is negative only when the family’s control right exceeds their cash flow right. This study provides some empirical evidence and insights toboth regulators and development assistance agencies on the effectiveness of Indonesian corporate governance reforms.Keywords: corporate governance reform, controlling shareholders, firm performance, Indonesia
THE TRANSFER PROBLEM IN INDONESIA AND POLICY RESPONSES Asmara, Amri Anjas
Journal of Indonesian Economy and Business Vol 27, No 1 (2012): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This paper examines the implications of, and policy responses to the transfer problem phenomenon, which is the interaction between surging capital inflows and real exchange rate. In particular, this paper identifies three episodes of large net private capital inflow to Indonesia during 1995 - 2010. Episodes of large capital inflows are often associated with real exchange rate appreciations. In turn, these conditions could undermine economic competitiveness in terms of price.This paper adopts theoretical framework that leads to test the long-run co-movements of real exchange rates and capital inflows. This long run relationship is modeled on thecointegration framework. The Full-Modified Ordinary Least Square (FMOLS) is used to provide optimal estimates of cointegration regressions, dealing with endogeneity andserial correlation effect in the regressors that result from the existence of the cointegrating relationships.Controlling for relative output levels, degree of openness, and the terms of trade, time series empirical evidence presented evidence supporting the existence of a significanttransfer problem in Indonesia. Moreover, using disaggregated measure of inflows, this paper finds that portfolio investment has the most significant impact on REER appreciationin Indonesia.A comprehensive assessment of various policy responses to the transfer problem leads to two major conclusions. First, the problematic relationship between REER apreciationand capital inflows would be more moderate in which the authorities exercised countercyclical fiscal. It means that greater fiscal restraint would also help ease pressures for real appreciation of the exchange rate. Second, aggressive sterilization could be the first line of defense against REER apreciation during surge of capital inflows.Keywords: Transfer Problem, Real Effective Exchange Rate, Capital Inflows, Cointegration, Full-Modified Ordinary Least Squared (FMOLS)
EXAMINING THE MODERATING EFFECT OF DEMOGRAPHIC FACTORS OF BOARD OF DIRECTORS ON THE ASSOCIATION BETWEEN CORPORATE GOVERNANCE AND EARNINGS MANAGEMENT Tantri, Sakina Nusarifa; Sholihin, Mahfud
Journal of Indonesian Economy and Business Vol 27, No 1 (2012): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study aims to investigate whether corporate governance affects earnings management and if so whether such effect is moderated by age, gender, and educationalbackground of board of directors. Using Moderated Regression Analysis, this study examines a sample of 55 companies listed in the Indonesia Stock Exchange for the period of 2005 to 2009. The results show that corporate governance negatively affects earnings management. Further analyses reveal that the association is moderated by age, gender, and educational background of board of directors. Keywords: corporate governance, earnings management, age, educational background, gender.
EXPLORING THE INDONESIAN ECONOMIC LANDSCAPE AND STRUCTURAL CHANGE Firdaus, Muhammad; Kurniawan, Budi; Mulatsih, Sri
Journal of Indonesian Economy and Business Vol 27, No 1 (2012): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

In assessing the economic impact of a sector or a group of sectors on a single or multiregional economy, input-output analysis has been proven to be a popular method.This paper explores the degree of structural change of the Indonesian economy using the input-output frame work. It examines how linkages among economic sectors have evolved from 1971-2008 and identifies which economic sectors exhibited the highest inter-sectoral linkages. The study finds that manufacturing consistently becomes the key sector in the Indonesian economy. Indonesian cannot afford to leapfrog the industrialization stage and largely depend on a service-oriented economy when the potential for growth still lies primarily in manufacturing. The graphical presentation of inter-industry relationship through the “Multiplier Product Matrix” (MPM) and its associated “economic landscape” provides a visualization of the Indonesian economic landscape for selected years and how it has changed over time.Keywords: economic landscape, structural change, input output model, key sector
THE SIGNIFICANCE OF ISLAMIC ECONOMICS STUDY IN DISCIPLINE OF MODERN ECONOMICS Suryani, Suryani
Journal of Indonesian Economy and Business Vol 27, No 1 (2012): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

The development of Islamic economic practices in Indonesia shows an encouraging fact. Since the last fifteen years, the development of Islamic economic discourses in Indonesia has attracted the attention of many academicians and practitioners. From the academic view, the development of Islamic economics is marked by many educational institutions that offer training programs and courses of Islamic economics. Islamic economics study should lead to formation and internalization of Islamic values in the economiclife. Therefore, the suitable teaching method to increase the quality of Islamic economics is competency-based curriculum that combines textual and contextual approach. Both approaches should be incorporated in formal and nonformal education. Thus the development of Islamic economics are expected to line between conceptual and business practices in accordance with recent guidance that will eventually form an Islamic economic system truly in accordance with basic principles of sharia.Keywords: education, islamic economics.
THE IMPACT OF MANUFACTURING CONCENTRATION ON REGIONAL INEQUALITY: A CASE OF REGENCY IN JAVA REGION, INDONESIA Wahyudi, Setyo Tri; Jantan, Mohd Dan
Journal of Indonesian Economy and Business Vol 27, No 1 (2012): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

Concentration of manufacturing is an interesting topic in location of economic activity since manufacturing was the leading sector in the Indonesian economy. The previousstudies demonstrated that firms were localized in major metropolitan areas as well as a set of emerging regions. The paper aim to complement the findings of the previous studiesrelated to geographical concentration of manufacturing industry by exploring the impact of manufacturing concentration on regional inequality in the regency in Java during the 1998-2007. The Theil index and the location quotient index are employed in order to analysis the inequality and the location of manufacturing industry in Java region.The study found that the Theil index shows an increasing trend implying that the inequality of the manufacturing industry within regencies has increase. While, the inequality between regency shows a decreasing trend over the period of observation implying that the manufacturing industry in Java spreads only in several regencies. The location quotient index shows an increasing trend that reveals the economy of some regencies are more dependent in manufacturing industry and at the same time it shows that several new manufacturing areas has emerged in Java.Keywords: concentration, inequality, manufacturing, Java region
DOES LEGAL TRANSPLANTATION WORK? THE CASE OF INDONESIAN CORPORATE GOVERNANCE REFORMS Harijono Harijono; George Tanewski
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 1 (2012): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (200.181 KB) | DOI: 10.22146/jieb.6255

Abstract

This study examines the impact of corporate governance reforms by analysing the relation between firms’ operating performance and key ownership structure and corporategovernance variables on a sample of firms listed on the Jakarta Stock Exchange between the periods 1993 to 2007. Contrary to widespread belief that reforms in Indonesia havefailed, this paper provides empirical evidence in support of the positive impact of corporate governance reforms. While the impact of family control, the firms’ business group affiliation, divergence between cash flow and control rights and political connection are all negatively associated with firms’ operating performance (ROA) for the pre-reformperiod (i.e., 1993-1999), these negative effects disappear during the post-reform period (i.e., 2001-2007), except for family control. More importantly, the relationship betweenfamily control and operating performance is negative only when the family’s control right exceeds their cash flow right. This study provides some empirical evidence and insights toboth regulators and development assistance agencies on the effectiveness of Indonesian corporate governance reforms.Keywords: corporate governance reform, controlling shareholders, firm performance, Indonesia
THE TRANSFER PROBLEM IN INDONESIA AND POLICY RESPONSES Amri Anjas Asmara
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 1 (2012): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (299.57 KB) | DOI: 10.22146/jieb.6251

Abstract

This paper examines the implications of, and policy responses to the transfer problem phenomenon, which is the interaction between surging capital inflows and real exchange rate. In particular, this paper identifies three episodes of large net private capital inflow to Indonesia during 1995 - 2010. Episodes of large capital inflows are often associated with real exchange rate appreciations. In turn, these conditions could undermine economic competitiveness in terms of price.This paper adopts theoretical framework that leads to test the long-run co-movements of real exchange rates and capital inflows. This long run relationship is modeled on thecointegration framework. The Full-Modified Ordinary Least Square (FMOLS) is used to provide optimal estimates of cointegration regressions, dealing with endogeneity andserial correlation effect in the regressors that result from the existence of the cointegrating relationships.Controlling for relative output levels, degree of openness, and the terms of trade, time series empirical evidence presented evidence supporting the existence of a significanttransfer problem in Indonesia. Moreover, using disaggregated measure of inflows, this paper finds that portfolio investment has the most significant impact on REER appreciationin Indonesia.A comprehensive assessment of various policy responses to the transfer problem leads to two major conclusions. First, the problematic relationship between REER apreciationand capital inflows would be more moderate in which the authorities exercised countercyclical fiscal. It means that greater fiscal restraint would also help ease pressures for real appreciation of the exchange rate. Second, aggressive sterilization could be the first line of defense against REER apreciation during surge of capital inflows.Keywords: Transfer Problem, Real Effective Exchange Rate, Capital Inflows, Cointegration, Full-Modified Ordinary Least Squared (FMOLS)

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