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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 989 Documents
SOCIAL CAPITAL IN NON-BARTER TRANSACTION CHAIN IN PASAR BLANTE KAWANGKOAN, NORTH SULAWESI PROVINCE Kimbal, Rahel Widiawati; Suman, Agus; Ashar, Khusnul; Manzilati, Asfi
Journal of Indonesian Economy and Business Vol 27, No 3 (2012): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

The research aims to find out the forms as well as the function of social capital in the chain of economic activity in Pasar Blante (Blante market), one of the traditional markets in Kawangkoan, North Sulawesi, particularly its non-barter transaction. This research employs phenomenology-qualitative research method by involving triangulation as the method of data gathering. Spradley Model is chosen to analyze data. The results of the research highlight kinds of social capital embodied in non-barter transaction in Pasar Blante which comprises trust, network, norms. These important factors are reflected in transaction chain involving many agents such as (1) the cattle’s owner; (2) maantung; (3) tukang blante; (4) cukong; and (5) the buyers.The contribution of social capital on non-barter transaction among people involving in economic activity are embodied in (1) The transparent transaction resulting in lower informationcost among people taking part in that activity; (2) Free information access which enables them to obtain credible information on getting qualified cattles with highly economical value; (3) Appreciation on someone’s ownership shown in high-sense of belonging and responsibility ontaking care all cattles in Pasar Blante without additional charge; (4) Commitment on contact agreement which minimizes the cancellation on transaction; (5) The transaction needs no written document which legalizes the ownership of the buyer; (6) The availability of cattle’s food which in turn reduces the cattle’s food consumption cost; (7) Fast access on marketing which is supported by all parties involving in the transaction as well as all elements of society. Moreover, this research elucidates that non-barter transaction also support other transactions such as barter transaction and trade-in transaction. Finally, this non-barter transaction proves to be contributive to increase the local revenues and generates the economic activity in the area.Keywords: social capital, traditional market, transaction, chain, non-barter.
GLOBAL DETERMINANTS OF ENTRY MODE CHOICE Tulung, Joy Elly
Journal of Indonesian Economy and Business Vol 25, No 2 (2010): May
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Abstract

Since several decades, a lot of academic attention has been given to entry mode decisions of firms, and which factors, in which contexts, are important determinants to take into consideration. Especially interesting for researchers is what influences the choice for a certain entry mode. A general limitation of this research stream seems to be that theempirical testing is limited to firms of a particular part of the world. This paper has developed six propositions. These propositions all concern a certain variable whichinfluences the entry mode choice. The variables have been justified in the transaction cost theory, the resource based. Following the theories, the relationship between assetspecificity, R&D intensity, firm size and international experience is said to be positive with the entry mode choice, and cultural distance and country risk are negatively related. Most propositions have been confirmed. view and institutional theory. These variables are asset specificity, R&D intensity, firm size, cultural distance, country risk and internationalexperience.Keywords: Entry mode theory, transaction cost theory, resource based view, institutional theory
THE IMPORTANCE OF PRECAUTIONARY SAVING MOTIVE AMONG INDONESIAN HOUSEHOLDS Abdul Jalil, Ahmad Zafarullah
Journal of Indonesian Economy and Business Vol 24, No 2 (2009): May
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Abstract

In the developing world, the population is frequently faced with numerous natural, economic, institutional and market risks. Because of these uncertainties, many individualsand households experience difficult periods of unexpected reduction in income. Using panel data from the Indonesian Family Life Survey (IFLS), this paper tests the existence ofprecautionary saving associated with income risk in Indonesia. The results of the estimation show that the uncertainty variable is not significantly related to the growth of consumption which signifies that Indonesian households do not constitute precautionary saving to smooth their consumption. The finding may be explained by the fact thatIndonesian households have in their possession other type of support mechanisms based particularly on inter-generational and -communal solidarity.Keywords: uncertainty, income risks, precautionary savings, consumption smoothing.
SPATIAL SMALL AREA ESTIMATION FOR DETERMINATION OF UNDERDEVELOPED VILLAGES IN THE PROVINCE OF YOGYAKARTA (DIY) IN 2011 Husna, Lilis Nurul; Sarpono, Sarpono
Journal of Indonesian Economy and Business Vol 28, No 1 (2013): January
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Abstract

Indonesias poverty alleviation programs are implemented by two approaches target, those are the pockets (areas) of poverty and the poor households. Related with povertyalleviation programs targeting poor areas, in the Medium Term Development Plan (RPJM) 2010-2014, the government through the Development Backward Areas Ministry(KPDT) has determined the backward or underdeveloped regions at the level of district/city. There is no district/city in the province of Yogyakarta (DIY) are classified asunderdeveloped region, but in 2011 the poverty rate in DIY is the highest compared with other provinces in Java and Bali. Therefore, the classifications of underdeveloped areasare not optimal if applicable only within the district, but it needs to be seen in the smaller scope, such as village. The main purpose of this study is to determine the underdeveloped villages in DIY in 2011. The average per capita household expenditure is a key indicator in measuring poverty. Susenas data can only be used to estimate the average per capita household expenditure to the level of district. Therefore, to obtain the estimated value invillage level, this study used Small Area Estimation approach by combining census data (Podes 2011) and survey data (Susenas 2011). This study used Geographically WeightedRegression (GWR) with Adaptive Gaussian Kernel Bandwidth weighting function. GWR is a linear regression model that produces the local parameters in all locations. GWRparameters estimated are performed by Weighted Least Squares (WLS) method which involving spatial aspects. The results found that there were 13 underdeveloped villages inDIY. Furthermore, the Local Indicator of Spatial Association (LISA) is used to look at the tendency of cluster in underdeveloped villages. Then, maps are used to compare characteristic of underdeveloped villages among others.Keywords: poverty, underdeveloped areas, spatial, SAE, GWR
MARKET RETURN, VOLATILITY AND TRADING VOLUME DYNAMICS AFTER ECONOMIC CRISIS Djohanputro, Bramantyo
Journal of Indonesian Economy and Business Vol 26, No 3 (2011): September
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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
THE EFFECTS OF CHANGES IN MINIMUM WAGE ON EMPLOYMENT IN THE COVERED AND UNCOVERED SECTORS IN INDONESIA Pratomo, Devanto Shasta
Journal of Indonesian Economy and Business Vol 25, No 3 (2010): September
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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
INTENSI KEWIRAUSAHAAN MAHASISWA: STUDI PERBANDINGAN ANTARA INDONESIA, JEPANG DAN NORWEGIA Indarti, Nurul; Rostiani, Rokhima
Journal of Indonesian Economy and Business Vol 23, No 4 (2008): October
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Abstract

Survey towards 332 students from three different universities in three different countries (Indonesia, Japan and Norway) shows that entrepreneurial intentions among the students and the influencing factors differs across countries. The main objective is to compare the impact of different economic and cultural contexts. Results reveals that selfefficacy influence entrepreneurial intention among Indonesian and Norwegian students.Instrumental readiness and working experience become key factors that influence entrepreneurial intention among Norwegian students. Educational background becomes akey factor that influence entrepreneurial intention among Indonesian students, in the opposite direction. Need for achievement, age and gender have no statistically significant impact. However, they only explain 28.2 percent, 14.2 percent, and 24.8 percent (R2) of the total variance of the entrepreneurial intention for Indonesia, Japan and Norway respectively. This study is expected to be inputs for universities, government institutions, and policy makers so that can stimulate and encourage entrepreneurship spirit.Keywords: entrepreneur intention, needs for achievement, self efficacy, instrumental readiness
ASYMMETRIC INFORMATION IN THE IPO UNDERWRITING PROCESS ON THE INDONESIA STOCK EXCHANGE: PRICING, INITIAL ALLOCATION, UNDERPRICING, AND PRICE STABILIZATION Utamaningsih, Arni; Tandelilin, Eduardus; Husnan, Suad; Sartono, R. Agus
Journal of Indonesian Economy and Business Vol 28, No 3 (2013): September
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Abstract

This study examines the IPO trading based on asymmetric information among heterogeneousinvestors. An underwriter plays an active role in the process of the IPO where underpricing is acentral issue. The underwriter(s) manages the IPO trading by determining the offered pricerange and a discriminatory treatment between institutional and individual investors. Theunderwriter prioritizes institutional investors, especially when they show strong buying interestsat the time of book building. The results prove that underpricing is higher when the IPO pricingis closer to the upper limit of the price range. We find that underpricing is higher when the allocationof shares to institutional investors is larger.Keywords: asymmetric information, underpricing, IPO allocation, IPO pricing, price stabilization,excess return
THE IMPACT OF WORLD OIL PRICES TO INDONESIA’S MACROECONOMY: Crisis and After Crisis Sasmitasiwi, Banoon; Cahyadin, Malik
Journal of Indonesian Economy and Business Vol 23, No 2 (2008): April
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Abstract

Penelitian ini bertujuan untuk menganalisis dampak kenaikan harga minyak dunia terhadap kinerja makroekonomi Indonesia. Kinerja makroekonomi Indonesia diindikasikan oleh Gross Domestic Product (GDP) riil, inflasi, tingkat suku bunga, dan defisit anggaran pemerintah. Tingkat inflasi dicerminkan oleh Indeks Harga Konsumen (IHK). Data yang digunakan dalam kajian empiris ini adalah data sekunder runtut waktu kuartalan dari tahun 1997.I sampai 2006.III atau 39 pengamatan yang diperoleh dari berbagai penerbitan. Alat analisis yang digunakan adalah model Structural Vector Autoregression (SVAR) dengan penekanan pada analisis impulse response.Hasil estimasi model Structural Vector Autoregression (SVAR) yang ditunjukkan oleh analisis impulse response. Impulse Response Function (IRF) memberi informasi bahwa dengan asumsi Indonesia merupakan negara pengimpor minyak (net importer country) diperoleh hasil bahwa GDP riil memberikan respon negatif terhadap shock kenaikan harga minyak. Inflasi, tingkat suku bunga, dan defisit anggaran pemerintah memberikan respon positif terhadap shock kenaikan harga minyak, dan juga memberikan respon negatif terhadap shock makroekonomi. Dalam studi ini, shock makroekonomiadalah shock terhadap GDP.Kata Kunci: shock harga minyak , kinerja makroekonomi Indonesia, model SVAR, impulse response
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
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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

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