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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 989 Documents
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TOWARD OPTIMUM SYNERGY OF MONETARY POLICY IN DUAL FINANCIAL/BANKING SYSTEM Ascarya, Ascarya
Journal of Indonesian Economy and Business Vol 24, No 1 (2009): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

In a country adopting dual financial/banking system, where a conventional financial system coexists with an Islamic financial system, monetary authority has the responsibility to maintain financial/monetary stability and synergy of both systems. This study analyses and compares one of the main pillars of conventional monetary system and Islamic monetary system (i.e., interest system vs. profit-and-loss sharing/PLS system) and try to come up with the possible conduct of optimum monetary policy under dual financial/banking system. The results show that PLS system is superior to interest system in fairness, justice, efficiency, and stability. Therefore, the optimum synergy in the dual financial/banking system can be achieved when monetary policy in conventional systembenchmarks its policy rate to the PLS market return in Islamic financial market of Islamic system, which will ensure optimum market efficiency that maximize distributive social welfare and justice. Monetary policy in managing money supply is only a response to thedynamic activity in the real sector. While, active monetary policy can be conducted, not by altering M, but by altering V, i.e. to increase the flow of money in the economy by issuing central bank SUKUK with PLS market return to finance government projects, commercially as well as socially, in the real sector.Keywords: Islamic Monetary System, Islamic Financial System, Dual Banking Financial System
INFRASTRUCTURE IMPROVEMENT AND ITS IMPACTS ON THE INDONESIAN ECONOMIC PERFORMANCE Irawan, Tony; Hartono, Djoni; Irawan, Ferry; Yusuf, Arief Anshory
Journal of Indonesian Economy and Business Vol 27, No 3 (2012): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

Indonesian government shows their big commitment on the improvement of infrastructure which is reflected in some regulations and policies made. It is supported by many empirical evidences that show the importance of infrastructure improvement on the economic performance. This paper developed a Computable General Equilibrium (CGE)model to analyze the impacts of infrastructure on the Indonesian economy by introducing several types of infrastructure and discussing the impacts of it on the poverty level. The results suggest that improvement on any types of infrastructure is expected to increase the economic growth, raise the government revenue, raise the factors’ income and reduce the poverty level. Improvement on the public work of agriculture, land transportation and telecommunication are still being preferable options comparing to others. Interestingly, even though the public work of agriculture is usually located in rural areas, the model suggests that the improvement on this sector will result higher impact on the urban household rather than to the rural household.Keywords: infrastructure, CGE, policy, poverty.
DO ACCOUNTING STANDARDS EXPLAIN DIFFERENCES IN EARNINGS-PRICE RATIOS OF JAPANESE AND U.S. FIRMS? Kusuma, Indra Wijaya
Journal of Indonesian Economy and Business Vol 20, No 1 (2005): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study examines the variation in earnings-price ratios across Japanese and U.S.firms. Previous literature documents that Japanese firms have consistently lower earnings-price ratios than U.S. firms. The differences in earnings-price ratios have been primarilyattributed to differences in Japanese and U.S. accounting standards. However, Aron(1991)and French and Poterba (1991) provided a conflicting evidence on the argument ofaccounting standards that are the only cause of the differences in earnings-price ratios Theobjective of this study is to examine the issue that Japanese firms lower earnings priceratios is attributable to the differences in the accounting standards..The results show that adjusting Japanese earnings does not entirely eliminate thedifferences in the earnings-price ratios between Japanese and U.S. firms. On the average,the accounting standard differences account for 52 percent of the differences in theaverage earnings-price ratios of Japanese and U.S. firms.Controlling for differences in accounting standards does not eliminate the differences inthe earnings-price ratios of the Japanese and U.S. firms. It is appropriate to conclude thatalthough differences in accounting standards occur between Japanese and U.S. firms, it isnot the only factor that contributes to the differences in the earnings-price ratios ofJapanese and U.S. firmsKeywords: Earnings price ratio, Japanese earnings adjustment, U.S. firms, Japanese firms.
THE RELATIONSHIP BETWEEN PRODUCT DIVERSITY AND THE PERFORMANCE OF CREDIT UNIONS AND BADAN USAHA KREDIT PEDESAAN IN YOGYAKARTA SPECIAL PROVINCE Kusuma, Stephanus Eri; Jaya, Wihana Kirana
Journal of Indonesian Economy and Business Vol 30, No 1 (2015): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study analyzes the relationship between product diversity and the performance of microfinance institutions (MFIs), especially Credit Unions (CUs) and Badan Usaha Kredit Pedesaan (BUKPs) in Yogyakarta. It employs a binary logistic regression method in its analysis and utilizes annual pooled cross section data from 16 CUs and 34 BUKPs in Yogyakarta from 2011. The result indicated that there was a direct negative relationship between the levels of saving–loan product diversity and the scale of outreach and also between the levels of saving–loan product diversity and depth of outreach. It also suggested an indirect negative relationship between the levels of saving–loan product diversity and staff productivity and also between the levels of saving–loan product diversity and self-sufficiency.Keywords: product diversity, performance, microfinance institutions, CUs, BUKPs
THE EFFECT OF MULTIPLE MEASURES-BASED PERFORMANCE EVALUATION ON MANAGERS’ PERFORMANCE: THE ROLE OF PROCEDURAL FAIRNESS Na’im, Ainun; Sholihin, Mahfud
Journal of Indonesian Economy and Business Vol 19, No 2 (2004): April
Publisher : Journal of Indonesian Economy and Business

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Abstract

Penelitian ini menguji apakah pengevaluasian kinerja manajer yang didasarkan padakombinasi aspek finansial dan nonfinansial (multiple measures-based performanceevaluation) mempengaruhi kinerja manajer; dan jika berpengaruh, apakah pengaruhtersebut dimediasi oleh variabel keadilan prosedural (procedural fairness). Studi inimempunyai hipotesis bahwa multiple measures-based performance evaluation mempunyai pengaruh tidak langsung terhadap kinerja manajer melalui variabel keadilan prosedural.Hipotesis diuji dengan teknik analisis jalur (path analysis) dengan pendekatan regresi.Data yang dianalisis diperoleh dari 70 manajer yang bekerja di perusahaan manufakturyang terdaftar di Bursa Efek Jakarta. Hasil analisis menunjukkan bahwa pengaruhmultiple measures-based performance evaluation terhadap kinerja manajer sebagiandimediasi oleh keadilan prosedural. Hal ini berarti bahwa selain ada pengaruh tidaklangsung yang dimediasi oleh keadilan prosedural, multiple measures-based performanceevaluation juga mempunyai pengaruh langsung terhadap kinerja manajer.Keywords: Managerial performance; multiple performance measures; performanceevaluation; procedural fairness
TOTAL AND INDIVIDUAL EFFECTS OF AN AGENCY-COST EXPLANATION FOR DIVIDEND PAYMENTS Ratnaningsih, Dewi; Hartono, Jogiyanto
Journal of Indonesian Economy and Business Vol 18, No 1 (2003): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

Penelitian ini menjelaskan dividend puzzle menggunakan teori biaya keagenan yangdiusulkan oleh Easterbrook (1984). Dia menghipotesiskan bahwa pemegang saham yangmenaikkan pembayaran dividen dan secara ‘simultan’ meningkatkan utang untukmembiayai investasinya lebih sejahtera dibandingkan dengan pemegang saham lainnyayang hanya meningkatkan pembayaran dividennya saja. Dia menyediakan mekanismebahwa pemegang saham menggunakan pembayaran dividen untuk memaksa manajer kepasar modal untuk menggalang dana. Argumen Easterbrook dibangun berdasarkan padabiaya pemonitoran keagenan. Biaya ini merupakan biaya yang signifikan dan pemegangsaham tidak dapat mendapatkan hasil sepenuhnya dari biaya pemonitoran yangdikeluarkan. Mereka hanya menerima manfaat sebesar proporsi kepemilikannya saja,karena beberapa manfaat akibat dari biaya pemonitoran ini akan juga diterima olehprisipal lain seperti pemegang obligasi. Suatu mekanisme untuk meningkatkankesejahteraan pemegang saham dilakukan untuk memaksa pemegang obligasi membagibeban biaya pemonitoran. Dengan demikian pemegang saham yang mampu memaksamanajernya mencari tambahan dana di pasar modal akan mendapatkan insentifmengurangi biaya pemonitoran keagenan.Kesejahteraan pemegang saham dipengaruhi oleh dua kebijakan yaitu, kebijakandividen (meningkatkan pembayaran dividen) dan kebijakan pendanaan (meningkatkanutang) secara ‘simultan’. Penelitian ini mencoba menginvestigasi kebijakan mana yangmempengaruhi yang lainnya. Penelitian ini selain meneliti efek keseluruhan dari keduakebijakan secara ‘simultan,’ juga meneliti efek individual dari masing-masing kebijakanterhadap kesejahteraan pemegang saham.Penelitian ini menemukan hasil mendukung hipotesis dari Easterbrook yaitu,perusahaan-perusahaan yang meningkatkan pembayaran dividen tunainya dan sekaligusmeningkatkan utang-utangnya benar-benar meningkatkan kesejahteraan pemegang saham.Meningkatkan pembayaran dividen akan menurunkan kesejahteraan pemegang saham,tetapi meningkatkan utang setelahnya akan meningkatkan kesejahteraan pemegang saham dengan efek total bersih berpengaruh positif terhadap kesejahteraan pemegang saham.Keywords: agency monitoring cost, dividend mechanism, dividend policy, financing policy,total effect, individual effect, shareholders’ wealth, investment opportunity set.
MONETARY AND FISCAL POLICY ANALYSIS: WHICH IS MORE EFFECTIVE? Yunanto, Muhamad; Medyawati, Henny
Journal of Indonesian Economy and Business Vol 29, No 3 (2014): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

Fiscal policy is an adjustment in the income and expenditure of government as stipulated inthe state budget in order to achieve better economic stability and pace of development. Themain objective of this study was to measure and analyze Fiscal and Monetary Policy of theGross Domestic Product (GDP). Fiscal Policy Multiplier (FPM) and Monetary PolicyMultiplier (MPM) are used to answer the debate where more effective between fiscal policy andmonetary policy. Short-term models derived through error correction model (ECM), which alsoforms the derivative equation. A system of simultaneous equations two stage least squares(TSLS), is used to describe the sensitivity analysis (response) of shocks to the policy change ofimportant macroeconomic indicators. The results showed that during the study period,Indonesias monetary policy more effective than fiscal policy.Keywords: monetary policy, fiscal policy, Mundell-Flemming Model
AN INVESTIGATION OF PRICE MOVEMENTS DURING THE ANNOUNCEMENT OF ACQUISITION NEWS: THE CASE OF JAKARTA STOCK EXCHANGE Hanafi, Mamduh M.
Journal of Indonesian Economy and Business Vol 17, No 4 (2002): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

Paper ini ingin melihat siapa yang berada di balik pergerekan harga selama periode pengumuman merjer dan akuisisi di Bursa Efek Jakarta. Data menunjukkan bahwa harga meningkat cukup tajam selama periode pengumuman. Penelitian ingin membandingkan apakah investor asing atau domestik yang mendorong pergerakan harga tersebut. Disamping itu, penelitian ini ingin melihat apakah pergerekan harga terkonsentrasi pada volume perdagangan (trade size) yang kecil atau tidak dan apakah terkonsentrasi pada investor domestik yang menggunakan volume perdagangan yang kecil. Hasil analisis memperlihatkan bukti yang cukup kuat yang menunjukkan bahwa investor domestik mendorong pergerakan harga tersebut. Untuk hipotesis kedua dan ketiga, tidak ditemukan bukti yang cukup kuat. Pergerakan harga oleh investor domestik tersebut menunjukkan superioritas informasi yang dimiliki oleh investor domestik, yang berarti ada asimetri informasi di Bursa Efek Jakarta.Keywords: Price movement, trading size, acquisition announcement.
HOW DO MICROFINANCE INSTITUTIONS COPE WITH RISK AND UNCERTAINTY? A Literature Survey Arsyad, Lincolin
Journal of Indonesian Economy and Business Vol 21, No 1 (2006): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

Salah satu karakteristik penting dari pasar kredit mikro di negara sedang berkembang (NSB)adalah tingginya derajat ketidaksempurnaan informasi yang pada gilirannya menyebabkantingginya derajat risiko dan ketidakpastian. Tulisan ini mengungkapkan bahwa lembaga keuanganmikro di NSB telah menerapkan praktik-praktik pengelolaan yang unik dan beraneka ragam yangberbasiskan pada institusi-institusi informal seperti norma dan sanksi sosial dalam upayanyauntuk memecahkan masalah risiko dalam memberikan kredit pada pasar kredit mikro. Praktikpraktikpengelolaan tersebut — yang berakarkan pada institusi informal yang ada — telah berhasilmengurangi risiko kredit yang dicerminkan oleh kemampuan dari praktik pengelolaan tersebutdalam menurunkan kredit macet, khususnya dalam sebuah masyarakat yang homogen dengan nilaitransaksi ekonomi yang relatif kecil. Namun demikian, ketika suatu masyarakat berkembangmenjadi relatif heterogen dan transaksi ekonominya semakin besar, efektivitas institusi informaltersebut menurun. Dalam kondisi seperti ini, kehadiran institusi formal menjadi suatu keharusan.Key words: microfinance institutions, risk, uncertainty, and informal institutions
PENGARUH PERILAKU RESIKO, KEPEMILIKAN INSTITUSI DAN KINERJA TERHADAP KEBANGKRUTAN BANK UMUM DI INDONESIA Swandari, Fifi
Journal of Indonesian Economy and Business Vol 17, No 4 (2002): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

This paper investigates the impact of risk taking behavior, institution ownership and performance on bank failure. I predict that risk-taking behavior has positive impact on bank failure, institution ownership and performance have negative impact on bank failure. Result shows that risk taking behavior and institution ownership give little support to hypothesis. Performance has result as predicted. The result suggests that the impact of risk taking behavior and institution ownership needs further investigation.Keyword: risk taking, institutional ownership, performance, bank failure

Page 16 of 99 | Total Record : 989

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