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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
IMPLEMENTATION OF TECHNOLOGY AND MANAGEMENT INITIATIVES TO ELIMINATE COMPETITIVE PRIORITIES TRADE-OFFS Priono, Anjar; Radhi, Fahmi
Journal of Indonesian Economy and Business Vol 20, No 4 (2005): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

Penelitian ini mengidentifikasi apakah implementasi teknologi dan praktek manajemenberperan dalam meminimalkan trade-off diantara competitive priorities. Pengujiandilakukan dengan menggunakan paradigma matrik produk-proses (Hayes dan Wheelwright 1979) yang mensyaratkan adanya kesesuaian antara struktur produk dan struktur proses produksi. Variabel yang digunakan untuk meminimalkan trade-off adalah teknologi pemrosesan, teknologi pendesainan produk, program kualitas dan JIT. Competitive priorities dibentuk dengan analisis faktor (factor analysis) sedangkan untuk menyusun kategori process choice diterapkan non-hierarchical clustering.Hasil analisa menunjukkan process choice berkaitan erat dengan competitive prioritiesyang diterapkan dalam persaingan, kecuali untuk competitive priorities pengiriman. Halini mengindikasikan bahwa perusahaan manufaktur belum mempertimbangkan pengiriman sebagai variabel yang penting untuk memberikan keunggulan kompetitif. Sebagian besar plant yang dijadikan sampel juga masih mengikuti paradigma matrik produk-proses dengan memposisikan dirinya berada pada diagonal matrik. Namun demikian, terdapat beberapa plant yang memposisikan diri berada di luar diagonal matrik untuk memperjelas posisinya dengan pesaing. Plant pada kelompok ini berhasil menghilangkan beberapa trade-off dengan menerapkan teknologi dan praktek manajemen meskipun masih terdapat dua trade-off yang belum berhasil untuk dihilangkan, yaitu biaya-kustomisasi dan biaya-kualitas.Keywords: competitive priorities, process choice, processing and designing technology,JIT, quality program.
ADAKAH PENGARUH PERNYATAAN PRESIDEN GUS DUR TERHADAP PERILAKU KURS RP/US$, 1 JANUARI 1999 – 30 APRIL 2002?: STUDI EMPIRIS DENGAN METODE BOX JENKINS (ARIMA) Kuncoro, Mudrajad; Inayah, Hikmah
Journal of Indonesian Economy and Business Vol 18, No 4 (2003): October
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Abstract

This study attempts to analysis Rupiah/US$ exchange rate using ARIMA (Autoregressive Integrated Moving Average) method. It explores to what extent impacts of political variable, in term of the (former) President Abdurrachman Wachid’s (Gusdur) statement, on the exchange rate fluctuation. Two main sources of data were used: first, daily exchange rates of Rp/US$ over the period of Januari 1st, 1999 to April 30th , 2002; second, media reports on Gus Dur’s statement which comed up every Friday. The empirical results found that yesterday’s exchange rates and trend influenced the current exchange rates significantly, as shown by AR (1) and trend variable. More importantly, depreciation of Rupiah was caused by political (news) variable, especially Gus Dur’s statement. The last indicates the evidence of Friday effect in the case of Rp/US$ during Gus Dur regime.Keywords: ARIMA Method; Autoregressive; Moving Average; News (Gus Dur’s statement); Trend
PERKEMBANGAN EKONOMI DAN PERBANKAN PROPINSI JAWA TENGAH TAHUN 2004 Arief, Amril
Journal of Indonesian Economy and Business Vol 20, No 2 (2005): April
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Abstract

Central Java’s economy in 2004 has a higher economic growth and inflation than 2003.Economic growth on supply side was influenced by three economic sectors (trade, hotel &restaurant, manufacturing industry, and services). On demand side, economic growth wasinfluenced by private consumption, government consumption, and export. The priordeterminance of inflation in 2004 is come from supply side: volatile foods and clothes (cost push inflation). On demand side, inflation was influenced by communication and financial services. Banking sector (commercial bank and rural bank) has a good performance in 2004. All of banking performance indicators were increased, i.e. total asset, total deposit, credit, and loan to deposits ratio. Meanwhile, ratio of non performing loans was declined.Central Java’s export in 2002-2004 has increased significantly that be dominated byfour prime industries (textile, furniture, wearing apparel, and products of wood). Thecontribution of four industries is 76,04% of total export. Businessmen and exporters havebeen understood that high level competitiveness of the export commodities is majorprecondition to compete in international market. This awareness makes optimism spirit ofbusinessmen to increase Central Java’s export performance.Outlook of Central Java’s economy in 2005 is predicted will have a higher economicgrowth with higher inflation than 2004. Two dominant economic sectors (manufacturingindustry sector and trade, hotel & restaurant sector) will lead its growth on supply side.Private consumption, investment, and export will be a prime mover of growth on demandside. The administered price, especially increasing of oil (BBM) price, will be a priordeterminance of inflation in 2005. Outlook of banking sector, especially on credit, also hasa good prospect. This is based on increasing trends of real sector and household needs,stability of social and political condition, and infrastructure projects of central governmentthat will be supported by banking sector. Outlook of Central Java’s export in 2005 isdepend on performance of export commodities of four industries above. To realize it,regional government of Central Java must create an export development program focusing on product quality improvement. Meanwhile, the linked institutions (public and private institutions) on export development must cooperate on implementing and sustainable program to realize an effective synergism.
GREASE OR SAND THE WHEEL? THE EFFECT OF INDIVIDUAL BRIBES ON THE DRIVERS OF AGGREGATE PRODUCTIVITY GROWTH Hanoteau, Julien; Vial, Virginie
Journal of Indonesian Economy and Business Vol 29, No 1 (2014): January
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Abstract

The Asian paradox suggests a net grease-the-wheel effect of corruption. Under the assump-tion of diminishing returns to bribes, going beyond the single-representative-firm assumption,we argue that the grease and sand-the-wheel effects are likely to co-exist among a large numberof firms, and that the industrial effect of corruption depends on the productivity drivers that fuelfirm’s dynamics. We decompose Indonesian manufacturing labor productivity growth whilecontrasting and comparing the contributions of no-, low- and high-bribing firms over the period1975-94. We confirm the coexistence of grease and sand-the-wheel effects. Industrial produc-tivity gains stem first from the net entry of non-corrupted firms, evidencing a sand-the-wheeleffect. Market share reallocation from low to high productivity growth incumbents paying lowbribes is the second source of productivity growth, pointing at a grease-the-wheel effect. Intra-plant productivity growth is overall negative and largely attributable to high-corruption plants,suggesting a sand-the-wheel effect.Keywords: corruption, bribery, productivity
THE AGRARIAN DISPUTE AND SOCIAL BASIS OF COLONIAL PLANTATION IN JAVANESE PRINCIPALITY: VIEWS FROM JAVANESE SOURCES Margana, Sri
Journal of Indonesian Economy and Business Vol 18, No 2 (2003): April
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Abstract

Masuknya sistem perkebunan kolonial pada akhir abad 19 di Indonesia menimbulkan berbagai perlawanan/konflik dari rakyat. Secara struktural konflik terjadi antara rakyat lemah dan elit desa di satu sisi, dengan perkebunan kolonial dan birokrasi di sisi yang lain.Namun menarik untuk dicermati apakah konflik tersebut hanya disebabkan sistemkapitalistik dan hegemoni bangsa Eropa terhadap Asia ataukah ada faktor lainnya. Tulisan ini menggambarkan proses dominasi perkebunan kolonial dengan latar belakang penentangan kolektif, berdasar struktur konflik di dalam perkebunan kolonial, kerajaan Jawa, dan rakyat desa. Penelitian ini juga menjawab pertanyaan mengapa suatu wilayah dengan tipologi ekonomi kolonial yang sama menghasilkan tingkat penolakan/perlawanan yang berbeda. Studi kasus yang diteliti adalah perusahaan gula Sewu Galur dan perusahaan nila Sumbernila di wilayah Pakualam pada akhir abad 19, dengan aktor-aktor perlawanan rakyat beserta persepsi hidup mereka. Konflik terjadi tidak hanya secara kolektif, melainkan secara individual yang dilatarbelakangi ketimpangan dan persaingan ekonomi. Konflik di perkebunan kolonial disebabkan adanya struktur lingkungan ganda (hybrydal environment) antara sistem agraria lama dan sistem kapitalisme perkebunan kolonial, selain juga karena struktur politik penjajahan.Kata kunci: sistem perkebunan kolonial, sistem apanage, Peraturan Bekel, perlawanan rakyat.
MONDAY EFFECT: PENALARANAN LOGIS SEBAGAI AKIBAT DARI PENGARUH PSIKOLOGIS, PENGARUH PERIODE NONPERDAGANGAN, ATAU PENGARUH KOMBINASIAN KEDUANYA (Studi Empiris Berbasis Data Intraday, Bursa Efek Jakarta 1999-2005) sumiyana, sumiyana
Journal of Indonesian Economy and Business Vol 22, No 2 (2007): April
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This research tested Monday effect over day of the week. Especially, this researchinvestigated the existance or not of excessively negative intraday return on Monday which are notidentical in comparison with the same periods in others day. Having identified the existance ofMonday effect, this research continued to investigate the intraday returns on Monday trading andnontrading periods in comparison with intraday return in others day. This study used meancomparison F-test. This research resulted that nontrading weekend effect and psychological effectwere not fully supported, or the both effects were partially and incidentally only. Finally, thisresearch evidenced that Monday effect influenced by combination of nontrading weekend effectand psychological effect.Keywords: monday effect, intraday data, trading periods, nontrading periods, nontrading weekend effect, psychological effect
QUO VADIS PENGAJARAN ILMU EKONOMI? Santoso, Bagus
Journal of Indonesian Economy and Business Vol 17, No 2 (2002): April
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This paper examines the teaching curriculum at the Faculty of Economics Gadjah Mada University and its future development. Better quality of teaching materials on quantitative as well as qualitative methods should be the final goal. Recently there were “talks” among faculty members to change the name of the faculty of economics to became Faculty of Economics and Business. This paper argues against the idea.Keywords: Neoclassical and Keynesian Economics, Economics Teaching.
ANALISIS DAMPAK STRUKTUR KEPEMILIKAN PADA KEBIJAKAN HUTANG DALAM MENGONTROL KONFLIK KEAGENAN Masdupi, Erni
Journal of Indonesian Economy and Business Vol 20, No 1 (2005): January
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This study examines the impact of ownership structure and some control variables on corporate debt policy (debt ratio) in an agency theory context. Control variables are dividend payment, firm size, asset structure, firm profitability and tax rate. This study is based on the previous study by Moh’d et al., (1998), which found that ownership structure of the firms’s equity (insider ownership, shareholder dispersion and institutional investor) is important in explaining corporate debt policy in a agency theory context.This study is focused on all firm listed on Jakarta Stock Exchange, except financial and insurance firms from 1992 to 1996. The method of analysis is using pooling. The method of data collection is purposive sampling. There are 100 firms year observation.The result of the study shows that insider ownership and institutional investor to be significant and negative determinant of the corporate debt policy (debt ratio). It also indicates that shareholder dispersion is insignificant determinant of debt ratio.Keywords: Debt Ratio, Ownership Structure, Agency Theory, Insider Ownership, Shareholder Dispersion and Institutional Investor.
THE EXPLANATORY POWER OF MOVING AVERAGE BETA IN THE JANUARY EFFECT Ulansari, Krismiati Mukti
Journal of Indonesian Economy and Business Vol 17, No 4 (2002): October
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Abstract

Beta sebagai pengukur resiko sistematik saham masih menjadi perdebatan hingga saat ini. Beta pasar didasarkan pada asumsi bahwa pasar adalah ‘frictionless’. Asumsi ini tidak relevan dengan kondisi nyata sehingga nilai beta pasar yang dihasilkan akan bias.Penelitian ini dimaksudkan untuk menguji keunggulan beta moving average (MA) dengan cara menerapkannya di salah satu anomali pasar, yaitu January Effect. Dengan memasukkan unsur ‘friction’ yang ada di pasar ke dalam perhitungan beta, diharapkan beta moving average bisa menjadi pengukur resiko sistematik yang lebih baik.Hasil studi menunjukkan bahwa ketika diterapkan di January Effect, beta moving average lebih unggul (powerful) daripada beta model pasar karena beta moving average mempunyai nilai adjusted R Square yang signifikan, sedangkan beta model pasar tidak memiliki adjusted R Square yang signifikan. Tetapi studi ini tidak bisa menyimpulkan bahwa beta moving average lebih unggul (powerful) daripada beta model koreksi kesalahan karena nilai adjusted R Square dari beta model koreksi kesalahan negatif. Hasil ini sekaligus menunjukkan bahwa January Effect disebabkan oleh friction yang ada di pasar.Keywords: moving average beta, error correction model beta, market model beta, market frictions, January Effect.
PERUBAHAN TINGKAT SUKU BUNGA DAN KINERJA PASAR MODAL INDONESIA: ANALISIS PADA TINGKAT PASAR DAN TINGKAT INDUSTRI Lantara, I Wayan Nuka
Journal of Indonesian Economy and Business Vol 19, No 2 (2004): April
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The objective of this paper is to test empirically the performance of Indonesian capitalmarket following the interest rate change. This study also tests the relationship between the interest rate changes and the subsequence performance in various industries, which are financial and manufacture sector. We used market level analysis as well as industry level analysis.We examine the 1996-2001 period. The sample consists of 64 interest rate change, 34increase and 30 decrease. We used one market index and two industry index, which areIndonesian Capital Market Composite Index, Financial Sector Index and ManufactureSector Index.In order to examine the market and industry performance following interest ratechange, we test the mean-adjusted return (MAR) and cumulative mean-adjusted return(CMAR) during 21 event windows with t-test statistics. The results indicate that market and industrial performance react negatively to the increase of interest rate, while reactpositively to the decrease of interest rate. Besides, there is also an indication that financialsector performance tends to be more sensitive than manufacture sector performance.Keywords: Interest rate change, market performance, financial and manufactureperformance, market-level analysis, industry-level analysis.

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