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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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ANALISIS PENGARUH PEMILIHAN METODE AKUNTANSI TERHADAP PEMASUKAN PENAWARAN PERDANA Hartono, Jogiyanto; Ali, Syaiful
Journal of Indonesian Economy and Business Vol 17, No 2 (2002): April
Publisher : Journal of Indonesian Economy and Business

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Abstract

IPO (initial public offerings) has been characterized by a lack of publicly available information. In the offerings process, financial statement disclosures are especially critical to the market price-setting process (Neill et al. 1995). In this paper, we examine the accounting methods choices accompanying the initial public offerings of 100 companies that listed at Jakarta Stock Exchange for 1994-1999 periods. Using regression analysis, the methods choice of the sample firms are examined with regard to the company initial offering proceeds.Accounting choice is viewed as a means by which issuers may affect the proceeds of the initial offering. We hypothetized that the issuers with accounting methods result in larger income and asset values (income-increasing methods), has higher initial proceeds than the issuers using income decreasing methods. The accounting methods that we examined are accounting method for inventory valuation and depreciation methods. Other independent variable, which included in the research model are equity book value and ownership signal.Our result indicate no positive association between the initial proceeds from an offering and the selection of accounting methods that result in larger income and asset values. The result is not consistent with the hypotheses of Neill et.al (1995) study, which indicate a marginally positive association.Keywords: IPO, income-increasing methods, income-decreasing methods.
MICROFINANCE INSTITUTIONS AND ECONOMIC DEVELOPMENT Evidence from Developing Countries Arsyad, Lincolin
Journal of Indonesian Economy and Business Vol 21, No 3 (2006): July
Publisher : Journal of Indonesian Economy and Business

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Abstract

Tulisan ini membahas sifat dan arti penting lembaga keuangan mikro (LKM) dalamJurnal Ekonomi dan Bisnis Indonesia, Vol 21 No.3 Tahun 2006pembangunan ekonomi. Bukti-bukti dari beberapa negara sedang berkembang (NSB) menunjukkanbahwa LKM telah berkembang tidak hanya sebagai lembaga keuangan per se tetapi juga sebagai alatpembangunan (development tools) di dalam mengentaskan kemiskinan. Lebih dari itu, bukti-bukti jugamenunjukkan pula bahwa LKM selain berperan penting sebagai lembaga perantara keuangan(financial intermediaries) yang mampu meningkatkan proses pendalaman sistem keuangan (financialdeepening) juga mempunyai dampak yang positif terhadap peningkatan pendapatan masyarakatmiskin, menciptakan lapangan kerja, dan meningkatkan tabungan masyarakat.Keywords: microfinance institutions; institutionist approach; welfarist approach; microfinance role
RELEVANSI NILAI DIVIDEND YIELD DAN RASIO P/E DENGAN PERTUMBUHAN PERUSAHAAN Saputro, Julianto Agung
Journal of Indonesian Economy and Business Vol 17, No 4 (2002): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

Analysts use valuation model in determining and evaluating share prices. Survey evidence suggests that the dominant valuation model is the price-earnings (P/E) ratio, but that other approaches such as the dividend yield are also important. This study develops and tests a market valuation models whose main prediction is that equity value is a function of earnings, dividends and book value. This study demonstrates that growth firms relevant use P/E ratio approach, and that not growth firms more relevant use dividend yield ratio approach than P/E ratio.Keywords: P/E ratio, dividend yield, market valution model, growth firm
THE ROLE OF GOVERNMENT IN ECONOMIC GROWTH: EVIDENCE FROM ASIA AND PACIFIC COUNTRIES Wahyuni, Heni
Journal of Indonesian Economy and Business Vol 19, No 1 (2004): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

Artikel ini menganalisis peran pemerintah dalam pertumbuhan ekonomi jangka panjangdi sebagian besar negara Asia Pasifik yang mempunyai kesamaan latar belakang ekonomi,periode 1980-2000. Studi yang menggunakan “unbalanced panel method”ini memberikan hasil bahwa koefisien pangsa pengeluaran pemerintah terhadap GDP adalah negatif signifikan dalam mempengaruhi pertumbuhan ekonomi di kawasan ini. Hubungan negatif ini menunjukkan bahwa komponen konsumsi mendominasi pengeluaran anggaranpemerintah. Hasil ini sejalan dengan kenyataan bahwa sebagian besar negara-negara dikawasan ini menemui masalah dalam manajemen pengeluaran pemerintah. Jadipengeluaran yang besar untuk konsumsi bagi kepentingan pemerintah sendiri menutupiefek positif investasi publik.Namun demikian, koefisien penerimaan pajak menunjukkan tanda positif. Hasil yangsignifikan menjelaskan adanya hubungan yang kuat antara penerimaan pajak danpertumbuhan ekonomi di mana meningkatnya penerimaan pajak mendorong pertumbuhan ekonomi jangka panjang. Oleh karena itu, kebijakan pemerintah sebaiknya mendukung akumulasi penerimaan pemerintah yang mempunyai peran potensial dalam mendorong pertumbuhan ekonomi.Selain itu, studi empiris ini juga menunjukkan bahwa di antara variabel yang mempengaruhi pertumbuhan ekonomi, menurut argumen teori pertumbuhan neoklasik,hanya variabel investasi modal yang mempengaruhi pertumbuhan ekonomi untuk negara di kawasan Asia Pasifik dalam analisis.Akhirnya, dalam artikel ini juga direkomendasikan studi lebih jauh yaitu analisis perankebijakan fiskal dalam pertumbuhan ekonomi yang memisahkan antara kebijakan fiskaluntuk kepentingan yang produktif, seperti investasi publik, dan kepentingan yang tidakproduktif, seperti konsumsi rutin.Keywords: economic growth, government expenditure, tax revenue, fiscal policy
ANALISIS KESENJANGAN TABUNGAN-INVESTASI BERDASARKAN RESIDUAL MODEL: STUDI KASUS ASEAN-4 Pasaribu, Syamsul Hidayat
Journal of Indonesian Economy and Business Vol 18, No 1 (2003): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This paper attempts to explain and estimate the two-gap analysis in terms of capitalmobility by residual of econometric models. The research presents the cases of ASEAN-4(Indonesia, Malaysia, Philippines and Thailand). The two-gap analysis is an identity and itcannot be estimated by the econometric method. For the purposes of this research, first the identity is modified in econometric models. Second, then the modified models could beestimated.Estimating identity with econometric model has at least two advantages. (1) Theresidual of econometric model could be interpreted as the variables that are not allowed inthe model. (2) The residual of econometric model is minimized, so the residual model interm of this research could be interpreted as minimum value of the government or privatesaving-investment gap.The results show the models that have been modified in econometric models can capturethe identity of two-gap analysis. The better estimated models to explain the capital mobility of those countries are the private saving-investment gap models, except for Indonesian case. Moreover, the residuals of the private saving-investment gap models can capture the estimated values of the government saving-investment gaps, especially in the cases of Malaysia, Philippines, and Thailand.Keywords: two-gap analysis; saving-investment gap; ordinary least squares; errorcorrection model.
SPEED OF ADJUSTMENT AND TARGET DIVIDEND PAYOUT RATIO IN INDONESIA Tandelilin, Eduardus
Journal of Indonesian Economy and Business Vol 17, No 1 (2002): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

Penelitian ini bertujuan untuk menganalisis kecepatan penyesuaian dan target rasio pembayaran dividen di Indonesia dengan menggunakan model Lintner. Sampel penelitian terdiri dari 975 perusahaan yang terdaftar di Bursa Efek Jakarta (BEJ) yang melakukan pembayaran dividen selama periode 1994 sampai dengan 1999. Penelitian ini menemukan empat hal penting, yaitu: pertama, selama berlangsungnya krisis moneter di Indonesia, jumlah perusahaan yang mengumumkan earning dan membayar dividen mengalami penurunan yang signifikan. Kedua, perusahaan-perusahaan di Indonesia selama periode 1994-1999 cenderung lambat melakukan penyesuaian pembayaran dividen mareka terhadap target dividennya, yaitu sekitar 0,36. Hasil ini menunjukkan kecenderungan yang lebih lambat dibanding hasil penelitian sebelumnya yang dilakukan oleh Sutojo dan Irianto (1990; 1995) selama periode 1986-1993, serta Selvi (1999) selama periode 1991-1996. Ketiga, perusahaan-perusahaan di Indonesia selama periode 1994-1999 membayarkan dividen bagi pemegang sahamnya sebesar 0,53 dari earning yang diperolehnya. Hasil ini lebih rendah dibanding temuan penelitian sebelumnya oleh Sutojo dan Irianto (1990;1995) dan Selvi (1999). Keempat, ada kecenderungan bahwa selama periode 1994-1999 investor di Indonesia lebih berorientasi pada capital gain. Hasil ini konsisten dengan hasil penelitian sebelumnya oleh Sutojo and Irianto (1990, 1995) serta Selvi (1999). Kata Kunci: Kecepatan penyesuaian, Rasio target pembayaran dividen, Model Lintner, Orientasi capital gain.
PERSISTENSI SKEWNESS RETURN POSITIF ANTAR PERIODA RETURN: SAHAM INDIVIDUAL DAN PORTOFOLIO (BURSA EFEK JAKARTA, 2001-2006) Sumiyana, Sumiyana
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

This research investigates stock returns to be consistently positively skewed. Thefrequency of positive skewness is found to be relatively stable over varying time periods.Controversially, in regards to others empirical research, past positively-skewed returns donot predict future positively-skewed returns. This research used daily and weekly data inJSX (Jakarta Stock Exchange). Samples of the data are the firms ever listed in LQ 45indexes for the year of 2001-2006.The positively-skewed returns of individual stocks are relatively rare (small proportion).Furthermore, the positively-skewed returns are likely occured incidentally only.Sequentially, this research conducted to control using 100 portfolios that composed withfive stocks and 20 stocks in each portfolio. Having controlled, this research concludedequivalent results with individual stock before. This research also suggests that pastpositively-skewed returns do not predict future positively-skewed returns. Finally, theskewness of individual stocks and portfolios does not persist across different periods. Thisresearch inffered that investors in JSX face uncertainty.Keywords: skewness persistence, consistently, mean (first-moment), variance (secondmoment), skewness (third-moment), random portfolios, distribution of stock returns, multiperiod case.
PERILAKU BERALIH MEREK KONSUMEN DALAM PEMBELIAN PRODUK OTOMOTIF Purwani, Khusniyah; Dharmmesta, Basu Swastha
Journal of Indonesian Economy and Business Vol 17, No 3 (2002): July
Publisher : Journal of Indonesian Economy and Business

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Abstract

This research examined of consideration set size to switch brands in automotive purchase, called Sambandam-Lord model (1995). The results showe that the replicated research model could be applied to the observed data, but not all eleven hypotheses could be supported as the researchers expected. Six of the eleven hypotheses, have been supported, while the others have not. This condition indicates that automotive brands switching behavior occurred because of the three factors mentioned in the model, i.e. (1) prior experience, (2) product knowledge, and (3) media search, and other factors. The intended factors which have not been revealed were found as a desire to have newly manufactured cars, a desire to try other brands, and boredom of the owned car, need to be considered for further research.Keywords: Brand switching, consideration set size, prior experience, product knowledge, media search, retailer search, and satisfaction.
INTENSIFIKASI PEMUNGUTAN PAJAK MELALUI PERBAIKAN PELAYANAN (Kasus PBB dan BPHTB di Kantor Pelayanan Malang) Ismail, Munawar
Journal of Indonesian Economy and Business Vol 20, No 4 (2005): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

Tax collection intensification through service quality improvement is an efficient way toincrease the role of tax as a main source of government revenue. The objective of this study is to evaluate the service quality of Malang Property-Tax Office delivered to taxpayers in the view of their own perception. The study found that the taxpayers expectation of the service dimensions that consists of tangibles, assurance and accessibility had been met so it has to be continued. Yet, while the taxpayers expectation of the service dimensions that contains reliability and responsiveness was not fullfiled. Therefore, in the future, Malang Property-Tax Office should make more attention on it. Other finding is that there was no dimension of the services that the taxpayers consider it worse.Keywords: property tax, intensification, service quality
HERDING BETWEEN INSTITUTIONAL AND INDIVIDUAL INVESTORS: THE JAPANESE CASE Hanafi, Mamduh M.
Journal of Indonesian Economy and Business Vol 18, No 4 (2003): October
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Abstract

Artikel ini membandingkan perilaku herding antara investor institusional dengan investor individual menggunakan data Jepang. Artikel ini menemukan bahwa investor institusional melakukan herding lebih besar pada saham kecil. Artikel ini juga menemukan bahwa herding oleh investor institusional nampaknya tidak mempunyai efek negatif (destabilizing) dalam jangka pendek. Dalam jangka panjang, artikel ini menemukan pembalikan harga (reversal) untuk saham dimana investor institusional melakukan herding. Artikel ini menemukan bahwa saham yang dilepas investor institusional mempunyai reaksi harga yang negatif, nampaknya tindakan pelepasan tersebut didorong oleh motivasi yang rasional. Artikel ini juga menemukan bahwa perdagangan oleh investor institusional mempunyai pengaruh yang lebih besar terhadap harga; investor institusional nampaknya tidak melakukan perdagangan umpan balik positif (positive feedback trade). Saham yang mempunyai kepemilikan institusi paling stabil mempunyai kinerja yang paling baik.Keywords: herding, Japan, efficient markets.

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