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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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UJI HIPOTESIS “JALAN-ACAK” DALAM FUNGSI KONSUMSI DI INDONESIA Ismail, Munawar; Kalirge, David; Wahyurina, Martanti
Journal of Indonesian Economy and Business Vol 20, No 2 (2005): April
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study is aimed at testing the random-walk hypothesis in the Indonesian economyconsumption function. If the random-walk exists then the consumption can not be predictedsistematicaly. The study found that there was no random-walk in the Indonesianconsumption function either under the assumption of constant interest rate or that ofvariable interest rate. Other finding is that both nominal interest rate and the rate ofinflation had significant effect on the consumption.Keywords: consumption, random-walk, rational expectation, life cycle-permanent income
A RESEARCH NOTE: THE IMPACT OF ACCOUNTING METHODS ON THE QUALITY OF EARNINGS Suwardjono, Suwardjono
Journal of Indonesian Economy and Business Vol 18, No 3 (2003): July
Publisher : Journal of Indonesian Economy and Business

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Abstract

Suwardjono (2003) menguji apakah terdapat perbedaan kualitas laba (earnings) antara perusahaan yang menggunakan metoda kos penuh (full cost/FC) dan yang menggunakan metoda upaya sukses (successful efforts/SE). Dengan metoda regresi untuk data kuartal-perusahaan (pooled cross-sectional regression) dan data dari Institutional Brokers Estimate System (IBES), hasil penelitian menunjukkan bahwa reaksi pasar terhadap laba (diukur dengan earnings response coefficient/ERC) bagi perusahaan SE secara statistis lebih besar dibanding dengan reaksi pasar bagi perusahaan FC. Temuan ini konsisten dengan temuan dalam penelitian sebelumnya.Temuan di atas menimbulkan pertanyaan (puzzling) mengingat pasar di bursa saham Amerika dianggap efisien dengan investor canggih sehingga pasar mampu untuk mengenali perubahan laba karena substansi ekonomik atau kosmetik. Penggunaan pooled cross-sectional regression dapat merupakan penyebab hasil yang meragukan tersebut. Catatan riset ini menyelidiki lebih lanjut hasil penelitian ini dengan menguji kembali hipotesis yang diajukan dengan metoda regresi spesifik-perusahaan (firm-specific regression). Tujuan penelitian ini adalah untuk merekonsiliasi apakah perbedaan reaksi pasar tersebut memang sudah semestinya atau apakah perbedaan tersebut semata-mata karena metoda pengujian.Penyelidikan lebih lanjut menunjukkan bahwa dengan regresi spesifik-perusahaan, metoda FC menghasilkan kualitas laba yang paling tidak sama baik dengan, bahkan dalam beberapa hal lebih baik daripada, metoda SE. Hasil ini kontradiksi dengan temuan sebelumnya. Akan tetapi, tes spesifikasi model (Bartlett dan korelasi Pearson) menunjukkan bahwa pendekatan pooled cross-sectional regression menghasilkan estimasi yang melemahkan reaksi pasar terhadap laba perusahaan FC.Keywords: successful efforts, full cost, quality of earnings, earnings response coefficient, cross-sectional regression methodology, firm-specific regression methodology, oil and gas industry.
THE ROLE OF THE STATE IN THE CASE OF INDONESIA LOCAL TAX REFORM Jaya, Wihana Kirana
Journal of Indonesian Economy and Business Vol 22, No 2 (2007): April
Publisher : Journal of Indonesian Economy and Business

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Abstract

Negara merupakan jaringan yang menghubungkan antara masyarakat (principal)dengan pihak- pihak yang mereka pilih sebagai wakil mereka (agent). Dengan posisi ini,pemerintah merupakan pihak yang dominan dalam menentukan dan menegakkanperaturan dalam negara tersebut (the rule of the game). Berdasarkan teori agensi,negara memiliki peran sebagai nexus dari kontrak yang terjalin di dalam sistempemerintahan. Karena informasi yang tersedia tidak simetris, maka seringkali terdapatpotensi bagi pemerintah untuk melakukan aktivitas oportunis. Berdasarkan konsepmengenai desentralisasi fiskal, kekuatan fiskal pemerintah daerah terletak padakemampuan mereka untuk mengelola pajak dan pengeluaran. Pajak sendiri merupakanaspek terpenting untuk mengevaluasi kekuatan fiskal suatu pemerintahan. Terkait denganberjalannya otonomi daerah, pemerintah daerah juga harus memikiki kemampuan untukmemperoleh pendapatan. Salah satu elemen penting dalam mengukur derajat otonomisuatu daerah adalah kemampuan suatu daerah untuk menarik pajak dari masyarakatnya.Namun demikian, hingga saat ini rata-rata penerimaan pajak di seluruh daerah diIndonesia masih relatif kecil. Oleh karena itu reformasi pajak perlu dilakukan untukmeningkatkan penerimaan pajak pemerintah sekaligus menghindari terjadinya ekspoitasiberlebih yang merugikan kepentingan principal.Kata kunci: The role of the state, tax reform, fiscal decentralization.
CONFLICT OF INTEREST PROBLEM IN THE MANAGEMENT-CONTROLLED FIRMS Ratnaningsih, Dewi; Hartono, Jogiyanto
Journal of Indonesian Economy and Business Vol 16, No 1 (2001): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study hypothesizes that the conflict of interest problem exists in themanagement-controlled firms. The problem does not exist in the owner-controlled firms.This study supports these hypotheses.The conflict of interest problem occurs in the management-controlled firmsbecause managers tend to emphasize their wealth by increasing sales or profit but stockreturns at the expense of shareholders’ wealth. Shareholders are more concerned withthe increase of stock returns, which is related directly to their wealth. On the otherhand, in the owner-controlled firms, since the managers are also the owners of thefirms, the conflict of interest problem does not exist.The conflict of interest problem still persists even though CEOs have beencompensated well. The problem cannot be solved by how much CEOs are paid, but byhow they are paid. The problem can be reduced by designing compensation scheme thatincreases the ownership of the CEOs. This situation had already been recognized by theU.S. firms, that of the 374 firms in the sample, 80% or 300 firms are the ownercontrolledfirms.Keywords: Compensation, conflict of interest, agency relationship.
ANALISIS KANDUNGAN INFORMASI DAN EFEK INTRA INDUSTRI PENGUMUMAN STOCK SPLIT YANG DILAKUKAN OLEH PERUSAHAAN BERTUMBUH DAN TIDAK BERTUMBUH Almilia, Luciana Spica; Kristijadi, Emanuel
Journal of Indonesian Economy and Business Vol 20, No 1 (2005): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

The objective of this research is to examine empirically about the information contentand intra industry effect of stock split announcement. The analysis include three aspects:information content, risk (beta) and intra industry effect of stock split announcement bygrowth firm and not growth firm.The sample of this research is 79 reporter firm (consist of 59 growth firm and 20 notgrowth firm) and 166 non reporter firms during the period of 1997 – 2002. The result ofthis research show that stock split has information content which is negatively respondendand statistically significant responded by the market around the date of stock splitannouncement. The difference between beta growth firms and not growth firms after stocksplit announcement is significant. The intra industry effect of stock split announcement iscompetitive effect.Keywords: stock split, intra industry effect, competitive effect, information content
WHAT BLINKS STOCK MARKET PRICES? AN EMPIRICAL STUDY FROM JAKARTA STOCK EXCHANGE Sukamulja, Sukmawati
Journal of Indonesian Economy and Business Vol 17, No 4 (2002): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

Banyak orang sering bertanya-tanya bagaimana harga saham terbentuk di pasar. Volatilitas harga berdasarkan pada Wall Street Adage (kata-kata klasik yang bijak dari para pemain di Wall Street) adalah volume trading yang mengerakkan harga. Volume trading dalam kenyataannya dapat dikelompokkan ke dalam jumlah perdagangan dan rata-rata jumlah transaksi setiap perdagangan. Penelitian ini dengan menggunakan kapitalisasi pasar dalam pembentukan portofolionya akan melihat manakah yang mendorong volatilitas harga, jumlah/banyaknya transaksi atau rata-rata besarnya volume saham per transaksi. Penelitian ini juga melihat jenis informasi yang mempengaruhi perusahan. Informasi yang bersifat umum dan informasi yang bersifat spesifik. Hasil penelitian ini menyimpulkan bahwa jumlah transaksi secara signifikan positip mempengaruhi volatilitas harga saham di Bursa Efek Jakarta. Perusahaan dengan kapitalisasi besar secara signifikan berhubungan dengan informasi yang bersifat umum. Untuk informasi spesifik secara signifikan berhubungan baik untuk perusahaan berkapitalisasi kecil maupun perusahaan berkapitalisasi besar.Kata kunci: number of trades, trade size, marketwide information, firm specific information, dan volatility.
STRUKTUR KEPEMILIKAN, RISIKO, DAN KEBIJAKAN KEUANGAN: ANALISIS PERSAMAAN SIMULTAN Ismiyanti, Fitri; Hanafi, Mamduh M.
Journal of Indonesian Economy and Business Vol 19, No 2 (2004): April
Publisher : Journal of Indonesian Economy and Business

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Abstract

The research explores using simultaneous regression, to examine the interdependencerelationship between managerial ownership, risk, dividend policy, institutional ownership,and leverage policy for Indonesian capital market. The research tries to explain how therelationships in financial policy for manufacture firms in Indonesia. We use five models ofregression to represent five different policies in firms that reflect the agency issues andconflict of interest between agent (manager), and principal (insider and outsidershareholders). Jensen and Meckling (1976) argued that agency problem arise fromseparation of ownership and control. Each of five policies in this research is representconflict of interest between agent and principal. The research combined models fromCrutchley, Jensen, Jahera and Raymond (1999), and Chen and Steiner (1999) to construct five-regression policies model.We find interdependence relationship between managerial ownership, risk, dividendpolicy, institutional ownership, and leverage policy. We also find substitution effectbetween dividend policy and managerial ownership, and between managerial ownershipand institutional ownership as predicted by agency theory. The substitution effect showedthat ownership structure effectively used to reduce the agency problem between agent and principal. The study confirms that the relationship between risk and dividend is non-linear.Keyword: Agency Theory; Managerial Ownership; Risk; Dividend Policy; Debt Policy.
STRUKTUR, KINERJA, DAN KLUSTER INDUSTRI ROKOK KRETEK: INDONESIA, 1996-1999 Sumarno, Simon Bambang; Kuncoro, Mudrajad
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 illuminate the dynamics of Indonesia’s clove cigarette industryusing Structure-Conduct-Performance (SCP) paradigm and industrial cluster approach.We employed concentration ratios (CR4, CR8, and IHH) and performance ratios in SCPanalysis. To identify industrial clusters, we used Geographic Information System (GIS) andsome tools of analysis, mainly size and specialization index. The structure of clove cigarette industry suggested that an oligopoly with high concentration has been found, albeit declined slightly over the period 1996-1999. As far as geographic concentration isconcerned, we found that this industy has clustered overwhelmingly in and around Kudus,Kediri, Surabaya, and Malang.Keywords: oligopolistic industry, concentration ratio, cluster
INTERNET SEARCH TRAFFIC AND ITS INFLUENCE ON LIQUIDITY AND RETURNS OF INDONESIA STOCKS: AN EMPIRICAL STUDY Usman, Berto; Tandelilin, Eduardus
Journal of Indonesian Economy and Business Vol 29, No 3 (2014): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

The development of advanced information technology has become a standard in the processof improving corporate value. This is seen through the high level of investors’ awareness of thebrand and information that company holds (Da, Engleberg, and Gao, 2011; Bank, Larch, andGeorge, 2011; Joseph, Wintoki, and Zhang, 2011). Among the information providers, internetplays an important role not only in accessing information, but also as a medium that can beapplied to publish a wide range of financial reports or news to attract investors. This study aimsto examine the effect of investors’ attention towards returns, liquidity and volatility of stockreturns. The results indicate that investors’ attention which is represented by Google Insightcontributes positively and significantly to the explanation of returns, liquidity, and volatility ofstock returns in Indonesian manufacturing firms. Also, the phenomenon of informationtechnology usage can be one of the considerations for investors in order to discover what typesof company’s criterion that is appropriate to be included in their investment portfolio.Keywords: investors’ attention, returns, liquidity, volatility of stock returns
DAMPAK KRISIS EKONOMI TERHADAP KINERJA SEKTOR INDUSTRI: PENDEKATAN MODEL KESEIMBANGAN UMUM TERAPAN INDORANI Susilo, Y. Sri; Handoko, Budiono Sri
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 paper tries to examine the impact of economic crisis on industry performance during 1997 - 1998. The performance was measured in terms of value added, employment, domestic prices, and exports volume. The method used in this research was simulation with INDORANI Computable General Equilibrium Model (CGE Model). The results of the simulation were then crosschecked with the data provided by BPS, field survey, and others preliminary research.The results of this research show that in general, the economic crisis has a negative impact on industry performance. The negative impact consists of the increasing domestic prices, decreasing value added and export volume, lower production for domestic market, and lower rate of employment. Howewer, domestic resources-based and/or export oriented industries (such as food and beverages, plywoods, chemicals and non-ferrous industries) have better negative impacts compared to import resource-based and domestic-oriented industries (such as iron and steel, and machinery industries).Keywords: economic crisis, industry performance, INDORANI CGE-Model.

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