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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 Korelasi Kanonikal Komponen Aktiva dan Pasiva Siregar, M.B.A., Ak., Drs. Baldric
Journal of Indonesian Economy and Business Vol 21, No 1 (2006): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

The independence of asset and liability composition is obvious in Modigliani andMiller’s capital structure proposition. While, independence of investing and financingdecisions is a very useful assumption to simplify corporate financial decisions, the actualbalance sheets of corporations do not reveal independence between the two sides of thebalance sheet. The purposes of this paper are to empirically identify relationship betweenthe structures of left side and right side of balance sheet and to explain the nature of theserelationships by using canonical correlation analysis. Canonical correlation analysis showsthat firms match the maturity structure of their assets and liabilities, short-term (long-term)assets tend to be financed with short-term (long-term) liabilities, accounts receivable areused as collateral for short-term loan, and fixed assets are use as collateral for long-termloan.Keywords: asset composition, liability composition, hedging, collateral, financing, canonical variate, canonical loading, canonical correlation, canonical root, redundancy index.
PENAWARAN SAHAM PERDANA: PENGALAMAN DI BURSA EFEK JAKARTA 1990 – 1998 Rodoni, Ahmad
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 study investigates initial and aftermarket performance of initial public offering (IPOs) for both short term and long term in the Jakarta Stock Exchange (JSE), from January 1990 to December 1998. This study considers market situation at the time of the issuance of IPOs. The short term performance measure of IPOs is tested using daily closing return (Rct), opening return (Rot), offering price to opening price, offering price to closing price and opening price to closing price criteria. The long term aftermarket performance of IPOs is measured using cumulative abnormal returns analysis, buy and hold market adjusted compounded returns, wealth relative, offering price to closing price and opening price to closing price. Using a sample of 233 IPOs in the Jakarta Stock Exchange (JSE), this study finds an average initial (offer-to-open) return of 10.948 percent (10.912 % adjusted return). The findings reveals a lower expected return from those found in developing and several developed markets. The short term aftermarket mean return based on daily closing mean return (Rct), opening mean return (Rot) and opening price to closing price, indicates that benefits of initial performance do not accrue to the secondary market traders. This result is consistent with studies of Barry and Jennings (1993) on the U.S. markets and Yong (1997) on the Malaysian market. The long run aftermarket performance of IPOs is found to be negative. This finding is supported by many IPOs results in the literature.Keywords: Opening-closing mean return, performance of IPO.
MENUJU SISTEM EKONOMI PANCASILA: REFORMASI ATAU REVOLUSI Mubyarto, Mubyarto
Journal of Indonesian Economy and Business Vol 19, No 1 (2004): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

.... intellectuals are at their best when distant from politics and power... only whenintellectuals step back from governing institutions will they be able to speak truth topower.... Intellectuals, therefore had to conceive of themselves as cultural worker,responsible not solely for generating ideas but also for ensuring that those ideas wound upin the minds and arguments of a thoughtful audience and public. (K. Mattson, 2002: 9, 267)Universities are introduced, without the intellectual spirit. A bureaucracy is introducedwithout the rigid and widespread adherence to the principal of promotion by merit,efficiency, and a public service attitude. Parliamentary democracy is introduced withoutthe spirit of fair play, honest election, and a genuine commitment to principles. Thesciences are introduced without the spirit of enquiry. The incomplete nature of themodernisation process, the substance without the spirit, is the cause of prevailingbackwardness of the developing societies. (Alatas, 1977: 78-79).Keywords: economic reform, economic exploitation, social-economic justice
INDONESIA’S DECENTRALIZATION POLICY FROM A LOCAL PERSPECTIVE: LESSONS FROM LOMBOK TENGAH Usui, Norio; Sugiyanto, Catur; Awaluddin, Awaluddin
Journal of Indonesian Economy and Business Vol 19, No 4 (2004): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

Setelah beberapa dekade menganut system pemerintahan tersentralisasi, Indonesiamerubah system pemerintahan menjadi desentralisasi tahun 2001. Untuk mengidentifikasi berbagai kelemahan dalam kebijakan tersebut, paper ini menganalisis pengalaman 3 tahun pertama era desentralisasi di Lombok tengah, NTB. Lombok Tengah termasuk daerah yang miskin. Fokus analisis pada perencanaan pembangunan, anggaran, dan perubahan organisasi pemerintah daerah. Disamping banyaknya inovasi didaerah, praktek-praktek seperti masa sebelum desentralisasi masih ditemukan. Ketiadaan koordinasi dan keterkatian perencanaan pembangunan secara vertical dan horizontal merupakan masalah besar. Disamping itu, beberapa kegiatan pusat di daerah menyebakan berkurangnya inisiatif daerah. Pemerintah, pembuat kebijakan, harus memahami bahwa desentralisasi yang efektif memerlukan institusi yang secara aktif mengkoordinasi dan memberi peluang konsultasi antara berbagai level pemerintahan.Keywords: Desentralisasi, Inovasi Daerah, Perencanaan Pembangunan, Anggaran danOrganisasi Pemerintah Daerah, Lombok Tengah
PENGARUH KETIDAKPUASAN KONSUMEN, KARAKTERISTIK KATEGORI PRODUK, DAN KEBUTUHAN MENCARI VARIASI TERHADAP KEPUTUSAN PERPINDAHAN MEREK Junaidi, Shellyana; Dharmmesta, Basu Swastha
Journal of Indonesian Economy and Business Vol 17, No 1 (2002): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

The objective of this study is to examine the partial and simultaneous effects of customer dissatisfaction, characteristics of product category, and variety-seeking needs on brand switching behavior. This study has tested the impact of the variety-seeking needs as a moderating variable on brand switching behavior and provided an alternative perspective on the concept of consumers’ brand loyalty. The brand switching approach can be very helpful in resolving problem and decision making related to brand loyalty reinforcement. The results show two important findings. Firstly, the customer dissatisfaction and variety-seeking needs were significantly related to brand switching behavior, but the impact of characteristics of product category itself on brand switching behavior was not significant. Secondly, the variety-seeking needs moderated the effects of customer dissatisfaction and characteristics of product category on brand switching behaviors. Some implications for future research are identified, including the choice of products as research objects, dissatisfaction constructs, and the importance of inter-customer interaction issues.Key words: brand switching, customer dissatisfaction, characteristic products, variety-seeking, involvement
NOISE ATAU KEDATANGAN INFORMASI: SEBUAH FENOMENA SPESIFIK PERILAKU HARGA SAHAM DI PASAR MODAL INDONESIA Studi Empiris Berbasis Data Intraday, Bursa Efek Jakarta 1999-2006 Sumiyana, Sumiyana
Journal of Indonesian Economy and Business Vol 22, No 3 (2007): July
Publisher : Journal of Indonesian Economy and Business

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Abstract

This research proved occurrence of noise. This research used intraday data in JSX(Jakarta Stock Exchange). Samples of the data are the firms listed in LQ 45 indexes for the yearof 1999-2006. The noise, in accordance with previous concepts and theories, were influenced bythe arrival of public and private information and those arrivals were disseminated. Test resultsconcluded that noise over trading and nontrading period, along with overnight and lunch breaknontrading session, and the first and second trading session, had occured.Factually, noise occurred in the interval of one and three aforementioned periods.Conversely, information arrival (consistently positive return) occurred in the lag of fourpreceding period or one day lag only. Sequentially, this research conducted to control using size,trading volume, bid-ask spreads, up-down market, and tick size statute. Having controlled, thisresearch found that these were not always correct and valid. It means that conclusions of theprior researches were not consistent. Especially, this research suggested contra evidence incomparisons with previous concepts and theories whenever controlled by size, trading volume,bid-ask spreads, up-down market and tick size.Keywords: intraday data, trading and nontrading periods, noise, negative autocorrelation, size, trading volume, bid-ask spreads, up-down market, tick size.
PENGARUH ALIRAN KAS INTERNAL DAN KEPEMILIKAN MANAJER DALAM PERUSAHAAN TERHADAP PEMBELANJAAN MODAL: MANAGERIAL HYPOTHESES ATAU PECKING ORDER HYPOTHESES? 1) Sartono, Agus
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 paper aimed to test the two agency-based arguments that known as the ‘pecking’ order hypotheses and ‘managerial’ hypotheses at the Jakarta Stock Exchange. Pecking order hypotheses says that manager choose the level of capital expenditure that maximizes the wealth of current shareholders, regardless of the managers’ ownership stake in the firm. According to the managerial hypothesis, manager who have small ownerships take in the firm use internal cash flow to under take a level of capital expenditures higher than that which would maximize the wealth of other current shareholders. Testing on 223 firms that chosen based purposive sampling found there is weak association between capital expenditure and internal cash flow, either between capital expenditure and insider ownership. Overall, the results favour the pecking order hypotheses. Keywords: Pecking Order Hypotheses, Managerial Hypotheses, Capital Expenditure, Insider Ownership, Internal Cash flow
MUNICIPAL INSURANCE: SOLUSI ALTERNATIF MANAJEMEN RISIKO UNTUK PEMERINTAH DAERAH Purnomo, Boyke R.
Journal of Indonesian Economy and Business Vol 20, No 3 (2005): July
Publisher : Journal of Indonesian Economy and Business

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Abstract

This paper attempts to analyze the development of municipal insurance in Indonesia.Due to the decentralization implementation in Indonesia which started in 1999, localgovernments are encouraged to be self-managing entity. Beside focus their effort onleveraging the revenue and economic growth, local governments should also take a serious attention on managing their asset’s risk. Municipal insurance is one of the riskmanagement tools used to prevent the decreasing of economic value of local government’s assets. Municipal insurance covers the risk of local government’s infrastructure by proposing a tailor-made insurance contract. The urgency of municipal insurance implementation is become clearer by increasing the frequency and severity of losses affected by many catastrophic risks in Indonesia on last there years. Municipal insurance provides benefit to local government, insurance company, insurance industry, nation and local community.Key words: municipal insurance, risk, risk management, decentralization
PREDICTABILITY POWER OF DIVIDEND POLICY AND LEVERAGE POLICY TO MANAGERIAL OWNERSHIP: AN AGENCY THEORY PERSPECTIVE Mahadwartha, Putu Anom
Journal of Indonesian Economy and Business Vol 18, No 3 (2003): July
Publisher : Journal of Indonesian Economy and Business

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Abstract

Penelitian ini merupakan pengembangan dari Mahadwartha (2002b) yang mengguna-kan Logit model untuk mengetahui kemampuan prediksi kebijakan leverage dan dividen terhadap kepemilikan manajerial. Variabel leverage dan dividen sudah memisahkan antara kepentingan manajemen dan inside shareholders dengan outside shareholders. Penelitian ini juga menggunakan logit model, dengan modifikasi utama yaitu variabel kepemilikan manajerial menggunakan lead satu tahun kedepan (t+1), penambahan variabel kontrol aktiva lancar untuk meningkatkan kemampuan prediksi model dan periode sampel dari tahun 1993 sampai dengan 2001.Penelitian-penelitian sebelumnya hanya menggunakan variabel kepemilikan manajerial tanpa lead satu tahun kedepan (t+1). Penelitian ini berargumentasi bahwa kebijakan utang dan dividen mempunyai dampak yang lebih besar pada kepemilikan manajerial satu tahun kedepan (t+1) dibandingkan tahun yang berjalan (t0).Hasil penelitian menunjukkan konsistensi kemampuan prediksi kebijakan leverage serta dividen terhadap kepemilikan manajerial, dan kemampuan prediksi leverage dan dividen semakin meningkat dibandingkan penelitian Mahadwartha (2002b) yang hanya mengguna-kan kepemilikan manajerial tanpa lead (t0). Hubungan variabel leverage dan dividen dengan kepemilikan manajerial adalah negatif dengan besaran yang semakin meningkat. Hal ini sesuai dengan prediksi oleh teori keagenan bahwa terdapat efek substitusi antara kepemilikan manajerial dengan kebijakan utang dan dividen dalam mekanisme pengawasan (monitoring) dan pengikatan (bonding). Hasil ini juga menunjukkan bahwa kebijakan utang dan dividen lebih baik dalam menjelaskan program kepemilikan manajerial satu tahun kedepan.Kata Kunci: agency theory; lead; managerial ownership; leverage; dividend.
DYSFUNCTIONAL INSTITUTIONS IN THE CASE OF LOCAL ELITE BEHAVIOUR IN DECISION-MAKING ABOUT LOCAL GOVERNMENT BUDGETS IN INDONESIA Jaya, Wihana Kirana
Journal of Indonesian Economy and Business Vol 20, No 2 (2005): April
Publisher : Journal of Indonesian Economy and Business

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Abstract

Membangun kelembagaan yang”terpercaya dan terprediksi “adalah langkah yang baikdi dalam mendukung sebuah sistem otonomi daerah di Indonesia. Makalah ini mencobamelihat kondisi aturan main yang belum sempurna di dalam proses perencanaan danimplementasi Anggaran Pendapatan Belanja daerah (APBN) di tingkat Kabupaten. Buktiempiris menunjukan bahwa pendelegasian kewenangan dari pemerintah pusat kepemerintah daerah kabupaten telah mendorong elit lokal untuk menyalahgunakankekuasaan di dalam proses APBD. Hal ini terjadi karena proses pendelegasiankewenangan itu tidak juga disertai pendelegasian pengawasan, penegakan, akuntabilitasserta lemahnya kontrol masyarakat.Keywords: Dysfunctional institutions, asymmetric information and lack of enforcement

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