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Journal of Indonesian Economy and Business

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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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HUMAN CAPITAL VERSUS THE SIGNALING HYPOTHESES: THE CASE OF INDONESIA Nenny Hendajany; Tri Widodo; Eny Sulistyaningrum
Journal of Indonesian Economy and Business (JIEB) Vol 31, No 2 (2016): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Education positively affects a person's income. It can be explained in two ways. Firstly, education directly increases the productivity of a person, which is in accordance with the views of the theory of human capital. The second way is an indirect effect, in which education acts as a sign (signal) of a worker’s unobserved characteristics, as assessed by an employer who is considering hiring the person. This is consistent with the view of the signaling theory. Both views are often debated in literature. This paper examines the returns to education in Indonesia, separating out the credential effects from the pure years of schooling effects. We used survey data from the Indonesian Family Life Survey (IFLS) 2000, 2007, and 2014 to test the difference of the two theories in estimating the returns to education in Indonesia. This study used three models which consisted of the human capital model, the signaling model, and the hybrid model. The human capital model used the number of years of schooling as a variable representing education, the signaling model used dummy variables from the level of education achieved (elementary school, junior high school, senior high school, diploma, university), and the hybrid model combined both measures of the variables. The hybrid model allows for the separation of the impact of human capital based on an additional year of schooling, and the impact of signaling by the accomplishment of a particular certificate. The results of the study provide strong evidence of the presence of the returns to education either through the human capital or the signaling theories. Keywords: education, human capital, signaling, returns to education

THE GLOBAL ECONOMIC CRISIS AND ITS IMPACT ON INDONESIA’S EDUCATION Mudrajad Kuncoro
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 1 (2011): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This paper will examine to what extent the unprecedented global financial crisis has affected the Indonesia’s economy. The differences between Indonesia’s experience of theglobal financial crisis (GFC) and Asian Financial Crisis (AFC) in 1997–98 will be illuminated. The government’s priority on the development of education— together with achieving quality growth, reducing poverty, creating jobs, improving infrastructure— have accelerated the economic recovery and improved key indicators in education. Despitebudgetary adjustments, the Indonesian government continues to prioritize investment in education. As a result, the GFC has not affected number of students in Indonesiasignificantly. The GFC has not affected the interest of students to get higher education at the Indonesia’s universities. Keywords: global financial crisis, Asian financial crisis investment, economic recovery

DID A CAPITAL DEEPENING PARADOX AND SWITCHING POINTS OCCUR IN INDONESIA? Ardyanto Fitrady
Journal of Indonesian Economy and Business (JIEB) Vol 32, No 2 (2017): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This paper discusses the empirical results of wage-profit rate schedules between 2000 and 2008 in Indonesia using input-output analysis. Using a mathematical approach, this paper has four main conclusions. First, there is a decrease in both wage share and profit margin in Indonesia. The decrease may be caused by the increase in relative prices of other inputs such as raw materials that generate inefficiency. Second, there is no proof of reverse capital deepening during the observed period and there is an indication that the capital was getting cheaper relative to other inputs during the period. Third, the capital-labor ratio tends to increase over time. Fourth, there is no proof of switching point and reswitching in technology during the period. However, this paper only provides us with an empirical result during the observed period. It is always possible to have a switching point or reswitching in the economy over a longer period.

FISCAL DECENTRALIZATION AND REGIONAL DISPARITIES IN INDONESIA: A DYNAMIC PANEL DATA EVIDENCE Ahmad Fawaiq Suwanan; Eka Heni Sulistiani
Journal of Indonesian Economy and Business (JIEB) Vol 24, No 3 (2009): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The public sector decentralization advantages and disadvantages are widely discussed in economics and political science. While some economists argue that decentralization leads to an optimal provision of public services and a promotion of economic growth, others emphasize the dangers of competition associated with decentralization between subnational governments especially for interregional redistributive reasons. This researchstudies empirically the impact of fiscal decentralization on regional disparities using dynamic panel data for 33 provinces in Indonesia from 2001 to 2008. Fiscal decentralizationis represented by revenue decentralization (revdec) and regional disparity by gini coefficient. The major result of this study is that a high degree of decentralization is connected with low regional disparities. Hence, poor regions have no disadvantages from decentralization, quite the contrary.Keywords: decentralization, regional disparity, inequality, dynamic panel data evidence

CAN PRODUCT LEADERSHIP BE A PREDICTOR OF A CUSTOMER’S LOYALTY? MS. Eric Santosa
Journal of Indonesian Economy and Business (JIEB) Vol 29, No 1 (2014): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Leading companies commonly employ a particular strategy to cover a market. They might choose product leadership, service support excellence, customer intimacy strategy, as well as a combination of them. The use of these strategies is obviously to gain more customers, since the product becomes a choice as an effect of the brand equity strengthening. While firms are very concerned with customer loyalty to maintain a stable sales volume, a question arises whether the brand equity has an effect on the customer’s loyalty. Logically, if a strategy can develop the product’s brand equity which in turn propels cutomers to buy it, it will hopefully improve customers’ loyalty as well. Therefore, this study is designed to answer the questions, (1) which strategy (among the three) adds power to the brand equity, (2) the brand equity is influential to the customer’s loyalty, and (3) the product leadership can predict the customer’s loyalty. Three antecedents of brand equity are employed, i.e. product leadership, service support excellence, and customer intimacy. These three variables, along with brand equity can also indicate as predictors of customer’s loyalty. A sample consisting of 100 respondents withdrawn through a judgment method. Data were analyzed by Amos 5.0 and SPSS 16.0. The results denote that the relationships between product leadership and customer intimacy to brand equity, also brand equity to customer’s loyalty are significant. On the contrary, the relationship of service support excellence to brand equity and the relationship of product leadership to customer’s loyalty are trivial.

STUDENT PERCEPTION ON BUSINESS ETHICS Eko Suwardi; Arika Artiningsih; M. Ridwan Novmawan
Journal of Indonesian Economy and Business (JIEB) Vol 29, No 3 (2014): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Many research conducted on the behavior of business persons and their perception on business ethics. However, rarely similar study deals with the perception of students on business ethics. Indeed, students are our future generation who are going to have substantial role in Indonesian business and economy. Therefore this study focuses on students as a proxy for future business players in this country (Trawick and Draden, 1980). We compare among groups of students based on their maturity, formal business ethic education, gender and specific professional backgrounds. The results of analysis show that in general students have good perception on business ethics. Further, there is a significant different perception on business ethics among students with different academic maturity, professional background. Student with business background are less ethical compare to those are with non-business background. This may consistent with previous evidence found that ethical principles need to be introduced more to business students. In contrast, there is no different perception on business ethics among student with different gender groups and formal business ethics course. This could be business ethics formal education takes time to be internalized by participants or student with no formal business ethics course also learn business ethics from other sources.

PRIVATE INFORMATION ARRIVAL AT INDONESIA STOCK EXCHANGE, REALITY OR IMAGINARY? U-SHAPED RETURN VARIANCE CURVE VERIFICATION Setiyono Mihardjo; Sumiyana Sumiyana
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 3 (2012): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This research investigates occurrence of private information arrival in Indonesia Stock Exchange (IDX). The occurrence comes from overnight nontrading session as well as lunch-break hour. Lunch-break return variance decreases two times in comparison with early morning and lately afternoon return variances. This variance is due to private information arrival. This study finds that opening prices form the full day U-shape. It means that opening price causes stock mispricing. It also be concluded that lunch-break session produces the bottom line on the U-shape to move downward. U-shaped curve during morning until the end-afternoon session occurs. Therefore, the line formationimplies the existence of private information arrival that is in short-lived.Keywords: U-shaped curve, private and public information

LIVESTOCK PRODUCTS DEMAND IN INDONESIA: CHOOSING BETWEEN AIDS AND ROTTERDAM DEMAND MODELS Mujtahidah Anggriani Ummul Muzayyanah; Keshav Lall Maharjan
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 2 (2011): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This paper examines the livestock products demand in Indonesia. This objective is accomplished by estimating a food demand model using Almost Ideal Demand System(AIDS) and Rotterdam model, and choose an appropriate demand model which best fits the data. A test to choose among the alternative joint model specifications is provided and the methodology is applied to data on demand for livestock products i.e. meat, egg, and milk. . To make consistency with Rotterdam form, first difference LA/AIDS is applied in this study. The estimated parameters find the reasonable sign and significant for the most part of the coefficient. Own price elasticity shown negative sign, indicating that meat, egg and milk are sensitive to prices except for egg in the first differences LA/AIDS model. Realexpenditure has significantly effect to the consumption of livestock products. The joint model approach was used to select the appropriate model in this study results that the first difference LA/AIDS or the Rotterdam models are both appropriate to represent Indonesian livestock products demand. For the discrimination of the models, the goodness-of-fit (adjusted R2), forecasting accuracy (RMSE) and the elasticity of the demand models are also considered to measure the best model. The first difference LA/AIDS model fits well as reflected by its higher adjusted R2 and the lower RMSE relative to the Rotterdam model.The LA/AIDS model accommodates the high elasticities better than the Rotterdam, since AIDS performed well.Keywords: livestock products demand, Rotterdam model, Almost Ideal Demand System (AIDS) model, joint model

STIGLER’S INFLUENTIAL CONTRIBUTION TO ECONOMIC THOUGHT Artidiatun Adji
Journal of Indonesian Economy and Business (JIEB) Vol 32, No 1 (2017): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This paper analyzes George J. Stigler’s influential contributions to economic ideas, specifically on industrial structures, the functioning of markets, the causes and effects of public regulation, the economics of information, and on the development of economic thought. Stigler’s most influential contribution to economic thought came in his work on information theory. Treating information as a valuable commodity, he explained why prices differ for identical goods. From his work, many other theories have been built to explain economic behavior. A considerable number of works on decision making under uncertainty could not have progressed without an understanding of the role of information. His swing of the pendulum in economic regulation constitutes a great turnabout. He started research, known as public choice, which assumes that government policy makers are driven by self-interest rather than pure concern for the public’s welfare. His views have now become those of the mainstream.

THE IMPACT OF CONTRACT FARMING ON THE PROFIT OF VIRGINIA TOBACCO FARMING IN LOMBOK ISLAND, WEST NUSA TENGGARA Hirwan Hamidi
Journal of Indonesian Economy and Business (JIEB) Vol 25, No 1 (2010): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This study aims at explaining the impact of contract farming on the profit of Virginia tobacco farming in Lombok Island. Does partnership influence profit? We used surveydata of 147 farmers, they are partners of tobacco processors and independent farmers. By utilizing profit function analysis, it is concluded that: (1) partnership positively affected the profit of Virginia tobacco farming in Lombok Island; (2) productivity, prices of tobacco, fertilizers (NPK, KNO), pesticide, kerosene, and labor wage significantly affected the profit. These are followed by: (1) that farmers should reduce the use of human labor, while partner company and local government should endeavor to find alternative technology to substitute human labor with machinery labor; (2) that the government is recommended to continue subsidy provisionof at least for short term program until cheaper alternative fuels, such as coal, solar energy, biomass energy, or others, are available.Keywords: impact, partnership, profit, Virginia tobacco

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Home Page

OAI Link

Editorial Team

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Reviewer

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Contact Name Wuri Handayani, Ph.D.

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Journal Mail Official -

Editorial Address Faculty of Economics and Business, Universitas Gadjah Mada Jalan Sosio Humaniora No. 1, Yogyakarta 55281

Location Kab. sleman, Daerah istimewa yogyakarta INDONESIA

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Contact Name
Wuri Handayani, Ph.D.

Contact Email
-

Phone
-

Journal Mail Official
-

Editorial Address
Faculty of Economics and Business, Universitas Gadjah Mada Jalan Sosio Humaniora No. 1, Yogyakarta 55281

Location
Kab. sleman,

Daerah istimewa yogyakarta

INDONESIA