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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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EXPLORING THE INDONESIAN ECONOMIC LANDSCAPE AND STRUCTURAL CHANGE Muhammad Firdaus; Budi Kurniawan; Sri Mulatsih
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 1 (2012): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

In assessing the economic impact of a sector or a group of sectors on a single or multiregional economy, input-output analysis has been proven to be a popular method.This paper explores the degree of structural change of the Indonesian economy using the input-output frame work. It examines how linkages among economic sectors have evolved from 1971-2008 and identifies which economic sectors exhibited the highest inter-sectoral linkages. The study finds that manufacturing consistently becomes the key sector in the Indonesian economy. Indonesian cannot afford to leapfrog the industrialization stage and largely depend on a service-oriented economy when the potential for growth still lies primarily in manufacturing. The graphical presentation of inter-industry relationship through the “Multiplier Product Matrix” (MPM) and its associated “economic landscape” provides a visualization of the Indonesian economic landscape for selected years and how it has changed over time.Keywords: economic landscape, structural change, input output model, key sector

PRODUCT DEVELOPMENT IN ISLAMIC BANKS Adjengdia Bunga Bangsa
Journal of Indonesian Economy and Business (JIEB) Vol 30, No 3 (2015): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

A book review dealing with Islamic finance mostly on banks. It encompasses the social needs on such product related to the halal priorities.

THE EFFECTS OF CHANGES IN MINIMUM WAGE ON EMPLOYMENT IN THE COVERED AND UNCOVERED SECTORS IN INDONESIA Devanto Shasta Pratomo
Journal of Indonesian Economy and Business (JIEB) Vol 25, No 3 (2010): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This study examines the effects of changes in minimum wage on employment in the covered and uncovered sectors in Indonesia using an individual micro-level data set from1989 to 2003. Since the Indonesian Labor Force Survey data are not a panel, this study applies pooled cross-sectional time-series methodology to explore the impact of theminimum wage across individual workers. All of the equations are analyzed separately in urban and rural labor markets, as well as the male and female labor market. The results suggest that an increase in minimum wage is more likely to decrease the covered sector employment and to increase the uncovered sector employment. These results also indicate a displacement effect from the covered sector to the uncovered sector, as suggested by the two-sector model. In addition, this study found the displacement effect is stronger for women, indicating that female workers are the more likely to be hurt as the result of an increase in minimum wage. Compared to urban areas, the effects in rural areas are somewhat lower, indicating that minimum wage is less binding, given the dominance of thetraditional agriculture sector.Keywords: Minimum Wage, Employment, Covered Sector, Uncovered Sector

THE NEW ERA OF FINANCIAL INNOVATION: THE DETERMINANTS OF BITCOIN’S PRICE Sukmawati Sukamulja; Cornelia Olivia Sikora
Journal of Indonesian Economy and Business (JIEB) Vol 33, No 1 (2018): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Financial innovation has entered a new era in which a digitalized system and cryptocurrency have been created. This paper examines the factors that influence the price movement of bitcoin. This is not a legal currency in Indonesia; the Indonesian government has not made any regulations legalizing bitcoin’s use, but it has also not issued any new laws to prohibit the trade in bitcoins and other digital currencies. The demand for, and price growth of, bitcoin are interesting matters to study, especially for Indonesians who still have questions about the progress of Bitcoin transactions and the factors that influent them. In Indonesia itself, without any protection from the government, the bitcoin price on December 14, 2017 had already reached more than IDR224.5 million, compare to IDR60 million in October 2017. Bitcoin is the first peer-to-peer currency, and was introduced by Satoshi Nakamoto in 2008. Since its inception, bitcoin has served more than 17 million users, including Indonesians. Bitcoin behaves in a different manner, compared to traditional currencies and the one that affects bitcoin’s price is its attractiveness for investors. The Vector Error Correction Model (VECM) is applied to analyze the short-term and long-term influences. VECM is used in this research because the data is stationary in the first difference and has a cointegration relationship. To make the interpretation clearer, the impulse response function and variance decomposition also are included in this research. The result indicates that the macroeconomic indicator, represented by the Dow Jones Industrial Average (DJIA), the demand for bitcoins and the gold price influence bitcoin’s price fluctuations in the short-run and long-run. Bitcoin’s supply does not influence its price fluctuation in the long-run but does influence it in the short-run. The implication of this research is bitcoin could compete as an alternative investment compared to the capital markets and gold.

THE POLITICS OF BANKING: GLOBALISATION AND DOMESTIC POLICY CHANGE Widigdo Sukarman
Journal of Indonesian Economy and Business (JIEB) Vol 24, No 2 (2009): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The current article aims to elaborate on the history of bank policy modifications as a response towards economic and financial change, mainly due to globalisation. The centralstatus of banks in the economy causes a need for the government to protect it in many forms that differ from one country to another. Bank policy makers that are closed oresoteric and are short-lived must be opened up to be able to receive long term ideas. The process is also marked intensively with competing interests between other actors of the government.Keywords: esoteric, globalisation, segmentation, deregulation, problem of coordination

ASYMMETRIC INFORMATION IN THE IPO UNDERWRITING PROCESS ON THE INDONESIA STOCK EXCHANGE: PRICING, INITIAL ALLOCATION, UNDERPRICING, AND PRICE STABILIZATION Arni Utamaningsih; Eduardus Tandelilin; Suad Husnan; R. Agus Sartono
Journal of Indonesian Economy and Business (JIEB) Vol 28, No 3 (2013): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This study examines the IPO trading based on asymmetric information among heterogeneous investors. An underwriter plays an active role in the process of the IPO where underpricing is a central issue. The underwriter(s) manages the IPO trading by determining the offered price range and a discriminatory treatment between institutional and individual investors. The underwriter prioritizes institutional investors, especially when they show strong buying interests at the time of book building. The results prove that underpricing is higher when the IPO pricing is closer to the upper limit of the price range. We find that underpricing is higher when the allocation of shares to institutional investors is larger.

COMPETENCY, ENTREPRENEUR CHARACTERISTIC AND BUSINESS PERFORMANCE: STUDY OF THE PEMPEK BUSINESS IN PALEMBANG Fransiska Soejono; Anastasia Sri Mendari; Micheline Rinamurti
Journal of Indonesian Economy and Business (JIEB) Vol 30, No 1 (2015): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The purpose of this study was to examine empirically the effects of entrepreneurial compe-tencies and characteristics on business performance. Previous studies found that competencies and entrepreneurial characteristics significantly influenced business performance. A quantita-tive method was used and 122 respondents were involved as the sample in this study, who were pempek business owners in Palembang, South Sumatra. The results indicated an effect from entrepreneurial competencies on business performance. It was also found that the entrepre-neurs’ characteristics (owners’ ages) significantly affected the businesses’ performance. This implication requires some sort of course or program for the entrepreneurs to improve their competence to direct the owners to gain better business performance. The growing age of the business owners requires equal insights to ensure age does not stop the owners from improving their business’ performance.Keywords: competency, characteristics, performance, age, entrepreneur

PSYCHOLOGICAL BIASES IN INVESTMENT DECISIONS: AN EXPERIMENTAL STUDY OF MYOPIC BEHAVIOR IN DEVELOPING CAPITAL MARKETS Wendy Wendy; Marwan Asri
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 2 (2012): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This paper attempts to analyze the psychological biases that affect investors in making risky investment decisions based on the theory of Myopic Loss Aversion (MLA). The datawere obtained from two sources (students and stock investors) which in turn were manipulated by two types of treatment (frequent and infrequent), using a mixed design of betweenwithin subjects with a 2 x 2 factorial. The experimental result showed the consistency of the two groups of participants to the theory of the MLA. Analysis of the gender showed that the boldness levels of the male participants and female participants in the group of investors were the same, while in the student group, gender showed a significant influence. Other findings included a "shock-effect" experienced by the participants during the experiment. Keywords: behavioral finance, myopic loss aversion, frequent-infrequent, gender, and shock-effect

CONTAGIOUS EFFECTS OF OIL PRICES ON ASIAN STOCK MARKETS’ BEHAVIOUR Jok-Tong Wan; Evan Lau; Rayenda Khresna Brahmana
Journal of Indonesian Economy and Business (JIEB) Vol 31, No 2 (2016): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The main objective of this study is to examine the stock markets’ shock due to the effect of the price of oil in the East Asia Region. Particularly, this study examines if there is stock market interdependence during global oil price shocks (sudden changes) for a sample of five total oil importers (the Philippines, Hong Kong SAR, Taiwan, South Korea, and Japan), four net oil importers (Indonesia, Singapore, Thailand, and China), and one net oil exporter (Malaysia) between 1999 and 2014. From the result, an oil price change is collectively found to have a small but significant positive impact on the stock markets, in particular where a sudden decrease in oil prices tends to cause a stock market downturn and volatility. The world economy’s spending, financial investments in oil futures and foreign investment by oil rich nations are some underlying motives for inducing this oil-stock positive relation. The same direction of time-varying conditional correlations is found across East Asian stock markets during negative oil price shocks. The integration among East Asian stock markets is inducing the oil shock contagion to be transmitted from direct oil-affected countries (South Korea, Hong Kong, and Singapore) to non-direct oil affected countries’ (Japan and Taiwan) stock markets. In spite of a long practiced ASEAN+3 macroeconomics surveillance process and Early Warning System (EWS) which can be customized for stock markets to prevent or detect the oil risk, hedging against initial oil-affected stock markets and a stronger influence by the East Asian countries in the global world of oil and capital investment are strongly suggested.Keywords: oil price; capital market integration; stock market behaviour

COMPARATIVE STUDY OF THE ECONOMIC DETERMINANTS OF FOREIGN DIRECT INVESTMENT IN PAKISTAN, INDIA AND INDONESIA Muhammad Azam
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 1 (2011): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

In this study an attempt has been made to investigate the effects of economic factors on foreign direct investment (FDI) inflows into Pakistan, India and Indonesia. Simple loglinear regression model for each country has been used and the method of least squares has been applied. Empirical results show that market size, domestic investment, tradeopenness, and physical infrastructure are the important economic determinants of FDI.Further, this study also found that the empirical results of the economic determinants of India matched with empirical results of Pakistan except two determinates (i.e., tradeopenness and government consumption), while that of Indonesia do not match with Pakistan and India. For attracting more FDI into Pakistan and India, the management authorities’ needs to ensure economic and political stability, provision of infrastructure, peace and security, encouraging domestic investment and adoption of appropriate macroeconomic stabilization policy. Furthermore, this study recommend the same measures for Indonesia and suggest that more future research work are required for empirical investigation of determinants of FDI in Indonesia, to enhance the desirable level of FDI into the country.

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Home Page

OAI Link

Editorial Team

Contact

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