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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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ANALYSIS OF MARKET TIMING TOWARD LEVERAGE OF NON-FINANCIAL COMPANIES IN INDONESIA Vera Pipin Wulandari; Kusdhianto Setiawan
Journal of Indonesian Economy and Business (JIEB) Vol 30, No 1 (2015): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

ABSTRACTThis study aimed to examine the effect of market timing on leverage on non-financial compa-nies in Indonesia. Market timing was tested on the hot and cold market conditions. Hot and cold markets are determined by the monthly market to book ratio. A hot (cold) market occurs when the average market to book ratio of a particular month is above (below) the value of the moving average of the monthly market to book ratio. This study also aimed to test whether non-financial companies in Indonesia persistently applied leverage policies. This study used two research models. The first model was a panel data with a sample size of 77 non-financial companies listed on the Indonesian Stock Exchange from 2002-2013.The second model was a cross section data with a sample size of 157 non-financial companies that conducted their IPO in Indonesia from 2003-2013. The dependent variable in both the research models was leveraget (levt). The independent variables were markett and leveraget-1 (levt–1). The control variables were profitabi-lityt-1 (proft-1); and sizet-1. The results of this study indicated that market timing affected the lev-erage of non-financial companies listed on the Indonesian Stock Exchange. However, market timing did not affect the leverage of non-financial companies that had their IPO in Indonesia. The non-financial companies in Indonesia were not persistently applying a leverage policy. The capital structure of non-financial companies in Indonesia changed because of the influence of variable profitability and size (which supports the pecking order and trade off theory).Keywords: market timing theory, leverage, hot and cold market, market to book ratio

BANKING MARKET DISCIPLINE IN INDONESIA AN EMPIRICAL TEST ON CONVENTIONAL AND ISLAMIC BANK Hasan Hasan; Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 2 (2012): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

A sound banking system is vital in supporting a sound and strong economy. One of the important pillars of a sound banking system is market discipline, which is the reaction ofthe market makers on the risks taken by banks as a form of supervision and discipline. The objectives of this paper are to examine: (i) the existence of market discipline by depositors in the deposit insurance era by the Indonesia Deposit Insurance Corporation (LPS); (ii) the difference in market discipline by depositors before and after the policy of increasing the value of deposit covered; (iii) the difference between market discipline by depositors of Islamic banks with conventional banks. The data used are annually individual bank data from the Indonesian Banking Directory (DPI) in 2005-2009. The dependent variable is the change in deposits, which is used as proxy for market discipline in t period. The independent variables used are CAR, APB, NIM, and LDR as proxy of financial risk/fundamental condition of the bank in t-1 period. The result indicates the existence ofmarket discipline in Indonesia and also shows that market discipline is detected stronger in the period 2005-2007 than the period 2008-2009. This study also indicates that marketdiscipline by depositors of Islamic banks are stronger than those of conventional.Keywords: market discipline, deposit insurance, Islamic and conventional banks.

MOTIVATION FOR INDIVIDUALS’ INVOLVEMENT WITH FAN PAGES Willy Abdillah
Journal of Indonesian Economy and Business (JIEB) Vol 31, No 2 (2016): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This research examines the empirical model of individuals’ involvement with fan pages. The research model was developed based on the social influence factors and the brand post popularity model. The research employed an online survey questionnaire. 300 samples were collected by using a purposive sampling technique, and analyzed using the Partial Least Square (PLS) method. The results showed that identification, interactivity, informational content and valence of comment were the motivating factors for the intent to become involved with fan pages. It was indicated that the brand popularity model was not the only relevant model to explain the social computing phenomenon in the context of fan pages, but social influence factors also play a part. The implications for stakeholders and further research are discussed. Keywords: Social influence factors, brand post popularity factors, intention, and involvement with fan pages

THE POLITICS OF BANK SUPERVISION Widigdo Sukarman
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 1 (2011): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The bank supervision function and efficacy of monetary policy are often a trade-off for the central bank. An increasingly integrated financial system and the occurrence of bank crises during the 1980s raised the question: are central banks efficient in overseeing banks and is there a requirement for integrated supervision, either under the central bank or separate? The debate among academics and policymakers has never been settled without the guarantee that one alternative will ensure optimal bank supervision. This development has led to periodic changes in the form of supervision chosen. As the basic economic choice has been unsatisfactory, this study approaches the problem using path-dependence theory, which observes historical factors of bank development as well as the constellation of domestic politics in choosing these alternatives.Keywords: path-dependence, bank supervision, politics, country-specific

EFFECTS OF ETHICAL LEADERSHIP ON EMPLOYEE WELL-BEING: THE MEDIATING ROLE OF PSYCHOLOGICAL EMPOWERMENT Shania Dwi Rantika; andi ina yustina
Journal of Indonesian Economy and Business (JIEB) Vol 32, No 2 (2017): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Leaders who promote ethical behavior are believed to affect their employees’ well-being. This study was conducted to examine psychological empowerment as the intervening variable that connects ethical leadership to employees’ well-being, work engagement, and emotional exhaustion. By using a mail survey, we distributed questionnaires to 219 auditors from 11 public accounting firms in Jakarta. All the hypotheses in this study were supported. Ethical leadership has a positive effect on psychological empowerment. Thus, psychological empowerment positively relates to work engagement and negatively relates to emotional exhaustion. The result demonstrated that psychological empowerment partially mediates the effect of ethical leadership on work engagement and fully mediates the effect on ethical leadership and emotional exhaustion. The findings reveal that ethical leadership stimulates the psychological empowerment of the employee, thus, it enhances work engagement and also minimizes emotional exhaustion.

IMPACT OF PAKISTAN-MALAYSIA FTA ON INDONESIAN EXPORT OF REFINED BLEACHED DEODORIZED (RBD) OLEIN Reni Kustiari; Grace Rumagit
Journal of Indonesian Economy and Business (JIEB) Vol 24, No 3 (2009): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Indonesia needs to increase its export products in order to maintain surplus balance of payment. However, Pakistan-Malaysia FTA could make Indonesian RBD Olein in adifficult situation. This paper aims to examine the impact of a decrease in import tariff of Malaysian RBD olein in Pakistan on Indonesian export of RBD Olein using Trade analysisemploying Armington model that distinguishes the product by the country of origin. RBD olein trade model consists of four endogenous countries and one exogenous rest of theworld (ROW). The endogenous countries are Indonesia, Malaysia, the United State of America and Pakistan. The results indicate that the reduction in import tariff of Malaysian RBD Olein by 10 percent will cause the price to decrease by around 7.3 percent. The decline in Malaysian RBD olein price will increase its demand in Pakistan by around 4.4 percent. While import demand of Indonesian RBD Olein in Pakistan estimated to increase by only 0.35 percent, this is because the price of Indonesian RBD Olein rises by 0.17percent. In other word, calculated based on the average of export volume and implicit price in the period 2005-2007, import of Indonesian RBD Olein in Pakistan will only increase by around 2.1 thousand tones, or US$ 1.03 million,.Keywords: tariff, import, export, Armington model.

EARNINGS ANNOUNCEMENTS AND COMPETING INFORMATION: THE INDONESIAN EVIDENCE Dedhy Sulistiawan; Jogiyanto Hartono; Eduardus Tandelilin; Supriyadi Supriyadi
Journal of Indonesian Economy and Business (JIEB) Vol 29, No 1 (2014): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The main purpose of this study is to provide empirical evidence of the relationship between investors’ responses to two events, which are, (1) earnings anouncements, and (2) technical analysis signals, as competing information. This study is motivated by Francis, et al. (2002), whose study used stock analyst’s recommendations as competing information in the U.S stock market. To extend that idea, this study uses technical analysis signals as competing information in the Indonesian stock market. Using Indonesian data from 2007-2012, this study shows that there are price reactions on the day of a technical analysis signal’s release, which is prior to earnings announcements. It means that investors react to the emergence of competing information. Reactions on earnings announcements also produce a negative relationship with the reaction to a technical analysis signal before an earnings announcement. This study gives evidence about the importance of technical analysis as competing information to earnings announcements.

MONETARY AND FISCAL POLICY ANALYSIS: WHICH IS MORE EFFECTIVE? Muhamad Yunanto; Henny Medyawati
Journal of Indonesian Economy and Business (JIEB) Vol 29, No 3 (2014): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Fiscal policy is an adjustment in the income and expenditure of government as stipulated in the state budget in order to achieve better economic stability and pace of development. The main objective of this study was to measure and analyze Fiscal and Monetary Policy of the Gross Domestic Product (GDP). Fiscal Policy Multiplier (FPM) and Monetary Policy Multiplier (MPM) are used to answer the debate where more effective between fiscal policy and monetary policy. Short-term models derived through error correction model (ECM), which also forms the derivative equation. A system of simultaneous equations two stage least squares (TSLS), is used to describe the sensitivity analysis (response) of shocks to the policy change of important macroeconomic indicators. The results showed that during the study period, Indonesia's monetary policy more effective than fiscal policy.

INFRASTRUCTURE IMPROVEMENT AND ITS IMPACTS ON THE INDONESIAN ECONOMIC PERFORMANCE Tony Irawan; Djoni Hartono; Ferry Irawan; Arief Anshory Yusuf
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 3 (2012): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Indonesian government shows their big commitment on the improvement of infrastructure which is reflected in some regulations and policies made. It is supported by many empirical evidences that show the importance of infrastructure improvement on the economic performance. This paper developed a Computable General Equilibrium (CGE)model to analyze the impacts of infrastructure on the Indonesian economy by introducing several types of infrastructure and discussing the impacts of it on the poverty level. The results suggest that improvement on any types of infrastructure is expected to increase the economic growth, raise the government revenue, raise the factors’ income and reduce the poverty level. Improvement on the public work of agriculture, land transportation and telecommunication are still being preferable options comparing to others. Interestingly, even though the public work of agriculture is usually located in rural areas, the model suggests that the improvement on this sector will result higher impact on the urban household rather than to the rural household.Keywords: infrastructure, CGE, policy, poverty.

THE RISE OF CHINA AND ITS IMPLICATION ON INDONESIA-UNITED STATES TRADE Diyah Putriani; Meikha Azzani
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 2 (2011): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The purpose of this study is to analyze the impact of Chinese renminbi exchange rate againts the United States (US) dollar, on the bilateral export of Indonesia to the US.Johansen cointegration test and Ordinary Least Square (OLS) regression are employed to examine one impact. This research is limited only in the long-run aspect. The Johansentest shows that there are long-run relationships amongs variables involved such as GDP, Real Exchange Rate (RER), RER Volatility, and dummy variables. Empirical test resultshows that there are positive significant impacts of the Chinese renminbi on the Indonesia’s exports to the US, implying that the relationship between Chinese exports andIndonesia export are complementary in the US market.Keywords: Indonesia, China, the United States, renminbi, cointegration, OLS

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Home Page

OAI Link

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Reviewer

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Contact Name Wuri Handayani, Ph.D.

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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

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Abstract

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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