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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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THE INFLUENCE OF CORPORATE GOVERNANCE PRACTICE TOWARDS CREDIT AND BOND YIELDS Rinaningsih, Rinaningsih
Journal of Indonesian Economy and Business Vol 24, No 2 (2009): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

The purpose of this study is to investigate whether there is a relationship between corporate governance practices and credit risk and bond yields. This study takes samplefrom companies that published bonds in 2006.First, we investigate the relationship between corporate governance practices and credit risk. Credit risk (default risk) can be measured by bond ratings (Billings, 1999).Using ordered probit regressions, we find evidence that the quality of transparency and financial information disclosure that proxied by big-4 auditors and audit committee havesignificant influence on bond ratings, but the relationship between block holders and institutional ownership is not significant on bond ratings. Second, we investigate the relationship between corporate governance practice and bond yields. Using multiple regressions, we find that corporate governance practices is not significant on bond yields. Then we put bond ratings in the equation, we find that bond ratings give incremental effect to the evidence. This evidence is consistent to Bradley et.al, (2007), that bond ratings are the prominent determinant for bond yields. Together with the bond ratings, the corporate governance practices (block holders, institutional ownership, big-4 auditors) have significant influence on bond yields.Keywords: bond ratings, bond yields, corporate governance, credit risk, default risk
INTERACTIONS AMONG INSIDER OWNERSHIP, DIVIDEND POLICY, DEBT POLICY, INVESTMENT DECISION, AND BUSINESS RISK F., Indri Erkaningrum
Journal of Indonesian Economy and Business Vol 28, No 1 (2013): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

The study of interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk is still conducted. This research aims at investigating theinfluencing factors of insider ownership, dividend policy, debt policy, investment decision, business risk, and the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk. The samples of the research are 137 manufacturing companies listed in the Indonesia Stock Exchange from the year 2006 to 2010. The three stages least square simultaneous equation model is used to analyze the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk. The analysis result of insider ownership equation shows that investment, business risk, and sizehave negative influence on insider ownership. Insider ownership, debt and business risk give negative impact to dividend that is shown on equation of dividend. Negative impact of dividend, business risk, and profitability to debt is shown on equation of debt. The analysis result of investment equation shows that insider ownership and business risk have negative influence on investment, whereas profitability and sales growth have positive influence on investment. The analysis result of business risk equation shows that insider ownership, dividend, investment, and size have negative influence on business risk, whereas variability of earnings has positive influence on business risk. The analysis result of the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk shows that: 1) there are reciprocal interactions among insider ownership, investment, and business risk; 2) there are reciprocal interactions between dividend and debt; 3) there are reciprocal interactions between dividend and business risk; 4) insider ownership influences dividend; 5) business risk influences debt. The empirical evidence of interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk helps the companies to make financial policy minimize agency problem.Keywords: insider ownership, dividend, debt, investment, business risk.
THE CORRELATION AMONG THE FACTORS OF IMPLEMENTATION, THE SYSTEM DEVELOPMENT, AND THE RESULT OF PERFORMANCE MEASUREMENT SYSTEM: A Study Conducted in The Regency of Sumba Timur Kuba Yowi, Linda Rambu
Journal of Indonesian Economy and Business Vol 26, No 3 (2011): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study is aimed to examine the relationship among factors determining the success or failure of the implementation of performance measurement systems with the development of performance measurement systems, performance accountability, and the use of performance information in the government institutions and to examine the impacts of the development of performance measurement systems on the performance accountability and the use of performance information.This research was carried out in the Local Government of East Sumba Regency. The research respondents were the government officers of Echelon II, III, and IV. The samples were selected using purposive sampling.509 questionnaires were distributed and 267 were used. Data were analyzed using Ordinary Least Square (OLS).This research finds that organization culture and resources have relationship with the development of performance measurement systems. In contrast, the limited informationsystems, difficulties in determining the performance metrics, management commitment, decision-making authority, and training do not have relationship with the development ofperformance measurement systems. The limited information systems, difficulties in determining the performance metrics and training do not have relationship with the performanceaccountability, but management commitment, decision-making authority, organization culture, and resources have relationship with the performance accountability. The difficulties in determining the performance metrics, decision-making authority, organization culture, and resources have relationship with the use of performance information, whereas the limited information systems, management commitment, and training do not have relationship with the use of performance information. Further, the development of performance measurement systems directly influences the performance accountability and the use of performance information and indirectly influences the use of performance information through the performance accountability.Keywords: performance measurement, performance accountability, performance information, local government
HYPOTHESIS TESTS ON HALL PERMANENT INCOME (HPI): THE CASE OF INDONESIA Maryatmo, R.
Journal of Indonesian Economy and Business Vol 25, No 3 (2010): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

This paper is focused on the test of Hall Permanent Hypothesis. Hall hypothesizes that economic agents have perfect information on their life time income. Since economic agents have perfect information on their life time income, they tend to hold their inter-temporal consumption to be equal. There are three ways to test the Hall hypothesis. The three ways are Dickey Fuller, Augmented Dickey Fuller, Cambell and Mankiw tests. The results are inconsistent each others. The finding tends to support that the interest rate transmission mechanism for inter-temporal consumption is not working in Indonesia. The interest rate in Indonesia tends to be higher than of the neighboring countries. The interest rate in Indonesia tends to be high because of the high inflation rate, and inefficient banking practice. It is interesting to plan further research on staggering high inflation and inefficient banking practice in Indonesia.Keywords: Hall income permanent hypothesis, inflation, Indonesia.
OWNERSHIP STRUCTURES AND BANK PERFORMANCE: A STUDY OF INDONESIAN LISTED BANKS Mardinna, Votivia
Journal of Indonesian Economy and Business Vol 23, No 4 (2008): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

Krisis moneter 1997–1998 merupakan titik tolak perubahanmendasar dari struktur kepemilikan bank di Indonesia. Divestasi perbankan yang dilakukan pascarestrukturisasi perbankan telah mengubah peta struktur perbankan di Indonesia. Majoritas kepemilikan bank-bank di Indonesia kini dikuasai oleh pihak asing.Sementara itu, mengingat majoritas kepemilikan saham perbankan dimiliki asing, sebagian besar bank tersebut cenderung mengganti direktur utama (chief executive officer) dengan bankir asing.Penelitian ini bertujuan untuk melihat pengaruh strukturkepemilikan dengan performa bank, berdasarkan pendekatanprofitabilitas dan penilaian pasar (accounting-based measures and market-based measures).Dengan menggunakan data panel untuk 12 bank listed diIndonesia selama 2004–2007 dan metode generalized least square fixed effect model, penelitian ini menemukan bahwa terdapat hubungan yang signifikan antara struktur kepemilikan dan latar belakang CEO dengan performa bank.Kata kunci: Restrukturisasi perbankan, struktur kepemilikan, dan performa bank
SELF EMPOWERMENT MODEL OF THE POOR IN IMPROVING SOCIAL WELFARE (Studies in the District of Alang-Alang Lebar Palembang, Indonesia) Rohima, Siti; Suman, Agus; Manzilati, Asfi; Ashar, Khusnul
Journal of Indonesian Economy and Business Vol 28, No 2 (2013): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

Poverty is a very complex problem. So many ways that has been done by the Governmentbut not yet provide optimal results. Any measures taken to overcome poverty oftenonly temporary. There needs to be alternative measures to alleviate poverty through theempowerment one. Self-empowerment for the poor in improving the standard of living andwelfareResearch studies conducted in the District of Alang-Alang Palembang. This study is aqualitative study using interaksionime symbolic approach. In interaksionime symbolic ofhuman behavior and interaction shown by the symbol and meaning, and should be able totranslate the meaning and significance of the symbol.This research suggests a model of self-empowerment of the poor through social capitaland internal self. In the self-empowerment, poor individuals may act as subjects ratherthan just the object of poverty reduction. Self-empowerment model in addition supportedby a good social capital is also supported by internal self. Internal to include prayer,effort, initiative and tawakal. Self-empowerment is done individually capable of affectingevery movement of the poor themselves are to change for improving the living standardsand the shackles of poverty, but it can provide motivation to work harder and improve theethical attitudes and work for productivity increases and is thus able to increase revenue.Empowerment supported by internal social capital and good self will bring individualcreativity in doing self-empowerment. This condition can increase income and improve thelives of poor and better than ever before so that poor people more prosperous and achievethe expected welfare.Keywords: Model, Self empowerment, poverty, social capital, internal self, welfare
Derajat Persaingan Industri Perbankan Indonesia: Setelah Krisis Ekonomi Kusumastuti, Sri Yani
Journal of Indonesian Economy and Business Vol 23, No 1 (2008): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This paper analyses the influence of economic crisis and the subsequent reforms on the oligopolistic nature of the Indonesian banking industry. Since the crisis, there have beensubstantial changes in competitive environment. How did these changes affect a banking industry in which the three teen largest banks accounted for over 70 per cent of market share? To estimate the degree of competition, we apply Bresnahan’s (1989) conjectural variation model. Using estimation models based on microeconomic foundations, this method allows us to derive the index of the firm’s market power that is calculated as the deviation of the market piece from the marginal coat as known as Lerner index. Theestimated indicates that the Lerner index showed a rising trend in the post-crisis period. This result indicates the possibility of a decline in the degree of competition.Keywords: Indonesian banking industry, degree of competition, Brenahan’s conjectural variation, Lerner index.
DOES LEGAL TRANSPLANTATION WORK? THE CASE OF INDONESIAN CORPORATE GOVERNANCE REFORMS Harijono, Harijono; Tanewski, George
Journal of Indonesian Economy and Business Vol 27, No 1 (2012): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study examines the impact of corporate governance reforms by analysing the relation between firms’ operating performance and key ownership structure and corporategovernance variables on a sample of firms listed on the Jakarta Stock Exchange between the periods 1993 to 2007. Contrary to widespread belief that reforms in Indonesia havefailed, this paper provides empirical evidence in support of the positive impact of corporate governance reforms. While the impact of family control, the firms’ business group affiliation, divergence between cash flow and control rights and political connection are all negatively associated with firms’ operating performance (ROA) for the pre-reformperiod (i.e., 1993-1999), these negative effects disappear during the post-reform period (i.e., 2001-2007), except for family control. More importantly, the relationship betweenfamily control and operating performance is negative only when the family’s control right exceeds their cash flow right. This study provides some empirical evidence and insights toboth regulators and development assistance agencies on the effectiveness of Indonesian corporate governance reforms.Keywords: corporate governance reform, controlling shareholders, firm performance, Indonesia
THE GLOBAL ECONOMIC CRISIS AND ITS IMPACT ON INDONESIA’S EDUCATION Kuncoro, Mudrajad
Journal of Indonesian Economy and Business Vol 26, No 1 (2011): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

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

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Abstract

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

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