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INDONESIA
Journal of Indonesian Economy and Business
ISSN : 20858272     EISSN : 23385847     DOI : -
Core Subject : Economy,
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.
Articles 989 Documents
PEMILIHAN MODEL EKONOMI EMPIRIK DENGAN PENDEKATAN KOREKSIKESALAHAN Insukindro Insukindro
Journal of Indonesian Economy and Business (JIEB) Vol 14, No 1 (1999): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

For the last two decades, one of the major development in dynamicspecifications has been an error correction model (ECM). The ECM can be motivatedby optimizing behavior of economic agents in the presence of disequilibrium in theeconomy. In this case, the agents need to optimize subjet to a separate disequilibriumand adjustment costs. The disequilibrium cost is the cost associated with being out oflong run equilibrium, whereas the adjustment cost is the cost associated with changesin the variables in question.This approach can not only capture the short- and long-run specifications andprovide an attractive statistical framework, but is also consistent with the concept ofcointegration or equilibrium relationships in economic time series. It has also beenwidely used to model the dynamic specifications in economic analysis, because it hasa number of advantages both in terms of its value in generating estimated regressionequations with desirable statistical properties and in term of the ease with which suchequations can be interpreted.
ANALISIS TERHADAP VARIASI RELEVANSI-NILAI INFORMASI AKUNTANSI DI INDONESIA: PENGUJIAN HIPOTESIS INFORMASI ALTERNATIF Margani Pinasti
Journal of Indonesian Economy and Business (JIEB) Vol 21, No 4 (2006): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This research examines factors that explain the variation of value-relevance of accounting information for stock market in Indonesia. A hypothesis namely alternative information hypothesis was proposed in the study. In the alternative information hypothesis, researcher argues that value-relevance of accounting information is getting decreasing from time to time because of the response change of the users on accounting information, as the result of alternative information that is available and used in the company valuation nowadays. To examine the alternative information hypothesis, examining the value-relevance variation of accounting information between the time and between the factors of company characteristic is done. Industry factors, negative earnings, one-time items are examined, to find out whether those factors are able to explain the variation of the value-relevance of accounting information. The period of study samples are from 1990 to 2001. The analysis uses five models of company valuation and two kinds of value-relevance measures, those are R2 and abnormal pricing errors. The results of this study proved that there is decreasing of value-relevance of accounting information from time to time. Industry variable and transitory earnings variables (negative earnings characteristic and one-time items proportion) can not explain the variation of value-relevance of accounting information. Overall, this research can draw conclusion that for stock market in Indonesia, there has been decreasing of value-relevance of accounting information from time to time. It can not be attributed to the industry variable, negative earnings characteristic, or one-time items proportion. So that, the decreasing is explained by the lower value-relevance of accounting information from time to time, which reflects the users response on accounting information. This study results support the alternative information hypothesis.
FROM DUTCH MERCANTILISM TO LIBERALISM: INDONESIAN HISTORICAL PERSPECTIVE Tri Widodo
Journal of Indonesian Economy and Business (JIEB) Vol 21, No 4 (2006): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Paper ini membahas sejarah ekonomi Indonesia yang dapat dibagi menjadi beberapa periode yaitu pre-kolonialisasi, intrusi Eropa, pendudukan Jepang dan masa kemerdekaan. Negara Eropa yang paling mewarnai sejarah Indonesia adalah Belanda. Paper ini menganalisis evolusi pendekatan ekonomi dan politis yang dilakukan Belanda pada masa kolonialisasi di Indonesia kaitannya dengan sejarah pemikiran ekonomi di Belanda. Paper ini memiliki beberapa kesimpulan. Pertama, hubungan internasional Indonesia telah dilakukan jauh sebelum intrusi Eropa yang ditandai dengan perdagangan internasional. Kerajaan-kerajaan Hindu, Budha dan Islam memainkan peranan penting dalam perdagangan internasional pada masa sebelum intrusi Eropa. Kedua, era intrusi Eropa khususnya Belanda dan masa kemerdekaan mewarnai sejarah perekonomian Indonesia. Perspektif sejarah menunjukkan fakta bahwa terdapat hubungan kuat antara politik dan kinerja perekonomian Indonesia. Hal tersebut ditunjukkan oleh pertumbuhan GDP, volume perdagangan, harga ekspor dan pengeluaran pemerintah pada masa sistem Tanam Paksa, Liberal, Politik Etis, Orde Lama dan Orde Baru. Ketiga, terdapat hubungan erat antara perkembangan sejarah pemikiran ekonomi di Belanda dan kebijakan-kebijakan masa kolonialisasi. Dalam kasus Indonesia, hal tersebut direfleksikan dengan pembentukan Dutch East India Company- Vereenigde Oost-Indische Companie, VOC- oleh Belanda (Indices Company oleh British Mercantilism), Sistem Tanam Paksa, Politik Etis dan Liberal. Keempat dari perpektif sejarah ekonomi, Indonesia beberapa kali kehilangan kesempatan (missed opportunity) untuk memiliki kinerja ekonomi yang baik dikarenakan kondisi institusi dan politik.
ANALYTIC HIERARCHY PROCESS (AHP): SEBUAH METODE PEMBOBOTAN ALTERNATIF DALAM PEMBAGIAN DANA ALOKASI UMUM (DAU) Studi Kasus di Propinsi D.I. Yogyakarta Bambang Kustituanto; Yansekardias Yansekardias
Journal of Indonesian Economy and Business (JIEB) Vol 16, No 3 (2001): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The title of this study is “Analytic Hierarchy Process (AHP): An Alternative  Weightiness Method for General Purposed Transfer (Dana Alokasi Umum, DAU) Distribution, a Case Study in D.I. Yogyakarta Province”. This research purposed to examines regional government perspective about the factors that influence DAU distribution in Indonesia. This research is used AHP method, which designed to examines the individual perspective, that will be concluded as a regional government perspective, closely related to the objectives that will be achieved. By using the individual perspective in decision making process, it can be answer the prominent weakness of decision making method that solely concern to the secondary data. The method can be the best alternative, while the quality of secondary data in developing countries occasionally incredible. In term of the suggested model, it is used to measure the weight of each variable in the model.According to regional government perspective in this study, we identified that the prominent consideration in DAU distribution is concentrated to fulfill the regional minimum requirement, then to support the financing of authority delegation, and the last to create fiscal equalization horizontally. By integrating the three aspects, we know weight or priority of variables used in DAU distribution as follows: regional revenue, poverty rate, gross domestic regional product (excluding oil and gas), population, area covered, and accessibility.
ANALISIS KEBANGKRUTAN BANK Sri Haryati
Journal of Indonesian Economy and Business (JIEB) Vol 16, No 4 (2001): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Due diligence evaluation by a special committee to commercial banks has  classified the banks into three ratings: Rated a for banks with a minimum capital adequacy ratio (CAR) of 4%, rated B for those with CAR between –25% and 4%, and rated C for those with CAR less than –25%. CAR is one of the criteria to assess the financial health of commercial banks. Other aspects of evaluations are capital asset quality, management, earnings, and liquidity (CAMEL). These aspects are interrelated and it is important to evaluate the impact of each aspect on the probability of commercial bank bankruptcy. This study attempts to test whether several important ratios determine the probability of bankruptcy for all classes of commercial banks. ANOVA is used to test whether the categories of banks are statistically different in terms of those ratios. Logistic regression model is also applied to predict the probability of bank bankruptcy.  The empirical results show that efficiency and LDR ratios are statistically different for the three categories. Furthermore, those ratios are statistically significant to predict the probability of bankruptcy at 0.05 level of significance with the correct classification of 75.5%. The results imply that bank management should maintain the financial heath of the bank by all measures to improve the ratios when they fall in the lower limit of the criteria.
HUBUNGAN RESIKO DAN TINGKAT KEUNTUNGAN DALAM KONTEKS PORTOFOLIO PASAR MODAL INTERNASIONAL: PENGAMATAN TERHADAP BEBERAPA BURSA EFEK ASIA PASIFIK DAN SEKURITAS YANG DIPERDAGANGKAN DI BURSA EFEK JAKARTA AGUS SARTONO; SUKASMANTO SUKASMANTO
Journal of Indonesian Economy and Business (JIEB) Vol 12, No 1 (1997): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

During the last five years, relationship between risk and profit in stockexchange markets in the Asia Pacific regions was found to be integrated with international stock exchange market portfolio, with the exception of Wellington-New Zealand stock exchange market. Annual analyses have shown that the relationship does not show a tendency to either become more integrated or more segmented, but instead tend to be fluctuating. From the point of view of Indonesian investors, relationship between risk and profit level in Asia Pacific stock exchange markets are more valued because the Rupiah is currently weak against all Asia Pacific currencies.In specific, analysis of portfolio, group according to risk levels, which are traded in Jakarta Stock Exchange demonstrates that in general relationship between risk and profit level does not occur in International and domestic stock exchange portfolios.
MENGATASI KRISIS MONETER MELALUI PENGUATAN EKONOMI RAKYAT Mubyarto Mubyarto
Journal of Indonesian Economy and Business (JIEB) Vol 16, No 2 (2001): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The Indonesian economy in the year 2000 grew 4,77 percent after only 0,23 percent growth in the previous year, due to the strong growth of physical investment and export. Any economy that is growing 5 percent a year with inflation below 10 percent is certainly not in crisis condition. However, the “complete loss of investor confidence” indeed has not restored because of political uncertainty and insecurity. The paper argues that the dualistic nature of the Indonesian economy and the important role of the ekonomi rakyat (people’s economy) is instrumental in explaining the phenomena. Another phenomenon that must be considered is the wide regional variation, meaning that the economic and monetary crisis affecting Java’s economy negatively, may become “bonanza” to other regions producing export commodities. The regional variation especially in the Human Development Index also means that indeed backward regions should be able to learn from other regions having better quality of human resources. Finally lessons can be learned from countries like India and China that has not liberalized their economy too far. The 1997 crisis has taught a hard lesson to Indonesia.
SIKLUS TUJUH TAHUNAN EKONOMI INDONESIA (1931-1966-2001-2036) Mubyarto Mubyarto
Journal of Indonesian Economy and Business (JIEB) Vol 16, No 3 (2001): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Indonesian economy has been experiencing 7 year cycle starting the year of independence in 1945. In a larger cycle, the economic and political crises took place every 35 years (5 x 7 years), hence the crisis of 1931, 1966, and 2001. There are also 3 x 7 years historical “repeat” in the national debate of Indonesian economy i.e., the year of 2001, 1980, and 1959. The year of 1959 was important in Indonesian economic history because it was the year when Indonesia decided to return to the 1945 Constitution after the “konstituante” (Constitution Making Body) failed to make a new constitution. It is important to note that social justice for the whole Indonesian people is the final goal of national development where equity and justice is observed and poverty is eradicated. Indonesian economy can best be analyzed by moral economy and transdiscriptinary approach rather than strict neoclassical economy theory. That is why many economists were surprised by the coming of Indonesias monetary crises.
PENDEKATAN KOREKSI KESALAHAN DALAM PERSAMAAN SIMULTAN STUDI KASUS: PENDAPATAN DAN PENAWARAN UANG DI INDONESIA Syamsul Hidayat Pasaribu; Samsubar Saleh
Journal of Indonesian Economy and Business (JIEB) Vol 16, No 1 (2001): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This paper attempts to introduce and apply the error correction method to estimate the simultanous-equation models and compares its results with the similar method in the case of single equation model.The empirical results show that the estimations in the case of simultanous-equation models have the similar conclusions with the case of single equation models since the fitted values of dependent variables in the reduced-form estimations are relatively close to its actual values. On the other hand, they will be quite diffrence if the fitted values of dependent variables in the reduced-form estimations quite differ from its actual values.The results show that short-run changes in money supply (M) and investment (I) have significant and positive effects on income (Y) while government expenditure (G) is insignificant and that about 0,9151% of the discrepancy between the actual and the long-run, or equilibrium, value of Y is corrected each year by the single equation assumption and 0,8706% by the simultanous-equation assumption.The results also show that short-run changes in income (Y) have significant and positive effects while interest rate (R) is insignificant on money supply (M) and that about 0,2327% of the discrepancy between the actual and the long-run, or equilibrium, value of M is corrected each year by the single equation assumption and 0,2346% by the simultanous-equation assumption.Keywords: ordinary least square, two stages least square, error correction method.
ROBUST METHOD: AN APPLICATION TO DETERMINANTS OF RESEARCH AND DEVELOPMENT EXPENDITURES TESTING MODEL Suwardjono Suwardjono
Journal of Indonesian Economy and Business (JIEB) Vol 16, No 4 (2001): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Penelitian-penelitian akuntansi yang menggunakan pengujian statistis parametrik biasanya berasumsi bahwa populasi berdistribusi normal. Hasil pengujian parametrik yang didasarkan pada normalitas data mulai banyak dipertanyakan validitasnya karena kenyataan bahwa data bisnis dan akuntansi pada umumnya tidak memenuhi asumsi kenormalan. Yang menjadi pertanyaan adalah apakah mean dan variansi sampel masih tetap andal dijadikan estimator parameter populasi normal sementara pendekatan nonparametrik tidak memungkinkan untuk mengestimasi parameter. Makalah ini mengevaluasi kemampuan metoda tegar sebagai alternatif alat statistis yang menuntut kenormalan data. Evaluasi dilakukan dalam rangka pengujian empiris faktor-faktor yang menentukan tingkat pengeluaran untuk riset dan pengembangan.Hasil empiris menunjukkan bahwa metoda tegar menghasilkan estimator parameter yang lebih konsisten dengan teori dan sekaligus mengatasi kelemahan yang ditimbulkan oleh model parametrik. Makalah ini merupakan seri makalah metoda statistis dari makalah sebelumnya (Suwardjono, 2001).

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