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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 IMPACT OF EDUCATION ON ECONOMIC GROWTH IN INDONESIA Reza, Faizal; Widodo, Tri
Journal of Indonesian Economy and Business Vol 28, No 1 (2013): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

Does education promote economic growth? The aim of this study is to find out the impact of education on economic growth in Indonesia. This research employed panel datatechnique to investigate the relationship between education and economic growth in Indonesia during the period 1996-2009. The empirical results show that education perworker has a positive and significant impact on economic growth. The estimates of panel model suggest that a 1% increase in average education per worker will lead to about1.56% increase in output. By using instrument analysis, researchers found that Jawa Timur is a province with highest economic growth in Indonesia. In contrast, Bengkuluexperiences the lowest position with the lowest economic growth. The results show us that there are still substantial disparities within the provinces in Indonesia. Keywords: education, economic growth, panel data.
THE IDENTIFICATION OF STRUCTURAL BREAK AT TIME SERIES DATA ON INDONESIAN ECONOMY 1990Q1-2008Q4: THE APPLICATION OF ZIVOT AND ANDREWS’ EXPERIMENT Mustafa, Rahman Dano
Journal of Indonesian Economy and Business Vol 26, No 3 (2011): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

Before the 1997/1998 economic crisis that enhanced the fluctuation of some Indonesian macroeconomic indicators, Indonesian economic indicators seemed to run quite well as to make it attractive as business destination. The economic turbulence has brought about the enhancement of its macroeconomic indicators fluctuation: the depreciation of Indonesian Rupiah’s exchange rate, the sharp contraction of GDP, the ever-increasing inflation pressure, and the interest rate hike.The objective of this paper is to identify the right timing of the major structural break on Indonesian economy through the application of Zivot and Andrew’s procedure (ZA)(Zivot and Andrews, 1992), with time series data in the period of Q1 1990-Q4 2008. The ZA model empirical test outcome shows that endogenously the significance of structural break for most macroeconomic variables necessitates at least one hypothesis of null unit root that can be rejected for most of the investigated variables. The potential structural break in series (ADF-test) also allows some originally non-stationary-unit contained variables to turn into a stationary ones. These results are statistically significant as the endogenously appropriate break (ZA-test) coexisted with the Indonesian financial-crisis shocks in 1997/1998.Keywords: structural break, unit root test, macroeconomic time series and Indonesian economy
APPLICATION OF RULE OF LAW BY JURISDICTION SYSTEM ON ILLEGAL LOGGING CASE IN INDONESIA 2002-2008 Permana, Yudistira Hendra
Journal of Indonesian Economy and Business Vol 25, No 3 (2010): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

The aim of this research is to analyze behavior of Supreme Court’s judge on detention period sentence for illegal logging defendants in Indonesia from year 2002 through 2008.The first analysis is censored normal regression method using detention period indictment by prosecutor, detention period sentence by district court, defendant’s gender, appealeffort, defendant’s age, and defendant’s job variables. Those variables are used to analyze how each variable affect on Supreme Court’s verdict on detention period sentence forillegal logging defendants in Indonesia. Second analysis is descriptive statistic involves three levels of jurisdiction’s considerations (prosecutor, district court, and SupremeCourt) on determining detention period sentence for illegal logging defendants in Indonesia and suitability those three levels of jurisdiction to law. Research’s result showsthat detention period indictment by prosecutor, detention period sentence by district court, and defendant’s age significantly affect on Supreme Court’s verdict on detention period sentence for illegal logging defendants in Indonesia. But, on the other hand there is unsuitable verdict made by those three levels of jurisdiction to law.Keywords: court’s verdict, illegal logging, censored normal regression
EKSPROPRIASI MELALUI UTANG DALAM STRUKTUR KEPEMILIKAN ULTIMAT Siregar, M.B.A., Ak., Dr. Baldric
Journal of Indonesian Economy and Business Vol 23, No 4 (2008): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study addresses ultimate ownership issue and investigates its implications on leverage. By using sample consists of firms listed in the Jakarta Stock Exchange for the period from 2000 to 2004, this study shows that the publicly traded firm ultimate ownership is concentrated in the hands of controlling shareholders. Ownership concentration can be divided into those of cash flow rights and control rights. Those two concentrations do not go together but have different implications. The controlling shareholders enhance their control domination through pyramid structures and crossholdings among firms. Control flow rights consequently exceed cash flow rights. The cash flow right concentration is a financial incentive to avoid expropriation. This conclusion is support by evidence of negative effects of cash flow rights on leverage. On the other hand, control right concentration is an incentive to generate private benefits through expropriation. This conclusion is support by evidence of positive effects of control rights on leverage. When control and cash flow rights are separated, the controlling shareholders have higher incentive to expropriation by participating in management. This is so because of higher negative effect of cash flow right leverage on leverage.Keywords: cash flow rights, control rights, cash flow right leverage, pyramiding, cross-holding,
CONSERVATISM AND THE COST OF EQUITY CAPITAL: A MULTI-DIMENSIONAL MEASUREMENT APPROACH Gamaliel, Hendrik; Sugiri, Slamet
Journal of Indonesian Economy and Business Vol 28, No 3 (2013): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

Conservatism is a permanent phenomenon and issue in the accounting practice. It has beendeveloping in two forms, ex ante and ex post, measured in various ways—the accruals,valuation model, and book-to-market measures. Prior studies document inconclusive findingson the association between conservatism and the cost of equity capital. These inconsistentfindings motivate us to examine whether the various measures of conservatism have differenteffects on the relationship between conservatism and the cost of equity capital. Wefind that the accruals measure explains the relationship, while the valuation model andbook-to-market measures do not. Our findings suggest that different measures of conservatismrelate differently to different articulations. Researchers, therefore, should be cautious ininterpreting the relationship between conservatism and the cost of equity capital.Keywords: ex ante and ex post conservatism, cost of equity capital, various measures ofconservatism
Pengaruh Volume Perdagangan Saham, Deposito dan Kurs terhadap IHSG Beserta Prediksi IHSG (Model GARCH dan ARIMA) Murwaningsari, Etty
Journal of Indonesian Economy and Business Vol 23, No 2 (2008): April
Publisher : Journal of Indonesian Economy and Business

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Abstract

The objective of this research is to identify the influences of stock trading volume, deposits and exchange rate to the stock price index (IHSG).This research examines secondary data from Indonesia Stock Exchange Reference Center for monthly IHSG from 1992-2006 as well as deposit interest rate and exchange rate from Bank of Indonesia at the same period. The statistical modelings usedto test the hypothesis are GARCH and ARIMA Model.Hypothesis test 1 and 3 shows that the stock trading volume has positive influence, while interest rate has negative influence to the stock price index. Test on hypothesis 2 indicates that exchange rate has no significant influence to stock trading volume. Based on the prediction obtained by ARIMA and GARCH method, it is shownthat ARIMA provides the least differences between actual value and predicted value. It is concluded that for our data, ARIMA method is better than GARCH method.Keywords: size, stock trading volume, deposits, exchange rate, stock price index.
THE TRANSFER PROBLEM IN INDONESIA AND POLICY RESPONSES Asmara, Amri Anjas
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 paper examines the implications of, and policy responses to the transfer problem phenomenon, which is the interaction between surging capital inflows and real exchange rate. In particular, this paper identifies three episodes of large net private capital inflow to Indonesia during 1995 - 2010. Episodes of large capital inflows are often associated with real exchange rate appreciations. In turn, these conditions could undermine economic competitiveness in terms of price.This paper adopts theoretical framework that leads to test the long-run co-movements of real exchange rates and capital inflows. This long run relationship is modeled on thecointegration framework. The Full-Modified Ordinary Least Square (FMOLS) is used to provide optimal estimates of cointegration regressions, dealing with endogeneity andserial correlation effect in the regressors that result from the existence of the cointegrating relationships.Controlling for relative output levels, degree of openness, and the terms of trade, time series empirical evidence presented evidence supporting the existence of a significanttransfer problem in Indonesia. Moreover, using disaggregated measure of inflows, this paper finds that portfolio investment has the most significant impact on REER appreciationin Indonesia.A comprehensive assessment of various policy responses to the transfer problem leads to two major conclusions. First, the problematic relationship between REER apreciationand capital inflows would be more moderate in which the authorities exercised countercyclical fiscal. It means that greater fiscal restraint would also help ease pressures for real appreciation of the exchange rate. Second, aggressive sterilization could be the first line of defense against REER apreciation during surge of capital inflows.Keywords: Transfer Problem, Real Effective Exchange Rate, Capital Inflows, Cointegration, Full-Modified Ordinary Least Squared (FMOLS)
ACCOUNTING PERFORMANCE AS AN ANTECEDENT FACTOR OF CHIEF EXECUTIVE OFFICER TURNOVER IN INDONESIA Lindrianasari, Lindrianasari; Nurdiono, Nurdiono; Ivana, Einde
Journal of Indonesian Economy and Business Vol 26, No 2 (2011): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study is aimed to provide empirical evidence about the usefulness of accounting information in the issue of CEO turnover. Previous research shows the results that CEOturnover is inconclusive with respect to its antecedent factors and consequences. It is also very rarely observed in Indonesia, and therefore strongly encourages the author toconduct this study. The samples of this study is all the companies performing turnover (either routine or non-routine) at the level of the companys top leaders in office asPresident Director. The sample included 81 CEOs which experienced turnover from 1998 to 2006 period, and compared with a control group referring to companies that does not perform CEO turnover during the observation period (nine years). The final sample that we used for testing the accounting data is as much as 140 companies, consisting of 81 companies that performed turnover and 59 companies that did not. The results of study show that accounting data (i.e. total assets, total sales, ROA, ROE and earnings), indicates a significant negative effect on turnover decisions, while current ratio does not. In additional tests, we find that the accounting performance on non-routine turnover compares favourably with CEO turnover on the type of routine. This result indicates a bargaining position of CEOs at a company that does change regularly. Meanwhile, worse accounting performance will have the potential for CEOs to be replaced (down position or enter into a council of commissioners) and even be laid off from the company.Keywords: CEO turnover, accounting performance, antecedent factors 
DOES THE RANK-SIZE RULE MATTER IN INDONESIA? DETERMINANTS OF THE SIZE DISTRIBUTION OF CITIES Firdaus, Muhammad; Fitria, Annisa
Journal of Indonesian Economy and Business Vol 25, No 1 (2010): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

In Indonesia the cities have continously grown. However they varied in size. Some cities have the population above two million citizens, while some have below than fivehundred thousands. Some economic factors are hypothesized to influence such distribution. This study aims to test the rank-size rule (Zipf’s law) and to find thedeterminants of size distribution of cities. The panel data method is employed to satisfy the objectives of study. All district and provincial level data are used for year 1995, 2000 and 2005. The pareto exponent shows that the rank-size rule does not matter in Indonesia.Level of agglomeration economies, local government expenditure and number of administrative city increases the concentration of size of cities. The labor force participation and region’s openness affects the size of cities to be more equally distributed.Keywords: cities, rank-size rule, Zipf’s law, pareto exponent, panel data
INFLUENCE OF WORK-FAMILY CONFLICT AND FAMILY-WORK CONFLICT ON EMPLOYEES’ TURNOVER INTENTIONS WITH GENDER, SOCIAL SUPPORT AND INDIVIDUAL VALUE AS MODERATING EFFECTS Yunita, Putu Irma; Kismono, Gugup
Journal of Indonesian Economy and Business Vol 29, No 1 (2014): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

work interfering with family-WIF and family interfering with work-FIW) and its influences onturnover intention. This research also examined the moderating effect of gender, social supportand individual values on the relationship between the work-family conflict and turnoverintentions. The participants of this study were 210 low and middle managers of four and fivestar hotels in Bali. This sample consisted of 126 males and 84 females. Multiple regression andhierarchical methods were used to test the proposed hypotheses. The result showed that WIFpositively and significantly influences the turnover intention but FIW did not. It was also foundthat social support significantly moderates the relationships between variables studied, butgender and individual value had no impact on it.Keywords: turnover intention, work interfering with family, family interfering with work,gender, social support, individual value.

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