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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

90 91 92 93 94

DETERMINANTS OF INDONESIAN FIRMS’ CAPITAL STRUCTURE: PANEL DATA ANALYSES* Fitri Santi
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Tulisan ini bertujuan untuk menelaah determinan struktur modal perusahaan di Indonesia. Sampel yang diambil adalah 87 perusahaan yang terdaftar di BEJ. Model panel data digunakan sebagai metoda dalam menganalisis determinan struktur modal. Dari hasil regresi diketahui bahwa variabel tangibility, growth opportunity, size, dan profitability mempunyai pengaruh terhadap struktur modal perusahaan.Keywords: Capital Structure, Determinant, Indonesia, Panel Data.

FORMULA ALTERNATIF DANA ALOKASI UMUM Edy Suandi Hamid
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The objectives of this study is to formulate a transfer formula of fund from the central government to regional governments, especially the general purpose transfers or general allocation funds (Dana Alokasi Umum/DAU) to fulfill the normative criteria of Law No. 25/1999 by considering the condition of human development at the regions. The formula can be used to equalize interregional fiscal capacities, and to analyze the impact of DAU transfer to the regional revenue equalization, by using the indicators of variation coefficient and Williamson’s index. The fiscal gap approach is used to formulate DAU Formula. The impact of the DAU Formula to interregional revenue equalization is calculated by simulating variation coefficient and Williamson’s index.This study found that the DAU IPM Formula, using human development variables is more appropriate for Indonesia as a substitute to the current DAU Formula. From the simulation this DAU IPM Formula result in a better rate of fiscal equalization, especially for the districts/municipalities.Keywords: Transfer formula, General Allocation Funds, DAU Formula, Human development, Variation coefficient, Williamson’s index, Interregional revenue equalization.

GERAKAN SENDAWAR MAKMUR DI KABUPATEN KUTAI BARAT: HIDUP DAN BEREKONOMI TANPA PEMERINTAH Edy Suandi Hamid; Endang Sih Prapti; Hudiyanto Hudiyanto; Mubyarto Mubyarto; Puthut Indroyono
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The development of ekonomi rakyat in an isolated kampung, kecamatan, or kabupaten is becoming very important in the era of regional autonomy. One of this kabupaten is West Kutai in the Province of East Kalimantan. The size of the kabupaten is 31,629 km2 (as large as the size of Central Java Province) but the population is only 144.000 people (while Central Java’s is 35 million people) with the population density of only 4.5/km2. It is clear that it needs “more” population to exploit the rich natural resources. The 48% poverty is alarming to all concerned and the Bupati is doing everything possible to reduce poverty “as soon as possible” by introducing a mass movement called “Gerakan Sendawar Makmur” (Prosperous Sendawar Movement).Keywords: autonomy, participation, poverty alleviation, cultural economics.

INTERNAL CASH FLOWS, INSIDER OWNERSHIP, INVESTMENT OPPORTUNITY, DAN CAPITAL EXPENDITURES: SUATU PENGUJIAN TERHADAP HIPOTESIS PECKING ORDER DAN MANAGERIAL Masyhuri Hamidi
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The objectives of this study are to observe the impact of internal cash flows, insider ownership, and investment opportunity on the capital expenditure in two different theories. Those theories are: (1) the pecking order hypothesis and (2) the managerial hypothesis, tested in Indonesian case.On the one hand, the pecking order hypothesis postulates that managers can choose the level of capital expenditure to maximize the wealth of current shareholders without considering insider ownership in the company. On the other hand, according to the managerial hypothesis, managers whose ownership proportions are small tend to use higher level of internal cash flows to finance the capital expenditure than that which would maximize the wealth of current shareholders.This study is predicated on Griner and Gordon’s study (1995) and focused on manufacturing companies listed in BEJ. The data used in this study are taken from the period of 1993-1996. There are 64 companies chosen based on purposive sampling.The result of this study shows that the internal cash flows and the investment opportunity have positive and significant impact on the capital expenditures. However, the impact of insider ownerships on the capital expenditures is not significant. Eventually, this study substantiates the pecking order hypothesis.Keywords: Pecking Order Hypothesis, Managerial Hypothesis, Internal Cash Flows, Insider Ownership, Investment Opportunity, Capital Expenditures

PREDICTABILITY POWER OF DIVIDEND POLICY AND LEVERAGE POLICY TO MANAGERIAL OWNERSHIP: AN AGENCY THEORY PERSPECTIVE Putu Anom Mahadwartha
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Penelitian ini merupakan pengembangan dari Mahadwartha (2002b) yang mengguna-kan Logit model untuk mengetahui kemampuan prediksi kebijakan leverage dan dividen terhadap kepemilikan manajerial. Variabel leverage dan dividen sudah memisahkan antara kepentingan manajemen dan inside shareholders dengan outside shareholders. Penelitian ini juga menggunakan logit model, dengan modifikasi utama yaitu variabel kepemilikan manajerial menggunakan lead satu tahun kedepan (t+1), penambahan variabel kontrol aktiva lancar untuk meningkatkan kemampuan prediksi model dan periode sampel dari tahun 1993 sampai dengan 2001.Penelitian-penelitian sebelumnya hanya menggunakan variabel kepemilikan manajerial tanpa lead satu tahun kedepan (t+1). Penelitian ini berargumentasi bahwa kebijakan utang dan dividen mempunyai dampak yang lebih besar pada kepemilikan manajerial satu tahun kedepan (t+1) dibandingkan tahun yang berjalan (t0).Hasil penelitian menunjukkan konsistensi kemampuan prediksi kebijakan leverage serta dividen terhadap kepemilikan manajerial, dan kemampuan prediksi leverage dan dividen semakin meningkat dibandingkan penelitian Mahadwartha (2002b) yang hanya mengguna-kan kepemilikan manajerial tanpa lead (t0). Hubungan variabel leverage dan dividen dengan kepemilikan manajerial adalah negatif dengan besaran yang semakin meningkat. Hal ini sesuai dengan prediksi oleh teori keagenan bahwa terdapat efek substitusi antara kepemilikan manajerial dengan kebijakan utang dan dividen dalam mekanisme pengawasan (monitoring) dan pengikatan (bonding). Hasil ini juga menunjukkan bahwa kebijakan utang dan dividen lebih baik dalam menjelaskan program kepemilikan manajerial satu tahun kedepan.Kata Kunci: agency theory; lead; managerial ownership; leverage; dividend.

TEORI INVESTASI DAN PERTUMBUHAN EKONOMI DALAM EKONOMI PANCASILA Mubyarto Mubyarto
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

If economics is to become less of a religion and more of a science, then the foundationsof economics should be torn down and replaced. (Steve Keen, 2001, Debunking Economics:The Naked Emperor of the Social Sciences, Pluto Press, Sydney).Keywords: Religions Economics, Economic Sin.

ADAKAH PENGARUH PERNYATAAN PRESIDEN GUS DUR TERHADAP PERILAKU KURS RP/US$, 1 JANUARI 1999 – 30 APRIL 2002?: STUDI EMPIRIS DENGAN METODE BOX JENKINS (ARIMA) Mudrajad Kuncoro; Hikmah Inayah
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 4 (2003): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This study attempts to analysis Rupiah/US$ exchange rate using ARIMA (Autoregressive Integrated Moving Average) method. It explores to what extent impacts of political variable, in term of the (former) President Abdurrachman Wachid’s (Gusdur) statement, on the exchange rate fluctuation. Two main sources of data were used: first, daily exchange rates of Rp/US$ over the period of Januari 1st, 1999 to April 30th , 2002; second, media reports on Gus Dur’s statement which comed up every Friday. The empirical results found that yesterday’s exchange rates and trend influenced the current exchange rates significantly, as shown by AR (1) and trend variable. More importantly, depreciation of Rupiah was caused by political (news) variable, especially Gus Dur’s statement. The last indicates the evidence of Friday effect in the case of Rp/US$ during Gus Dur regime.Keywords: ARIMA Method; Autoregressive; Moving Average; News (Gus Dur’s statement); Trend

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STATUS PERUSAHAAN PASCA IPO DENGAN ANALISIS MULTINOMIAL LOGIT Luciana Spica Almilia; Meliza Silvy
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 4 (2003): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This research has a purpose to provide empirical evident about factors that affect firms status after IPO. The examined factors on this research are firm characteristics including financial ratio, industry structure, firm’s sensitivity to macroeconomic variables, underwriter reputation and ownership structure.The samples consist of 84 firms which had positive net income, positive equity book value and still listed until 2002; 24 firms which had negative net income from 2000 through 2001 and still listed; 48 firms which had negative net income and negative equity book value from 2000 through 2001 and still listed; and 19 firms which delisted from 1999 through 2002. Moreover, it is chosen by purposive sampling. The statistic method used to test on the research hypothesis is multinomial logit regression. Indirect method and direct method technique is used to gain a model that has the highest classification power in determination firms status after IPO.The result show that direct method had a higher classification power rather than indirect method. This research also indicate that firm characteristic include financial ratio, industry structure, firm’s sensitivity to macroeconomic variables, and underwriter reputation is a significant variables in determination firms status after IPOKeywords: financial distress, financial ratios, multinomial logit, macroeconomic variable

HERDING BETWEEN INSTITUTIONAL AND INDIVIDUAL INVESTORS: THE JAPANESE CASE Mamduh M. Hanafi
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 4 (2003): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Artikel ini membandingkan perilaku herding antara investor institusional dengan investor individual menggunakan data Jepang. Artikel ini menemukan bahwa investor institusional melakukan herding lebih besar pada saham kecil. Artikel ini juga menemukan bahwa herding oleh investor institusional nampaknya tidak mempunyai efek negatif (destabilizing) dalam jangka pendek. Dalam jangka panjang, artikel ini menemukan pembalikan harga (reversal) untuk saham dimana investor institusional melakukan herding. Artikel ini menemukan bahwa saham yang dilepas investor institusional mempunyai reaksi harga yang negatif, nampaknya tindakan pelepasan tersebut didorong oleh motivasi yang rasional. Artikel ini juga menemukan bahwa perdagangan oleh investor institusional mempunyai pengaruh yang lebih besar terhadap harga; investor institusional nampaknya tidak melakukan perdagangan umpan balik positif (positive feedback trade). Saham yang mempunyai kepemilikan institusi paling stabil mempunyai kinerja yang paling baik.Keywords: herding, Japan, efficient markets.

KERJASAMA TIM LINTAS FUNGSI DAN KINERJA MANAJEMEN PROYEK Benediktus Elnath Aldi; Hargo Utomo
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 4 (2003): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This paper examines the linkage between cross-functional teamwork and project management performance. The main thrust of the study is continuing debates on how cross-functional teamwork contributes to project management performance: on-time, on-budget, and on-purpose. The level of influence was observed based on six critical factors: the clarity of super-ordinate goals, conformity of project team members to organization rules and procedures, physical proximity of each project team members, accessibility of project team members, knowledge sharing amongst project team members, and fairness of selection process of the project team members.The study uses combination of survey and case studies approach to answer such complex question. Samples were driven from 44 healthcare projects under the coordination of Health Department in East Java involving 88 respondents in the study. The hierarchical regression analysis was then used to explain major antecedents of cross-functional teamwork on the performance of project management.The study concludes that successful project management accounts multi-dimensional issues. The clarity of super-ordinate goals and physical proximity of team members have positive and significant influence in the performance of cross-functional teamwork. These invite further research to improve generalizability of the study.Keywords: project management, performance, cross-functional teamwork.

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Home Page

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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

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