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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

94 95 96 97 98

PENGARUH STRUKTUR KEPEMILIKAN, PERILAKU MANAJEMEN LABA, FREE CASH FLOW HYPHOTESIS DAN ECONOMIC VALUE ADDED: PENDEKATAN PATH ANALYSIS1 Wilopo Wilopo; Sekar Mayangsari
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This paper investigates whether ownership structures, earnings management, growth opportunities, free cash flow hyphotesis are related to firm performance, as measured by economic value added. This paper use sample nonregulated companies during crisis period, 1998-2001. We find that during this period the management creates value. Our result also suggest that blockholders and free cash flow hyphotesis have indirect effects to economic value added through corporation policy, such as investing and financing. Interestingly, earnings management have direct effect to economic value added. These results imply that separation of management group ownership and control has significantly more negative relation to creating value in countries with low shareholders protection, as in emerging markets, whereas large blockholders have significantly more positive relation.Keywords: Ownership Structures, Earnings Management, Free Cash Flow Hyphotesis, Economic Value Added

RELEVANSI NILAI DIVIDEND YIELD DAN RASIO P/E DENGAN PERTUMBUHAN PERUSAHAAN Julianto Agung Saputro
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Analysts use valuation model in determining and evaluating share prices. Survey evidence suggests that the dominant valuation model is the price-earnings (P/E) ratio, but that other approaches such as the dividend yield are also important. This study develops and tests a market valuation models whose main prediction is that equity value is a function of earnings, dividends and book value. This study demonstrates that growth firms relevant use P/E ratio approach, and that not growth firms more relevant use dividend yield ratio approach than P/E ratio.Keywords: P/E ratio, dividend yield, market valution model, growth firm

STUDI KETERKAITAN ANTARA DIVIDEND PAYOUT RATIO, FINANCIAL LEVERAGE DAN INVESTASI DALAM PENGUJIAN HIPOTESIS PECKING ORDER. A. Jatmiko Wibowo; F. Indri Erkaningrum
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This study is aimed to examine the prediction of pecking order hypothesis in Indonesian. The hypothesis states that there is negative relationship between dividend payout ratio and investment. In addition, this study will learn the relationship between dividend payout ratio, financial leverage and investment. The dividend payout ratio determinants are financial leverage, investment, liquidity, profitability, size and variability of earnings. The financial leverage determinants are dividend payout ratio, investment, profitability, size, assets structure and variability of earnings. The determinants of investment are dividend payout ratio, financial leverage, sales growth, profitability, Q ratio and size.The data of this study is collected from 70 manufacturing companies as listed in the Jakarta Stock Exchange for the period of 1991 – 2000. The three stage least square simultaneous equation model is used to learn the relationship between dividend payout ratio, financial leverage and investment.In this study, it is found that there is no significant evidence that manufacturing companies in Indonesia tend to follow the pecking order hypothesis. In addition, it is found that the financial leverage gives a negative and significant influence on dividend payout ratio and vice versa; investment do not give a significant influence on dividend payout ration and vice versa; investment gives a positive and significant influence on financial leverage; and financial leverage do not give a significant influence on investment.Keywords: pecking order, dividend payout ratio, financial leverage, investment

THE EFFECT OF PROFITABILITY OF MOMENTUM STRATEGIES AND VOLUME ON FUTURE RETURNS: AN EMPIRICAL EVIDENCE FROM JAKARTA STOCK EXCHANGE AND KUALALUMPUR STOCK EXCHANGE Aida Ainul Mardiyah
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Tujuan penelitian ini untuk melihat pengaruh strategi momentum dan volume terhadap return yang akan datang. Unit analisis penelitian sebanyak 30 perusahaan yang terdaftar di Bursa Efek Jakarta dan Bursa Efek Kualalumpur dari tahun 1996-1997. Seleksi data dengan menggunakan purposive sampling. Koleksi data dengan metoda archaival. Alat statistik untuk menguji hipotesis dengan regresi.Hasil penelitian ini adalah:1) Hipotesis satu tidak didukung artinya tidak ada pengaruh return yang lalu terhadap return yang akan datang; 2) Hipotesis dua didukung artinya ada pengaruh volume terhadap strategi momentum; dan 3) Hipotesis tiga didukung artinya ada pengaruh volume dan strategi momentum terhadap return yang akan datang.Keywords: Future Returns, Winner-loser Stock, Profitability of Momentum Strategies, and Volume

THE EXPLANATORY POWER OF MOVING AVERAGE BETA IN THE JANUARY EFFECT Krismiati Mukti Ulansari
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Beta sebagai pengukur resiko sistematik saham masih menjadi perdebatan hingga saat ini. Beta pasar didasarkan pada asumsi bahwa pasar adalah ‘frictionless’. Asumsi ini tidak relevan dengan kondisi nyata sehingga nilai beta pasar yang dihasilkan akan bias.Penelitian ini dimaksudkan untuk menguji keunggulan beta moving average (MA) dengan cara menerapkannya di salah satu anomali pasar, yaitu January Effect. Dengan memasukkan unsur ‘friction’ yang ada di pasar ke dalam perhitungan beta, diharapkan beta moving average bisa menjadi pengukur resiko sistematik yang lebih baik.Hasil studi menunjukkan bahwa ketika diterapkan di January Effect, beta moving average lebih unggul (powerful) daripada beta model pasar karena beta moving average mempunyai nilai adjusted R Square yang signifikan, sedangkan beta model pasar tidak memiliki adjusted R Square yang signifikan. Tetapi studi ini tidak bisa menyimpulkan bahwa beta moving average lebih unggul (powerful) daripada beta model koreksi kesalahan karena nilai adjusted R Square dari beta model koreksi kesalahan negatif. Hasil ini sekaligus menunjukkan bahwa January Effect disebabkan oleh friction yang ada di pasar.Keywords: moving average beta, error correction model beta, market model beta, market frictions, January Effect.

THE IMPACT OF ASIAN FINANCIAL CRISIS ON STOCKS’ BEHAVIOR: EVIDENCE FROM JAKARTA STOCK EXCHANGE Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Penelitian ini menguji pengaruh krisis keuangan di Asia terhadap prilaku saham di Bursa Efek Jakarta (BEJ). Secara spesifik tujuan penelitian ini adalah, pertama melihat perubahan likuiditas, aktivitas perdagangan, dan volatilitas return saham di BEJ dari periode sebelum krisis keuangan. Kedua, menguji stabilitas variabel-variabel yang menetukan likuiditas saham di BEJ ketika terjadi krisis keuangan.Penelitian ini menggunakan paired t-tests, non-parametric sign tests, dan analisis regresi untuk menguji dampak krisis keuangan. Hasil penelitian menunjukkan bahwa bid-ask spread, depth, aktivitas perdagangan, dan volatilitas meningkat signifikan selama krisis. Hasil keseluruhan menunjukkan bahwa krisis keuangan meningkatkan biaya transaksi investor kecil dan investor yang mengalami panik. Hasil penelitian juga menunjukkan penentu spread dan depth adalah harga, volume, dan volatilitas. Namun variabel penentu ini tidak stabil dari periode sebelum dan selama krisis keuangan, pengecualian untuk harga saham.Keywords: bid-ask spread, depth, trading activity, financial crisis.

WHAT BLINKS STOCK MARKET PRICES? AN EMPIRICAL STUDY FROM JAKARTA STOCK EXCHANGE Sukmawati Sukamulja
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Banyak orang sering bertanya-tanya bagaimana harga saham terbentuk di pasar. Volatilitas harga berdasarkan pada Wall Street Adage (kata-kata klasik yang bijak dari para pemain di Wall Street) adalah volume trading yang mengerakkan harga. Volume trading dalam kenyataannya dapat dikelompokkan ke dalam jumlah perdagangan dan rata-rata jumlah transaksi setiap perdagangan. Penelitian ini dengan menggunakan kapitalisasi pasar dalam pembentukan portofolionya akan melihat manakah yang mendorong volatilitas harga, jumlah/banyaknya transaksi atau rata-rata besarnya volume saham per transaksi. Penelitian ini juga melihat jenis informasi yang mempengaruhi perusahan. Informasi yang bersifat umum dan informasi yang bersifat spesifik. Hasil penelitian ini menyimpulkan bahwa jumlah transaksi secara signifikan positip mempengaruhi volatilitas harga saham di Bursa Efek Jakarta. Perusahaan dengan kapitalisasi besar secara signifikan berhubungan dengan informasi yang bersifat umum. Untuk informasi spesifik secara signifikan berhubungan baik untuk perusahaan berkapitalisasi kecil maupun perusahaan berkapitalisasi besar.Kata kunci: number of trades, trade size, marketwide information, firm specific information, dan volatility.

Underlying Factors of Attitude and Intention towards Knowledge Sharing among Hospitality Employees in Indonesia Indarti, Nurul; Rachel Luturmas, Join
Journal of Indonesian Economy and Business (JIEB) Vol 31, No 3 (2016): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.17080

Studies on knowledge sharing attitudes and intention in the context of hospitality industries such as hotel has still a relatively little attention. This current study was intended to fulfill that void to contribute to the existing discussion on knowledge sharing studies for hotel businesses. The main objective of the current study was to examine 1) the effect of extrinsic motivation, absorptive capacity, channel richness, sense of self-worth on attitude towards knowledge sharing, and 2) the effect of attitude towards knowledge sharing on intention of knowledge sharing. The study mainly used theory reasoned action as a point of departure to understand the attitude and intention of knowledge sharing and proposed six hypotheses. We conducted survey among 300 employees from various hotels in Eastern Part of Indonesia (the city of Ambon) and the data was tested using Structural Equation Modelling (SEM) techniques. The findings showed that the extrinsic motivation, absorptive capacity, and in-role behaviour have a positive effect on the attitude of sharing knowledge. In addition, the attitude of knowledge sharing has a positive influence on the intention to share knowledge. Meanwhile, the effect of channel richness and the sense of self-worth on attitude of knowledge sharing were not supported.

THE ECONOMIC FACTORS AND OTHER VARIABLES THAT AFFECT THE EMPOWERMENT OF THE MICRO-BUSINESSES RUN BY FARMING COMMUNITIES IN VILLAGES AROUND THE FOREST AREAS Nitiwijaya, Yoyo Sunaryo; Andrianantenaina, Hajanirina
Journal of Indonesian Economy and Business (JIEB) Vol 31, No 3 (2016): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This research is conducted in Kuningan regency, West Java, Indonesia and aims to analyze the economic, social, institutional, and cosmopolitan factors which affect the empowerment of the communities of micro-business entrepreneurs. It attempts to investigate the problems that persist for this community, in that the people living near the forest are heavily dependent on it, and on their agricultural activities. They have to face institutional regulations and competition from immigrants. Due to the nature of the data, the complexity of the structured relationship, the multiple endogenous variables; SEM or Structural Equation Modeling is used to analyze and confirm the extant association between the studied variables in a covariance based approach assisted by AMOS. The results suggest that the micro-business community is strongly influenced by the dynamics of the institutional businesses in the village, their social interactions, economic capabilities and cosmopolitan drives with the immigrant communities. It shows the efficiency and importance of the institutional community while dealing with micro-businesses’ agrarian economic empowerment. Improvement in the regulations is necessary and is expected to improve the partnership between the government and private and public entities, to cope with the economic development of society in such communities, and others which may share the same characteristics.

WHAT HAPPENS AFTER THEY LAUGH: HOW HUMOROUS ADVERTISEMENTS HAVE AN EFFECT ON CONSUMERS’ ATTITUDES, WORD OF MOUTH INTENTIONS, AND PURCHASE INTENTIONS, WITH THE NEED FOR HUMOR PLAYING A MODERATING ROLE Alfian Budi Primanto; Basu Swastha Dharmmesta
Journal of Indonesian Economy and Business (JIEB) Vol 34, No 2 (2019): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.23036

Introduction/Main Objectives: Even thought there is a risk from using humor as an advertising campaign strategy in industries which rely on trust and their technological prowess, like the telecommunications sector, the fact that there are a great number of humorous advertisements arranged by telecommunications companies in Indonesia needs to be researched. Background Problems: This research aims to narrow the phenomenon by investigating the effect of humorous advertisements with the need for humor as a moderating role on consumers’ attitudes, consumers’ intent to purchase, and their word of mouth intention. Novelty: By adding the need for humor in a moderating role, and the word of mouth intention as an endogenous variable, this research aims to extend the existing models of humorous advertising’s effectiveness. Research Methods: The research was designed to focus on consumers who can be classified as young adults (18 to 34 years old) and are not users of the mobile SIM card brands that the ad they perceived as funny ones. The researcher conducted a survey with a five point Likert scale, an online questionnaire, and purposive sampling as the primary data collection methods. Finding/Results: The result shows that although a humorous advertisement has a significant impact on the attitude toward the advertisement and the word of mouth intention, the humorous advertisement has no significant impact on the attitude toward the brand and the consumers’ intent to purchase. The need for humor failed to moderate the relationship between the humorous advertisement and the attitude toward the advertisement in this study. Conclusion: The researcher concludes that the impact of a humorous advertisement was limited to only entertaining the consumers, and to encourage their word of mouth intention, not their purchase intention.

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Home Page

OAI Link

Editorial Team

Contact

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

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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