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Abnormal Returns and Trading Volume in the Indonesian Stock Market in Relation to the Presidential Elections in 2004, 2009, and 2014 Imelda, Imelda; Siregar, Hermanto; Anggraeni, Lukytawati
BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi Vol. 21, No. 2
Publisher : UI Scholars Hub

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Abstract

Presidential election is considered as relevant information for stock market’s investors to make investment decision. The objective of this study is to examine differences in average abnormal return and trading volume activity on sectoral indices’ stocks before and after the presidential elections in 2004, 2009, and 2014. The research uses the event study method. The data are collected from the Indonesia Stock Exchange. The daily closing prices on sectoral indices used in this study consist of 120 days preceding and 30 days succeeding the elections. There is a strong evidence of differences in average abnormal return on Indonesian’s sectoral stock market before and after the presidential elections especially for the mining sector. However, the trading volume activities of the Indonesian’s sectoral stock market before and after the elections were statistically the same. The litigation from the last election results had no impact on most Indonesian’s sectoral stock, except for the financial as well basic industry and chemical sectors. The analysis concludes that the trade, services, and investment are the most stable sectors, while mining is the opposite one.
The Economy of Indonesia: Driven by Physical or Human Capital? Agusalim, Lestari; Anggraeni, Lukytawati; Pasaribu, Syamsul H.
JEJAK: Jurnal Ekonomi dan Kebijakan Vol 15, No 1 (2022): March 2022
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jejak.v15i1.34418

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This study aims to analyze whether economic growth in Indonesia is driven by physical or human capital using panel data analysis consisting of all provinces over the last nine years. The estimation results show that the Indonesian economy is more likely to be driven by physical than human capital. The formation of human capital that has a significant positive effect on economic growth is health. However, the education variable represented by the mean years schooling has no significant effect on economic growth when including the control variable in the research model. To improve the quality of education, the state requires the government to provide substantial educational spending. However, the budget has not been used optimally so that the expected achievements of graduates are not achieved. In addition, education spending has not met the criteria for quality spending. In contrast to education spending, an increase in health spending will increase economic growth by improving the quality of health and life expectancy. A healthier society will have a high level of productivity that impacts the regional and national economy.
Analisis Efektivitas Program Raskin dan Ketahanan Pangan Rumah Tangga Miskin “Kasus Di Propinsi Jawa Barat Tahun 2010” Alla Asmara; Sri Hartoyo; Rina Oktaviani; Lukytawati Anggraeni
Jurnal Ilmu Pertanian Indonesia Vol. 15 No. 3 (2010): Jurnal Ilmu Pertanian Indonesia
Publisher : Institut Pertanian Bogor

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Abstract

Realizing that there are still alot of poor households (RTM) in Indonesia, the government through various programs and policies continue to improve the food security conditions of poor households, particularly through Raskin. The implementation of Raskinhas been running about ten years. However, the criteria of “Enam Tepat” as indicator of success oof Raskin, has not been fully achieved. The purpose of this study consist of:  Firstly, analyze the effectiveness of the Raskin program in West Java. Secondly,  analyze the condition of the food security of poor households in West Java. The study was designed as a research survey with the simple random sampling method.The results showed that the actual Raskin recipients exceed the amount of targeted households (RTS) with deviations ranging from 17.33 to 164.23 percent. Deviation in the quantity indicator ranged from 14.77 to 62.15 per cent. While, the price deviations ranged from 14.26 to 40.19 per cent. For timely indicators of Raskinis generally achieved. Analysis on food security conditions of poor households showthat the poor households that categorized as vulnerable on food is approximately 6.7 percent to 34.5 percent.
DAMPAK KETERBUKAAN PERDAGANGAN DAN KINERJA MANUFAKTUR DI INDONESIA Wahyu Dyah Novitasari; Sri Hartoyo; Lukytawati Anggraeni
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol 4 No 2 (2015): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1143.999 KB) | DOI: 10.29244/jekp.4.2.2015.172-186

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This study aims to analyze the impact of trade openness on the performance of manufacturing in Indonesia. In the study, performance and manufacturing growth indicated by the index of competitiveness and manufacturing added value. In aggregate, over the last few years, trade performance of Indonesia’s manufacturing sector has decreased due to the low index of competitiveness and comparative advantage. The empirical results using an Autoregressive Distributed Lag (ARDL) model with Error Correction Approach (ECM) shows that trade openness consistently negative effect on manufacturing value added, implicitly increase one percent change in trade openness would be deficit of changes in manufacturing value added of 4.26 billion rupiah, ceteris paribus. Furthermore, the amount of labor consistently positive effect on manufacturing value added, while fixed capital variable and value-added of previous lag (a year earlier) take effect by unstable in the long term as well as short then the crisis has also negatively affect the manufacturing value added.
ANALISIS INKLUSI KEUANGAN DAN PEMERATAAN PENDAPATAN DI INDONESIA Bintan Badriatul Ummah; Nunung Nuryartono; Lukytawati Anggraeni
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol 4 No 1 (2015): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1185.612 KB) | DOI: 10.29244/jekp.4.1.2015.1-27

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Recent study showed that increasing access and usage of banking services reduce income inequality. Nowdays banking access in Indonesia is increasing but income equality gap is widening. Therefore, by using secondary data from 33 provinces 2007- 2011, this paper aims to measure the level of access and usage for financial services across provinces in Indonesia by Index of Financial Inclusion, analyze the factors that affect financial inclusion by panel tobit regression, and describe the relationship between financial inclusion and income distribution in Indonesia. The results show that the level of financial inclusion in Indonesia is classified as low. The size of the economy and income inequality positively affect the level of financial inclusion. Opposite the research hypothesis, widening income inequality lead to higher financial inclusion in Indonesia. Moreover, the number of mobile phone and the internet user affect positively the level of financial inclusion in Indonesia. Income inequality and financial inclusion has a one-way relationship, income inequality affects financial inclusion in Indonesia but does not vice versa. Keywords : Financial Inclusion, income inequality
AKSES DAN DAMPAK KREDIT MIKRO TERHADAP PRODUKSI PADI ORGANIK DI KABUPATEN BOGOR Dewi Rohma Wati; Nunung Nuryartono; Lukytawati Anggraeni
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol 3 No 2 (2014): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (960.909 KB) | DOI: 10.29244/jekp.3.2.2014.75-94

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The ultimate problem of organic paddy farm is limited access formal credit due to collateral requirement. Farmers only have access to semi-formal institution like cooperatives and group of farmers (Gapoktan.red) because of simplicity of administration procedure and payment system. The objectives of this study are to analized accessibility of micro-credit to organic paddy farmers in Bogor and its impact to production of organic paddy. With Heckman Sample Selection Model, we found that access of credit influenced negatively by age of farmers, number of household member, membership of farm group, and the acreage of land use. Microcredit give significant impact to production of organic paddy and it is simultaneous with fertilizer and labor. Microcredit that they have taken used to pay labor and also bought the fertilizer. Keywords : access of microcredit, impact of microcredit, production of organic paddy
ANALISIS PENGARUH NON-TARIFF MEASURES EKSPOR KOMODITI CRUDE PALM OIL (CPO) INDONESIA KE NEGARA TUJUAN EKSPOR UTAMA Ayu Renita Sari; Dedi Budiman Hakim; Lukytawati Anggraeni
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol 3 No 2 (2014): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1635.385 KB) | DOI: 10.29244/jekp.3.2.2014.111-135

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The study of this paper is aimed to evaluate the effects of non-tariff measures (NTM) upon Indonesian crude palm oil (CPO) export in the main destinations. Identified the competitiveness analysis using the Revealed Comparative Advantage index and the impact of the measures has estimated using a panel data gravity model constructed with disaggregated data about bilateral export trade flow of crude palm oil between Indonesia and its main trade partners for the period from 2003 to 2013. NTM represented binary variable that specified with a dummy variable. The gravity model has estimated with a fixed effects model and the results indicated that the existence of trade barriers to trade (TBT) appears to impede the Indonesian exports of CPO. But the existence of sanitary and phytosanitary measures (SPS) which related to food safety and the existence of trade remedy (antidumping, subsidy, safeguard) presented a positive impact upon the Indonesian exports of CPO. Keywords: Export, Non-Tariff Measures (NTM), Sanitary and Phytosanitary (SPS), Trade Barriers to Trade (TBT), Trade Remedy, Crude Palm Oil
IDENTIFIKASI BANJIR IMPOR KENTANG DAN DAMPAKNYA TERHADAP HARGA DOMESTIK KENTANG DI INDONESIA Hadiwiyono Hadiwiyono; Muhammad Firdaus; Lukytawati Anggraeni
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol 2 No 2 (2013): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (937.806 KB) | DOI: 10.29244/jekp.2.2.2013.156-175

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Indonesia needed to be cautious of import surge since it has potential to influence import value and price in the era of trade globalization. The main purpose of this reasearch was to examine whether import surge occurred for horticulture commodities in Indonesia, especially for potato. The methods used for identifying occurrence of import surge was based on Special Safeguard Mechanism framework of World Trade Organization which will strengthened with Vector Error Correction Model to analyse the impact of import surge to domestic prices. Based on Special Safeguard Mechanism framework, volume-based Special Safeguard Mechanism triggered in almost all year during 2002-2012 but price-based Special Safeguard Mechanism is not triggered in those years. Based on Impuls Response Function analysis, the impact of import surge shock to domestic price was relatively low but occurred permanently. Based on Forecast Error Variance Decomposition analysis, import surge variables contributed slightly to the domestic price variability but it tend to increased as time. Keywords: Horticulture, Potato, Special Safeguard Mechanism, Import Surge, Vector Error Correction Model
ANALYSIS OF EXCHANGE RATE PASS-THROUGH, FEAR OF FLOATING, AND IMPLEMENTATION OF INFLATION TARGETING FRAMEWORK Agung Satryo; Lukytawati Anggraeni
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol 5 No 2 (2016): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1559.649 KB) | DOI: 10.29244/jekp.5.2.2016.1-9

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This paper analyze the exchange rate pass-through and fear of floating behavior on 18 countries that adopting Inflation Targeting Framework (ITF). Vector Error Correction Model (VECM) is used: (1) to estimate the effect of exchange rate depreciation to inflation (passthrough); and (2) to examine the indication of fear of floating behavior. The result shows that passthrough effect has decreased in most countries after ITF where middle income countries have higher passthrough than high income countries. This effect did not disappear completely and still has a significant role to drive inflation. The interventions on exchange rate movement can be interpreted more as control of inflation than fear of floating. The implementation of ITF especially in middle income countries needs further to be reconsidered since it requires inflation as the only nominal anchor.
Respon Return Pasar Modal Indonesia terhadap Kebijakan Moneter Domestik dan Asing Aulia Yulianti Wulandari; Noer Azam Achsani; Lukytawati Anggraeni
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol 7 No 1 (2018): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1090.146 KB) | DOI: 10.29244/jekp.7.1.2018.1-20

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Understanding the impact of external shocks on the stock market return and volatility is crucial for market participants as volatility is synonymous with risk. This paper provides comprehensive evidence on the spillover effects of the change of monetary policies from inside country and foreign origins on Indonesia stock market in the period of the time from November 2, 2012 to May 15, 2017. Used symmetric (IGARCH) and asymmetric (EGARCH and APARCH) GARCH model analysis to evaluate the impact of surprise and anticipated changes of monetary policies from inside country and foreign policies (from another ASEAN countries and leading economies, in this paper are United States, Europe, and United Kingdom). Surprise change of monetary policy is proxied by one day change in 3 months interbank offered rate, while anticipated change of monetary policy is proxied by one day change in target interest rate or policy rate. The result shows that information of the monetary policy news and Indonesia stock return is asymmetric. Indonesia stock market is only affected by foreign monetary policies. Keywords: ASEAN stock market, GARCH, Monetary policy JEL classification: C01, C50, E50
Co-Authors ., Harianto Achmad Rizki Achsani, Noer Azham Adis Imam Munandar Agung Satryo Ahmad Fanani Akhmad Fauzi Aldesta Perwitasari Tunas Alla Asmara Almira Dyah Mahiswari Amzul Rifin Anna Fariyanti Anny Ratnawati Arief Daryanto Asikin, Zenal Aulia Yulianti Wulandari Ayu Renita Sari Azka Azifah Dienillah Bahroin Idris Tampubolon Bambang Juanda Benny Robby Kurniawan Bintan Badriatul Ummah Bronson Marpaung Cosmas A.I. Wardojo Dadang Wahyu Juniarwoko Darwis Abubakar Dedi Budiman Hakim Deni Lubis Dennis Indah Indra Putri Dewi Kusumaningrum Dewi Rohma Wati Dian Verawati Panjaitan Dony Firman Santosa Emil Fatmala Ernan Rustiadi Ervina Mela Dewi, Yandra Arkeman, Erliza Noor, Noer Azam Achsani Fitri Kartiasih Fitriana, Widya Gita Vinanda Gita Vinanda Gustyanita Pratiwi Gustyanita Pratiwi Hadiwiyono Hadiwiyono Hardiyanto, Arief Tri Harianto Harianto Haryadi Krisnandar Hastuti Hendro Sasongko Herdiana Puspitasari Hermanto Siregar Hermanto Siregar Hermanto Siregar Hery Setiawan Hidayanto, Muh. Wawan Iin Zahratain Indah Eko Suryani Khairunnisa Khairunnisa Koes Pranowo Kuntoro, Eri Lestari Agusalim Mela Yunita Mirfatul Hidayah Mudinillah, Adam Muh. Wawan Hidayanto Muhammad Firdaus Nadilla Ambarfauziah Rulian Naufa Muna Nuni Anggraini Nuni Anggraini Nunung Nuryartono Nur Maghfirah Nur Muflihatun Azizah Puri Mahestyanti puspitasari, dwi puspitasari Putri Mahestyanti Ranti Wiliasih Ratna Anita Carolina Reffi Marizka Dewi Ria Maulida Rina Oktaviani Rini Desfaryani Rini Siswati Asnel Risa Resmita Dewi Rizqi Fitriana Rum Puspita Widhiarti Sahara Sahara Sahara Sahara Salahuddin El Ayyubi Samsul Hidayat Pasaribu Sri Hartoyo Sri Hartoyo Sri Hartoyo Sri Hartoyo Sri Mulatsih Syamsul Hidayat Pasaribu Tiurmaida Krisanty Sitompul Tony Irawan Tony Irawan Tri Wulandari Trias Andati Trias Andati Trias Andati Trias Andati Ujang Suryadi Umbu Joka Untung Setiono Vini Ratna Sari Yugo Wahyu Dyah Novitasari Widyastutik Yulya Aryani Yusman Syaukat