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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 7 Documents
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Search results for , issue " Vol 18, No 1 (2003): January" : 7 Documents clear
TOTAL AND INDIVIDUAL EFFECTS OF AN AGENCY-COST EXPLANATION FOR DIVIDEND PAYMENTS Ratnaningsih, Dewi; Hartono, Jogiyanto
Journal of Indonesian Economy and Business Vol 18, No 1 (2003): January
Publisher : Journal of Indonesian Economy and Business

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Penelitian ini menjelaskan dividend puzzle menggunakan teori biaya keagenan yangdiusulkan oleh Easterbrook (1984). Dia menghipotesiskan bahwa pemegang saham yangmenaikkan pembayaran dividen dan secara ‘simultan’ meningkatkan utang untukmembiayai investasinya lebih sejahtera dibandingkan dengan pemegang saham lainnyayang hanya meningkatkan pembayaran dividennya saja. Dia menyediakan mekanismebahwa pemegang saham menggunakan pembayaran dividen untuk memaksa manajer kepasar modal untuk menggalang dana. Argumen Easterbrook dibangun berdasarkan padabiaya pemonitoran keagenan. Biaya ini merupakan biaya yang signifikan dan pemegangsaham tidak dapat mendapatkan hasil sepenuhnya dari biaya pemonitoran yangdikeluarkan. Mereka hanya menerima manfaat sebesar proporsi kepemilikannya saja,karena beberapa manfaat akibat dari biaya pemonitoran ini akan juga diterima olehprisipal lain seperti pemegang obligasi. Suatu mekanisme untuk meningkatkankesejahteraan pemegang saham dilakukan untuk memaksa pemegang obligasi membagibeban biaya pemonitoran. Dengan demikian pemegang saham yang mampu memaksamanajernya mencari tambahan dana di pasar modal akan mendapatkan insentifmengurangi biaya pemonitoran keagenan.Kesejahteraan pemegang saham dipengaruhi oleh dua kebijakan yaitu, kebijakandividen (meningkatkan pembayaran dividen) dan kebijakan pendanaan (meningkatkanutang) secara ‘simultan’. Penelitian ini mencoba menginvestigasi kebijakan mana yangmempengaruhi yang lainnya. Penelitian ini selain meneliti efek keseluruhan dari keduakebijakan secara ‘simultan,’ juga meneliti efek individual dari masing-masing kebijakanterhadap kesejahteraan pemegang saham.Penelitian ini menemukan hasil mendukung hipotesis dari Easterbrook yaitu,perusahaan-perusahaan yang meningkatkan pembayaran dividen tunainya dan sekaligusmeningkatkan utang-utangnya benar-benar meningkatkan kesejahteraan pemegang saham.Meningkatkan pembayaran dividen akan menurunkan kesejahteraan pemegang saham,tetapi meningkatkan utang setelahnya akan meningkatkan kesejahteraan pemegang saham dengan efek total bersih berpengaruh positif terhadap kesejahteraan pemegang saham.Keywords: agency monitoring cost, dividend mechanism, dividend policy, financing policy,total effect, individual effect, shareholders’ wealth, investment opportunity set.
FAKTOR-FAKTOR PENGHAMBAT PENINGKATAN LOAN TO DEPOSIT RATIO (LDR) PERBANKAN DI PROPINSI BALI Sudirman, I Wayan
Journal of Indonesian Economy and Business Vol 18, No 1 (2003): January
Publisher : Journal of Indonesian Economy and Business

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The goals of this research are to examine factors affecting the Loan to Deposit Ratio(LDR) raising which is based on supply and demand, to examine the impact the decline ofLDR to small business credit, to identity the appropriate scheme for the small business and then to make recommendation in optimalizing LDR in Bali’s economy.Based on Slovin approach, the sample size of small business chosen as respondent were100 units. To reach the overall perception, 15 commercial banks (Bank Umum) and 16Secondary Banks (Bank Perkreditan Rakyat/BPR) were selected also as respondents.Multiple regression analysis supported by stepwise regression was used to test factorsaffecting LDR. To examine factors affecting LDR based on demand, the tools used wasdescriptive statistics. This is expected to support regression analysis, especially to makeintegrated decision making.This research finding indicated that, first, actors that simultaneously affected LDR-BPRwere core capital, supplementary capital, saving in other bank, saving interest rate, timedeposit in other bank, time deposit interest rate, fund from society at previous period, credit at previous period, PPAP to PPAPWD ratio and cover guarantee. Partially, there wereseven variables significantly contribute to LDR including supplementary capital, savinginterest rate, time deposit in other bank, time deposit interest rate, credit at previousperiod, PPAP to PPAPWD ratio and cover guarantee.Second, factors that simultaneously affected LDR-BU were cash in other bank, clearingaccount interest rate, saving in other bank, saving interest rate, time deposit in other bank, time deposit interest rate, Bank Indonesia Certificat (SBI), SBI interest rate, fund from society at previous period, invested bank fund, credit at previous period, credit interest rate, PPAP to PPAPWD ratio and cover guarantee. Partially, there were nine variables that significantly contribute to LDR-BU including clearing interest rate, saving in other bank, time deposit interest rate, SBI interest rate, invested bank fund, credit at previous period, credit interest rate, PPAP to PPAPWD ratio and cover guaranteee. Third, an average LDR of BPRs in Bali for the five period (quarterly) was 91, 75% which mean BPR were in healty condition from the liquidity point of view. But, for LDR-BU an average LDR was 46, 23% that indicated less healty conditon. Forth, although BPR in good condition, it can be optimalized through four variables. Fifth, for LDR-BU there were six variables that can be optimalized to increase LDR. Sixth, the low average of LDR-BU from demand side point of view were because of lack of information about the opportunity for small business.Another finding, of this research was that an innovative credit scema for small business isnot based on low rate of credit interest, but the small business need a competitive creditscema.Keywords: Loan Deposit Ratio (LDR); small business; Commercial Bank, Secondary Bank.
FINANCIAL CRISIS AND ITS IMPACTS ON POVERTY IN INDONESIA Mubyarto, Mubyarto
Journal of Indonesian Economy and Business Vol 18, No 1 (2003): January
Publisher : Journal of Indonesian Economy and Business

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Krisis keuangan di Asia Timur menyebar dari Thailand ke Indonesia dan negara-negara lainnya di kawasan Asia Timur melalui pasar uang dan pasar modal di mana matauang lokal terdepresiasi dengan cepat dan dalam jumlah yang besar.Akibat dari krisis tersebut terhadap kemiskinan sangat cepat karena depresiasi matauang lokal mengindikasikan kenaikan harga-harga umum secara tiba-tiba, terutama harga makanan yang sebagian besar merupakan produk impor. Inflasi tersebut kemudian dengan serius mempengaruhi rakyat miskin karena mereka tidak mampu untuk mencukupi kebutuhan pangan. Konsekuensinya, kemiskinan meningkat dan proporsi populasi yang berada di bawah garis kemiskinan meningkat pula.Untungnya, inflasi yng tinggi pada tahun 1998 sebesar 78 persen dapat dikontroldengan cepat dan inflasi tersebut menurun hingga hanya 2 persen pada tahun 1999 dankemudian kembali ke “normal” sekitar 10 persen pada periode 2000-2001. Penurunanharga bahan pangan secara otomatis pula menurunkan jumlah rakyat miskin hingga 50persen. Ini disebut sebagai “transient poverty”.Indonesia pada saat ini masih menghadapi krisis keuangan dan perbankan, namunposisi ekonomi masyarakat, termasuk rakyat miskin, telah kembali ke keadaan normal.Ekonomi rakyat memang membuktikan kemampuannya untuk bertahan di tengah krisis.Namun demikian, sangat disayangkan bahwa media masih terus membesar-besarkan krisis keuangan yang merefleksikan kepentingan sektor swasta agar tidak perlu ditekan untuk mengembalikan utang mereka yang sangat besar jumlahnya.Kata kunci: Krisis moneter, kemiskinan sementara, IDT.
KEMISKINAN: SEBAB STRUKTURAL DAN RESEP TEKNOKRATIS UNTUK MENGHAPUSKANNYA Sudibyo, Bambang
Journal of Indonesian Economy and Business Vol 18, No 1 (2003): January
Publisher : Journal of Indonesian Economy and Business

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There are in Indonesian economy big discrepancies of the nominal per capita NationalIncome and its Purchasing Power Parity with a ratio of 1:5, meaning that the real economy is indeed bigger than what is reported. The very low wages and income of the lowest strata including farmers are indication that the state is being subsidized by its people. This discrepancy can and must be corrected, in stages through “structural correction”.The relationship with foreign economies must not be “in their terms” but eventually tobecome “on our term”. National interest must be given priority in all internationalrelations, and program with IMF should be terminated as soon as possible without seriousnegative impacts to the Indonesian economy.Keywords: Economic nationalism, self-reliance.
ANALISIS KESENJANGAN TABUNGAN-INVESTASI BERDASARKAN RESIDUAL MODEL: STUDI KASUS ASEAN-4 Pasaribu, Syamsul Hidayat
Journal of Indonesian Economy and Business Vol 18, No 1 (2003): January
Publisher : Journal of Indonesian Economy and Business

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This paper attempts to explain and estimate the two-gap analysis in terms of capitalmobility by residual of econometric models. The research presents the cases of ASEAN-4(Indonesia, Malaysia, Philippines and Thailand). The two-gap analysis is an identity and itcannot be estimated by the econometric method. For the purposes of this research, first the identity is modified in econometric models. Second, then the modified models could beestimated.Estimating identity with econometric model has at least two advantages. (1) Theresidual of econometric model could be interpreted as the variables that are not allowed inthe model. (2) The residual of econometric model is minimized, so the residual model interm of this research could be interpreted as minimum value of the government or privatesaving-investment gap.The results show the models that have been modified in econometric models can capturethe identity of two-gap analysis. The better estimated models to explain the capital mobility of those countries are the private saving-investment gap models, except for Indonesian case. Moreover, the residuals of the private saving-investment gap models can capture the estimated values of the government saving-investment gaps, especially in the cases of Malaysia, Philippines, and Thailand.Keywords: two-gap analysis; saving-investment gap; ordinary least squares; errorcorrection model.
STRUKTUR, KINERJA, DAN KLUSTER INDUSTRI ROKOK KRETEK: INDONESIA, 1996-1999 Sumarno, Simon Bambang; Kuncoro, Mudrajad
Journal of Indonesian Economy and Business Vol 18, No 1 (2003): January
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This paper attempts to illuminate the dynamics of Indonesia’s clove cigarette industryusing Structure-Conduct-Performance (SCP) paradigm and industrial cluster approach.We employed concentration ratios (CR4, CR8, and IHH) and performance ratios in SCPanalysis. To identify industrial clusters, we used Geographic Information System (GIS) andsome tools of analysis, mainly size and specialization index. The structure of clove cigarette industry suggested that an oligopoly with high concentration has been found, albeit declined slightly over the period 1996-1999. As far as geographic concentration isconcerned, we found that this industy has clustered overwhelmingly in and around Kudus,Kediri, Surabaya, and Malang.Keywords: oligopolistic industry, concentration ratio, cluster
DETERMINISTIC BEHAVIORS TOWARD INFORMATION TECHNOLOGY DIFFFUSION WITHIN SMALL AND MEDIUM-SIZED FIRMS IN INDONESIA Utomo, Hargo
Journal of Indonesian Economy and Business Vol 18, No 1 (2003): January
Publisher : Journal of Indonesian Economy and Business

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Artikel ini mengungkap beberapa temuan awal tentang perilaku deterministik dalamproses adopsi dan penyebaran (difusi) teknologi informasi di kalangan usaha kecil danmenengah di Indonesia. Keyakinan dasar adalah bahwa usaha kecil dan menengahmempunyai kemampuan menampilkan keluwesan pengelolaan sumberdaya organisasional, mengeksplorasi keunikan jejaring sosial, dan mengambil manfaat dari inovasi berbasis teknologi informasi. Pertanyaan penelitian yang diajukan adalah bagaimana pemilik sekaligus manajer usaha kecil dan menengah memandang teknologi informasi dan bagaimana mereka menyelesaikan masalah-masalah bisnisnya dengan menggunakan bantuan teknologi informasi. Studi kasus dilakukan untuk menjawab pertanyaan penelitian tersebut dan mengungkap aspek-aspek kualitatif mengenai faktor kunci kesuksesan inovasi berbasis teknologi informasi. Temuan dalam studi ini adalah bahwa kompleksitas inovasi di kalangan usaha kecil dan menengah muncul karena adanya interaksi berbagai faktor kelembagaan yang harus dipikirkan sebelum fenomena keberhasilan inovasi yang dimaksud dapat diraih dan disebarluaskan.Keywords: ICT, diffusion, adoption, social networks, SMF

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