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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 8 Documents
 1 
Search results for , issue " Vol 26, No 2 (2011): May" : 8 Documents clear
CORPORATE GOVERNANCE IMPLEMENTATION AND PERFORMANCE ASSESMENT USING THE CGCG’s UGM RATING MODEL: COMMERCIAL BANKS IN INDONESIA Artiningsih, Arika; Novmawan, M. Ridwan; Warsono, Sony
Journal of Indonesian Economy and Business Vol 26, No 2 (2011): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

The purpose of this research is to examine the implementation of Good Corporate Governance (GCG) in Commercial Banks before and after the policy of The Bank Indonesia Regulation (PBI) Number 8/4/PBI/2006 concerning Good Corporate Governance Implementation for Commercial Banks. Center for Good Corporate Governance Universitas Gadjah Mada (CG CGCG UGM) rating model was employed to measure CG implementation in Commercial Banks which calculate both company organs and Corporate Governance (CG) basic principles in a universal framework. From the company organs perspective, a CG system consists of five (5) organs interacting each others, which are board of directors, board of executives, boards of commissioners/committees, auditors, and stakeholders. Meanwhile, from the CG basic principles perspective, a CG system should fulfill five (5) CG principles, which are Transparency, Accountability & Responsibility, Responsiveness, Independency, and Fairness. Therefore, the CG framework and rating model use The information technology as the main pillar in the application of CG. As for measuring banking performance, CAMEL ratio--which consist of the Capital Adequacy Ratio (CAR), Non Performing Loan (NPL), Management (Man), Net Interest Margin (NIM), and Loan to Deposit Ratio (LDR)--was applied. In conclusion, Using CGCG UGM rating model, it is discovered hat CGimplementation at Indonesian banking system was improved subsequently to the issuance of PBI. Whereas on its performance, the significant changes were indicated by only two ratios, i.e. LDR and MAN. This research depicts Bank Indonesia effectiveness as regulator at providing CG implementation guide on PBI. This research reveals for the urge for Indonesian banking industry to boost GCG implementation for their rating and performanceimprovement. Keywords: corporate governance asessment, CAMEL, commercial banks, corporate governance
CONVERGENCE OF GDRP PER CAPITA AND ECONOMIC GROWTH AMONG INDONESIAN PROVINCES, 1988-2008 Gunawan, Diah Setyorini
Journal of Indonesian Economy and Business Vol 26, No 2 (2011): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

In this paper, we analyze the condition among province in Indonesia especially about the convergence or divergence in gross domestic regional product. This research usedsecondary data for the 1988-2008 periods. We divide the periods as four episodes, based on the presidential terms. They are 1988-1999, 1999-2001, 2001-2004, and 2004-2008.Entrophy Theil index, coefficients of variation, Kuznets’ hypothesis test, absolute convergence, and conditional convergence were used in this research. This research foundthat the convergence in gross domestic regional product happened in every period of the presidential leadership in Indonesia. We also found that regional economic growth inIndonesia is determined by gross domestic regional product per capita, oil and gas resources, general allocation funds and revenue sharing funds.Keywords: convergence, regional economic growth, gross domestic regional product
ACCOUNTING FUNDAMENTALS AND VARIATIONS OF STOCK PRICE: FORWARD LOOKING INFORMATION INDUCEMENT Sumiyana, Sumiyana
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 investigates a permanent issue about low association between accounting fundamentals and variations of stock prices. It induces not only historical accountingfundamentals, but also forward looking information. Investors consider forward looking information that enables them to predict potential future cash flow, increase predictive power, lessen mispricing error, increase information content and drives future price equilibrium. The accounting fundamentals are earnings yield, book value, profitability, growth opportunities and discount rate or they could be called as five-related-cash flow factors. The forward looking information are expected earnings and expected growth opportunities. This study suggests that model inducing forward looking information could improve association degree between accounting fundamentals and the movements of stock prices. In other words, they have higher value relevance than not by inducing. Finally, thisstudy concludes that inducing forward looking information could predict stock price accurately and reduce stock price deviations from their fundamental value. It also impliesthat trading strategies should realize to firm’s future rational expectations.Keywords: earnings yield, book value, profitability, growth opportunities, discount rate, accounting fundamentals, forward looking, value relevance
LIVESTOCK PRODUCTS DEMAND IN INDONESIA: CHOOSING BETWEEN AIDS AND ROTTERDAM DEMAND MODELS Ummul Muzayyanah, Mujtahidah Anggriani; Maharjan, Keshav Lall
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 paper examines the livestock products demand in Indonesia. This objective is accomplished by estimating a food demand model using Almost Ideal Demand System(AIDS) and Rotterdam model, and choose an appropriate demand model which best fits the data. A test to choose among the alternative joint model specifications is provided and the methodology is applied to data on demand for livestock products i.e. meat, egg, and milk. . To make consistency with Rotterdam form, first difference LA/AIDS is applied in this study. The estimated parameters find the reasonable sign and significant for the most part of the coefficient. Own price elasticity shown negative sign, indicating that meat, egg and milk are sensitive to prices except for egg in the first differences LA/AIDS model. Realexpenditure has significantly effect to the consumption of livestock products. The joint model approach was used to select the appropriate model in this study results that the first difference LA/AIDS or the Rotterdam models are both appropriate to represent Indonesian livestock products demand. For the discrimination of the models, the goodness-of-fit (adjusted R2), forecasting accuracy (RMSE) and the elasticity of the demand models are also considered to measure the best model. The first difference LA/AIDS model fits well as reflected by its higher adjusted R2 and the lower RMSE relative to the Rotterdam model.The LA/AIDS model accommodates the high elasticities better than the Rotterdam, since AIDS performed well.Keywords: livestock products demand, Rotterdam model, Almost Ideal Demand System (AIDS) model, joint model
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 
ZAKAT POTENTIAL AS A MEANS TO OVERCOME POVERTY (A STUDY IN LAMPUNG) Hayati, Keumala; Caniago, Indra
Journal of Indonesian Economy and Business Vol 26, No 2 (2011): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

Zakat is a compulsory service run by the Muslims who are able to implement it. Zakat is a means of income redistribution and also can support development of human resources as well as enhance economic growth in Indonesia, particularly in the Lampung Province. The purposes of this study were to explore the potential of zakat and to analyze the role of zakat in empowering poor communities in Lampung Province. This research result showed that zakat potential in Lampung Province was quite large; Rp644.18 billions with the 2% opinion and Rp1.38 billions with the 4.3% opinion. Meanwhile the Regional Government of Lampung Province in 2007 and 2008, for example, budgeting for social services reached Rp29.15 billions and Rp21.01 billions respectively, including other poverty reduction programs. Therefore, zakat potential should attract the governments attention as one solution to reduce poverty in Indonesia. Zakat is not only the provision of voluntary charity, but it is an obligation that must be paid by Muslims who received the zakat obligation. The results of the analysis showed zakats potential in empowering poorcommunities in each district/city in the province of Lampung. Based on the standards meet the needs of the poor with an income of one dollar per day, from ten districts in Lampungprovince, only two districts were capable of removing the poor families from the poverty line, those are Bandar Lampung and Metro. While the potential zakat of eight otherdistricts had not been able to remove poor families from the poverty line due to the small acquisition of GDRP. This research showed that empowerment of the poor could be done based on the potentials of zakat in each district, the greater the GDRP, the greater the zakat potential that could be obtained. Even if the zakat potential was excessive than the poverty level in the district, it could be used as cross-subsidies with other districts in greater need.Keywords: Zakat Potential, poverty reduction
DO OVERCONFIDENT INVESTORS TRADE EXCESSIVELY IN THE CAPITAL MARKET? EVIDENCES IN AN EXPERIMENTAL RESEARCH SETTING Kufepaksi, Mahatma
Journal of Indonesian Economy and Business Vol 26, No 2 (2011): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

The existence of overconfident investors in capital markets has been the subject of much researches in the past. Using the market data, these previous researches demonstrates that overconfident investors tend to trade excessively, leading to losses. The current experimental research addresses these issues in the Indonesia Capital Market. According to its methodology, participants are classified into three groups based on their score of overconfidence: moderate, more overconfident, and less overconfident investors. The research design employs the state of no available market information, good news signals, and bad news signals as treatments. The result demonstrates that the more overconfident investors perform higher trading value than those who are less overconfident in all artificialmarkets leading to transaction losses, except that in the bad news market. In that bad news market, the more and the less overconfident investors gain profits, and the moderateinvestors suffer from trading losses.Keywords: overconfidence, excessive trading, profit and loss
THE RISE OF CHINA AND ITS IMPLICATION ON INDONESIA-UNITED STATES TRADE Putriani, Diyah; Azzani, Meikha
Journal of Indonesian Economy and Business Vol 26, No 2 (2011): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

The purpose of this study is to analyze the impact of Chinese renminbi exchange rate againts the United States (US) dollar, on the bilateral export of Indonesia to the US.Johansen cointegration test and Ordinary Least Square (OLS) regression are employed to examine one impact. This research is limited only in the long-run aspect. The Johansentest shows that there are long-run relationships amongs variables involved such as GDP, Real Exchange Rate (RER), RER Volatility, and dummy variables. Empirical test resultshows that there are positive significant impacts of the Chinese renminbi on the Indonesia’s exports to the US, implying that the relationship between Chinese exports andIndonesia export are complementary in the US market.Keywords: Indonesia, China, the United States, renminbi, cointegration, OLS 

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