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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 14 Documents

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Search results for , issue "Vol 18, No 3 (2003): July" : 14 Documents clear

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

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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.

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

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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 Williamsonâs 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 Williamsonâs 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, Williamsonâs index, Interregional revenue equalization.

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

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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 Javaâs is 35 million people) with the population density of only 4.5/km2. It is clear that it needs âmoreâ 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 âas soon as possibleâ by introducing a mass movement called âGerakan Sendawar Makmurâ (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 Hamidi, Masyhuri
Journal of Indonesian Economy and Business Vol 18, No 3 (2003): July
Publisher : Journal of Indonesian Economy and Business

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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 Gordonâs 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

A RESEARCH NOTE: THE IMPACT OF ACCOUNTING METHODS ON THE QUALITY OF EARNINGS Suwardjono, Suwardjono
Journal of Indonesian Economy and Business Vol 18, No 3 (2003): July
Publisher : Journal of Indonesian Economy and Business

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Suwardjono (2003) menguji apakah terdapat perbedaan kualitas laba (earnings) antara perusahaan yang menggunakan metoda kos penuh (full cost/FC) dan yang menggunakan metoda upaya sukses (successful efforts/SE). Dengan metoda regresi untuk data kuartal-perusahaan (pooled cross-sectional regression) dan data dari Institutional Brokers Estimate System (IBES), hasil penelitian menunjukkan bahwa reaksi pasar terhadap laba (diukur dengan earnings response coefficient/ERC) bagi perusahaan SE secara statistis lebih besar dibanding dengan reaksi pasar bagi perusahaan FC. Temuan ini konsisten dengan temuan dalam penelitian sebelumnya.Temuan di atas menimbulkan pertanyaan (puzzling) mengingat pasar di bursa saham Amerika dianggap efisien dengan investor canggih sehingga pasar mampu untuk mengenali perubahan laba karena substansi ekonomik atau kosmetik. Penggunaan pooled cross-sectional regression dapat merupakan penyebab hasil yang meragukan tersebut. Catatan riset ini menyelidiki lebih lanjut hasil penelitian ini dengan menguji kembali hipotesis yang diajukan dengan metoda regresi spesifik-perusahaan (firm-specific regression). Tujuan penelitian ini adalah untuk merekonsiliasi apakah perbedaan reaksi pasar tersebut memang sudah semestinya atau apakah perbedaan tersebut semata-mata karena metoda pengujian.Penyelidikan lebih lanjut menunjukkan bahwa dengan regresi spesifik-perusahaan, metoda FC menghasilkan kualitas laba yang paling tidak sama baik dengan, bahkan dalam beberapa hal lebih baik daripada, metoda SE. Hasil ini kontradiksi dengan temuan sebelumnya. Akan tetapi, tes spesifikasi model (Bartlett dan korelasi Pearson) menunjukkan bahwa pendekatan pooled cross-sectional regression menghasilkan estimasi yang melemahkan reaksi pasar terhadap laba perusahaan FC.Keywords: successful efforts, full cost, quality of earnings, earnings response coefficient, cross-sectional regression methodology, firm-specific regression methodology, oil and gas industry.

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

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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.

DETERMINANTS OF INDONESIAN FIRMSâ CAPITAL STRUCTURE: PANEL DATA ANALYSES* Santi, Fitri
Journal of Indonesian Economy and Business Vol 18, No 3 (2003): July
Publisher : Journal of Indonesian Economy and Business

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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.

A RESEARCH NOTE: THE IMPACT OF ACCOUNTING METHODS ON THE QUALITY OF EARNINGS Suwardjono Suwardjono
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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

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.

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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

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Contact Name
Wuri Handayani, Ph.D.

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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