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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 12 Documents

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Search results for , issue "Vol 19, No 2 (2004): April" : 12 Documents clear

THE EFFECT OF MULTIPLE MEASURES-BASED PERFORMANCE EVALUATION ON MANAGERSâ PERFORMANCE: THE ROLE OF PROCEDURAL FAIRNESS NaÃ¢Â€Â™im, Ainun; Sholihin, Mahfud
Journal of Indonesian Economy and Business Vol 19, No 2 (2004): April
Publisher : Journal of Indonesian Economy and Business

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Penelitian ini menguji apakah pengevaluasian kinerja manajer yang didasarkan padakombinasi aspek finansial dan nonfinansial (multiple measures-based performanceevaluation) mempengaruhi kinerja manajer; dan jika berpengaruh, apakah pengaruhtersebut dimediasi oleh variabel keadilan prosedural (procedural fairness). Studi inimempunyai hipotesis bahwa multiple measures-based performance evaluation mempunyai pengaruh tidak langsung terhadap kinerja manajer melalui variabel keadilan prosedural.Hipotesis diuji dengan teknik analisis jalur (path analysis) dengan pendekatan regresi.Data yang dianalisis diperoleh dari 70 manajer yang bekerja di perusahaan manufakturyang terdaftar di Bursa Efek Jakarta. Hasil analisis menunjukkan bahwa pengaruhmultiple measures-based performance evaluation terhadap kinerja manajer sebagiandimediasi oleh keadilan prosedural. Hal ini berarti bahwa selain ada pengaruh tidaklangsung yang dimediasi oleh keadilan prosedural, multiple measures-based performanceevaluation juga mempunyai pengaruh langsung terhadap kinerja manajer.Keywords: Managerial performance; multiple performance measures; performanceevaluation; procedural fairness

ANALISIS STRUKTUR BIAYA DAN KINERJA OPERASIONAL BANK UMUM DI INDONESIA Siswadi, Erwinta; Arafat, Wilson
Journal of Indonesian Economy and Business Vol 19, No 2 (2004): April
Publisher : Journal of Indonesian Economy and Business

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The âturbulenceâ that becomes a characteristic in business environment now hasleaded the business to the very tight competition (known as hypercompetition), and it also influenced banking industry.With that situation, efficient and effective at cost structure and operational performancewill determine the bank performance either survive or not. For that reason, the study willbe conducted to analyze the cost structure and bank performance in Indonesia using twoapproaches: (1) Parametric approach based on translog cost function framework toanalyze cost structure in banking industry in Indonesia; (2) Non-Parametric approachbased on linear programming framework to evaluate the operational performance inIndonesian banking that shown by efficiency index.The study used data from 50 banks that have the biggest assets in Indonesia during1998-2002 periods. According to the analysis, it showed âthe red lineâ that strictly stated:(1) Using parametric approach, it showed that cost structure in Indonesian banking hasfulfilled translog cost function. Indonesian banking industry is now facing âscale ofeconomiesâ and âscope of economiesâ conditions. The research has shown that banks with the bigger assets showed higher level of scale of economies. (2) Based on non-parametric approach, it indicated that banking in Indonesia could reduce their operational cost up to 89,40% comparing with their present operational cost. Cost inefficiency mainly caused by inappropriate technical efficiency that can be eliminated if only banking industry in Indonesia have used input components optimally.Keywords: Cost Structure, Operational Performance, Parametric Approach, Non-Parametric Approach.

PERUBAHAN TINGKAT SUKU BUNGA DAN KINERJA PASAR MODAL INDONESIA: ANALISIS PADA TINGKAT PASAR DAN TINGKAT INDUSTRI Lantara, I Wayan Nuka
Journal of Indonesian Economy and Business Vol 19, No 2 (2004): April
Publisher : Journal of Indonesian Economy and Business

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The objective of this paper is to test empirically the performance of Indonesian capitalmarket following the interest rate change. This study also tests the relationship between the interest rate changes and the subsequence performance in various industries, which are financial and manufacture sector. We used market level analysis as well as industry level analysis.We examine the 1996-2001 period. The sample consists of 64 interest rate change, 34increase and 30 decrease. We used one market index and two industry index, which areIndonesian Capital Market Composite Index, Financial Sector Index and ManufactureSector Index.In order to examine the market and industry performance following interest ratechange, we test the mean-adjusted return (MAR) and cumulative mean-adjusted return(CMAR) during 21 event windows with t-test statistics. The results indicate that market and industrial performance react negatively to the increase of interest rate, while reactpositively to the decrease of interest rate. Besides, there is also an indication that financialsector performance tends to be more sensitive than manufacture sector performance.Keywords: Interest rate change, market performance, financial and manufactureperformance, market-level analysis, industry-level analysis.

REFORMASI, TEORI EKONOMI, DAN KEMISKINAN Mubyarto, Mubyarto
Journal of Indonesian Economy and Business Vol 19, No 2 (2004): April
Publisher : Journal of Indonesian Economy and Business

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For 25 years now, the Pancasila economic theory has experienced âprosperity anddepressionâ. In 1980âs when the economy was booming the Indonesian economists weredebating seriously on the merit and demerit of the theory. Now after the economy had beenhaving difficulties to recover from the severe monetary crisis, the debate become hotterbecause the conventional economic theory has again demonstrated its inability. Inconnection with the role of IMFâs economists in helping Indonesian economists to rescuethe crisis, various national debate took place. The authorâs brief meeting with MuhammadYunus, Bangladeshâs most prominent economist in Dacca reactivated our long timeconcern on the need of ânative economic theoryâ for Indonesia which we had calledEkonomi Pancasila.Key words : self employment, socio-economic theory, poverty, ekonomi rakyat

STRUKTUR KEPEMILIKAN, RISIKO, DAN KEBIJAKAN KEUANGAN: ANALISIS PERSAMAAN SIMULTAN Ismiyanti, Fitri; Hanafi, Mamduh M.
Journal of Indonesian Economy and Business Vol 19, No 2 (2004): April
Publisher : Journal of Indonesian Economy and Business

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The research explores using simultaneous regression, to examine the interdependencerelationship between managerial ownership, risk, dividend policy, institutional ownership,and leverage policy for Indonesian capital market. The research tries to explain how therelationships in financial policy for manufacture firms in Indonesia. We use five models ofregression to represent five different policies in firms that reflect the agency issues andconflict of interest between agent (manager), and principal (insider and outsidershareholders). Jensen and Meckling (1976) argued that agency problem arise fromseparation of ownership and control. Each of five policies in this research is representconflict of interest between agent and principal. The research combined models fromCrutchley, Jensen, Jahera and Raymond (1999), and Chen and Steiner (1999) to construct five-regression policies model.We find interdependence relationship between managerial ownership, risk, dividendpolicy, institutional ownership, and leverage policy. We also find substitution effectbetween dividend policy and managerial ownership, and between managerial ownershipand institutional ownership as predicted by agency theory. The substitution effect showedthat ownership structure effectively used to reduce the agency problem between agent and principal. The study confirms that the relationship between risk and dividend is non-linear.Keyword: Agency Theory; Managerial Ownership; Risk; Dividend Policy; Debt Policy.

ANALISIS PENENTUAN HARGA ASET PADA PASAR MODAL ASIA PASIFIK: LOKAL ATAU GLOBAL? Sukasmanto, Sukasmanto
Journal of Indonesian Economy and Business Vol 19, No 2 (2004): April
Publisher : Journal of Indonesian Economy and Business

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The purposes of this study are to identify the empirical evidence whether the pricingerror from using domestic CAPM when the use of global CAPM is appropriate, whether thesecurity risk that is diversifiable domestically is also diversifiable globally, and whether theuse of domestic CAPM result in the same expected return as the use of global CAPM.This research is based on the previous research on the cost of capital in theinternational capital market conducted by Koedijk et al. (2002) and Karolyi and Stulz(2001) without the control variable the foreign exchange rate. The researcher did not usethis variable because it is assumed here that the perfect international financial market and âthe law of one priceâ. This research focused on 413 stock from the eight Pacific Asiancapital markets during 1998 to 2003 periods. The research used purposive sampling andsimple regression statistic method. The research was conducted on the market level andindividual securities.The result of the research shows that on the most of the securities of the eight PacificAsian capital markets, there is no pricing error from the use of domestic CAPM when theuse of global CAPM is more appropriate. The security risk that is diversifiable domesticallyis also diversifiable globally. Consequently, the domestic market portfolio contains allinformation that is relevant to price assets. Generally, it can be concluded that the assetpricing of the Pacific Asian capital markets was priced domestically. The use of domesticCAPM is still relevant also shows a better performance than the global CAPM. Theimplication is that independent of the issue whether international capital markets are fullyintegrated, the domestic CAPM resulted in the same estimated return that the globalCAPM.Keywords: Estimated return, domestic CAPM, global CAPM, and pricing error, domesticmarket portfolio.

ANALISIS PENENTUAN HARGA ASET PADA PASAR MODAL ASIA PASIFIK: LOKAL ATAU GLOBAL? Sukasmanto Sukasmanto
Journal of Indonesian Economy and Business (JIEB) Vol 19, No 2 (2004): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.6591

The purposes of this study are to identify the empirical evidence whether the pricingerror from using domestic CAPM when the use of global CAPM is appropriate, whether thesecurity risk that is diversifiable domestically is also diversifiable globally, and whether theuse of domestic CAPM result in the same expected return as the use of global CAPM.This research is based on the previous research on the cost of capital in theinternational capital market conducted by Koedijk et al. (2002) and Karolyi and Stulz(2001) without the control variable the foreign exchange rate. The researcher did not usethis variable because it is assumed here that the perfect international financial market and “the law of one price”. This research focused on 413 stock from the eight Pacific Asiancapital markets during 1998 to 2003 periods. The research used purposive sampling andsimple regression statistic method. The research was conducted on the market level andindividual securities.The result of the research shows that on the most of the securities of the eight PacificAsian capital markets, there is no pricing error from the use of domestic CAPM when theuse of global CAPM is more appropriate. The security risk that is diversifiable domesticallyis also diversifiable globally. Consequently, the domestic market portfolio contains allinformation that is relevant to price assets. Generally, it can be concluded that the assetpricing of the Pacific Asian capital markets was priced domestically. The use of domesticCAPM is still relevant also shows a better performance than the global CAPM. Theimplication is that independent of the issue whether international capital markets are fullyintegrated, the domestic CAPM resulted in the same estimated return that the globalCAPM.Keywords: Estimated return, domestic CAPM, global CAPM, and pricing error, domesticmarket portfolio.

ANALISIS STRUKTUR BIAYA DAN KINERJA OPERASIONAL BANK UMUM DI INDONESIA Erwinta Siswadi; Wilson Arafat
Journal of Indonesian Economy and Business (JIEB) Vol 19, No 2 (2004): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.6592

The “turbulence” that becomes a characteristic in business environment now hasleaded the business to the very tight competition (known as hypercompetition), and it also influenced banking industry.With that situation, efficient and effective at cost structure and operational performancewill determine the bank performance either survive or not. For that reason, the study willbe conducted to analyze the cost structure and bank performance in Indonesia using twoapproaches: (1) Parametric approach based on translog cost function framework toanalyze cost structure in banking industry in Indonesia; (2) Non-Parametric approachbased on linear programming framework to evaluate the operational performance inIndonesian banking that shown by efficiency index.The study used data from 50 banks that have the biggest assets in Indonesia during1998-2002 periods. According to the analysis, it showed “the red line” that strictly stated:(1) Using parametric approach, it showed that cost structure in Indonesian banking hasfulfilled translog cost function. Indonesian banking industry is now facing “scale ofeconomies” and “scope of economies” conditions. The research has shown that banks with the bigger assets showed higher level of scale of economies. (2) Based on non-parametric approach, it indicated that banking in Indonesia could reduce their operational cost up to 89,40% comparing with their present operational cost. Cost inefficiency mainly caused by inappropriate technical efficiency that can be eliminated if only banking industry in Indonesia have used input components optimally.Keywords: Cost Structure, Operational Performance, Parametric Approach, Non-Parametric Approach.

PERUBAHAN TINGKAT SUKU BUNGA DAN KINERJA PASAR MODAL INDONESIA: ANALISIS PADA TINGKAT PASAR DAN TINGKAT INDUSTRI I Wayan Nuka Lantara
Journal of Indonesian Economy and Business (JIEB) Vol 19, No 2 (2004): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.6593

REFORMASI, TEORI EKONOMI, DAN KEMISKINAN Mubyarto Mubyarto
Journal of Indonesian Economy and Business (JIEB) Vol 19, No 2 (2004): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.6594

For 25 years now, the Pancasila economic theory has experienced “prosperity anddepression”. In 1980’s when the economy was booming the Indonesian economists weredebating seriously on the merit and demerit of the theory. Now after the economy had beenhaving difficulties to recover from the severe monetary crisis, the debate become hotterbecause the conventional economic theory has again demonstrated its inability. Inconnection with the role of IMF’s economists in helping Indonesian economists to rescuethe crisis, various national debate took place. The author’s brief meeting with MuhammadYunus, Bangladesh’s most prominent economist in Dacca reactivated our long timeconcern on the need of “native economic theory” for Indonesia which we had calledEkonomi Pancasila.Key words : self employment, socio-economic theory, poverty, ekonomi rakyat

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Home Page

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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