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INDONESIA
Journal of Indonesian Economy and Business
ISSN : 20858272     EISSN : 23385847     DOI : -
Core Subject : Economy,
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.
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PENGARUH STOCK SPLIT TERHADAP LIKUIDITAS SAHAM YANG DIUKUR DENGAN BESARNYA BID-ASK SPREAD DI BURSA EFEK JAKARTA Fatmawati, Sri; Asri, Marwan
Journal of Indonesian Economy and Business Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

It is widely believed that stock splits are purely cosmetic, since thecorporations cash flows are unaffected, each shareholder retains his proportionateownership and the claims of other classes of security holders are unaltered. Althoughstock splits appear to be purely cosmetic changes, research shows real effectsassociated with them. Despite extensive study, controversies still abound in theliterature about these effects. These controversies include whether stock splits affectshareholder wealth, change a stock risk, improve liquidity, and provide signals to themarket. The objective of this research is to verify empirically that stock splits relatethose real effects especially stock liquidity as measured by bid-ask spread.This research examines thirty companies which did stock splits in JakartaStock Exchange during July 1995 to June 1997. A paired-difference test is used totest some hypothesis about the difference between two population means for stockprince, variance, trading volume, turnover volume, and bid-ask spread variables.Furthermore, the multiple regression analysis is used to examine the relation of stockprice, trading volume, stock volatility to bid-ask spread.Overall, the results of this research indicate that there are significantdifferences among stock price, turnover volume, and bid-ask spread for before andafter the listing date. Besides that, the difference of bid-ask spread is affected bystock price, volatility, and trading volume.
GOVERNMENT OF INDONESIA TAX REVENUES Reksohadiprodjo, Sukanto
Journal of Indonesian Economy and Business Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Penerimaan pajak merupakan bagian terpenting dari penerimaan pemerintah disamping penerimaan dari minyak bumi dan gas alam serta penerimaan negara bukan pajak. Apabila Indonesia ingin mandiri, maka penerimaan dari pajak haruslah ditingkatkan agar supaya dapat dijadikan substitut pinjaman dari luar negeri. Tulisan ini berupaya untuk mengkaji hal-hal yang harus dilakukan demi kemandirian ini.
STRUKTUR PEREKONOMIAN INDONESIA DAN PENGARUHNYA PADA INDUSTRI KAYU MENTAH Prihawantoro, Socia; Resosudarmo, Budy P.
Journal of Indonesian Economy and Business Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

It is commonly known, in Indonesia, that a high growth rate of log productioninduces a high rate of deforestation. Hence, to reduce the rate of deforestation, it isnecessary for Indonesia to decrease its log production.Implementing policies only in the logging sector might not be enough to beable to reduce the log production. It is suspected that many other sectors in theeconomy give high pressures to the logging sector to produce more. This study,implementing a Social Accounting Matrix (SAM), analyze the Indonesian economicstructure to determine which sectors do actually give high pressures to the loggingsector to produce more.
PEMILIHAN DAN BENTUK FUNGSI MODEL EMPIRIK: STUDI KASUS PERMINTAAN UANG KARTAL RIIL Insukindro, Insukindro; Aliman, Aliman
Journal of Indonesian Economy and Business Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This paper attempts to introduce and apply some methods of model selectionin order to avoid a specification error. In general, the specification error can beindicated by three possibilities which are possible problems with: (1) disturbances,(2) explanatory variable and (3) parameters. In this paper, our discussion isconcentrated on the functional form of our estimable model. The estimated model inthis paper is the demand for real currency in Indonesia for the period of 1984(1) 1997 (IV).The empirical result show that MacKinnon, White and Davidson (MWD Test),Bera and Me A leer (B-M Test) and Zarembka tests are fail to identify the bestfunction at form of our empirical model. However, using error correction approach,the findings show the best functional form of the demand for real currency inIndonesia is the log linear regression model
TEORI LOKASI: REPRESENTASI LANDASAN MIKRO BAGI TEORI PEMBANGUNAN DAERAH Soepono, Prasetyo
Journal of Indonesian Economy and Business Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The birth of a region originates in the optimal location decision of individualfirms. Factors that affect the optimal location of individual firms are transferorientation (resources and market), and local input-orientation [energy, labor, intermediate inputs (localization economies & urbanization economies), amenities/qualityof life, local public services, taxes, government incentives, local business climate,site costs and national political climate & stability]. Once the optimal location of eachindividual firm has been determined, the next development is to what extent it canunder price and sell its product. The extent of the market constitutes a market area:When each of all other firms producing the same products, has possessed its ownmarket area, those firms have formed the location pattern dominated by dispersion. Inthis way, market areas have been established. When all other firms producingdifferent products /services can also under price and sell their products in each oftheir market areas, each market area becomes a region or a city, depending which onehas more population density. Each market area grows even more into a region or acity when all other firms producing different products (substitutes and/orcomplementary) , chooses to locate in each market area. This makes up the secondlocation pattern dominated by cohesion (agglomeration). From the viewpoint of thelocation theory, a region has firms engaged in all kinds of relationships of economicactivities: vertical, horizontal, and complementary, and all kinds of linkages: forwardand backward. Based on this, a region develops. During its process of development, aregion may succeed or fail. When it fails, it can be corrected by both local and centralgovernments by adopting appropriate regional policies oriented first to the microfoundation and then to the macro foundation of the development process of theregion.Seperti dalam ekonomi makro, diakui pentingnya landasan mikro, sehinggakebijakan makro dapat lebih tepat dan efektif (Branson, 1990). Demikian pula dalamEkonomi Regional dikenal dan diakui pentingnya landasan mikro (Hoover &Giarratani,1984, Blair, 1991, OSulIivan, 1996). Landasan mikro yang dimaksuddalam Ekonomi Regional adalah teori lokasi. Oleh karena itu, mempelajari EkonomiRegional hendaknya didahului dulu dengan topik atau bab tentang lokasi suatuaktivitas ekonomi (aspek mikro) di mana diuraikan bagaimana tumbuhnya suatudaerah dimulai ketika suatu aktivitas ekonomi berupa aktivitas produksi atau aktivitasmanufaktur atau aktivitas jasa semula menetapkan lokasi optimalnya berdasarkanorientasi transportasi, kemudian berubah lokasinya berdasarkan orientasi lain yanglebih baik, dan seterusnya yang akhirnya berakibat dengan munculnya suatu wilayahatau daerah.Pentingnya landasan mikro adalah agar pengambil keputusan (pemerintahpusat atau pemerintah daerah) jangan sampai mengambil kebijakan daerah yang salahdan fatal dalam perencanaan daerah dan dalam penentuan wilayah-wilayah dalamsuatu negara yang lebih berorientasi pada faktor ekonomi dari-pada faktor nonekonomi {nodal regions vs. homogeneous regions/administrative regions). Apalaginegara kita sedang mengalami reformasi yang juga menuntut dihidupkannya otonomidaerah sehingga pemerintah pusat harus akurat dan tepat dalam merumuskankebijakan daerah agar mendapat dukungan rakyat yang makin kritis dan yang sedangmembangun ekonominya sebagai ganti ekonomi konglomerat yang telah membawaekonomi Indonesia terpuruk dalam krisis ekonomi dan moneter. Denganmemperhatikan landasan mikro, kebijakan daerah tidak lagi datang dari atas tanpamemperhatikan perilaku pelaku-pelaku ekonomi individual (pembentukan daerahadminitratif spt, propinsi, kabupaten, kecamatan), tetapi kebijakan daerah yangberorientasi pada prinsip ekonomi, motif ekonomi dan aspirasi para pelaku ekonomiindividual.Tujuan dari makalah ini adalah untuk meminta perhatian kembali ataumemperjelas atau mengingatkan/menyadarkan kembali bagaimana suatu aktivitasekonomi (mikro) yang berprinsip ekonomi dalam rangka mencapai hasil optimalnya(keuntungan maksimumnya) harus mengambil keputusan lokasi optimalnya dan bilasekelompok aktivitas-aktivitas ekonomi itu berbuat hal yang sama (dispersion) dan secara bersama menempati lokasi yang sama (aglomerasi) dalam jangka panjang akan menimbulkan pertumbuhan suatu daerah umumnya dan kota khususnya.
ADAKAH PENGARUH "EVA" TERHADAP NILAI PERUSAHAAN DAN KEMAKMURAN PEMEGANG SAHAM PADA PERUSAHAAN PUBLIK? Sartono, R. Agus; Setiawan, Kusdhianto
Journal of Indonesian Economy and Business Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Economic Value Added (EVA) as a performance measure has proven in United States as prominent measure of companies business performance, especially in focusing on business operation that fit with its core business. However, our research found that EVA has no significant correlation with MVA (Market Value Added) and abnormal return as indicators of stock price movement, but EVA significantly associated with leverage that support Modigliani-Miller theory of capital structure in its second proposition. These findings rise the question whether or not EVA could be used as effective performance measure in Indonesia and than use it as a mean of management incentive in order to align with shareholders objective to maximize value of the firm.
PENERAPAN ANALISIS INPUT-OUTPUT HIBRID UNTUK MENGUKUR PENGARUH AKTIVITAS SEKTOR-SEKTOR PEREKONOMIAN TERHADAP KUALITAS LINGKUNGAN KITA Mansoer, Faried Wijaya
Journal of Indonesian Economy and Business Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Concern about the negative impact on environment promotes more attentionand policy to be directed toward efforts to implementation of sustainabledevelopment, in witch the process should be optimal and efficient. Various effortshave been tried to measure the environmental impact of economic sectors activities topursue such objective. This paper presents the application of l-O (Input-output)hybrid analysis by using Indonesia I-O Table. The result is a quantified impacts bysectoral, kind of energy/waste, and factor of origin namely domestic and import. Itmight be used as a base analysis for economic, energy-environment, and developmentpolicies.
CURRENT VALUE ACCOUNTING: A STUDY OF DEVELOPMENT OF THOUGHT IN CURRENT ENTRY AND EXIT PRICES Indriantoro, Nur
Journal of Indonesian Economy and Business Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Artikel ini membahas perkembangan akuntansi dengan nilai kini yang diusulkan terutama oleh Edward dan Bell (1961) dan Chambers (1966). Secara khusus artikel ini menyajikan pemikiran dari kelompokyang mendukung penggunaan current entry prices di satu sisi dan membandingkan dengan pemikiran kelompok yang mendukung current exit prices. Beberapa rekonsiliasi yang ditawarkan oleh pemikir lain dan studi empiris yang terkait dengan isu tersebutjuga dipaparkan.
PENGARUH HARI PERDAGANGAN TERHADAP RETURN SAHAM DI BURSA EFEK JAKARTA Tandelilin, Eduardus; Algifari, Algifari
Journal of Indonesian Economy and Business Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The objectives of this study are: (1) to test the effect of trading days on stock return,(2) to determine whether there is any differences of daily stock returns, and (3) to testdaily abnormal return of some Indonesians common stocks. The results indicate thatthere is an effect of trading days on stock return. The study also shows that there isthe difference in daily stock returns. Finally, the result of the study indicates thatTuesday and Wednesday have an abnormal return.
ETIKA ISLAM DAN EKONOMI KERAKYATAN Asyarie, Musa
Journal of Indonesian Economy and Business Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

In a new Indonesian format, there appears a great desire to accelerate peoples economy as the basis of the economic stability and national defense. This is due to the fact that indicates that the collapse of the Indonesian economy nowadays is dramatically caused by the weakness of the fundamentals of the national economy in which small and mediom enterprises cannot get a chance to develop to a maximum.It is in this effort that the populists economy as an economic system oriented to peoples interest and empowerment may be an alternative to make it awake. This means shifting from a capitalistically economic system to a populists one. Hence, it is necessary to make an integral, actual and realistic concept which may be implemented in the concrete and consistent policy and conduct of political economy. In addition, the problems faced to carry out the populist economic system are: 1) culture, 2) structure, 3) environment. The first problem (culture) refers to industrial and agraria culture, work ethos; the second problem (structure) involves capital, market, and technological expertise; whereas the last problem (environment) comprises geographical environment, peoples tradition, and internal work culture.In line with those above, The Islamic ethics as a moral foundation in all aspects of life has a significant role in offering ethic guidelines in the Indonesian peoples economic order, most of which are Islam (80%). The ethic-normative doctrines in Islam consist of those to take much care of the poor, orphan, equality, ownership in relation to others rights, fair and just competition, significantly mutual cooperation and so on.

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