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Journal of Indonesian Economy and Business
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Articles 5 Documents
Search results for , issue " Vol 33, No 1 (2018): JANUARY" : 5 Documents clear
THE EFFECT OF SOCIAL CAPITAL ON WELFARE IN INDONESIA Jumirah, Jumirah; Wahyuni, Heni
Journal of Indonesian Economy and Business Vol 33, No 1 (2018): JANUARY
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (208.532 KB) | DOI: 10.22146/jieb.29219

Abstract

Studies into the impact of social capital on welfare are currently growing. However, studies for the case of the developing countries, including Indonesia, are still very rare. Therefore, this paper aims to analyze the impact of social capital on welfare in Indonesia. In this study, social capital is measured by three indicators, namely, trust, cooperativeness and the social network (a person’s participation in community activities).Welfare is measured by household expenditure for food and non-food items. The data are acquired from the Indonesian Family Life Surveys for the years 2007 (IFLS4) and 2014 (IFLS5). This research uses instrumental variables to address the endogeneity issue on social networking (participation in community activities), which is a potential two-way causal relationship. It means that individuals with higher welfare (income) have a higher possibility of participating in community activities, since their participation in community activities is a leisure activity and the utilization of leisure is higher for higher-income people.Using the Instrumental Variables (IV) method and marital status as an instrument, the study found that social capital has a significant impact on welfare. An increased participation in community activities will improve ones welfare by 11.7 percent. Moreover, an increase of cooperativeness by one percent, would increase the welfare by 0.2 percent. On the other hand, trust has a negative relationship with welfare. It means that an increase in trust among individuals by one percent will cause household expenditure on food and non-food items to drop by 0.3 percent.It may imply that higher trust will cause lower transaction costs, which will reduce the expense of individuals buying food and non-food items. Since the coefficient of IV is larger than the coefficient in the OLS estimation, it indicates the absence of reversed causality. The results of this study have an implication for policy decision making which suggests that the policy decision makers should consider the impact of social capital on welfare and support the increase of individuals’ participating in community activities.
THE INTERDEPENDENCE BETWEEN THE FINANCIAL SECTOR AND BUSINESS SECTOR IN ASEAN 4 COUNTRIES Hubbansyah, Aulia Keiko; Husodo, Zaafri Ananto
Journal of Indonesian Economy and Business Vol 33, No 1 (2018): JANUARY
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (366.31 KB) | DOI: 10.22146/jieb.28659

Abstract

In this study, we analyze the dynamic interactions between the financial sectors and the business sectors in the ASEAN-4 countries (Indonesia, Malaysia, Thailand and Singapore). To do that, we apply the newly generalized version of the Vector Autoregressive Framework (VAR) spillover index approach proposed by Diebold and Yilmaz (2012) as our method of analysis. Based on quarterly data of each variable over the period from the first quarter of 1984 to the fourth quarter of 2015 for the ASEAN-4 countries, this study finds that: 1) Spillovers between the variables move in a diverse manner over the period of analysis for each country, 2) The variable that acts as the dominant crisis transmitter in each country is different for each country, 3) The interdependence between the variables became stronger, both within and across the countries, during the crisis period. In particular, the business sectors played a leading role during the onset of the crisis, while the financial sectors took their places as the dominant source of spillovers as the crisis deepened. 4) Credit growth in Thailand was found to be the dominant transmitter of shocks to the ASEAN-3 countries. Overall, these results suggest that the strength and movement of the spillovers between the financial and business sectors changed from time to time along with the changes that happened in the economies.  
THE NEW ERA OF FINANCIAL INNOVATION: THE DETERMINANTS OF BITCOIN’S PRICE Sukamulja, Sukmawati; Sikora, Cornelia Olivia
Journal of Indonesian Economy and Business Vol 33, No 1 (2018): JANUARY
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1106.113 KB) | DOI: 10.22146/jieb.30646

Abstract

Financial innovation has entered a new era in which a digitalized system and cryptocurrency have been created. This paper examines the factors that influence the price movement of bitcoin. This is not a legal currency in Indonesia; the Indonesian government has not made any regulations legalizing bitcoin’s use, but it has also not issued any new laws to prohibit the trade in bitcoins and other digital currencies. The demand for, and price growth of, bitcoin are interesting matters to study, especially for Indonesians who still have questions about the progress of Bitcoin transactions and the factors that influent them. In Indonesia itself, without any protection from the government, the bitcoin price on December 14, 2017 had already reached more than IDR224.5 million, compare to IDR60 million in October 2017. Bitcoin is the first peer-to-peer currency, and was introduced by Satoshi Nakamoto in 2008. Since its inception, bitcoin has served more than 17 million users, including Indonesians. Bitcoin behaves in a different manner, compared to traditional currencies and the one that affects bitcoin’s price is its attractiveness for investors. The Vector Error Correction Model (VECM) is applied to analyze the short-term and long-term influences. VECM is used in this research because the data is stationary in the first difference and has a cointegration relationship. To make the interpretation clearer, the impulse response function and variance decomposition also are included in this research. The result indicates that the macroeconomic indicator, represented by the Dow Jones Industrial Average (DJIA), the demand for bitcoins and the gold price influence bitcoin’s price fluctuations in the short-run and long-run. Bitcoin’s supply does not influence its price fluctuation in the long-run but does influence it in the short-run. The implication of this research is bitcoin could compete as an alternative investment compared to the capital markets and gold.
THE INFLUENCE OF PERCEIVED ORGANIZATIONAL SUPPORT, JOB SATISFACTION AND ORGANIZATIONAL COMMITMENT TOWARD ORGANIZATIONAL CITIZENSHIP BEHAVIOR (A Study of the Permanent Lecturers at University of Lambung Mangkurat, Banjarmasin) Claudia, Meiske
Journal of Indonesian Economy and Business Vol 33, No 1 (2018): JANUARY
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (53.675 KB) | DOI: 10.22146/jieb.17761

Abstract

The population in this research is all of the permanent lecturers employed at University of Lambung Mangkurat (ULM). The respondents are taken from 4 academic ranks, which are represented by Asisten Ahli (Instructor), Lektor (Assistant Professor), Lektor Kepala (Associate Professor), and Guru Besar (Professor). One hundred and thirty samples were collected by using a proportional-stratified random sampling method. A Partial Least Square (PLS) method was used to analyze the data. The results showed that lecturers with a positive perception of the organizational support available to them feel more satisfied with their job, which in turn encourages the creation of a high organizational commitment and results in the emergence of positive organizational citizenship behavior (OCB). These study’s results showed us the application of social exchange theory and organizational support theory in a higher educational institution. The findings of this study are considered to be important, as they provide additional empirical evidence regarding the importance of organizational support as a basis for improving the ULM lecturers job satisfaction, organizational commitment, and OCB. The implications and further research are also discussed.
EFFECT OF WAGES ON MULTIPLE JOB HOLDING DECISIONS IN INDONESIA: EVIDENCE FROM THE INDONESIAN FAMILY LIFE SURVEY (IFLS) DATA OF 2007 AND 2014 Wijayanti, Niken Dwi; Adrison, Vid
Journal of Indonesian Economy and Business Vol 33, No 1 (2018): JANUARY
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (51.766 KB) | DOI: 10.22146/jieb.26747

Abstract

Multiple job holding - i.e., a phenomenon in which workers have more than one job has become a trend in developed countries and is beginning to occur in developing countries, such as Indonesia. Existing studies provide the evidence that wages are a significant and consistent criterion to determine multiple job decisions. Wage increases in the primary job will decrease the incentive to have a second job as the reservation wage increases. However, we do not find any study which links the current multiple job decision with the past multiple job status. In this study, we use data from the Indonesian Family Life Survey (IFLS) in 2007 and 2014 to investigate whether or not a wage increase in the primary job reduces the incentive to have a second job in 2014, controlling for the multiple job status in 2007. Using logit and multinomial logit estimations, we find that the wage increase in the primary job decreases the probability of having a second job in 2014.

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