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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.
Articles 8 Documents
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PROSPECTOR-DEFENDER STRATEGY, AUDITOR INDUSTRY SPECIALIZATION, EARNINGS MANAGEMENT THROUGH REAL ACTIVITIES, AND EARNINGS QUALITY Andayani, Wuryan; Warsono, Sony
Journal of Indonesian Economy and Business Vol 28, No 1 (2013): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study observed the influence of the company prospector-defender strategy and auditor industry specialization toward the earnings management through real activities and earnings quality. An important finding in this study confirmed that the auditor industry specialization could not restrict the earnings management and the company‘s prospector strategy could restrict the earnings management. On the contrary, defender strategy couldnot restrict the earnings management. Another finding proved that the auditor industry specialization influence the earnings response coefficient (ERC) and investors’ response.Besides the auditor industry specialization, as well as the prospector and defender strategies, other factors also affected influence ERC are leverage, company size, stock return, beta and market return. The interaction among the prospector and defender strategies and unexpected earnings neither influence the CAR nor the investors’ response. This was probably because the investors pay attention to the strategy used by the company. However, there were any interaction variables: industry specialization auditor, leverage, stock return, beta and market return influence the CAR and investors’ response.Keywords: auditor industry specialization, prospector-defender strategy, earnings response coefficient, earnings quality.
ENVIRONMENTALLY ADJUSTED PRODUCTIVITY GROWTH OF INDONESIAN RICE PRODUCTION Mariyono, Joko
Journal of Indonesian Economy and Business Vol 28, No 1 (2013): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

Productivity of Indonesian rice agriculture needs to grow substantially to ensure national food security. However, the environmental cost should be taken into account. Thisstudy aims to analyse productivity growth of rice by decomposing it into technological change, scale effects, allocative efficiency and technical efficiency. Environmental cost associated with the use of environmentally detrimental inputs is internalised to obtain environmentally adjusted productivity growth. The result indicates that total factorproductivity growth is driven by technological change and social efficiency effects.Environmentally adjusted productivity growth is less than conventional productivity growth. Some policies to increase the environmentally adjusted productivity growth areproposed.Keywords: internalizing environmental cost, total factor productivity, rice production, scale effect, efficiency.
INTERACTIONS AMONG INSIDER OWNERSHIP, DIVIDEND POLICY, DEBT POLICY, INVESTMENT DECISION, AND BUSINESS RISK F., Indri Erkaningrum
Journal of Indonesian Economy and Business Vol 28, No 1 (2013): January
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Abstract

The study of interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk is still conducted. This research aims at investigating theinfluencing factors of insider ownership, dividend policy, debt policy, investment decision, business risk, and the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk. The samples of the research are 137 manufacturing companies listed in the Indonesia Stock Exchange from the year 2006 to 2010. The three stages least square simultaneous equation model is used to analyze the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk. The analysis result of insider ownership equation shows that investment, business risk, and sizehave negative influence on insider ownership. Insider ownership, debt and business risk give negative impact to dividend that is shown on equation of dividend. Negative impact of dividend, business risk, and profitability to debt is shown on equation of debt. The analysis result of investment equation shows that insider ownership and business risk have negative influence on investment, whereas profitability and sales growth have positive influence on investment. The analysis result of business risk equation shows that insider ownership, dividend, investment, and size have negative influence on business risk, whereas variability of earnings has positive influence on business risk. The analysis result of the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk shows that: 1) there are reciprocal interactions among insider ownership, investment, and business risk; 2) there are reciprocal interactions between dividend and debt; 3) there are reciprocal interactions between dividend and business risk; 4) insider ownership influences dividend; 5) business risk influences debt. The empirical evidence of interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk helps the companies to make financial policy minimize agency problem.Keywords: insider ownership, dividend, debt, investment, business risk.
THE IMPACT OF EDUCATION ON ECONOMIC GROWTH IN INDONESIA Reza, Faizal; Widodo, Tri
Journal of Indonesian Economy and Business Vol 28, No 1 (2013): January
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Abstract

Does education promote economic growth? The aim of this study is to find out the impact of education on economic growth in Indonesia. This research employed panel datatechnique to investigate the relationship between education and economic growth in Indonesia during the period 1996-2009. The empirical results show that education perworker has a positive and significant impact on economic growth. The estimates of panel model suggest that a 1% increase in average education per worker will lead to about1.56% increase in output. By using instrument analysis, researchers found that Jawa Timur is a province with highest economic growth in Indonesia. In contrast, Bengkuluexperiences the lowest position with the lowest economic growth. The results show us that there are still substantial disparities within the provinces in Indonesia. Keywords: education, economic growth, panel data.
THE ROLE OF TECHNOLOGY IN REGIONAL DEVELOPMENT: TFP AND ECONOMETRICS ANALYSIS Aritenang, Adiwan F.
Journal of Indonesian Economy and Business Vol 28, No 1 (2013): January
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Abstract

The development in Indonesia regions has been unbalance over the years. In Indonesia, significant differences on local governance capacities and natural resources lead tovariation of regional economic development. Following economic theory, technology and innovation are expected to solve regional unbalanced development through optimizing local endowments and human capital. This paper aims to explore the role of technology and knowledge in regional economic development. The total factor productivity (TFP) measurement and econometrics analysis are conducted to explore technology contributions on regional economic development in Indonesia regions. The paper finds that technology level contributes significantly to economic growth, complementary with manufacturing industry. In addition, regional expenditure on education and research and development (R&D) are insignificant to economic growth. These findings confirm the role of industries in regional economic development.Keywords: regional development, TFP, econometrics, statistic.
SPATIAL SMALL AREA ESTIMATION FOR DETERMINATION OF UNDERDEVELOPED VILLAGES IN THE PROVINCE OF YOGYAKARTA (DIY) IN 2011 Husna, Lilis Nurul; Sarpono, Sarpono
Journal of Indonesian Economy and Business Vol 28, No 1 (2013): January
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Abstract

Indonesias poverty alleviation programs are implemented by two approaches target, those are the pockets (areas) of poverty and the poor households. Related with povertyalleviation programs targeting poor areas, in the Medium Term Development Plan (RPJM) 2010-2014, the government through the Development Backward Areas Ministry(KPDT) has determined the backward or underdeveloped regions at the level of district/city. There is no district/city in the province of Yogyakarta (DIY) are classified asunderdeveloped region, but in 2011 the poverty rate in DIY is the highest compared with other provinces in Java and Bali. Therefore, the classifications of underdeveloped areasare not optimal if applicable only within the district, but it needs to be seen in the smaller scope, such as village. The main purpose of this study is to determine the underdeveloped villages in DIY in 2011. The average per capita household expenditure is a key indicator in measuring poverty. Susenas data can only be used to estimate the average per capita household expenditure to the level of district. Therefore, to obtain the estimated value invillage level, this study used Small Area Estimation approach by combining census data (Podes 2011) and survey data (Susenas 2011). This study used Geographically WeightedRegression (GWR) with Adaptive Gaussian Kernel Bandwidth weighting function. GWR is a linear regression model that produces the local parameters in all locations. GWRparameters estimated are performed by Weighted Least Squares (WLS) method which involving spatial aspects. The results found that there were 13 underdeveloped villages inDIY. Furthermore, the Local Indicator of Spatial Association (LISA) is used to look at the tendency of cluster in underdeveloped villages. Then, maps are used to compare characteristic of underdeveloped villages among others.Keywords: poverty, underdeveloped areas, spatial, SAE, GWR
ACCOUNTING FUNDAMENTALS AND VARIATIONS OF STOCK PRICE: METHODOLOGICAL REFINEMENT WITH RECURSIVE SIMULTANEOUS MODEL Sumiyana, Sumiyana; Baridwan, Zaki
Journal of Indonesian Economy and Business Vol 28, No 1 (2013): January
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Abstract

This study investigates association between accounting fundamentals and variations of stock prices using recursive simultaneous equation model. The accounting fundamentalsconsist of earnings yield, book value, profitability, growth opportunities and discount rate. The prior single relationships model has been investigated by Chen and Zhang (2007),Sumiyana (2011) and Sumiyana et al. (2010). They assume that all accounting fundamentals associate direct-linearly to the stock returns. This study assembles that all accountingfundamentals should associate recursively.This study reconstructs the model and found that only the first two factors could influence stock returns directly, while the three remaining factors should relate precedently to the earnings yield and book value. This study suggests that new reconstructed relationships among accounting fundamentalscould decompose association degree between them and the movements of stock prices. Finally, this study concludes that this methodological refinement would improve the ability of predicting stock prices and reduce stock price deviations. It implies that accounting fundamentals actually have higher value relevance in the new recursive simultaneous equation model than that in single equation model. It also entails that relationship decompositions revitalize the integration of the adaptation and the recursion theories.Keywords: earnings yield, book value, profitability, growth opportunities, discount rate, accounting fundamentals, recursive simultaneous model.
THE INFLUENCE OF INFORMATION, ORGANIZATIONAL OBJECTIVES AND TARGETS, AND EXTERNAL PRESSURE TOWARDS THE ADOPTION OF PERFORMANCE MEASUREMENT SYSTEM IN PUBLIC SECTOR Wijaya, Anthonius H. Citra; Akbar, Rusdi
Journal of Indonesian Economy and Business Vol 28, No 1 (2013): January
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Abstract

This research studies the use of performance measurement systems (PMS) in public sector. It provides empirical evidence on the influencing factors determined by the use ofPMS in Indonesian local government. Institutional theory, especially institutional isomorphism, is utilized as a theoretical lens to further explain the findings. The factorsunder examination are information, goals and objectives of the organization and external pressure. The context of the study is the Provincial Government of Yogyakarta (includingBantul, Gunungkidul, Kulonprogo, Sleman, and the City of Yogyakarta). This research uses mixed research method and employs Partial Least Square (PLS) and ThematicContent Analysis (TCA) to analyze and interpret the data. The results shows that information and external pressures have a positive and significant effect on the use of PMSin local government operations. In turn, information regarding incentive has a positive and significant effect on the use of PMS. In short, goals and objectives of the organization,information and external pressures influence the use of PMS.Keywords: information, goals and objectives of the organization, external pressures, the use of performance measurement systems, institutional theory, mix method.

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