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Wuri Handayani, Ph.D.
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Faculty of Economics and Business, Universitas Gadjah Mada Jalan Sosio Humaniora No. 1, Yogyakarta 55281
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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 6 Documents
Search results for , issue " Vol 28, No 3 (2013): September" : 6 Documents clear
INSTITUTIONAL AND SPATIAL EFFECTS ON MANUFACTURING PERFORMANCE IN CENTRAL JAVA PROVINCE: THE NEW INSTITUTIONAL ECONOMICS AND THE NEW ECONOMIC GEOGRAPHY PERSPECTIVE Ahmad, Abdul Aziz; Soepono, Prasetyo; Jaya, Wihana Kirana
Journal of Indonesian Economy and Business Vol 28, No 3 (2013): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

In the economic view, the manufacturing sector is important in relationship to its role in economicgrowth and the whole economy. This empirical work examines why manufacturing disparityexists, and what institutional and spatial factors empirically have an important effect onthe manufacturing sector development in Central Java Province, Indonesia. The variables thatare identified that have an influence on the manufacturing performance are ethno linguistic,legal rules, bureaucratic financial performance, democracy, city fascination, regional locationindex, the manufacturing base, infrastructure, the labor force, the intermediary finance institutionand the types of regional administration (regency and city). To analyze it, this researchuses the spatial econometric method on its methodological analyses. It is used to reduce thepotential problem that arose in the cross section and panel data which had spatial interaction,and spatial structure. This empirical work shows that all of the institutional variables havepositive and significant effects on the dependent variable. The other result is that every spatialvariable also tends to have a positive and significant impact on manufacturing development.For economic policy, labor activity, the roles of financial intermediaries and infrastructurevariables also have a positive effect on the manufacturing development.Keywords: manufacturing disparity, spatial econometrics, institutional, ethno linguistic,regional location index
CRITICAL OUTLOOK AT SPECIAL ECONOMIC ZONE IN ASIA: A COMPARISON BETWEEN INDONESIA, MALAYSIA, THAILAND AND CHINA Wahyuni, Sari; Astuti, Esther Sri; Utari, Karina Miaprajna
Journal of Indonesian Economy and Business Vol 28, No 3 (2013): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

Special Economic Zones (SEZ) have been proven to help countries in fostering economicgrowth. The aim of this research is to try to help the government to improve SEZ policies inIndonesia by providing a benchmark with other SEZ countries in China, Malaysia, andThailand. While China has the most established SEZ program, Malaysia and Thailand alsohave highly-regarded SEZs and investment incentives. These neighboring countries havedeveloped SEZs in significant quantities but the greatest returns have come from a subsection oflarge-scale zones with favorable locations, good planning and access to resources. Thailandhas a smaller number of zones, but a higher rate of successful zones, such as the automobilecluster which became the anchor of automotive production in Asia. How Indonesia’s positioncompares to these three Asian countries is the main question of this study.Keywords: special economic zone, foreign investment, benchmarking, competitiveness, China,Malaysia, Thailand
CONSERVATISM AND THE COST OF EQUITY CAPITAL: A MULTI-DIMENSIONAL MEASUREMENT APPROACH Gamaliel, Hendrik; Sugiri, Slamet
Journal of Indonesian Economy and Business Vol 28, No 3 (2013): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

Conservatism is a permanent phenomenon and issue in the accounting practice. It has beendeveloping in two forms, ex ante and ex post, measured in various ways—the accruals,valuation model, and book-to-market measures. Prior studies document inconclusive findingson the association between conservatism and the cost of equity capital. These inconsistentfindings motivate us to examine whether the various measures of conservatism have differenteffects on the relationship between conservatism and the cost of equity capital. Wefind that the accruals measure explains the relationship, while the valuation model andbook-to-market measures do not. Our findings suggest that different measures of conservatismrelate differently to different articulations. Researchers, therefore, should be cautious ininterpreting the relationship between conservatism and the cost of equity capital.Keywords: ex ante and ex post conservatism, cost of equity capital, various measures ofconservatism
PUBLIC FIRMS BACKGROUND ON THE PERFORMANCEGOVERNANCE RELATION: EVIDENCE FROM INDONESIA Setiawan, Kusdhianto; Junarsin, Eddy; Yuliati, Sri Handaru
Journal of Indonesian Economy and Business Vol 28, No 3 (2013): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study purports to test two governance issues in Indonesian listed firms. To explore corporategovernance mechanisms in Indonesia, we ought to understand that listed firms on theIndonesian capital market came from two initial business backgrounds: (1) private firms, whichhad been private businesses before going public; and (2) Badan Usaha Milik Negara (stateownedenterprises), which were owned by the Indonesian government and managed bygovernment-appointed management. Although both types of the firms have gone public, theirdifferences might remain intact, such as differences in size, lines of business, market share, andthe efficiency of corporate governance. Using 442 raw sample from all firms listed on theIndonesian Stock Exchange during 2003-2012, we find that governance characteristics andperformance relation does differ between previously SOE firms and previously private firms.However, we do not find evidence of distinct financial performance between previously SOEfirms and previously private firms.1 Corresponding author. We are grateful for the researchgrant provided by the Faculty of Economics and Business,Universitas Gadjah Mada.Keywords: SOE firms, private firms, corporate governance, firm performance, firm background
ASYMMETRIC INFORMATION IN THE IPO UNDERWRITING PROCESS ON THE INDONESIA STOCK EXCHANGE: PRICING, INITIAL ALLOCATION, UNDERPRICING, AND PRICE STABILIZATION Utamaningsih, Arni; Tandelilin, Eduardus; Husnan, Suad; Sartono, R. Agus
Journal of Indonesian Economy and Business Vol 28, No 3 (2013): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study examines the IPO trading based on asymmetric information among heterogeneousinvestors. An underwriter plays an active role in the process of the IPO where underpricing is acentral issue. The underwriter(s) manages the IPO trading by determining the offered pricerange and a discriminatory treatment between institutional and individual investors. Theunderwriter prioritizes institutional investors, especially when they show strong buying interestsat the time of book building. The results prove that underpricing is higher when the IPO pricingis closer to the upper limit of the price range. We find that underpricing is higher when the allocationof shares to institutional investors is larger.Keywords: asymmetric information, underpricing, IPO allocation, IPO pricing, price stabilization,excess return
THE INFLUENCE OF INDIVIDUAL AND SITUATIONAL FACTORS ON LOWER-LEVEL CIVIL SERVANTS’ WHISTLE-BLOWING INTENTION IN INDONESIA Winardi, Rijadh Djatu
Journal of Indonesian Economy and Business Vol 28, No 3 (2013): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

The purpose of this research is to examine empirically the influence of individual andsituational factors on the whistle-blowing intentions among lower-level civil servants in Indonesia.This research proposes a conceptual model where individual and situational factors influencethe whistle-blowing intention among lower-level civil servants. More precisely this studyused three variables as individual factors based on the theory of planned behaviour (the attitudetoward whistle-blowing, the subjective norm, and the perceived behavioural control).Two vignettes were used to manipulate three situational factors (the seriousness of wrongdoing,the status of the wrongdoer, and the personal cost of reporting). A survey questionnaire wasdistributed to 106 civil servants from government institutions in Indonesia by using conveniencesampling. There are six hypotheses that were tested by using multiple regression analysis.This research found that individual and situational factors successfully predicted a whistleblowingintention. Specifically, research results indicate there are five antecedents of whistleblowingintention among lower-level civil servants in Indonesia labelled: the attitude towardwhistle-blowing, the subjective norm, the perceived behavioural control, the seriousness ofwrongdoing, and the status of the wrongdoer. Further implications for practice and researchare also discussed.Keywords: whistle-blowing intention, lower-level civil servants, theory of planned behaviour,individual factors, situational factors.

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