Perilaku Agregat Moneter Dalam Sistem Keuangan/perbankan Ganda Di Indonesia

The main difference between contemporary Islamic monetary system and conventional monetary system is the replacement of interest system with profitand-loss sharing (PLS) system, which both have different behavior in influencing monetary stability. This study aims to analyze demand for money, conventionally and Islamically, in Indonesia and to determine the relationship between money supply in the two system and price level as the goal of monetary policy. Methods used are Vector Auto Regression (VAR) and Vector Error Correction Model (VECM). The results show that PLS return negatively correlated with Islamic demand for money. In Islamic demand for money, the value of correction error is significant, so that there is an adjustment towards its long-term equilibrium. The Islamic demand for money stabilizes quicker to response the shock from other variables compare to that of conventional demand for money. Moreover, there is no cointegration between money supply, conventionally and Islamically, with price level, so that inflation targeting framework of monetary policy implemented by Bank Indonesia need to be reviewed

The Capital Structure of Venture Capital Firms in Indonesia

Venture capital (VC) is an important fund source for small and medium enterprises (SMEs) and start up, particularly to deliver its main product of equity participation. Therefore, capital structure and factors that affect it are very crucial. This study aims to analyze the capital structure of VC firms in Indonesia using econometric model of panel data regression. This study utilizes secondary data of six years period (2009-2014) monthly financial statements of 27 samples out of 58 VC firms to form 1,944 observations. The study reveals that capital structure of VC firms in Indonesia is dominated by debt/loan rather than capital with DER on average is 136.95%. In addition, the research confirms that VC firms\u27 capital structure is affected simultaneously by financial aspects which are asset size, profitability, liquidity, asset/investment quality, and earning asset structure. The attentions to financial aspects that affect the VC firms\u27 capital structure as well as other initiatives related to capital increases are necessary so that the VC firms could carry out its role effectively

Kinerja Keuangan Berbasis Penciptaan Nilai, Faktor Makroekonomi Dan Pengaruhnya Terhadap Return Saham Sektor Pertanian

Stock return is the main indicator of performance for investors in assessing the effectiveness of the invested capital. The volatility of stock price index of the agricultural sector during 2005 - 2011 has resulted in an annualized return was the second-lowest sector after mining sector. The use of value creation-based performance analysis (EVA, MVA, and Q-Tobin) can help companies create corporate value highly associated with stock returns. In addition, external factors may also affect stock returns. The purposes of this study are: (1) to analyze the financial performance of companies in the agricultural sector by using EVA, MVA, and Q-Tobin, (2) to analyze the influence of EVA, MVA, Q-Tobin and macroeconomic factors (inflation and exchange rates) on stock returns agricultural sector, and (3) to develop managerial implications of the results of analyzes performed. Data was collected from eight companies agricultural sector, which listed in Indonesia Stock Exchange before 2005. Descriptive analysis is used to analyze EVA, MVA, and Q-Tobin for each company and data panel is used to find out influence of EVA, MVA, Q-Tobin, and macroeconomic factors on stock returns. The study showed that most companies gained a negative EVA. Tthe MVA analysis showed that most companies gained more positive MVA. The Q-Tobin result shows that most companies gained value q<1. Based on REM analysis, only found MVARET and Q-TobinRET have significant effect on stock returns. EVARET, inflation, an exchange rate, and dummy crisis have insignificant effect on stock returns

Analisis Faktor yang Mempengaruhi Harga dan Integrasi Harga Olein

Olein production increased by 107.5 percent from 2002 to 2013. There was a change in consumption patterns where the consumption of olein intended for export has risen from only 39 percent in 2002 to 65 percent in 2013. In the beginning of 2008, olein prices increased due to the global financial crisis. In the end of 2008, olein prices decreased but since then olein prices fluctuations until the end of 2014. Many factors affecting the price fluctuations such as macroeconomic and microeconomic variables. Commodity market participants need to take action in response to price fluctuations by participating in commodity futures trading. Olein futures trading commodity in Indonesia is not well developed. This is indicated by small volumes of the transaction of olein futures contracts in Indonesia Commodity and Derivatives Exchange (ICDX) causing market participants to not using ICDX futures prices as a reference. The participants actually use the price of the Rotterdam exchange for their transactions of buying and selling. Therefore, this study aims to analyze factors influencing olein prices and analyze olein prices integration by using Vector Error Correction Model (VECM) method. Results showed that exchange rates, interest rates, money supply, CPO prices, and Indonesia's GDP affect olein prices. In addition, there is an integration between the physical prices, futures prices, and world reference prices in the long term

Capital Adequacy of the Banking Industry in Indonesia

This study analyzes the relationship between credit risk and profitability on the capital adequacy ratio (CAR) of commercial banks in Indonesia. The empirical model result shows that credit risk and profitability performance altogether significantly influence the capital adequacy ratio (CAR). Partially, the variables that significantly influence the CAR are the characteristics and complexity of the bank group. This study also suggests that the pace towards the long-term balance is, in general, less than one year. Capital ratio in the banking industry is 8%, indicating the bank has set aside to anticipate the impact of external factors as well as to comply with Bank Indonesia Regulation Number 15/12/PBI/2013

Dampak Perubahan Nilai Tukar Mata Uang Terhadap Ekspor Indonesia

Tujuan dari penelitian ini adalah (1) menganalisis dampak Perubahan nilai tukar uang terhadap volume ekspor agregat dan komoditas Crude palm oil (CPO), karet, dan batu bara Indonesia, (2) menganalisis faktor yang mempengaruhi volume ekspor agregat dan komoditas CPO, karet, dan batu bara Indonesia, (3) menganalisis respon ekspor Indonesia terhadap guncangan variabel yang mempengaruhinya. Metode analisis data yang digunakan VAR/VECM, impulse-response function, dan fixed-effects vector decomposition. Ekonomi dunia menunjukkan hasil yang sesuai prediksi berpengaruh positif dan signifikan pada volume ekspor pada seluruh model. Harga relatif memberikan hasil sesuai dengan prediksi negatif dan signifikan pada seluruh model. Depresiasi nilai tukar hanya menunjukkan hubungan positif signifikan pada model CPO. Dapat disimpulkan bahwa pergerakan nilai tukar tidak memiliki dampak pada volume ekspor Indonesia walaupun model komoditas hanya memiliki sedikit bagian impor pada barang akhir untuk ekspor