Suchergebnisse

An event or a policy taken by the government can be one of the considerations for investors in making investment decisions in a country. The existence of these events certainly contains information that can be interpreted to carry out transactions in the capital market. The tax amnesty policy is assumed to contain information that is able to respond to capital market players. The reaction of capital market participants can be measured by abnormal returns and trading volume activity. Therefore, it is necessary to conduct research on the reaction of the capital market to the tax amnesty policy in Indonesia on shares in the banking sector because banks are the gateway for the entry of tax amnesty funds. There are 14 bank shares included in the study that fall into the criteria of government perception banks and have IPOs. This study uses the event study analysis method with an observation period of 11 days, namely t-5 to t+5 and t0 as event dates in all tax amnesty policy periods, period I (1 July 2016), period II (1 October 2016), period III (1 January 2017). The research analysis technique used a paired sample t test. The results of the study indicate that there is a reaction in banking stocks to the tax amnesty policy which can be seen from the significant positive difference between the cumulative average abnormal return before and after the tax amnesty policy period I and II, as well as the difference in cumulative average trading volume activity between before and after the tax amnesty policy period I, II, and III. The results of the study conclude that the tax amnesty policy has succeeded in increasing trading activities and providing abnormal returns to investors for two periods on banking stocks so that this issue provides meaningful information and is good news for investors.

Abstrak Nilai tukar merupakan salah satu aspek yang memengaruhi daya saing ekspor. Pada tahun 2013 hingga tahun 2015, volatilitas nilai tukar mengalami kenaikan, khususnya pada triwulan akhir tahun 2015 yaitu sebesar 16,90%. Kondisi ekspor utama pertanian Indonesia pada tahun tersebut rata-rata mengalami penurunan. Penelitian ini bertujuan untuk menganalisis pengaruh volatilitas nilai tukar terhadap kinerja ekspor utama pertanian Indonesia ke negara mitra dagang utama dengan menggunakan gravity model. Ekspor utama pertanian yang dianalisis yaitu karet alam, kopi, udang, dan Crude Palm Oil (CPO). Model ARCH-GARCH digunakan untuk mengukur volatilitas nilai tukar. Hasil analisis menunjukkan bahwa volatilitas nilai tukar berpengaruh negatif terhadap ekspor karet alam, kopi, dan udang Indonesia. Artinya, semakin fluktuatif nilai tukar rupiah maka akan menurunkan ekspor karet alam, kopi, dan udang Indonesia ke negara mitra dagang utama. Pengaruh negatif tersebut juga menunjukkan adanya penghindaran risiko yang dilakukan oleh pelaku usaha. Beberapa rekomendasi hasil kajian yang dapat dilakukan Pemerintah Indonesia adalah menjaga stabilitas nilai tukar, kemudahan akses ke lembaga keuangan, penerapan lindung nilai (hedging), kontrak jangka panjang (longterm contracts), dan menjaga pertumbuhan produksi komoditas. Kata Kunci: Volatilitas Nilai Tukar, Ekspor Utama Pertanian, Model ARCH-GARCH Abstract The exchange rate is one aspect that affects export competitiveness. From 2013 to 2015, exchange rate volatility increased, especially in the final quarter of 2015, which was 16.90%. Indonesia's main agricultural export conditions in the year on average experienced a decline. This paper analyzes the effect of exchange rate volatility on the performance of Indonesia's main agricultural exports to major trading partner countries using the gravity model. The main agricultural exports analyzed were natural rubber, coffee, shrimp, and Crude Palm Oil (CPO). The ARCH-GARCH model is used to measure exchange rate volatility. The analysis shows that exchange rate volatility harms on Indonesia's exports of natural rubber, coffee, and shrimp. This means, the more the rupiah exchange rate fluctuates will reduce Indonesia's natural rubber, coffee and shrimp exports to the main trading partner countries. The negative influence also indicates the existence of risk aversion by business actors. Some recommendations for the Government of Indonesia based on the study findings are maintaining exchange rate stability, easy access to financial institutions, implementing hedging, long-term contracts, and maintaining commodity production growth. Keywords: Exchange Rate Volatility, Main Agricultural Exports, ARCH-GARCH Model JEL Classification: F14, F31, F41, Q17

Agriculture-based economic development planning is one of the efforts to reduce poverty in West Kalimantan by synergizing the performance of regional finance and agriculture sectors. The present study aimed at identifying relationship between the performance of regional finance, the performance of agriculture sector and poverty level of West Kalimantan. Analytical tools used to achieve the objectives of this research were descriptive statistics and panel data methods. The results show a positive relationship between the performance of regional finance and agriculture sectors. Gradual reallocation of agricultural budget can be an option for government to determine annual budget. Increase in preparatory investment and reallocation of regional government investment is a necessary policy to give allocation priority for agriculture sectors development. The agriculture sectors, in this case the segment of agriculture sectors on GRDP of West Kalimantan, negatively affect the poverty level. The development of agriculture sectors run by the government should be followed by the increase in human resources quality.

National economic development goal is to improve the welfare of society and to create equitable distribution of income (Todaro and Smith, 2006). In other words, the success of economic development is indicated by the reduction of poverty and income inequality. Poverty is fundamental problem in the economic development of Indonesia and other developing countries in general. The main objectives of this study are to evaluate impacts of Infrastructural budgetary allocation on GDRP sectoral, inequality, and poverty in Indonesian provinces both in the areas where the contribution of the agricultural sector to GDRP is either high or low, in the era of fiscal decentralization. The dynamic simultaneous equation models were used in this study. It used pooled data of 2009-2013 and cross section data of 19 provinces where classified into two groups, based on the contribution of agriculture sector to the respective regional economy. The methode for parameter estimation used in this study was 2SLS. The result of the study showed that the budgetary allocation for infrastructure and agriculture increase the employment and the GRDP sectoral, decrease income inequality, and then reduce poverty both in the areas where the contribution of the agricultural sector to GRDP is either high or low. This study recomended that the central government should improve the injection of funds directly to the regions through a special allocation fund for infrastructure and agriculture as an effective impact on reducing poverty. Keywords: Economic growth, Inequalty, Infrastructure, Poverty, Specific allocation fund

In the economic aspect, regional development planning is how to determine role of economic sector in achieving targeted growth followed by investment activity from government and private sector. Local government have limited resources and funding sources, thus the local government needs a development priority. The aims of this study are to determine the basic sector in Pasaman, to assess the budget performance of Pasaman Regency from 2004 to 2012, to analyze impact of local government budgets on the basic sector, and to determine the appropriate budget policies to increase basic sector performance. The data is analyzed with LQ (Location Quotient), SSA (Shift Share Analysis), descriptive analysis, and correlation analysis. The results showed that agriculture is a basic sector with high competitiveness than any other sector in Pasaman Regency and Pasaman Regency highly depends on the central government budget. Agriculture Gross Regional Domestic Product is highly correlated with regular budget and development budget. In order to boost performance of the agricultural sector, local government should manage its local budget strategy. The local goverment needs to increase the independence of the local budget as well as to manage its natural resources and human resources. The government also should increase the proportion of development spending, especially development budget in agricultural sector.

The phenomenon of corruption is a big problem faced by countries with rapid economic development. The problem is not only faced by developing countries, but also in some developed countries. The factors that cause corruption classified into three broad categories--economic, political and socio-cultural. The high level of corruption in a country can also cause high cost economy that could hamper economic growth through the obstacles that occur in the investment. The purpose of this study is to analyze the factors that affect the level of corruption and to analyze the impact of corruption on economic growth in the Asia Pacific region. The results show that public budget, political stability, and urban population affect the level of corruption. Low institutional quality, indicated by the failure of the government (corruption), has a bad influence on economic growth performance.

Creative industries are seen to be important for the economic well-being, proponents suggesting that human creativity is the ultimate economic resource. This research seeks to explore the technology progress measured by total factor productivity (TFP) growth of creative industry in Indonesia, analyze how external factors influence GDP of creative industry (education, TFP growth, the number of companies, the number of labors, and government policy), and analyze the causality between GDP and export of creative industry using Granger Causality Test. This research uses panel data, representing pooled of time series data (year 2006-2013) and cross section data (14 subsectors of creative industry). The results shows that (1) TFP growth of 4 creative industry subsectors are negative: architecture, interactive games, computer programs, and research and development; (2) factors influencing the GDP of creative industry positively: education, TFP growth, the number of labors, and government policy; (3) there is two-way-causality between GDP and export of creative industry. Keywords: creative industry, TFP, panel data, Granger causality.

Regulation is one of the important instruments in generating good governance, including the governance of residential area in order to achieve sustainable development. In Indonesia, however, the sustainability issue of residential area does not get any serious attention, especially from the perspective of policy. This article elaborates the regulation related to the issue of sustainable residential area. The results of the review show that all residential area regulations, both in the central and local governments, have not been adaptive against issues of sustainability. Detailed elaboration of the findings is discussed further in this article.