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Copyright of Share: Journal of Islamic Economics & Finance / Jurnal Ekonomi dan Keuangan Islam is the property of Share Jurnal Ekonomi dan Keuangan Islam and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Share: Journal of Islamic Economics & Finance / Jurnal Ekonomi dan Keuangan Islam is the property of Share Jurnal Ekonomi dan Keuangan Islam and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: This study aims to examine the adoption of peer-to-peer (P2P) lending platforms to determine the factors that encourage SMEs to use P2P lending platforms in obtaining loans. Design/methodology/approach: A sample of ten SMEs from a variety of backgrounds was taken in Bandung, Indonesia. Bandung has been awarded the title of "creative city" by UNESCO, as the city allows for the development of the creative economy. This research used a semi-structured interview. Coding method was then used for content analysis to establish which factors emerging from the interview were leading respondents to obtain a loan through the P2P lending platform. Findings: The findings imply that loan processes, interest rates, loan costs, loan amounts and loan flexibility affect SMEs in obtaining a loan through P2P lending. Moreover, alternative payment schemes in the form of Sharia-based lending and profit-sharing schemes were found. These findings constituted the original findings of this study. Research limitations/implications: The study offers findings on factors affecting SMEs in using the P2P lending platform as a form of alternative financing. Moreover, the theoretical framework provided can be used as literature in future research. As this study was conducted in Bandung, Indonesia, the findings may not be generalisable to other regions. Originality/value: This study is one of the few studies that discusses P2P lending in Indonesia as the concept has been in practice only since 2015. [ABSTRACT FROM AUTHOR]

Indonesia has managed the complex challenges of the global economy well. The country's capital outflows were smaller in 2018 than during the Taper Tantrum in 2013; the rupiah had regained most of its lost ground by January 2019; the Indonesian stock market has outperformed its peers; growth is forecast to remain stable; inflation is low; unemployment remains below its five-year average; consumer and business confidence are robust; and the government budget has improved through a smaller deficit and cheaper borrowing costs. But significant risks remain. This paper assesses these risks and evaluates the adequacy of Indonesia's crisis management framework. It finds that the framework has serious deficiencies that could see liquidity challenges become systemic solvency crises. The framework effectively removes Bank Indonesia as the lender of last resort, risks politicising the process of crisis response, and could mean slower, less effective responses to crises. This paper explores how the framework could be improved and what reforms could be undertaken to deepen Indonesia's financial system, strengthen financial resilience, and boost the long-term growth outlook. [ABSTRACT FROM AUTHOR]

This research was conducted to find out how the size of the Public Accounting Firm (KAP), leverage, and corporate governance affect the integrity of financial statements of companies listed in the Indonesia Stock Exchange (IDX) and indexed in the Corporate Governance Perception Index (CGPI). The research covers a period of 5 years' data observation (2012-2016). The effect of KAP size, leverage, and corporate governance were tested by applying panel data regression analysis. The result shows that leverage has a negative significant effect on the integrity of financial statements. However, the size of KAP and corporate governance have no significant effect on the integrity of financial statements. [ABSTRACT FROM AUTHOR]

This study aims to analyze (1) the determinants of dividend policy and (2) the implications for stock prices. This is a quantitative research conducted using panel data regression method. The population is all the financial statements of manufacturing companies listed on the Indonesia stock exchange. Samples were obtained through purposive sampling method, namely, manufacturing companies that distributed dividends according to the criteria in 2013-2015, as many as 19 companies. The findings of this study are: (1) firm size and profitability (ROA) affect the company's dividend policy negatively and significantly. While leverage (DER) does not significantly affect the dividend policy; (2) variable firm size, profitability (ROA), and leverage (DER) significantly affect the company's stock price. Simultaneously, variable firm size, profitability, and leverage have a significant effect on the dividend policy and also on the stock price of manufacturing companies listed on the IDX for the period 2013-2015. Managerial implications for companies in determining dividend policy and increasing stock prices must consider the variables of firm size, profitability, and leverage. [ABSTRACT FROM AUTHOR]

The purposes of this article is to investigate factors that influence Corporate Social Responsibility (CSR) reporting information at Indonesian sharia banks. The dependent variable of this study is the disclosure of corporate social responsibility. Independent variables are size of sharia banks, board of commissioner's size, company age, profitability of sharia banks. Sample used was 13 sharia banks that published annual reports and CSR reports in 2015 to 2017. Panel data were examined by regression. The result showed only firm size influence on CSR. The other independent variables do not influence the CSR reporting. Firm size is the predictor of how much content of CSR will be disclosed by management. [ABSTRACT FROM AUTHOR]

This study aims to determine the capital buffer determinants of go public banks in Indonesia from 2012 to 2016. The sample selection was based on purposive sampling which resulted in 23 samples of go public banks. The capital buffer is the dependent variable, and the adjustment cost is proxied by the lag of capital buffer (BUFFt-1), and business cycle proxied by GDP growth are the independent variables. The technique of the analysis is multiple regression analysis. The study results show that: (1) the adjustment cost has a positive and significant impact on capital buffer of go public banks in Indonesia; and that (2) business cycles have a negative and significant impact on capital buffer of go public banks in Indonesia. [ABSTRACT FROM AUTHOR]

The determinants of capital structure have been debated among financial management researchers. This debate is caused by different research result about the determination of capital structure. The capital structure is a financing mix of short-term debt, longterm debt, and equity. This study investigates the determinants of capital structure in Manufacturing Companies listed on the Indonesia Stock Exchange. Tangibility, profitability, growth opportunities, business risk are used as independent variables, capital structure proxied by debt to equity ratio (DER) as dependent variables and firm size as a moderating variable. The population in this study is Manufacturing Companies listed on the Indonesia Stock Exchange (IDX) during the period 2010-2016; sampling technique used was purposive sampling and data analysis was done using panel data regression. The result shows that there is no significant impact of tangibility, profitability, and business risk to capital structure. The capital structure is significantly positively affected by the growth opportunities at Manufacturing Companies. Meanwhile, firm size as a moderating variable strengthens the positive and significant relationship between asset structure and capital structure. On the basis of these empirical findings, the determinants of capital structure are influenced by the growth of the firms. The firm's size strengthens the positive and significant relationship between asset structure and capital structure. [ABSTRACT FROM AUTHOR]

Although liquidity constraints have been seen as both a factor limiting individuals from migrating and a motivation for households to send a migrant, the consequences of relaxing liquidity constraints on migration behavior have not been adequately explored due to data limitations. In this study, we take advantage of an unusual policy, Bantuan Langsung Tunai -- a national-level unconditional cash transfer program targeted toward the poorest households in Indonesia -- to empirically assess the impact of increased liquidity on the migration behavior of poor Indonesian households.With a highly mobile population and a long history of circular migration, Indonesia is an ideal space to study migration. Using panel data from the Indonesian Family Life Survey, the results demonstrate that a positive liquidity shock increases the probability of migration among low-asset households, among households with a migration history, and, most significantly, among lowasset households with a migration history. [ABSTRACT FROM AUTHOR]

This research highlights the impact of Kra Canal development on the Indonesian economy and the efforts of the Indonesian government in utilizing the Kra Canal. This study uses secondary data in the form of library material, which consists of previous research, books, official news, and information from trusted websites related to development plan of the Kra Canal. The results of the study indicate that the Kra Canal will have a positive and negative impact on the Indonesian economy. However, Kra Canal would give a big positive impact on the national economy if Indonesia is able to took advantage of Sabang Port and Kuala Tanjung Port as an international standard port, which is capable of serving foreign ship loading as well as an international hub replacing the Singapore ports. To maximize the positive impact, the government needs to improve the implementation of sea highway (tol laut) project that have been launched and implemented since 2015 as a means of distribution from-and-to Sabang Port and Kuala Tanjung Port. [ABSTRACT FROM AUTHOR]

This study evaluates the enactment of multiakad principles in the Sharia Banking products within the frame of eclectic law. There are 13 Sharia Commercial Banks in Indonesia that offer 228 non multiakad products and 168 multiakad products. This study identifies factors behind the enactment of multiakad principles in Sharia Banking products and the model of eclectic law that it subscribes to. The study is based on library research. The data used for this research was obtained from reputable documents and online literature. The findings show that various factors surround the implementation of multiakad in Sharia Banking products in Indonesia: political, economic and law. There are three models of eclectic law in multiakad products in Sharia Banking in Indonesia, namely Eclectic Methodological Doctrine, Eclectic Style, and Eclectic Culture [ABSTRACT FROM AUTHOR]

Indonesia has dramatically increased school enrolment at the secondary level over the past several decades, as reflected in national statistics. However, significant variation in enrolment rates remains across regions and genders. In some areas, nearly all youth complete secondary school; in others fewer than half attend. This study investigates the reasons for secondary school dropout in Banten and Aceh, two provinces of Indonesia with lower-than-average secondary school enrolment rates. We interviewed 28 out-of-school youth and conducted focus groups and observations at non-formal education programs serving dropouts. We find that high costs for secondary school were the overwhelming reason for dropout, with a subset of boys also reporting behavioural issues as a contributing factor. While costs affected adolescent boys and girls equally, the options facing them after dropout differed sharply. The findings point to the need for easier paths back into formal education for youth who have dropped out. [ABSTRACT FROM AUTHOR]

Copyright of Itobiad: Journal of the Human & Social Science Researches / İnsan ve Toplum Bilimleri Araştırmaları Dergisi is the property of Itobiad: Journal of the Human & Social Science Researches and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This research studies the trading activity of type of traders through their brokers. Order imbalance is believed to be a better proxy for explaining trading activity. This paper presents some empirical test that on brokerage level analysis exhibit information paradigm in Indonesia which market makers and specialist are not available. We divide imbalances into groups of samples (all stocks and most liquid stocks), trader type (foreign or domestic) and size of brokerage firm (small to big). Our results show that order imbalances generally have a positive serial correlation for all the traders and brokers analyzed. However, we find that the determinant of order imbalances is a particular phenomenon at the brokerage level, whose results differ from our market-wide analysis. We do not find that previous order imbalances can predict market returns across trader type and brokerage class. In contrast, for the inventory paradigm, the evidence from the brokerage level analysis indicates that information dissemination is induced order imbalance by brokerage house. [ABSTRACT FROM AUTHOR]

We investigate the profitability of style and price momentum strategy in the Indonesian stock market from the year 2000 to 2015. We find the style momentum strategy yields significant positive returns while the price momentum strategy tends to produce negative returns. This result confirms the findings of Lewellen (2002) that style momentum returns are generally stronger than the conventional momentum. The average monthly returns of the double-sorted size-B/M style momentum are ranging from 1.98% to 2.64% and persistent after controlling for market factor using JSX index. Our findings suggest investors should utilize publicly available information such as size and book-to-market ratio on their investment decision in the Indonesian stock market. [ABSTRACT FROM AUTHOR]

There is extensive evidence indicating a negative risk-return relation when a firm's performance is measured based on accounting measures, such as its Return on Assets (ROA) and Return on Equity (ROE). Previous studies show that the risk-return paradox can be explained by the prospect theory, which predicts that managers' risk attitudes are different for firms with differing performance. This study will test whether there is a risk-return paradox in the context of Indonesian companies. This study uses ROA and its standard deviation to define return and risk. Industry level and market level median ROA are used as reference points. Three control variables (firm size, leverage as a proxy of firm risk, and company age) are included in the model to increase the robustness of this research. A new sample of nine industries (about 488 firms) over a 10-year period (2008-2017) provides strong evidence that the risk-return paradox exists in Indonesia. In particular, firms which are below their target level are found to be risk takers (Hl) while organizations above their target level are risk averse (H2); moreover, the below-target slope was generally steeper than the above-target slope (H3). These results support the basic propositions of the prospect theory. [ABSTRACT FROM AUTHOR]

The development that occurred in the Bogor city is currently feared will have an impact on shifting authenticity of existing regional identity. Regional identity that still exists is one manifestation of local wisdom carried out by the community. This research was conducted to identify the type of local wisdom that is still done by the community to be assessed and analyzed by One Score One Criteria Scoring System method to be proposed as the regional identity of Bogor City. Languang Badong, Lodong Bogoran, Wayang Hihit, Rengkong Hatong and Tauge Goreng are local wisdom of art and culinary aspect in Bogor City. The ecotourism concept put forward to maintain the local wisdom in Bogor City. [ABSTRACT FROM AUTHOR]

Painted Terrapin (Batagur borneoensis Schlegel and Muller 1845) conservation in the coastal area of Aceh Tamiang Regency faces difficulties because it involves many stakeholder. The objective of this study were to analyze stakeholder interest, influences and describe the relationship among stakeholder in the conservation of Batagur borneoensis at Aceh Tamiang District. The study was conducted in Aceh Tamiang District and respondents were selected using purposive sampling method. The data obtained using questionnaire, interview, and direct observation were analyzed with stakeholder clasification matrix, stakeholder interaction matrix and descriptive analysis. The results showed that there are twenty-seven stakeholder involved in the conservation of Batagur borneoensis which can be categorized as subjects, key players, context setters, and crowds. To achieve the management objectives of Batagur borneoensis conservation, stakeholder engagement needs to be improved through collaboration among key players, participation all key stakeholder, and community empowerment. [ABSTRACT FROM AUTHOR]

Indonesia is a unitary country with a diverse population. In this country, there are various ethnic groups, religions, and races that live side by side. But in the midst of a pluralistic society, there are problems that threaten diversity. The social conflict that occurred in the community, whether it was racially, ethnically or religiously, then occurred in several regions in Indonesia. In an effort to strengthen the unity of the nation, ultimately the role of leaders is needed to be able to unite the people who were fragmented due to the conflict. This study uses qualitative methods, where research data are obtained from primary data which are the result of observation and secondary data which is a search of documents and literature studies. [ABSTRACT FROM AUTHOR]

Money politic or vote buying in the election is something has plagued all the societies that claimed the application of democratic form in governance. The minority is able to monopolize the votes of the majority in their favor using financial sufficiency, political promises and the issues of mass media. This phenomenon can lead to bribery, perjury and treason that have negative impact on the economy of Indonesia. The researcher used analytical method to explain various aspects of the phenomenon of buying electoral votes and its impact on the economic life in Indonesia. The researcher finally found two significant results. First, vote buying is a major cause of political and administrative corruption in Indonesia. It is the main incubator breeding corrupt leaders, which have negative impact towards economic life in Indonesia such as the increase number of poverty, unstable economy, enrich among political elites, and arbitrariness in determining economic policies taken by the authorities pursuing their own interests. Second, vote buying is widely spread and easily found in the life of the Indonesian society, it seems like an established habit that is hard to eradicate.

This paper examines how education in Indonesia can help create tolerant and multicultural citizens through the analysis of policies and practices. After the political shift in 1998, Indonesia issued education law No. 20 in 2003 which contains, though vague, a couple of articles that can underpin the development and implementation of multicultural education. This is a 'spirit' of multicultural education, which has been interpreted in subsequent regulations and decrees. In this paper, the author explores how these policies and school curricula have been translated into practices. The author conducted a series of ethnographic fieldwork in two provinces, Yogyakarta and Central Kalimantan, visiting six different schools: four religious (three Islamic and one Catholic), one state secular and one state vocational. The findings suggest that there were inconsistencies between policies and practices of multicultural education due to a lack of explicit policies and incapable education decision-makers and teachers. [ABSTRACT FROM AUTHOR]

SMEs creative sector has an important and strategic role in national economic development. MSMEs for the Indonesian economy are able to absorb labor about 97% and contribute to gross domestic product (GDP) about 57%. In fact, owners of creative SMEs in the city of Semarang not yet have an awareness of the importance of innovation and creativity development [16]. One of the biggest obstacles is that they do not have a structured program to explore the attractiveness and uniqueness of its products, consequently its products cannot compete competitively with foreign products that increase in the domestic market. The purpose of this study is to examine the factors that can explain the strategy to boost the performance of creative SMEs business through a habit of cultivating the behavior of knowledge sharing between owners, employees, consumers, competitors, government or other stakeholders. The higher the desire to share knowledge then potentially will increasingly bring up innovative ideas that can encourage business performance. The sample consisted of 185 owners of creative SMEs in Semarang City who answered the structured questionnaire. The data is processed by Wrap PLS version 6. The result of the research shows the support of previous research result that UMKM business performance will only be achieved if UMKM actors cultivate knowledge sharing behavior to encourage the emergence of more innovative ideas. [ABSTRACT FROM AUTHOR]

Despite the positive growth performance of Indonesia over the past two decades, concerns have been expressed about whether the country would be caught in a middle-income trap. This paper offers a systematic analysis on growth slowdown for the Indonesian provinces, against the backdrop of other developing Asian economies including the ASEAN economies, Greater China economies and the Indian sub-national economies. Provincial-level analysis for Indonesia is appropriate given the size and great variations in the levels of development of the Indonesian provinces. By employing a logistic regression as well as Bayesian Model Averaging techniques, we ascertain the determinants of growth slowdown in Indonesian sub-national economies. Having identified the underlying drivers of growth slowdown in each income group, we also assess the predictive probability of each sub-national economy in Indonesia experiencing growth slowdown in the near future. Overall, we find that the Indonesian sub-national economies have a 10% chance of experiencing growth slowdown in the 2012–2017 period on average which is lower than the average predictive probabilities for Greater China and India sub-national economies. [ABSTRACT FROM AUTHOR]

We produce predictions of the current state of the Indonesian economy by estimating a dynamic factor model on a dataset of 11 indicators (followed closely by market operators) over the 2002-2014 period. Besides the standard difficulties associated with constructing timely indicators of current economic conditions, Indonesia presents additional challenges typical to emerging market economies where data are often scant and unreliable. By means of a pseudo-real-time forecasting exercise, we show that our model outperforms univariate benchmarks, and it does comparably well with predictions of market operators. Finally, we show that when quality of data is low, a careful selection of indicators is crucial for better forecast performance. [ABSTRACT FROM AUTHOR]

Indonesia’s economic growth over the past three years has been stuck at approximately 5% annually, despite a changing global environment and the Indonesian government’s efforts to boost growth. This paper asks whether this level of growth is a new normal for Indonesia—i.e. do government efforts and the global environment matter, or will the country’s economic growth remain at around 5% annually. If private consumption, the major component of GDP, continues to grow at its current level and inflation is controlled, this paper concludes that Indonesia might maintain its current annual growth rate of 5% for several more years. The probability of higher growth, however, is not promising. Lower growth seems more likely. To ensure the current level of economic growth will be sustained in the foreseeable future, this paper recommends stricter economic reforms to allow larger and more productive capital investments; more aggressive management of exchange rates to improve the country’s competitiveness; a more effective fiscal space to support improvements to needed infrastructure by developing innovation to increase revenue; a reduced energy subsidy; and a more flexible upper bound of deficit. Effective programs to improve the country’s human capital and innovation are crucial. [ABSTRACT FROM AUTHOR]

This article corrects and amends earlier calculations of Indonesia's colonial surplus appearing in past issues of the Journal of Contemporary Asia. The final corrected total for 1880-1939, the period of domination by private enterprise, is now put at approximately 27 billion Netherlands guilders. The main reasons for the changes were two faulty methods of calculation used previously and the realisation of several sizeable omissions more from the balance of payments. The new methods of creating estimates of missing items are explained whilst the erroneous method of the balance of payments dealing with undistributed profits is discussed critically. The balance of payments specifies no data at all for undistributed profits although, clearly, they are large. It is also observed that almost all other discussions of the size of undistributed profits deal with the part not mentioned in the balance of payments and are unaware of the hidden element that is included. Our total is almost certainly an underestimate. [ABSTRACT FROM AUTHOR]

This research was initiated by a desire to prove the sceptical views about the benefits of ISO 9000 in manufacturing industries, especially in Indonesia. This study was conducted by examining financial performance through basic financial assessment ratio standards of 27 listed manufacturing companies in the Indonesian Stock Exchange, at the stage prior to the ISO 9000 implementation, at the stage of efforts of implementation and at the stage of three years after the implementation. The first test, using McNemar’s test, shows that there was no significant impact of ISO 9000 towards the financial performance before and after the implementation. However, the second test, using Cochran’s Q, shows that all sample companies with more consistency became more efficient and faster, hence increasing financial performance, even though speed and quantity varied in each sample, and vice versa. [ABSTRACT FROM AUTHOR]

The International Organization for Migration (IOM) receives considerable funding from the Australian government to undertake a variety of migration control operations in Indonesia. In this article, we highlight how the IOM’s migration management operations aim to target asylum seekers, control their movement, and prevent their arrival on Australian shores. IOM Indonesia’s approach involves the detention of irregular migrants, the return of asylum seekers and refugees to their countries of origin, the strengthening of Indonesia’s border controls, and public information campaigns to dissuade people from taking boats to Australia to seek asylum. We argue that these tactics frequently compromise the rights of asylum seekers and refugees in Indonesia by prioritising Australia’s geopolitical deterrence agenda. Such activities present a contradiction with the IOM’s closer relationship with the United Nations since 2016, which we critique as ‘blue-washing’: creating the impression of a humanitarian organisation while simultaneously carrying out migration control activities on behalf of donor states of the global north. We draw upon financial records, freedom of information requests and previous scholarship on asylum seekers in Indonesia to critique the IOM’s activities across Indonesia. [ABSTRACT FROM AUTHOR]

We examine factors that influence financial transparency in local government website in Indonesia which is motivated by the low level of financial transparency displayed in the local government's official website. The purpose of this research is to obtain empirical evidence on the effect of entity characteristics represented by the size of local government & taxes per capita, political factors represented by political power & e-government, and environmental factors represented by internet visibility & income per capita, on financial transparency displayed in local government website. By using three dimensions of financial transparency constructed from the combination of NGO Transparency International and government regulation, we try to assess financial transparency displayed in local government website more comprehensinvely. The observation was conducted at the end of August 2017 until September 2017. Logistic regression analysis was applied to evaluate the model. Using 411 samples from 514 Indonesia local governments in 2015, our data show that the level of financial transparency in local government website is still very low. Furthermore, the findings show that size of the local government, internet visibility, and e-government are positively associated with local government's financial transparency, but other variables including taxes per capita, political power, and income per capita have no effect on financial transparency. [ABSTRACT FROM AUTHOR]