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Abstrak :
ABSTRAK
Kinerja Bank Pembangunan Daerah BPD dipengaruhi oleh beberapa faktor termasuk faktor keuangan, makroekonomi, sosial, dan politik. Kinerja BPD tersebut diukur dengan menggunakan profitabilitas ROA dan ROE , efisiensi BOPO , dan bank risk NPL dengan total 1144 observasi. Teknik estimasi yang digunakan dalam penelitian ini adalah Generalized Method of Moment GMM untuk menganalisis data yang didapatkan dari Bank Indonesia, World Bank, BPS, dan Otoritas Jasa Keuangan OJK selama periode observasi 2005 ndash; 2015. Hasilnya menunjukkan bahwa ROA secara positif dipengaruhi oleh bank size, net interest margin, non-interest margin, government expenditure, bank listed, dan latar belakang professional dari gubernur. Selanjutnya ROE secara positif dipengaruhi oleh bank size, net interest margin, non-interest income, capital adequacy ratio, government ownership pada BPD, unemployment, bank listed, dan latar belakang professional dari gubernur. Kemudian BOPO secara negatif dipengaruhi oleh interest income, unemployment, dan real GDP growth. Sedangkan bank risk secara negatif dipengaruhi oleh interest income dan joint ownership. Berkenaan dengan factor politik, penelitian ini menemukan bahwa periode pemilihan kepala daerah akan mendorong peningkatan profitabilitas, namun jika gubernur terpilih adalah incumbent yang menjabat pada periode pertama, maka hal ini cenderung akan menurunkan profitabilitas dalam jangka panjang. Selanjutnya adalah apapun latar belakang dari gubernur akan menurunkan bank risk, namun demikian hanya gubernur yang memiliki latar belakang professional termasuk militer yang secara konsisten akan meningkatkan profitabilitas dan menurunkan bank risk dalam jangka panjang. Penelitian ini menemukan adanya trade-off terkait pencapaian yang ingin dicapai oleh BPD. Jika BPD ingin mengejar pertumbuhan profitabilitas yang cepat, maka trade-off adalah meningkatkanya inefisiensi dan bank risk. Sedangkan jika yang ingin dicapai adalah efisiensi yang tinggi dan bank risk yang rendah, maka BPD harus menghadapi potensi perlambatan pertumbuhan profitabilitas dalam jangka panjang. Dengan kata lain, terdapat tingkat profitabilitas tertentu yang dapat dicapai oleh BPD dengan potensi inefisiensi dan risiko yang masih dapat dimitigasi.

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ABSTRACT
Regional Development Bank BPD performance is affected by several factors including financial, macroeconomic, social, and political factors. BPD performance itself is measured by profitability ROA and ROE , efficiency BOPO , and bank risk NPL with 1144 total observations. The research employs Generalized Method of Moment System to analyze the data obtained from Bank Indonesia, World Bank, BPS, and Otoritas Jasa Keuangan 2005 2015. The result shows that ROA is positively influenced by bank size, net interest margin, non interest income, government expenditure, publicly listed, and professional background of governor. Meanwhile ROE is positively determined by bank size, NIM, non interest income, CAR, government ownership of BPD, unemployment, being publicly listed, and professional background of the governor. Moreover, BOPO is negatively affected by interest income, unemployment, and real GDP growth. Meanwhile bank risk is negatively affected by interest income and joint ownership. In terms of political factors, it is found that the period of election would drive higher profitability, however if the elected governor was an incumbent governing in the first period of its leadership, the profitability tended to decrease in the long run. Moreover, any background of the governor will reduce bank risk, however it was only professional background including military that would consistently drive higher profitability and reduce risk in the long run. The research found trade off regarding which performance BPD intends to prioritize. If it prioritizes profitability, then the trade will be inefficiency and high risk. Instead, higher efficiency and lower risk may not compensate the increase in profitability. In other words, there is certain level of profitability BPD could achieve with certain level of inefficiency and risk.

Abstrak :
Penelitian bertujuan untuk mengetahui pengaruh perkembangan pasar sukuk terhadap profitabilitas perbankan baik secara keseluruhan, maupun bank kovensional dan syariah secara terpisah. Penelitian ini juga pengidentifikasi pengaruh perkembangan sukuk pada perbankan di negara dengan mayoritas penduduk muslim dan non-muslim serta pengaruh perkembangan sukuk internasional terhadap perbankan. Sampel penelitian berupa 406 bank dari 15 negara, diantaranya Bahrain, Indonesia, Inggris, Jerman, Jordan, Kuwait, Malaysia, Oman, Pakistan, Qatar, Saudi Arabia, Senegal, Sudan, Turki, dan Uni Emirat Arab dalam periode 2014-2017. Dalam penelitian ditemukan pengaruh signifikan dari perkembangan pasar sukuk terhadap penurunan profitabilitas bank secara keseluruhan, dan bank Syariah. Sementara, tidak terdapat pengaruh signifikan terhadap profitabilitas bank konvensional. Perkembangan sukuk juga ditemukan hanya signifikan berpengaruh pada perbankan di negara dengan mayoritas penduduk muslim. Terakhir, penelitian ini juga menemukan, bahwa perkembangan pasar sukuk dan perbankan dapat memiliki hubungan co-evolution dengan pengujian pengaruh sukuk internasional. ......This research investigates the impact of sukuk market development on the profitability of banks overall and how it explicitly affects conventional and Islamic banks. This research also identifies the differences in the impact of sukuk development on banks in countries with Muslim or non-Muslim majority populations. The research sample consisted of data for 2014-2017 concerning 406 banks from 15 countries, including Bahrain, Indonesia, Britain, Germany, Jordan, Kuwait, Malaysia, Oman, Pakistan, Qatar, Saudi Arabia, Senegal, Sudan, Turkey, and the United Arab Emirates. This research found that sukuk market development leads to significant decreases in the overall profitability of non-Islamic and Islamic banks in Muslim majority countries. However, this research did not find any significant result of the impact of sukuk market development on the profitability of conventional banks in non- Muslim majority countries. Therefore, the impact of the development of sukuk only significantly impacts the banking industry in countries with a majority Muslim population. Finally, this study also found that the development of the sukuk market and banking can have a co-evolution relationship with testing the influence of international sukuk.

Abstrak :
Penelitian ini bertujuan untuk menyoroti isu dan tantangan tentang posisi relatif Cash flow dan pengaruhnya terhadap adjustment struktur modal pada perusahaan manufaktur yang terdaftar di Indonesia. Kami menerapkan two-step model untuk data panel Indonesia yang dikumpulkan selama periode 2007-2016. Pada langkah pertama, TL diperkirakan. Kami mempertimbangkan variabel dependen: market debt ratio . Pada langkah kedua, target digunakan untuk memperkirakan Speed of adjustment dengan pengaruh dari cash flow. Hasil Temuan di penelitian iniSpeed of adjustment di Indonesia memiliki kecepatan di atas negara-negara lain di Asia, Speed of adjustment pada perusahaan over-levered lebih tinggi dibandingkan dengan perusahaan under-levered, sedangkan pada posisi over-levered, speed of adjustment lebih besar pada kondisi cash flow positif. Sebaliknya pada posisi under-levered, speed of adjustment lebih besar pada kondisi cash flow negatif. Batasan / implikasi penelitian pada Penelitian ini hanya difokuskan pada industri manufaktur negara tunggal Indonesia , serta belum mempertimbangkan faktor makro ekonomi. Studi ini memberikan wawasan tentang pengaruh cash flow terhadap speed of adjustment sruktur modal pada perusahaan manufaktur yang terdaftar di Indonesian Stock exchange IDX.

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The purpose of this paper is to highlight the issues and the influence of Cash flow on the Speed of Capital Structure adjustment regarding among manufacture listed companies in Indonesia. We apply a two step model to Indonesian panel data collected during the period of 2007 2016. In the first step, the TL is estimated. We considered two variables reflecting Market debt ratio. In the second step, the target is used to estimate adjustment speeds with influence from cash flow. The research result indicated Speed of adjustment in Indonesia is higher than those of other Asian countries. Speed of adjustment of over levered companies is higher than that of under levered companies, and among over levered positions, the speed of adjustment is greater when there is positive cash flow, vice versa in the under levered position, the speed of adjustment is greater during negative cash flow conditions. This study was only focused in manufacture industry single country Indonesia , so this study can only comparable with country with same characteristics industry. This study offers an insight about the influence of Cash flow on the speed of capital structure adjustment among manufacture companies listed in Indonesia Stock Exchange IDX.

Abstrak :

 

Salah satu tujuan utama dibentuknya kawasan konservasi adalah untuk menjaga ekosistem dan keanekaragaman hayati yang ada di dalamnya. Setiap tahun pemerintah mengalokasikan anggaran untuk pengelolaan kawasan konservasi, namun degradasi dan deforestasi di sebagian lokasi kawasan konservasi tetap terjadi. Penelitian ini bertujuan untuk mengetahui pengaruh anggaran pemerintah untuk pengelolaan kawasan konservasi terhadap pengendalian laju deforestasi di Indonesia. Menggunakan model panel dinamis dengan estimasi System Generalized Method of Moment (GMM), penelitian ini menganalisis perubahan tutupan hutan (deforestasi) dan data anggaran pengelolaan kawasan konservasi di 43 taman nasional yang tersebar di 114 Kabupaten/Kota selama kurun waktu 2013-2017. Hasil estimasi menunjukkan bahwa alokasi anggaran pemerintah untuk kegiatan perlindungan hutan dan tenaga pengamanan hutan berpengaruh dalam mengendalikan laju deforestasi. Namun ditemukan bahwa anggaran untuk pemberdayaan masyarakat ternyata tidak berpengaruh dalam mengendalikan deforestasi. Hasil penelitian ini menunjukkan bahwa pemerintah perlu memperhatikan alokasi anggaran pada kegiatan yang berpengaruh secara langsung terhadap pengendalian deforestasi.

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One of the main objectives of the establishment of a conservation area is to preserve the ecosystem and biodiversity. The government allocates budget for conservation areas, but in some locations degradation and deforestation still persist. This study aims to examine whether government spending has impact to control deforestation in conservation areas in Indonesia. Utilizing a dynamic panel model with a Generalized Method of Moment (GMM) estimation, this study uses the forest cover data in 43 national parks that lies in 114 districts / cities during 2013-2017. The results show that the government spending for forest protection activities and forest ranger has an effect on controlling the deforestation rate in conservation area. However, there is no evidence showing correlation between the spending for community empowerment to deforestation control. This indicates that the government should consider budget allocation to make deforestation control more effective.

Abstrak :
Peningkatan angkatan kerja akibat migrasi tenaga kerja merupakan salah satu faktor yang dapat meningkatkan tingkat pengangguran tenaga kerja lokal. Studi ini bertujuan untuk menganalisis dampak migrasi tenaga kerja dan selective migration terhadap tingkat pengangguran tenaga kerja lokal di Indonesia. Studi ini mempertimbangkan proporsi sektor informal karena rendahnya tingkat pengangguran belum cukup untuk menjadi indikator kemajuan pembangunan ketenagakerjaan di negara berkembang. Kualitas pekerjaan juga harus diperhatikan dengan mempertimbangkan proporsi sektor informal. Metode analisis yang digunakan yaitu data panel dinamis, dengan lag pertama variabel dependen dimasukkan sebagai regressor. Studi ini menunjukkan tingkat imigrasi berdampak signifikan dan positif terhadap tingkat pengangguran dan proporsi sektor informal tenaga kerja lokal. Hasil ini menunjukkan tenaga kerja migran memiliki efek substitusi atau dapat menggantikan tenaga kerja lokal terutama di sektor formal. Tenaga kerja lokal yang tersubstitusi kemudian beralih ke sektor informal atau bahkan menjadi pengangguran. Jika dianalisis menurut kelompok pendidikan, efek susbtitusi ini paling dirasakan oleh tenaga kerja lokal dengan jenjang pendidikan dibawah SMA. Menariknya, adanya selective migration juga akan berdampak pada peningkatan proporsi sektor informal tenaga kerja lokal terutama dengan jenjang pendidikan dibawah SMA. Hal ini berarti semakin besar perbedaan tingkat pendidikan antara tenaga kerja migran dan lokal akan meningkatkan proporsi sektor informal tenaga kerja lokal kurang berpendidikan. ......The labor force increase due to labor migration is one of the factors that can increase the unemployment rate of native workers. This study aims to analyze the impact of labor migration and selective migration on the unemployment rate of native workers in Indonesia. This study considers informal employment because the low unemployment rate is insufficient to indicate the progress of labor development in developing countries. The quality of work must also be considered by considering informal employment. The analytical method used is dynamic panel data, with the first lag-dependent variable as a regressor. This study shows that the immigration rate positively and significantly affects the unemployment rate and the informal employment of native workers. These results indicate that migrant workers have a substitution effect or can replace native workers, especially in formal sectors. Substituted local workers then switch to the informal sector or even become unemployed. If analyzed by the education group, this substitution effect is felt mainly by native workers with education below senior high school. Interestingly, the existence of selective migration will also have an impact on increasing native worker’s informal employment, especially those with an education level below senior high school. This increase means that the more significant the difference in education between migrant and native workers will increase the informality of native workers, especially those with less education.

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The capital consists management of saving and investment (as the proxy of savings and loans), FDI, and DDI and is important production factors. The contribution of management of savings and investment are estimated using panel regression and Generalized Method of Moment (GMM) and also series regression. The results show that management of savings and investment has significant effect on economic growth with the respective negative and positive effects. Moreover, FDI, DDI, Labor by Sector (SMA), and Population Growth also play a significant role on growth with distinctive coefficient describing respective effects for each variable on growth. Furthermore, sector-specific analysis gives very dynamic effects on growth in the case of Indonesia. In order to identify long-run bidirectional relationship between variables, we employ Granger Causality Test using Vector Error Correction Model (VECM). As presented in the result and analysis, no variables performing bidirectional relationship in the long-run.

Abstrak :
Penelitian ini menganalisis debt maturity saham yang yang terdaftar dalam indeks saham syariah dan konvensional. Penelitian ini adalah penelitian kuantitatif dengan desain deskriptif. Sampel penelitian ini adalah perusahaan nonkeuangan berstatus syariah dan nonsyariah yang terdaftar di Bursa Efek Indonesia pada periode 2011-2020. Jumlah akhir sampel berjumlah 398 perusahaan dengan total observasi 3.980. Metode yang digunakan pada penelitian ini adalah regresi data panel dengan common effect model dan system-GMM. Hasil penelitian ini menemukan signifikansi antara debt maturity adjustment dengan variabel dummy syariah, dimana perusahaan yang berstatus syariah cenderung memiliki debt maturity yang lebih panjang. ......This study analyzes the debt maturity of stocks listed in Islamic and conventional stock indices. This research is quantitative research with a descriptive design. The sample of this research is nonfinancial companies with sharia and nonsharia status listed on the Indonesia Stock Exchange in the period 2011-2020. The final number of samples is 398 companies with a total of 3,980 observations. The method used in this research is panel data regression with the common effect model and system-GMM. The results of this study found a significance between debt maturity adjustment and dummy sharia variables, where companies with sharia status tend to have longer debt maturity.

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ABSTRAK
Using panel data from 42 developing countries in the year 1965-2010, this paper attempts to explain the impact of human capital (education) on economic growth under the endogenous growth theory. following the human capital and distance to frontier (DTF) growth model developed by Vandenbussche et al. (2006), henceforth VAM, human capital was defined as a weighted sum years of schooling, the proportion of educational attainment, and the fraction of skilled human capital. another two new definitions were proposed to articulate the importance of education structure, i.e. the relative share of educational attainment and continuing rate in tertiary education. A system generalised method of moments (GMM) estimation was undertaken, and the results show that the two proposed definitions of education are significant at least at 90 percent of confidence level on the total factor productivity (TFP) growth. hence, it is suggested that education structure matters for growth in developing countries.

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ABSTRAK
Penelitian terdahulu menggambarkan adanya hubungan non-linier antara ukuran pemerintah dan pertumbuhan ekonomi. Dalam hubungan non-linier ini, peningkatan ukuran pemerintah akan memberikan manfaat, sampai ambang batas tertentu. Namun, di atas ambang batas tersebut, peningkatan ukuran pemerintah memberikan dampak buruk terhadap pertumbuhan ekonomi. Dengan menggunakan data panel 30 provinsi di Indonesia untuk periode 2001-2015, penelitian ini menerapkan analisis ambang batas untuk menginvestigasi hubungan non-linier antara ukuran pemerintah dan pertumbuhan ekonomi regional. Pengaruh ukuran pemerintah, di bawah dan di atas ambang batas, diestimasi dengan menggunakan fixed effects dan generalized method of momen GMM dengan tipe instrumen Arellano dan Bond 1991 . Analisis GMM diterapkan untuk memperhitungkan adanya kemungkinan hubungan timbal balik dan endogenitas. Kedua metode estimasi tersebut secara lemah mendukung hipotesis hubungan non-linier antara ukuran pemerintah dan pertumbuhan ekonomi regional, yang menunjukkan perubahan pada kemiringan koefisien di sekitar nilai ambang batas.

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ABSTRACT
Previous studies have illustrated a non linear relationship between government size and economic growth. In this non linear relationship, the increase in government size is beneficial until a certain threshold. However, above that threshold, it has a deleterious effect on economic growth. Using panel data from 30 provinces in Indonesia for the 2001 ndash 2015 period, this study applies a threshold analysis to investigate the non linear relationship between government size and regional economic growth. The effect of government size, below and above the threshold, is estimated by the fixed effects estimation and the generalized method of moments GMM estimation using Arellano and Bond rsquo s 1991 instrument type. The GMM is applied to account for the possibility of reverse causality and endogeneity. Both estimation methods can weakly support the non linear hypothesis in the relationship between government size and regional economic growth, which illustrates changes in the slope of the coefficient around the threshold value.

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ABSTRAK Ketimpangan di Indonesia mencapai level tertinggi selama era-desentralisasi danditenggarai sebagai penyebab menurunnya pertumbuhan ekonomi dalam lima tahunterakhir ke 2015. Tulisan ini meneliti apakah peningkatan ketimpangan memilikidampak positif atau negatif terhadap pertumbuhan ekonomi di Indonesia. Denganmenggunakan model dinamis dan GMM estimator, hasil yang didapat menunjukanbahwa ada hubungan yang positif signifikan antara ketimpangan pendapatan danpertumbuhan ekonomi. Namun, tulisan ini tidak dapat menyimpulkan hubungannyapada kelas yang berbeda kelas bawah, menengah dan atas karena hasil signifikanhanya diperoleh ketika menggunakan one-step system GMM. Hasil penelitian dapatmenjadi pertimbangan pemerintah agar lebih berhati-hati dalam menyusun kebijakanterkait ketimpangan.

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ABSTRACT The income inequality in Indonesia reached the highest level during thedecentralization era and suspected to be caused of the slowdown of the economicgrowth in the last five years to 2015. This paper investigates whether increasinginequality had a positive or negative impact on economic growth in Indonesia. Usingdynamic panel and applying GMM estimator, the result concluded that there is asignificant positive relationship between income inequality and economic growth.However, this study cannot draw a clear conclusion about the relationship for thedifferent classes bottom, middle, and top class since only one step system GMM issignificant. Considering the result, the government should be more careful inregulating the inequality policy.