Volume 04, Number 04, December 2015
Alfi Muflikhah Lestari, Setyo Tri Wahyudi
Abstract : This research aims to look at the influence of three factors model of Fama and Frencagainst the expected return on a stock of conventional bankaing with seven best performance in Indonesia the period 2010-2014. The data used are secondary data with quantitative research approach by using a classic assumption test. The research result showed that (1) Return the market has a positive influence but not significantly to your expected return, (2) Size SMB has a positive and significant influence against the expected return and (3) Book to market value (HML) has a positive and significant influence against expected return.
Bella Anindita Apsari, David Kaluge
Abstract : The existence of capital market in Indonesia can be seen from the number of investors who invest their shares in property and real estate sectors. From the perspective of the macro economy, the property sector has a very broad scope of business so that the stimulation of business property in turn will affect the economic growth and work opportunities. Property also be an important indicator of economic health of a country. In this research, are considered internal factors that affect stock prices and the real estate property sector is to look at financial ratios such as the ratio of Return On Equity (ROE) dan Earning Per Share (EPS) while external factors were used in this study is variable exchange rate and BI Rate This study uses 8 company property and real estate sector with the best issuer ratings, with a study period of years 2010-2014 (annual period). The technique analysis panel regression. The results of this research is the Return On Equity (ROE) have a a significant negative effect on stock prices and the real estate property sector, Earning Per Share (EPS) have a a significant positive effect on stock prices and the real estate property sector, exchange rate have a not significant positive effect on stock prices and the real estate property sector, BI Rate have a a not significant negative effect on stock prices and the real estate property sector.
Dewi Junisa, Dea arum sekar arimbi, Efrianti situmorang, Evi erviani, Febriza handayani & Jesenia siagian
Abstract : This research purposes to analyse the building imbalance in every regencies/cities in East, North Sumatra : 1.Asahan regency, 2.Batu Bara regency,3. Labuhan Batu regency, 4.south Labuhan Batu regency, 5.north Labuhan Batu regency, 6.Tanjung Balai city to classify in every those districts. In this research uses Williamson’s Index approached method to quantify the building imbalance and tipology klassen’s analysis to classify economics growth in every districts. This analysis uses Bruto Regional Domestic Product data per capita at the constant price in 2000 and for North Sumatra in 2010-2012. This research, explains that 1. according to williamson’s index analysis the imbalance that happened in East-North Sumatra in 2011 decreasing between 1.7 being 1.47 and in 2012 increasing between 1.65 because it is far from the 0 ,so there is a high imbalance in East-North Sumatra. 2 according to tipology klassen’s analysis, there is no an advance and arise district in East- North Sumatra but including Batu Bara as an oppressed district as an advance one, still now the advance district is Labuhan Batu District, South Labuhan Batu and North Labuhan Batu and also Asahan and Tanjung Balai as the left behind district.
Siti Aisah, Azhar Bafadal, dan Yusna Indarsyih
Abstract : This research aims to determine the income and differences of income of cocoa and pepper farming. This research was conducted from June until October 2015. The samples were selected through a non-probability sampling. The samples are taken purposively with the criteria of the respondents who had planted cocoa and pepper plant since 5 until 10 years ago, and both of these commodities are in the productive age, so this research used 35 respondents of cocoa farmer and 29 respondents of pepper farmer. The Data were collected through interviews by questionnaire. This research used income analysis and t-test analysis or Independent sample t-test. The result of this research shows that average income cocoa farmers is Rp 7,637,358 per year, and the average income of pepper farmers is Rp 11,724,301 per year. Where as the average per hectare income of cocoa farming is Rp 6,048,775/ha/year and the average per hectare income of pepper farmin is Rp 17,108,435/ha/year. The average income of respondents who are farming cocoa is different with average income of respondents who are farming pepper as significantly. Beside of that, the average per hectare income of cocoa farming is different with average income of pepper farming significantly.
Volume 04, Number 03, September 2015
Diana Kanya Prasidha, Setyo Tri Wahyudi
Abstract : Model predictions to asses the problematic conditions in banking sectors need to be developed. It because by knowing early of systemic risks condition, policymakers can take anticipation actions. In this study, the financial ratios used are RiskProfile, Good Corporate Governance, Earning, and Capital (RGEC) rating based approach. The risk profile is proxied by the Non Performing Loan (NPL) which represented by the Net Open Position (PDN) for market risk, and Loan to Deposit Ratio (LDR) for liquidity risk. Meanwhile, good corporate governance aspect is not investigated since the aspect is more qualitative. Then, the profitability aspect proxied by the Return on Asset (ROA) and Net Interest Margin (NIM), while the capital aspect proxied by the Capital Adequacy Ratio (CAR). In this study added one macroeconomic variables, namely the Exchange Rates. The study was conducted in 2009-2013 to predict and analyze the performance of the Indonesian banking sector, particularly for Private National Banks which are the most susceptible to problematic conditions. Using the logistic regression model, the results showed that the variables of NPL, PDN, ROA, and Exchange Rates are significantly effect on the probability of occurrence of the condition of troubled banks.
Devinta Nur Arumsari, David Kaluge
Abstract : This research aims to test the influence of ROA, ROE, The Total Revenue and the BI rate towards the transport sector stocks. The sample of this research is the transportation company registered in BEI in 2009-2014 and is chosen by the method of random sampling. The data used are the panel data with secondary data typescollected by the method documentation. Hypothesis testing is done by the method of multiple regression analysis that views of R-Squared with e-views program results showed that ROA, ROE, Total Revenue doesn’t have a significant influence on the price of the shares, while BI Rate has a significant influence on the price of the stock. This research contributes to the development of the capital market in particularscience-related stock price.
Artha Novelia Sipayung, Aprilia Marbun, Devi Elvinna, Evi Syuriani, Fresenia, Lani Febrianti
Abstract : This study aims to analyze the income inequality in the four villages, namely: (1) Percut, (2) Saentis, (3) Tembung and (4) Bandar Khalifah in District Percut Sei Tuan Deli Serdang. The data used in this study are primary and secondary data. While methods to collect data using the method of observation while digunanakan data collection techniques are simple random sampling technique. The method of analysis is the analysis of the Gini index, Lorenz curve and the World Bank criteria. The results showed that the analysis of income inequality according to the Gini index in the village Percut 0.39; Saentis 0.29; Tembung 0.24; Bandar Caliph overall 0.32 and 0.42. While the results according to criteria of the World Bank in the village Percut 17.98%; Saentis 24.94%; Tembung 28.98%; Bandar Caliph 23.84% and 21.21% overall. Income inequality in the four villages based on the Gini index Analysis Percut village and Bandar Khalifah included in katerogi being while Saentis village and Tembung included in the overall category is low and the four villages included in the medium category. In addition, based on the analysis of the overall World Bank criteria are included in the low category.
Abstract : PNPM urban areas, is one of the programs implemented to address the problem for the poverty in the city of Medan. On the other hand, the Medan City Government task and function in terms of governance and service to the community. Medan city government administration as a subsystem of state government intended to increase the efficiency and effectiveness of governance and public service. In this paper uses methodologi of research with replication paradigm formulated to clarify the terminology and functions. Paradigm consists of four main types of replication, the retesting (retest), internal, independent, and theoretical. Our findings show that PNPM Urban general in Medan has been carrying out his duties as well as possible to achieve the program's objectives, namely increasing prosperity and employment opportunities of the poor independently. So Pemko field needs to appreciate the Poverty Reduction program conducted jointly by the PNPM Urban. Therefore Medan City Government is expected to continue to support PNPM Urban program to resume some previous policies and alignment with the results of the evaluation and field conditions. As a token of appreciation Pemko field against Poverty Program conducted by PNPM Urban Terrain pemko need to replicate the program PNPM Urban in poverty reduction as outlined in the remainder of the Regional Poverty Reduction Strategy
Volume 04, Number 02, June 2015
Eko W. Nugrahadi, Indra Maipita, Chandra Situmeang
Abstract : Economic growth in North Sumatera (Sumut) in the last five years has increased significantly. However, income inequality be widened. From the results of previous research has identified that one of the six sectors that have the most optimal possibilities for development as the development model of economic development of sectoral policies that can solve that problem in Sumut is the industry of food, beverages and tobacco (IMMT). The question needs further analysis to obtain a more in‐depth information in the development of that sector. Specifically, this study aims to identify the body of model of economic development policy in IMMT sector in addressing income inequality in the province of Sumut. The analysis is based on a model approach Social Accounting Matrix (SAM). For the purposes of analysis: (1) linkage, and (2) multiplier. Results of the analysis showed that IMMT have: (1) the index of sensitivityand power of dispersionis greater than one at a time, (2) forward and backward spread effect index larger than other sectors, (3) the second largest output multipliers, and (4) ranked sixth refers to the total sector.
Endryawan, Azhar Bafadal, Idrus Salam
Abstract : This study aims to analyze the prize development and the price transmission elasticity of abalone in Buton Regency. This study was conducted in June – July 2015 with a survey method. Analysis of price developments and elasticity of price transmission is done by a simple linear regression model. The results showed that each added one period, abalone prices decreased by Rp. 9501 each kilogram. Pricetransmission elasticity show in the level consumers prices has been not fully transmitted to the level of fisherman with vale ofelasticityis 0,11 indicated that when the selling pricein the level consumers increased by 1% then the selling pricein the levelfisherman will increase of 0,11%, or moere easly can be defined that if the selling pricein the level consumers increase, the selling pricein the levelfisherman will also be increase.
Azanul Akbar Lubis, Zahari Zein, Fitrawaty
Abstract : Manufacturing sector is one of the sectors that contribute to economic growth in Indonesia. Results of these contributions is the changing structure of the Indonesian economy from agriculture to the industrial sector. And poverty in Indonesia which is one indicator of well‐being in an area tend to be in 2000 to 2010 has a pattern that tends to decline, although not very significant. Of 2 (two) variables, namely the Manufacturing Sector and Poverty, the author tries to determine the impact of variables on water quality in Indonesia, by adding variable Expenditures Environmental Affairs as variables that also impact the water quality in Indonesia. Manufacturing Sector GDP, the number of poor, Regional Budget (APBD) Environmental Field, each is used as a proxy for the manufacturing sector, poverty and Environment Sector Government expenditure. The data is compiled based on 28 provinces in Indonesia in 2009, 2010 and 2011. The results obtained showed that the industrial sector and poverty have a negative impact on water quality while Government Expenditure Environment Sector positive effect on water quality in Indonesia.
Abstract : The agriculture sector is one sector of the economy given a priority in regional development, it’s because most of the population dependent on the sector and a source of income for the majority of the population, thus it’s no wrong if the agriculture sector serves as a support the regional development. The agriculture sector in the district Dairi consists of food crops and horticulture, plantation, animal husbandry, foresty, and fishery. Therefore, the purpose of this study is to analyze the basis sector and agriculture sector contribution to the gross regional domestic product in the district Dairi. This study uses secondary data sourced form of time series data from 2009 – 2013. The analysis model is a Location Quotient (LQ) and sector contribution to gross regional domestic product in district Dairi. The result showed that the agriculture sector and the services is a basis sector or have a high role in a local economy. It is characterized by LQ is greather than one, while other sectors are non basis sector because it has a LQ value smaller than one. In 2013, the agriculture sector provides the largest contribution in gross regional domestic product structure in the district Dairi is 58,47%.
Volume 04, Number 01, March 2015
Abstract : A soybean is a food crops and vegetable proteins source important for people in North Sumatera Province. A soybean demands increased from year to year in North Sumatera Province. It caused by several factors such as a population growth, per capita income, and change in food consumption patterns with economic growth in North Sumatera Province. Therefore, the purpose of this study is to analyze a factors that influence of soybean demand in North Sumatera Province. The data used a secondary data sourced in the form of time series from 1990 – 2013. The analysis model is a double linear regression. The result showed that the soybean price influences negative and not significant to the soybean demand, the corn price influences positive and not significant to soybean demand, while the total population and per capita income influences positive and not significant to soybean demand in North Sumatera Province.
Rizal Rahman H. Teapon
Abstract : ARIMA modeling and forecasting inflation foodstuffs in Ternate city is the purpose of this study. The method used in this research is ARIMA (Auto Regressive Moving avarage). The results showed that ARIMA (6,1,6) is the best model because it has been qualified in the test parameter estimation, diagnostic test/evaluation models and instrument evaluation test for fault models.
Abstract : During this time, the position of External Debt (ED) government has always had the exposure risk from a fluctuations in foreign currency exchange rates to USDollar. Usually, the ED values to swell because of the risk of weakening of the Rupiah against the USDollar. This study aims to look at the effectiveness of hedging strategies on the management of the government's foreign debt of Indonesia to the risk of exchange rate fluctuations of US dollar, by making a simulation of hedging forward contracts. A hedging strategy with a new forward contract will be executed if the rate exceeds Rp 10,000 per USDollar as psychological level. In this simulation, the Government applied a hedging strategy by purchasing forward contracts. This purchasing strategy will generate profits only when the values of forward contracts of USD / IDR weakened at the maturity date later. But if the opposite happens, then potential losses will occur. To minimize the potential loss, wee need this necessary analysis of historical and technical movement of the rupiah against the USDollar, followed by mechanisms of active trading. Active trading allows the government took the position prior purchases or sales in forward contracts advance, depending on the signal and market trends that occurred at that time. By hedging forward contracts, the resulting changes in the value of external debt on the simulation type 2 is much lower. In other words, it shows that the real strengthening of the rupiah with hedging strategies can ease the burden of official external debt, so it can be quite effective to reduce the external debt burden of the government when the time payment or maturity date is come.
Marlon Naibaho, M. Fitri Ramadhani, dan Eko W. Nugrahadi
Abstract : This research examines the interdependence analysis of government income to government expenditure in Indonesia, in which problems arise in this study is that government expenditure is always greater than the government income, although government income in a given year is greater than government expenditure.This research aims to look at the pattern or direction of causality between government income to government expenditure.Variables to be tested are government income and government expenditure.The data that are used are time series data 1988-2011 period.Sources of data obtained from the Central Statistics Agency of North Sumatra Province.The method used is the Granger Causality. Results of the research showed that between government income to government spending have a unidirectional causality, the causality runs from government expenditure to government income, then there is a relationship between the two variables and both have long-term rapid adjustment towards the long-term