The purpose of this research to test the cryptocurrency, gold and bonds as safe haven assets to Indonesian capital market. The data used in this study is the daily closing data of cryptocurrency, gold (GOLDIDR) and the Indonesian Government Bond Index (IGBI) during the period on August 2015 to December 2018 obtained from Investing, Yahoo Finance, and Spindices. The analysis of the data is used Ordinary Least Square (OLS) and Quantile Regression (QREG). The results found that ethereum can be a safe haven. While bitcoin, ripple, gold, and the Indonesian Government Bond Index (IGBI) cannot be a safe haven for the Indonesian capital market.
Marganda Saut Parulian Sihombing, Jubaedah Nawir, Sri Mulyantini
Abstrak Tujuan dari penelitian ini adalah untuk mengetahui dan menganalisis pengaruh Cryptocurrency, Nilai Tukar dan Real Asset terhadap Harga Saham pada Perbankan Indonesia yang terdaftar di Bursa Efek Indonesia periode 2016- 2018. Penelitian ini menggunakan metode kuantitatif dengan desain explanatory research. Populasi dalam penelitian ini adalah seluruh perusahaan perbankan yang listed di Bursa Efek Indonesia yang berjumlah 43 perusahaan perbankan. Penarikan jumlah sampel menggunakan metode probability sampling dengan teknik simple random sampling, dan berdasarkan rumus slovin jumlah minimum yang di jadikan sampel sebanyak 39 perusahaan. Teknikoanalisispdata menggunakan analisisyregresii lineariberganda dengan menggunakan program Eviews 7.Hasil hipotesis menunjukkan bahwa Cryptocurrency berpengaruh positif terhadap Harga Saham. Nilai Tukar Rupiah berpengaruh positif terhadap Harga Saham. Harga Emas berpengaruh positif terhadap Harga Saham. Untuk itu disarankan kepada calon investor yang ingin membeli saham agar terlebih dahulu melihat kondisi pasar saham berdasarkan analisa makro ekonomi seperti cryptocurrency, nilai tukar rupiah dan harga emas dunia, karena ketiga faktor ini terbukti dapat mempengaruhi naik turunnya harga saham sektor perbankan.
The consequence of the implementation of regional autonomy is that the regions must have their own abilities to implement government affairs and regional development. There is some research on the financial performance of the area but is still done in a partial autonomic region only. This research compares the financial performance between the autonomic regions of the expansion and the parent area. Based on this, study aims to compare the financial performance of the parent regency and the expanded district. In this study financial performance is measured based on Regional Financial Independence (KKD) rastio, Fiscal Decentralization Degree (DDF) ratio and the Regional Financial Effectiveness Ratio (EKD). Overall, secondary data are used, namely the realization of Regional Original Revenues (PAD), PAD targets, Balancing Funds, Loan Funds, and Regional Expenditures. To answer the research problem, the data is processed using ratio analysis. The results showed that the Regional Financial Performance measured by the ratio of KKD and DDF in the parent regency was still higher than the KKD and DDF in the expanded districts. Both the parent district and the expanded districts of KKD and DDF are included in the Instructive category. The role of the central government is still very dominant in regional financing. In general, the expanded district EKD ratio was very effective while the parent district EKD ratio was generally included in the quite effective category. The financial performance of the regional results is better than the parent region due to the existence of autonomous regions to promote maximum income sources.
The aims of this study to know the determinant that affect bitcoin prices and how bitcoin prices response to the shock from GDP (Gross Domestic Product), inflation, exchange rate, JCI (Jakarta Composite Index. The method that was used in this research was quantitative analysis, with data analysis tools Vector Error Correction Model (VECM). Data used in this research was secondary data taken from Bank Indonesia, Bitcoincharts, and Yahoo Finance. The results of this study showed that (1) inflation in short term and in long term has negative significant effect on bitcoin prices, exchange rate in long term has positive significant effect on bitcoin price. In short term and in the long term GDP and JCI do not have significant effect on bitcoin prices (2) The results of IRF shows bitcoin prices respond negatively shock from GDP and exchange rate, while shock from inflation and JCI responded posifively by bitcoin prices.
Measurement of the financial performance of local governments can show the financial condition of local governments and the ability of the region to explore and manage the existing sources of funds. A good regional financial performance can be seen from its effectiveness in exploring regional potentials, lower dependency on the central government, and a larger portion of PAD to finance regional development. This study seeks to measure the financial performance of the District-City Government in West Java by using a regional financial ratio measurement tool, which consists of the Fiscal Decentralization Ratio, the Regional Government Financial Dependency Ratio, the PAD Effectiveness Ratio, and the Capital Expenditure Ratio. The results of the measurement of the Fiscal Decentralization Ratio concluded that the financial capacity of the Regency-City Government in West Java is still classified as "LESS". The measurement results of the Regional Government Financial Dependency Ratio concluded that there were no local governments whose financial dependence on transfer funds falls into the "LOW" category. The results of the measurement of the PAD Effectiveness Ratio concluded that the majority of local governments in West Java had been effective and very effective in realizing the PAD target. And the results of the Capital Expenditure Ratio measurement concluded that there had been efforts from the District-City Government in West Java to maximize Capital Expenditures. This study has several limitations. Subsequent research can add the scope of testing or assessment to be more comprehensive, for example by conducting tests or studies on the determinants of the financial performance of local governments or the impact resulting from the factual conditions of the financial performance of local governments.
The aim of this study is to develop a reliable forecasting method for cryptocurrency namely XRP Ripple Cryptocurrency. The daily price of Ripple cryptocurrency collected from 1st October 2019 until 30th November 2019. This study implemented a forecasting method of simple moving average and the weighted moving average. The mean absolute percentage error for the simple moving average is 2.75%. Meanwhile, the mean absolute percentage error for weighted moving average is 2.25%. Therefore, the weighted moving average is more reliable forecasting method for predicting the price of Ripple cryptocurrency. The finding of this study helps investors to develop an investment portfolio with lower risk and higher returns.
This study examines the influence of monetary variables and cryptocurrency price. The paper applied Vector Autoregression (VAR) to analyze multivariate time series data. The data used in this study is time series data from January 2014 to December 2017. The findings indicate that there is no significant influence between inflation and the cryptocurrency prices in the first period. However, the results in the second period,decomposition variant had a significant relationship and experienced a fairly rapid increase of 1.59 per centand continued to increase until the tenth period. The interest rate variable on the price of cryptocurrency has the result of the Variant Decomposition in the first period does not have a significant relationship, while in the second period experienced a significant incline from 6.12 per centand continued to rise until the tenth period. Keywords: Cryptocurrency, bitcoin prices, inflation, money supply JEL Classification: E43; E44, E51
This study aims to measure the local government financial performance of West Borneo Province for fiscal year 2013-2017 by using financial ratios analysis. The financial ratios used include: (1) Ratio of Local Financial Independence, (2) Degree of Fiscal Decentralization Ratio, (3) Effectiveness Ratio, (4) Efficiency Ratio, (5) Ratio of Harmony, and (6) Growth Ratio. The type of research used is descriptive research with a case study approach. The data used in this study is secondary data obtained from the Regional Finance and Revenue Management Agency of West Borneo Province. Based on the results of calculations and analysis of local financial performance, it can be concluded, that the pattern of the relationship between the level of regional independence of West Kalimantan Borneo is on “participatory” criteria. The degree of fiscal decentralization of the Government of West Borneo Province is in the category of “enough”. The level of effectiveness is included in the “effective” category while the efficiency level is included in the “less efficient” category. Ratio of Harmony shows the balance of expenditure are not balanced and the Growth Ratio which is still fluctuating.
Oldri O. Pantas, Paulus Kindangen, Tri Oldy Rotinsulu
ABSTRAK Tujuan penelitian ini adalah untuk mengetahui pengaruh kinerja keuangan daerah yang diukur dengan Belanja Modal, upaya fiskal, tingkat derajat desentralisasi fiskal dan kemampuan pembiayaan terhadap pertumbuhan ekonomi dan penurunan kemiskinan di Sulawesi Utara. Jenis penelitian dalam penelitian ini adalah penelitian eksplanatif. Teknik analisis data yang digunakan adalah analisis jalur. Hasil penelitian menunjukkan bahwa (1) belanja modal berpengaruh signifikan terhadap pertumbuhan ekonomi di Sulawesi Utara, (2) upaya fiskal tidak berpengaruh signifikan terhadap pertumbuhan ekonomi di Sulawesi Utara (3) desentralisasi fiskal tidak berpengaruh signifikan terhadap pertumbuhan ekonomi di Sulawesi Utara, (4) kemampuan pembiayaan tidak berpengaruh signifikan terhadap pertumbuhan ekonomi di Sulawesi Utara (5) belanja modal tidak berpengaruh signifikan terhadap penurunan kemiskinan di Sulawesi Utara, (6) upaya fiskal berpengaruh signifikan terhadap penurunan kemiskinan di Sulawesi Utara, (7) desentralisasi fiskal berpengaruh signifikan terhadap penurunan kemiskinan di Sulawesi Utara, (8) kemampuan pembiayaan tidak berpengaruh signifikan terhadap penurunan kemiskinan di Sulawesi Utara dan (9) pertumbuhan ekonomi tidak berpengaruh signifikan terhadap penurunan kemiskinan di Sulawesi Utara..Kata kunci: kinerja keuangan daerah, belanja modal, pertumbuhan ekonomi, penurunan kemiskinan ABSTRACT The purpose of this study was to determine the effect of regional financial performance as measured by Capital Expenditures, fiscal efforts, the degree of fiscal decentralization and the ability of financing towards economic growth and poverty reduction in North Sulawesi. The type of research in this study is explanatory research. The data analysis technique used is path analysis. The results showed that (1) capital expenditure had a significant effect on economic growth in North Sulawesi, (2) fiscal efforts had no significant effect on economic growth in North Sulawesi (3) fiscal decentralization had no significant effect on economic growth in North Sulawesi, (4) financing capability does not significantly influence economic growth in North Sulawesi (5) capital expenditure does not significantly influence poverty reduction in North Sulawesi, (6) fiscal efforts have a significant effect on reducing poverty in North Sulawesi, (7) fiscal decentralization has a significant effect on poverty reduction in North Sulawesi, (8) financing capacity does not significantly influence poverty reduction in North Sulawesi and (9) economic growth has no significant effect on reducing poverty in North Sulawesi. Keywords: government financial performance, capital expenditure, economic growth, poverty rates
Penelitian ini dilakukan untuk menguji apakah pada cryptocurrency market khususnya pada bitcoin dan litecoin terdapat pola musiman cryptocurrency market berjalan secara acak. Objek dalam penelitian ini adalah Bitcoin dan Litecoin yang merupakan cryptocurrency yang memiliki kapitalisasi pasar yang besar. Data pada penelitian ini menggunakan return cryptocurrency secara bulanan untuk pola musiman bulanan dan return harian untuk melihat pola musiman harian yang diambil dari www.investing.com dari tahun 2014-2018. Penelitian ini menggunakan analisis GARCH (1,1) untuk melihat pola musiman dari cryptocurrency market yang sebelumnya dilakukan unit root test dan correlogram test. Hasil dari penelitian ini menunjukkan bahwa terdapat pola musiman pada pasar bitcoin dan litecoin baik itu pola musiman harian maupun bulanan
Penelitian ini menganalisis pengaruh Jakarta Stock Composite Index (JKSE), saham LQ45 (LQ45), Dow Jones Industrial Average (DJIA), Nikkei 225 (JP225),Indeks Dollar (USDI), dan Gold Futures (GC terhadap harga Bitcoin (BTC). Data pengamatan penelitian adalah data bulanan dimulai dari Juli 2013 sampai Agustus 2018.Sumber data berasal dari laporan index dan harga Bitcoin Investing.com.Teknik menggunakan Vector Error Correction Model. harga Bitcoin(BTC) sebagai variabel dependen, dan Jakarta Stock Composite Index (JKSE), saham LQ45 (LQ45), Dow Jones Industrial Average (DJIA), Nikkei 225(JP225), Indeks dollar (USDI), dan Gold Futures (GC) sebagai variabel independen.Hasil penelitian memperlihatkan bahwa Jakarta Stock Composite Index(JKSE), saham LQ45 (LQ45), Dow Jones Industrial Average (DJIA), Nikkei 225 (JP225), Indeks Dollar (USDI), dan Gold Futures (GC) memberikan dampak signfikan terhadap harga Bitcoin (BTC). Efek dari keseluruhan faktor bersifat moderat dan mengarah pada keseimbangan jangka panjang.
Abstract. This research aims to analyze the contribution of the sources of Pendapatan Asli Daerah in supporting the regional financial independence. The research conducted at the Office of Regional Finance and Asset Agency (BKAD) at Sleman Regency. This research uses quantitative descriptive method. Data collection techniques through observation, and documentation studies. The data used on this research was secondary data that is the realization report of APBD period 2012-2016. The results show that the trend of PAD growth experienced an average growth of 25%. Where from sources of PAD that contribute greatly to total PAD comes from local taxes with an average contribution of 59.11%. The financial performance of Sleman Regency is low based on financial ratios. Where the ratio of degrees of decentralization is in the medium the category of 26.34%. The dependency ratio is very high with an average value of 67.78%. The ratio of independence is low or shows the pattern of consultative relationship with an average of 38.86%. As for the ratio of the effectiveness of local revenue is classified as very effective and the ratio of efficiency of local revenue in the category inefficient. Keywords: center contribution of pad; growing of pad; regional financial independence; regional financial performance. Abstrak. Penelitian ini bertujuan untuk menganalisis kontribusi sumber-sumber Pendapatan Asli Daerah dalam mendukung kemandirian keuangan daerah. Penelitian berlangsung di Kantor Badan Keuangan dan Aset Daerah (BKAD) Kabupaten Sleman. Penelitian ini menggunakan metode deskriptif kuantitatif. Teknik pengumpulan data melalui observasi, dan studi dokumentasi. Data yang digunakan adalah data sekunder yaitu laporan realisasi APBD periode 2012-2016. Hasil penelitian mununjukkan, bahwa tren pertumbuhan PAD mengalami pertumbuhan rata-rata sebesar 25%. Dimana dari sumber-sumber PAD yang sangat berkontribusi terhadap total PAD berasal dari Pajak Daerah dengan kontribusi rata-rata sebesar 59,11%. Kinerja keuangan Pemerintah Kabupaten Sleman tergolong rendah berdasarkan rasio keuangan. Dimana rasio derajat desentralisasi berada dalam kategori sedang yaitu 26,34%. Rasio ketergantungan sangat tinggi dengan nilai rata-rata 67,78%. Rasio kemandirian tergolong rendah atau menunjukan pola hubungan konsultatif dengan rata-rata 38,86%. Sementara untuk rasio efektivitas pendapatan asli daerah tergolong sangat efektif dan rasio efisiensi pendapatan asli daerah dengan kategori tidak efisien. Kata Kunci: kemandirian keuangan daerah; kinerja keuangan daerah; kontribusi sumber-sumber PAD; pertumbuhan PAD.
<p>This study is for observing the regional financial performance influence of regencies/cities in South Sumatera province. The research is implemented quantitatively by using the data panel double regression of the 2006 – 2015 time period. Regional financial performance covers fiscal decentralization, autonomy, effectiveness and efficiency. Based on a partial count, fiscal decentralization has a regression coefficient as large as 62.73185, which means fiscal decentralization has a positive and significant influence to economic growth. Then regional finance autonomy has a regression coefficient as large as -16.04656 which means that regional autonomy has a negative influence yet significant to economic growth. Observing from regional financial effectiveness which has a regression coefficient as large as -0.074855, which means that effectiveness has a negative influence and not significant to economic growth. Regional financial efficiency has a regression coefficient as large as -0.254122, which means that efficiency has a negative influence and not significant to economic growth. Based on the count as a whole it means that Fiscal Decentralization, Regional Finance Autonomy, Effectiveness, and Efficiency have significant influences to economic growth. This means regional financial performance is very influential to the economic growth of regencies/cities in South Sumatera Province in the 2006-2015 time period.</p><p><br />JEL Classification: E02, H70, H77<br />Keywords: Autonomy, Economic Growth, Effectiveness, Efficiency, Regional Financial Performance, Fiscal Decentralization</p>
Abstract.This research aimed to analyze the financial performance of the District/ Municipality in Jambi Province and to determine the effect of financial performance either simultaneously or partially on capital expenditure. The data used in this research is a panel data comprising time series data is data in 2010 - 2013 and cross section data is data of 9 (nine) District and 2 (two) Municipality is located in the Province of Jambi. The analytical method used panel data regression analysis. The analysis showed that the financial performance of the District/ Municipality in Jambi Province is still relatively low as the PAD contribution to regional revenue is still small so transfer income still dominate the local revenue to finance most of the regional expenditure. The results of panel data regression using the Fixed Effect Model (FEM) showed that the financial performance simultaneously significant effect on capital expenditure allocation of the District/Municipality in Jambi Province from 2010 to 2013 and partially Ratio Degree of Decentralization significant positive effect on the allocation of capital expenditure. Financial dependency ratio, Financial Independence Ratio and the ratio degrees contributions public enterprises significant negative effect on capital expenditure . Effectiveness ratio of PAD does not significantly influence the allocation of capital expenditure.Keyword: Financial Performance, Decentralization, Financial Independence, Abstrak. Penelitian ini bertujuan untuk menganalisis kinerja keuangan Pemerintah Kabupaten/Kota di Provinsi Jambi dan untuk mengetahui pengaruh kinerja keuangan baik secara simultan maupun secara parsial terhadap alokasi belanja modal. Data yang digunakan dalam penelitian ini merupakan data panel yang terdiri dari data time series yaitu data tahun 2010 – tahun 2013 dan data cross section yaitu data 9 (sembilan) Kabupaten dan 2 (dua) Kota yang berada di Provinsi Jambi. Metode analisis yaitu analisis regresi data panel. Hasil analisis menunjukkan bahwa kinerja keuangan Kabupaten/Kota di Provinsi Jambi masih tergolong rendah. Hasil regresi data panel dengan menggunakan metode Fixed Effect Model (FEM) menunjukkan bahwa kinerja keuangan secara simultan berpengaruh signifikan terhadap alokasi belanja modal Kabupaten/Kota di Provinsi Jambi dari tahun 2010 sampai dengan tahun 2013 dan secara parsial Rasio Derajat Desentralisasi berpengaruh positif signifikan terhadap alokasi belanja modal. Rasio Ketergantungan Keuangan, Rasio Kemandirian Keuangan dan Rasio Derajat Kontribusi BUMD berpengaruh negatif signifikan terhadap alokasi belanja modal. Rasio Efektifitas PAD tidak berpengaruh signifikan terhadap alokasi belanja modal. Kata Kunci : Kinerja Keuangan, Desentralisasi, Ketergantungan Keuangan
Abstrak Penelitian ini bertujuan untuk menganalisis bagaimana kemampuan pengelolaan keuangan daerah Kota Semarang dalam rangka mendukung pelaksanaan otonomi daerah. Sedangkan data yang digunakan dalam penelitian ini adalah Laporan Realisasi Anggaran Kota Semarang Periode 2009 -2013. Metode Penelitian ini menggunakan Deskriptif Komperatif analisisis untuk mengukur kinerja pengelolaan keuangan daerah dan tingkat kemandirian daerah Kota Semarang, yaitu Rasio Kemandirian Keuangan Daerah, Rasio Derajat Desentralisasi, Rasio Efektifitas PAD, dan Rasio Keserasian Belanja Daerah. Berdasarkan hasil analisis yang telah dilakukan diperoleh hasil sebagai berikut: hasil analisis rasio derajat desentralisasi dapat dijelaskan bahwa rata– rata rasio derajat desentralisasi sebesar 25,87% yang berada interval 25% –50% atau mempunyai kemampuan yang sudah baik dalam membiayai pembangunan daerah. Berdasarkan rasio KKD dengan rata – rata rasio KKD sebesar 37,79% berada pada interval 25% -50% berarti konsultatif artinya campur tangan pemerintah pusat sudah mulai berkurang, karena daerah dianggap sedikit lebih mampu melaksanakan otonomi daerah. Rata-rata Rasio Efektivitas PAD ³ 100%, berarti kemampuan daerah dalam menjalankan tugas dikategorikan sangat efektif itu menunjukan dalam memobilisasi penerimaan PAD sesuai dengan yang ditargetkan. Menurut uraian dan perhitungan Rasio Keserasian bahwa sebagian besar dana yang dimiliki pemerintah Kota Semarang diprioritaskan untuk belanja pembangunan sehingga belanja rutin masih relatif kecil. Kata Kunci : Kinerja Pengelolaan Keuangan Daerah, Tingkat Kemandirian Daerah Abstract This study aimed to analyze the effect the financial ability of Semarang City in order to support the implementation of regional autonomy, base on Semarang Budget Realization Reported the period of 2009 -2013. A descriptive comparative analysis used to measure the performance of regional financial management and the independence level of Semarang, consist of Regional Financial Independence Ratio, Degree of Decentralization Ratio, PAD effectiveness Ratio, and the Harmony Expenditure Ratio. Based on the analysis that has been obtained, the following results: from the analysis of the ratio of the degree of decentralization can be explained that the average ratio of the degree of decentralization is 25,87% of which is in the internal level of level 25%-50%, means already have a good ability to finance region development. Average KKD ratio is 37.79% which is in the interval 25 % -50 % means that central government intervention has begun to decrease, because the region is considered a little more able to implement region autonomy. From the analysis of PAD effectiveness is more than 100%, it can be concluded that the overall performance of local financial management and the degree of independence of Semarang area continued to improve. It can be seen from some of the financial performance ratio is the ratio of the area of financial independence, the ratio of degrees desentralization, effectiveness ratio and the ratio continues to increase harmony and good effect on the autonomy of the region . Keywords: Region financial management performance, Degree of region decentralization
The problem in this study is whether there are differences in the contribution levy market before and during regional autonomy on revenue of City of Samarinda, while the purpose of this study to determine and levy contributions market menganalsis difference before and during the autonomy of the Local Revenue Samarinda. Basic theory used to finance particularly financial management area, Levies and Local Revenue. The hypothesis of this study there was no significant difference Contributions Levy Market before and during the Regional Autonomy of the Local Revenue Samarinda. Analysis used by the difference test using data for 1996/1997 - 2000 and 2007-2011. Based on the analysis and discussion, the conclusion of this study: Growth Market levy revenue Samarinda before and during the regional autonomy has fluctuated from year to year. Comparison between the average contribution to the Market Market Reribusi revenue (PAD) Samarinda before the autonomy of 3.2% compared with the Regional Reribusi Market to revenue (PAD) Samarinda during the autonomy 3.87%, it appears that the contribution before decentralization is smaller than the contribution after regional autonomy (3.2% <3.87%), this is due to revenue (PAD) Samarinda still bertumpuh on Market Reribusi during regional autonomy. Value of average annual contribution Reribusi contribution to the Market Market Revenue (PAD) Regional Samarinda before decentralization of Rp 754 million, while the value of the average contribution per year contribution to the market Reribusi revenue (PAD) Samarinda City during regional autonomy Rp 2,018 million this means that the average annual contribution Reribusi contribution to the Market Revenue (PAD) Samarinda before regional autonomy is not the same as the average contribution per year contribution to the market Reribusi revenue (PAD) Samarinda City during regional autonomy. Furthermore, when seen from the t value of -165 is smaller than t table at n-2 with a 95% confidence level = - 3.182, this means that t <t table, these results suggest that there are significant differences in the contribution Reribusi Market before autonomy daeerah period 1995 / 1996-1999 / 2000 and during the 2007-2011 period of regional autonomy to revenue (PAD) Samarinda, the research hypothesis is accepted
This research of The Regions OriginalRevenue Realization Potency in Achieving Region Finance Independence of Regency Sekadau Year 2006-2011. it aims to analyze regency region financial conditions of Seakdau Regency, how is growth, composition, effectiveness, self region acceptance liability, and PADS acceptance elasticity at Sekadau Regency, as one of financial performance indicator region, on year period that is utilized 2006 to 2011. The variable that analyzed is, all the regions revenue's component, PAD, taxes, retribution, etc. propertied region, Population, and PDRB by use of data skunder that acquired of on duty Regency Region Income sekadau and BPS (Sekadaus Regency in Numeral). Result observationaling to point out that up to growth research period PAD Sekadaus Regency as big as 45.94 % by Region Taxes compositions 27%, Region Retribution 18%, Wealth management result region 7%, and etc. PAD is 48%. While PADS acceptance effectiveness up to that period average as big as 98.61%. Degrees arithmetic result Decentralize Fiscal at Regency sekadau that bottommost, up to year period 2006-2011 which is average just as big as 2,73 %. this bottommost bases Depdagris criterion. Elasticities arithmetic result point out PADS growth sekadau inelastiss regency to PDRB namely as big as 0,35. Meanwhile elasticity to population as big as 0,05(inelastis). Its mean is changed or added islandic as big as 1 % make changing or added total PADS acceptances as big as 0,35%, and is changed or added islandic as big as 1 % make changing or added total PADS acceptances as big as 0,055%, . Key word: Effectiveness, Elasticity, PAD, Financially Region.
This research was conducted to empirically prove the effect of financial performance measured from the ratio ofexpense to income, fiscal efforts, financing capability, and the level of fiscal decentralization degree towards anumber of variables, which are: (1) capital expenditure, (2) economic growth and poverty, (3) economic growthand poverty through capital expenditure, and (4) poverty through capital expenditure and economic growth.This research was performed using path analysis method. The samples of this research are 38 districts/cites inEast Java Province during the last 7 years (2005-2011).The result of this research shows that the financial performance measured from financing capability showsinsignificant direct effect towards capital expenditure and economic growth while the effect to poverty showspositive significant effect. Furthermore, from the effects of indirect financial performance through capitalexpenditure, there are variables of expenditure to income ratio, fiscal efforts, and degree of fiscaldecentralization variables which have significant indirect effects towards the economic growth (in a positive way)and poverty (in a negative way) while for the financial performance effects through capital expenditure andeconomic growth to poverty have significant indirect and negative influence, particularly those are measuredusing expense to income ratio, fiscal efforts, and the level of fiscal decentralization. Finally, in order to betterfinancial performance in particular it is necessary to optimize the financing capabilities in terms of both revenueand expenditure, in terms of revenue optimization of PAD, Silpa, and loan, while expenditure optimizers need toconduct a review of expenditure that has been done. Keywords : financial performance, expense to income ratio, fiscal effort, financing capability, the level of fiscaldecentralization, capital expenditure, economic growth, poverty
This research tested the difference of financial performance between parent areas and new autonomy areas. The financial performances that meant in this research were degree of decentralization, level of independence, capital expenditure ratio, and level of financing capability. The aim of this research was to analyze the difference of financial performance between parent area and new autonomy area. The objects in this research were districts or cities that become parent areas and districts or cities that become new autonomy areas. The division period that used in this research was in the year of 1999—2004. Samples that used in this research were consists of 48 parent areas and 49 new autonomy areas. Data that used in this research is local government revenues and expenditures budget realization report in the period of 2005 —2007. Data analysis performed using independent sample t test from SPSS for window program. \nLevel of significance that used in this research was 5%. Result of this research showing that a) parent areas degree of decentralization significantly better than new autonomy areas, b) parent areas level of independence significantly better than new autonomy areas, c) no significantly difference of financing capability level both parent areas and new autonomy areas and d) new autonomy areas capital expenditure ratio significantly better than parent areas. \n \nKey words: \nparent areas, new autonomy areas, regional financial performance, degree of decentralization, level of independence, financing capability level, capital expenditure ratio.
Fiscal decentralization policy started in 2001 was a “big bang” from a centralistic into decentralistic government. The decentralistic government focuses on triple track strategy which are pro growth, pro job and pro poor as its macroeconomic and sectoral development objectives. Based on the concepts and the implementations of the policy in Indonesia, the amount of transfers fund to region and the possibilities of increasing potential local revenue should have positive related to the effort to increase society wealth through economic growth by creating job creation and decrease poverty. This research using panel data regression analysis to describe the relation between fiscal decentralization with economic growth, poverty and unemployement rate. The research results show that the local finance performance (measured by fiscal decentralization degree and local finance independency ratio) is low. Just then, in the decentralization era the local-central government dependency is increase. The research also encounter that fiscal decentralization policy affects to the increasing of economic growth rate (in small amount), unemployment rate and poverty. The part of local government budget that have positive affect to the economic growth are revenue sharing, specific allocation funds, local tax revenue and local government corporation, while local retribution revenue has negative affect. Meanwhile, total government expenditure affects negatively to the poverty and open unemployment rate.