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"Di tengah maraknya kecenderungan untuk bersikap konservatif dan mengutamakan aspek prudensial di kalangan bankir, riset mengenai industri perbankan ini mencoba untuk mendapatkan pandangan baru atas paradoks yang dihadapi oleh bank Petahana dalam mengadopsi Inovasi Disruptif (Disruptive Innovation) dalam bentuk layanan perbankan tanpa cabang (branchless banking), untuk memperluas layanan keuangan ke segmen di bawah piramida perekonomian (Bottom of Pyramid). Meskipun ditengarai terdapat adanya potensi bisnis besar yang dapat diperoleh melalui penyediaan layanan bagi nasabah segmen dibawah piramida yang masih belum mendapatkan layanan pada saat ini (underbanked), pengamatan para peneliti atas praktek yang terjadi di pasar memperlihatkan bahwa hanya beberapa Petahana yang mampu untuk mengembangkan kapabilitas unik yang dibutuhkan untuk dapat merebut dan memperoleh kesempatan bisnis baru yang berbasis prinsip Inovasi Disruptif. Dalam rangka untuk mendapat resolusi dari adanya celah pengetahuan di mana pada pihak Petanaha terlihat memiliki kapabilitas yang terbatas untuk dapat merebut kesempatan berbasis prinsip invoasi disruptif; dan di pihak lainnya didorong kebutuhan untuk terus mengejar kesempatan bisnis baru; riset ini mengembangkan konstruk baru yang disebut sebagai Disruptive Innovation Seizing Capability (Kapabilitas Merebut Inovasi Disruptif), yang menghubungkan teori Inovasi Disruptif dengan teori Kapabilitas Dinamis (Dynamic Capability), dan berfungsi untuk menjadi kerangka kerja dalam mengidentifikasikan lebih jauh faktor-faktor yang memperkuat komitmen Petahana dalam mengejar potensi bisnis baru berbasis Inovasi Disruptif. Melalui penggunaan analisa berbasis Structural Equation Modeling (SEM) terhadap data 175 responden yang dikumpulkan dari 12 bank yang di Indonesia, Peneliti menemukan bahwa para Petahana didalam riset ini didorong oleh orientasi stratejik berbasis bertahan (Defensive Orientation), dan bukan didorong oleh orientasi stratejik yang berbasis agresivitas untuk meraih kesempatan di pasar. Temuan ini menimbulkan implikasi bahwa para Petahana yang menjadi responden dari riset ini dimotivasi oleh dorongan untuk melakukan efisiensi, yang berlawanan dengan pertanyaan resmi mengenai tujuan pengembangan layanan perbankan tanpa cabang, yaitu dalam rangka pengembangan pangsa pasar yang baru. Selain itu, riset ini juga menyangkal pendapat sebelumnya atas pentingnya konsensus sebagai salah satu faktor pendorong adopsi Inovasi Disruptif. Secara keseluruhan, riset ini memberikan kontribusi teoretis dalam bentuk perluasan pengetahuan mengenai teori Kapabilitas Dinamis, melalui bukti empiris atas hubungan Kapabilitas Dinamis dengan Inovasi Disruptif. Di samping itu, riset ini juga memberikan kontribusi manajerial dalam bentuk kerangka kerja DISC, yang dapat digunakan oleh manajer sebagai panduan bagi pelaksanaan transformasi digital, yang kerap membutuhkan adopsi atas Inovasi Disruptif.

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In consideration of the prudency and pervasive conservatism of bankers, this research on the banking industry attempts to understand the paradox regarding how incumbent banks adopt disruptive innovation in the form of branchless banking to provide financial services to the bottom of the pyramid (BOP) customer segments. Although serving underserved BOP customers has incredible potential, a closer look at the market reveals that there are only a few incumbents able to develop the necessary set of unique capabilities required to seize and capitalize on disruptive innovation opportunities. To resolve the gap in the literature regarding the meager capability of incumbents to seize disruptive innovation-based opportunities, this research advances a novel construct, disruptive innovation seizing capabilities (DISC), which links disruptive innovation with dynamic capabilities and serves as a framework to further identify the factors strengthening incumbents’ commitment to pursue disruptive innovation opportunities. By applying structural equation modeling (SEM) analysis to a sample set of 175 data points derived from 12 Indonesia banks, we find that the incumbents in our study are driven by a defensive orientation rather than strategic aggressiveness to address market opportunities. This finding implies that the incumbents in our sample are motivated to launch the branchless banking initiative because of the pursuit of efficiency rather than their stated objective of market expansion. Additionally, the results of the study refute previous suggestions regarding the important role of consensus as an antecedent that drives the adoption of disruptive innovation. Overall, this research provides an important theoretical contribution in the form of expanding our understanding of the dynamic capabilities framework by linking the construct with disruptive innovation (DI) theory. Finally, this research also provides managerial contributions in the form of the DISC framework, which can be used as a guide for managers leading digital transformation initiatives, which often require the adoption of disruptive innovations, in their organizations."

"Modeling the correlation of assets returns volatilities across different markets or segments of amarket has practical value for portfolio selection and diversification, market regulation, and riskmanagement. This paper therefore evaluates the nature of time-varying correlation between volatilitiesof stock market and crude oil returns in Nigeria using Dynamic Conditional Correlation-GeneralisedAutoregressive Conditional Heteroscedasticity (DCC-GARCH) model. Results from DCCGARCH(1,1) model show evidence of volatility clustering and persistence in Nigeria stock marketand crude oil returns. The results also show that there is no dynamic conditional correlation in ARCHeffects between stock market returns and crude oil prices in Nigeria. The results further show thatthere is strong evidence of time-varying volatility correlation between stock market and crude oilreturns volatility. The findings will help shape policy-making in risk management and market regulationin Nigeria."

"Anggaran pembangunan merupakan salah satu alat administrasi pemerintah untuk dapat mendorong pertumbuhan ekonomi. Meskipun demikian pada kenyataannya, kebijakan pengalokasian anggaran pembangunan tersebut tidaklah sepenuhnya didasarkan atas pertimbangan ekonomi.Di Provinsi DKI Jakarta, besarnya anggaran pembangunan yang dialokasikan pemerintah daerah dari tahun ke tahun senantiasa mengalami peningkatan. Untuk mengetahui seberapa besar dampak pengalokasian anggaran pembangunan tersebut terhadap pertumbuhan ekonomi Provinsi DKI Jakarta, maka dalam penelitian ini dilakukan regresi antara besarnya alokasi anggaran pembangunan terhadap pembentukan PDRB primer, PDRB sekunder dan PDRB tersier.Model yang digunakan, dikembangkan dari fungsi produksi Cobb-Douglas, dimana Modal (Capital = C) direpresentasikan oleh besarnya alokasi anggaran pembangunan, sedangkan tenaga kerja (Labor = L) adalah besarnya jumlah tenaga kerja pada masing-masing sektor perekonomian. Untuk melihat pola hubungan antara variable penelitian telah dilakukan regresi terhadap data time series dalam rentang waktu 16 tahun. Model regresi yang dipakai adalah regresi sederhana model log-log dengan pendugaan secara SUR (Seemingly Unrelated Regression).Secara keseluruhan hasil penelitian ini menunjukkan bawa besarnya anggaran pembangunan yang dialokasikan pemerintah daerah khusus DKI Jakarta, secara signifikan berdampak positif terhadap pertumbuhan PDRB sektor sekunder dan PDRB tersier. Berdasarkan variable dummy periode kepemimpinan Gubernur Kepala Daerah, diketahui pula bahwa tingkat rata-rata dampak alokasi anggaran pembangunan terhadap pembentukan PDRB sekunder dan PDRB tersier yang tertinggi terjadi pada periode kepemimpinan Gubernur Sutiyoso (1998 - 2001).

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Development budget (anggaran pembangunan) is one among government's administration tools that can support economic growth. However in reality, the policy in allocating development budget is not entirely based on economic consideration.

In Jakarta, the amount of development budget allocated by local government was increasing from year to year. To find out how strong the impact of the development budget allocation toward economic growth of DKI Jakarta Province; therefore, regression was conducted in this research. Among others is the influence of development budget allocation toward the formation of gross regional domestic product (primary GRDP, secondary GRDP and tertiary GRDP).

The model used and developed is in the form of Cobb-Douglas production function, where Capital (C) is represented by the amount of development budget allocation; while, Labor (L) is the amount of labor in each economic sector. To observe the relationship pattern among research variables, was developed regression toward time series data within 16 years. Regression model used is the double log simple regression with Seemingly Unrelated Regression (SUR).

As a whole, the result of this research showed that the amount of development budget being allocated by local government particularly Jakarta is significantly having positive effects toward the formation of secondary and tertiary GRDP. Based on dummy variable, it was found out that the highest average rate of development budget allocation effects toward the formation of secondary and tertiary GRDP happened during the leadership period of Governor Sutiyoso (1998 - 2001)"

"Following the blueprint of the ASEAN integration 2015, the integration of the financial marketsin this region will increase. This study investigates the existence of a volatility spillover from the Singaporeanstock market into Indonesia, including its transmission pattern. Singapore, as an advancedcountry in the ASEAN region, has played an important role as the information leader in the market ofthis region, so that it is very possible that the shocks in the Singapore?s stock market will be transmittedto another stock market in this region. Using TGARCH (1,1) model specification regarding thedata of the daily return of the Indonesia market index (IHSG) for the period of January 2008 ? August2012, it is observed that the shock that took place in the Singapore stock market is immediately transmittedto the Indonesia stock market with two important asymmetric patterns. The transmission ofthe shock from the Singapore stock exchange becomes stronger when this market (1) experiences anegative return, and (2) is in the bearish phase."

"This paper is motivated by the fact that emerging market assets size has been expanding and tryingto use sovereign debt market as part of capital market as main research focus. It is highlightingthe distinction between default and non-default determinants and examining their significance inexplaining emerging market sovereign bond yield spread. Using Cross-Sectional Fixed-Effect PanelEstimator, we found that both default (as proxied by Credit Rating and Outlook Index) and non-default(as proxied by 3-month Fed Funds Futures) determinants has significant explanatory power tosovereign bond yield spread. Extensively, we also found the significance to add volatility of 3-monthFed Funds Futures and Fed Target Rate basis and volatility of advanced stock markets as variablesto stand for non-default determinants in the model. The significance of the latter model is strengthenedby higher forecasting as well as indicates the significant role of US market to emerging marketsovereign bond market."

"This research studies the international co-movement among Asia Pacific emerging markets stock price indices during the late 2000s recession by using the monthly observations start from 1st October 2001 until 1st April 2011. The co-integration analysis and parsimonious Vector Error Correction Model employed in this research reveal a long-term relationship and interdependencies among seven Asia Pacific emerging market stock price indices. This research finds that the unique co-integation exists on the equations. Specifically, two indices from China and Taiwan having meteor shower potential while the rest indices from Thailand, Malaysia, and Indonesia are known to have heat waves effects or country specific factors on the equation. Finally, all the results are linked to the international diversification strategies."

"This research proposes a numerical approach in estimating the trend of behavior of this market. This approach is applied to a model that is inspired by catalytic chemical model, in terms of differential equations, on four composite indices, New York Stock Exchange, Hong Kong Hang Seng, Straits Times Index, and Jakarta Stock Exchange, as suggested by Caetano and Yoneyama (2011). The approach is used to minimize the difference of estimated indices based on the model with respect to the actual data set. The result shows that the estimation is able to capture the trend of behavior in stock market well."

"Shari’ah stock market is also affected by many highly interrelated economic, social, political andother factor, same as the conventional stock market, the interaction between macroeconomic variablesand Shari’ah stock market creating volatility in the stock price as a response towards severalshocks. The sensitivity of Shari’ah stock market towards shocks happened related with the futureexpectation of micro and macro factor in one country which can be predict or unpredictable.There are six macroeconomic variables that used in this research; inflation, exchange rate, interestrate, dow jones index, crude oil palm price, and FED rate. Using vector error correction model(VECM), the result shows that domestic macroeconomic variables that significantly affect IndonesiaShari’ah compliance for long term, while for international macroeconomic variables the selectedvariable such as FED rate and Dow Jones Index are not significantly affected Indonesia Shari’ahcompliance both in short term and long term."

"This research analyses the link between economic fundamentals and news with exchange rates. We find that such economic news in Asia Pacific in the period 2003-2006. The exchange rate is shown Io respond more strongly to news in last periods of large marker uncertainty."

"The purpose of this study is to examine the effectiveness of linkage program between Islamic Banking (IB) and Baitul Maal Wat Tamwil (BMT) on BMT financing growth and profitability. This study also aims to compare three linkage models and to explore the keys factors that affect the implementation of linkage program. To achieve these objectives, both quantitative and qualitative research methods are employed. The dataset consists of the financial statement of 26 BMT in Indonesia and interviews with 12 managers of BMT and IB in Jakarta. The findings suggest that a synergy between IB and BMT through linkage program has significant impact on BMT financing growth and BMT ROE. Among three linkage models, executing model appears to be the most preferable model, both by BMT and IB. The finding also suggests that internal and external factors at BMT level have impacts on the effectiveness of linkage program."