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Equity Risk Premium Puzzle: Evidence From Indonesia And Sri Lanka
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| Pengarang | : | Morawakage, Prabath S.,Kuruppuarachchi, Duminda ,Nimal, Pulukkuttige D. |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Edisi | : | 55 (No. 2) |
| Halaman | : | 243-252 |
| Abstrak | : | This paper investigates the equity risk premium puzzle in the Indonesian and Sri Lankan stock markets in order to identify the relationship between the volatility of excess returns and equity risk premium. The asymmetric impact of negative shocks on the equity risk premium is also examined using threshold and exponential GARCH-M Model. We analyse data on the excess returns of the Indonesian and Sri Lankan stock markets from 2004 to 2013, and we find that the impact of the conditional volatility of excess returns on the equity risk premium is not sgnificant in either country. Instead, we find an impact from negative return shocks on the equity risk premium only in Sri Lanka. Therefore, we conclude that investors are not compensated for the conditional volatility of the excess returns in these two markets, while Sri Lankan investors are compensated for the risk of negative shocks. |
Networks, Knowledge, and Niches: Competition in the Worldwide Semiconductor Industry, 1984-1991
| Pengarang | : | Joel M. Podolny |
| Nama Majalah/Jurnal | : | AJS American Journal of Sociology |
| Volume / Edisi | : | 102-3, NOVEMBER (No. 3) |
| Halaman | : | 659-689 |
| Abstrak | : | The authors develop a conceptions of an organization-specific niche in a technological network. This niche is defined by two properties: crowding and status. The authors hypothesize that crowding suppresses and organization's life chances and that status enhances life chances, especially for those organizations in uncrowded niches. They operationalize this conception of the niche using patents and patent citations, and they find support for these hypotheses in an examination of technological competition in the worldwide semiconductor industry. In the conclusion, they compare these findings to earlier research and highlight some of the particular advantages of this conception of the niche. |
An Overview of the Proximate Determinants of Economic Growth in Indonesia Since 1960
| Pengarang | : | Mardiyah, Aida Ainul,Indriantoro, Nur |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Edisi | : | 55 (No. 2) |
| Halaman | : | 217-241 |
| Abstrak | : | In this paper, we address two questions. First, what determined the growth of GDP per worker in Indonesia from 1960 to 2014? We examine Indonesia’s economic performance, using a growth accounting framework. We show that economic growth during the Soeharto era after 1975 was mainly determined by an increase in capital accumulation. Negative growth in total factor productivity (TFP) during the Asian financial crisis was more noticeable in Indonesia than in comparable ASEAN countries. In Indonesia, the contribution of TFP growth turned persistently positive after 1999. Second, what are the key determinants of the GDP per worker differences between Indonesia and the United States? Using data from the recently updated Penn World Table database and employing a levels accounting method, we find that the gap in physical capital deepening between the two countries is of declining importance in explaining the gap in labour productivity between Indonesia and the United States. We then compare our findings with data from the World Bank’s Changing Wealth of Nations 2018. |
Runaway Train? The Diffusion of State?Level Reform in ADC/AFDC Eligibility Requirements, 1950–1967
| Pengarang | : | - |
| Nama Majalah/Jurnal | : | AJS American Journal of Sociology |
| Volume / Edisi | : | 103-3, NOVEMBER (No. 3) |
| Halaman | : | 733-762 |
| Abstrak | : | Displeased with the increasing expenditures on ADC/AFDC and the changing demographic composition of the recipient population, state managers between 1950 and 1967 attempted to restrict the program. One way this was accomplished was through enacting work requirements as a condition of eligibility. Temporal variation in the enactment may be explained through a synthesis of two theoretical traditions on policy development: the intrastate and interstate approaches. The authors use diffusion models to examine how both sets of processes affected the rate of enactment of work requirements. States reformed AFDC programs in response to their own internal problem pressures. But this did not happen in a vacuum; work requirements diffused among states that were culturally and/ or institutionally linked. |
Lessons Learned from Public-Private Partnershipd in Indonesia's Water Sector
| Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Edisi | : | 55 (No. 2) |
| Halaman | : | 197-216 |
| Abstrak | : | This paper surveys officials involved in public-private partnership (PPPs) in the water sector in order to examine the differing motives of Indonesian actors in adopting PPPs. It also analyses the challenges of vertical coordination across different levels of government in PPPs program. We find that four motives for adopting PPPs are perceived differently by cemtral government respondents and subnational government respondents. However, no significant difference are found between the two groups' perceptions of the importance of vertical coordination problems. These results highlight the need for local capacity-building programs and improved coordination mechanism to enchance ppp adoption and implementation in the water sector. |
Whose Expectations Matter? The Relative Power of First? and Second?Order Expectations in Determining Social Influence
| Pengarang | : | Lisa Troyer |
| Nama Majalah/Jurnal | : | AJS American Journal of Sociology |
| Volume / Edisi | : | 103-3, NOVEMBER (No. 3) |
| Halaman | : | 692-732 |
| Abstrak | : | Two types of expectations are proposed to guide social interaction: those one holds for herself (first?order expectations) and those one believes others hold for her (second?order expectations). Also, interaction is assumed to be guided by three motives: contributing to group performance, preserving status, and facilitating interaction. These points are developed by formally incorporating ideas regarding reflected self?appraisals, dramaturgical accounts of the interaction order, and expectancy?value theory into status characteristics theory. When first? and second?order expectations conflict and an actor's motives are equally weighted, it is suggested that second?order expectations guide interaction. An initial experiment provides empirical support and insight for discussion. |
Political Culture Wars 1960s Style: Equal Employment Opportunity–Affirmative Action Law and the Philadelphia Plan
| Pengarang | : | - |
| Nama Majalah/Jurnal | : | AJS American Journal of Sociology |
| Volume / Edisi | : | 103-3, NOVEMBER (No. 3) |
| Halaman | : | 633-691 |
| Abstrak | : | This article empirically examines contextually conditioned construction of symbolic resources during political debate over the 1969 revised Philadelphia Plan–a crucial moment in the shaping of federal equal employment law. Tying together political sociology's concept of policy feedback with legal and cultural sociology's concept of culture as a resource, the article explains how actors who were hampered by the explicit language used to embed equal opportunity values into law turned apparent constraint into an opportunity to transform law. The article simultaneously illuminates an underdeveloped aspect of equal employment law's unfolding and builds more general theory to help explain how law's language, general cultural values expressed in law, and alternative methods used to interpret law mediate the effects of past law on future law. Defining concepts of value centrality and explicitness of legal language, the article uses its case study to suggest hypotheses about how variation in centrality of cultural values and explicitness of language used to incorporate these values into law affect variation in mobilization of different types of cultural strategies by actors struggling over law interpretation and enforcement. |
Sex Segregation and Glass Ceilings: A Comparative Statics Model of Women's Career Opportunities in the Federal Government over a Quarter Century
| Pengarang | : | Sukardjono |
| Nama Majalah/Jurnal | : | AJS American Journal of Sociology |
| Volume / Edisi | : | 103-3, NOVEMBER (No. 3) |
| Halaman | : | 566-632 |
| Abstrak | : | A comparative statics model is utilized to examine mechanisms of gender inequality: gender distribution (skew), gender segregation (composition), occupational captivity, hierarchical ceilings, glass ceilings, and internal labor market (ILM) structure/network linkages. The analysis examines new linkages between sex segregation and glass ceilings; two elements of sex segregation–composition and captivity; and two elements of glass ceilings–pathways inside and outside one's original ILM. Gender?specific career trajectories were constructed to analyze women's career opportunities in 22 occupational ILMs in the U.S. federal government for two periods between 1962 and 1989, demonstrating how to extract career implications from much shorter periods of time. There is a very large differential effect by gender when staying within one's occupational ILM; however, when pathways that include changing ILMs are considered, women's opportunities to enter the top tier become almost equivalent to those for men in the second period. |
Celebration and Suppression: The Strategic Uses of Identity by the Lesbian and Gay Movement
| Pengarang | : | Jusuf Wanandi |
| Nama Majalah/Jurnal | : | AJS American Journal of Sociology |
| Volume / Edisi | : | 103-3, NOVEMBER (No. 3) |
| Halaman | : | 531-565 |
| Abstrak | : | Critics of identity politics decry the celebration of difference within identity movements, yet many activists underscore their similarities to, rather than differences from, the majority. This article develops the idea of "identity deployment" as a form of strategic collective action. Thus one can ask under what political conditions are identities that celebrate or suppress differences deployed strategically. A comparison of strategies used in four lesbian and gay rights campaigns shows that interactions between social movement organizations, state actors, and the opposition determine the types of identities deployed. The author suggests the model's application to the Civil Rights and feminist movements. [The organizers of the 1993 lesbian and gay march on Washington] face a dilemma: how to put forward a set of unsettling demands for unconventional people in ways that will not make enemies of potential allies. They do so by playing down their differences before the media and the country while celebrating it in private. |
Female Labour Force Participation in Indonesia: Why Has it Stalled?
| Pengarang | : | Kiryanto,Sutapa,Rusdi, Dedi |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Edisi | : | 55 (No. 2) |
| Halaman | : | 161-196 |
| Abstrak | : | This paper examines and disentangles the factors that have led to the largely unchanged participation (about 51%) of women in Indonesia’s labour force in the past two decades. We use data from the National Socio-economic Survey (Susenas) and Village Potential Statistics (Podes) from 1996 to 2013 in order to conduct a cohort analysis that distinguishes the effects of time and age on female labour force participation. We find that the raw labour market participation figures, which show little change over time, mask changes that offset one another in the current population. Evidence suggests that social norms are changing to support female participation, but this is offset by the changing industrial structure. Our projections show that the government’s current policies are unlikely to allow Indonesia to reach its G20 goal of decreasing the gender gap in labour force participation by 25% between 2014 and 2025. |