How Shifts in Economic Policy Affect Infrastructure Firm Performance ?
DOI:
https://doi.org/10.33096/jmb.v10i2.590Keywords:
Company performance, Economic Policy, Infrastructure Sector, Vector AutoregressiveAbstract
This quantitative research was conducted on companies in the infrastructure sector in Indonesia, Singapore, the Philippines, and Vietnam to see a comparison of economic policies in influencing company performance, the progress of the infrastructure sector, and good implementation in each country. The company performance measurement variables used are ROE and ROA. This research was conducted in a prescriptive way by collecting secondary data from official stock exchange sites, namely the Indonesia Stock Exchange (IDX), Singapore Exchange Limited (SGX), Philippine Stock Exchange (PSE), and Hanoi Stock Exchange (HNX). To find out the relationship between variables, analysis, and data processing in this study we used the Vector Autoregressive (VAR) method. The results of this study are that the economic policies implemented by each country have different impacts according to the economic conditions in the country so they have different impacts on the implementation of monetary and fiscal policies. In Indonesia and the Philippines, the impact of interest rate monetary policy can significantly affect company performance (positive effect), while in Vietnam and Singapore, it is not proven to have a significant effect. In Indonesia and the Philippines, the impact of fiscal policy shows that the performance of companies in the infrastructure sector appears to be positively influenced by the State Budget and IR, but in Vietnam and Singapore, it does not appear to be positively affected.
Downloads
References
Ajayi, F. O., & Atanda, A. A. (2012). Monetary policy and bank performance in Nigeria: A two-step cointegration approach. African Journal of Scientific Research, 9(1), 462–476.
Benjamin, B. (1975). Statistical Analysis for Administrative Decisions. JSTOR.
Bhatti, G. A., Ziaei, S. M., & Rehman, A. (2015). MONETARY AND FISCAL POLICIES VARIABLES INTERACTION WITH STOCK RETURNS IN MALAYSIA. Science International, 27(1). https://www.academia.edu/download/83652293/Monetary_and_Fiscal_policies_variables_i20220409-11207-ajar2d.pdf
Brigham, E. F., & Houston, J. F. (2010). Dasar-Dasar Manajemen Keuangan (Edisi 11). Jakarta: Salemba Empat.
Cheng, X. (2018). The Impact of Monetary Policy Changes on the Performance of Real Estate Firms-Based on the Research of Real Estate Enterprises Listed on Shanghai and Shenzhen A-share Market. 2018 2nd International Conference on Education Science and Economic Management (ICESEM 2018), 453–457. https://www.cell.com/joule/pdf/S2542-4351(18)30047-3.pdf
Hardani, P. R., Hoyyi, A., & Sudarno, S. (2017). Peramalan Laju Inflasi, Suku Bunga Indonesia dan Indeks Harga Saham Gabungan menggunakan Metode Vector Autoregressive (VAR). Jurnal Gaussian, 6(1), 101–110. https://ejournal3.undip.ac.id/index.php/gaussian/article/view/14773
Idowu, O., Bamidele, I., & Elumah, L. (2020). Monetary and Fiscal Policies Interactions on Stock Returns in Nigeria. Binus Business Review, 11(1), 17–24. https://journal.binus.ac.id/index.php/BBR/article/view/6082
Karl, F. (2001). Pembayaran Bunga Tahunan Dari Suatu Pinjaman, Dalam Bentuk Persentase Dari Pinjaman Yang Diperoleh. YKPN. Yogyakarta.
Kithandi, C. K. (2022). Monetary Policy and Financial Performance of Commercial Banks in Kenya. The International Journal of Business & Management, 10(6). https://indianjournalofmanagement.com/index.php/theijbm/article/view/170509
Monika, N. G. A. P. D., & Sudjarni, L. K. (2017). Pengaruh likuiditas, profitabilitas dan leverage terhadap kebijakan dividen pada perusahaan manufaktur di Bursa Efek Indonesia. Udayana University. https://www.neliti.com/publications/255173/pengaruh-likuiditas-profitabilitas-dan-leverage-terhadap-kebijakan-dividen-pada
Nguyen, T. T., Phan, T. D., & Tran, N. A. (2022). Impact of fiscal and monetary policy on inflation in Vietnam. Investment Management and Financial Innovations, 19(1), 201–209. https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/16207/IMFI_2022_01_Nguyen.pdf
Rahman, M. H. (2005). Relative effectiveness of monetary and fiscal policies on output growth in Bangladesh: A VAR approach. Policy Analysis Unit Bangladesh Working Paper WP0601.
Rakić, B., & Rađenović, T. (2013). The effectiveness of monetary and fiscal policy in Serbia. Industrija, 41(2). https://aseestant.ceon.rs/index.php/industrija/article/view/4011
Rolos, R. F., Sondakh, J. J., & Lambey, R. (2016). Analisis Penerapan Standar Akuntansi Keuangan Entitas Tanpa Akuntabilitas Publik (SAK ETAP) Dalam Penyajian Laporan Keuangan Pada Koperasi Pegawai Republik Indonesia (KPRI) Gelora Pendidikan Kota Tomohon. Going Concern: Jurnal Riset Akuntansi, 11(2). https://ejournal.unsrat.ac.id/index.php/gc/article/view/13061
Senbet, D. (2011). The relative impact of fiscal versus monetary actions on output: A vector autoregressive (VAR) approach. Business and Economics Journal.
Simorangkir, I. (2006). The openness and its impact to Indonesian economy: A SVAR Approach. Center for Central Banking Education and Studies, Bank Indonesia, Indonesia. https://www.academia.edu/download/33279493/iskandar.pdf
Tendengu, S., Kapingura, F. M., & Tsegaye, A. (2022). Fiscal Policy and Economic Growth in South Africa. Economies, 10(9), 204. https://www.mdpi.com/2227-7099/10/9/204
Wang, Y., Wang, X., Zhang, Z., Cui, Z., & Zhang, Y. (2023). Role of fiscal and monetary policies for economic recovery in China. Economic Analysis and Policy, 77, 51–63.
Wijaya, M. R. (2017). Analisis Faktor-Faktor yang Mempengaruhi Kinerja Perusahaan serta Dampaknya terhadap Nilai Perusahaan. Media Riset Akuntansi, 4(2), Hal-67. https://journal.bakrie.ac.id/index.php/journal_MRA/article/view/1742
Yunanto, M., & Medyawati, H. (2015). Fiscal Policy and Monetary Policy: Sensitivity Analysis. International Journal of Trade, Economics and Finance, 6(2), 79.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Jurnal Manajemen Bisnis
This work is licensed under a Creative Commons Attribution 4.0 International License.
