Adwin Surja Atmadja

Bio: Adwin Surja Atmadja is an academic researcher from Petra Christian University. The author has contributed to research in topics: Microfinance & Capital market. The author has an hindex of 8, co-authored 16 publications receiving 160 citations.

Examining the impact of microfinance on microenterprise performance (implications for women-owned microenterprises in Indonesia)

Abstract: The purpose of this paper is to examine the impacts of microfinance on women-owned microenterprises’ (WMEs) performance in Indonesia. It especially observes how financial, human and social capital influences performance of enterprises.,Data were collected from a survey conducted in Surabaya, Indonesia’s second largest city, covering more than 100 WMEs. The ordered probit technique is applied to estimate the performance vis-a-vis financial, social and human capital relationships.,This study finds a negative relationship between performance and financial capital, and positive relationships between performance-human capital and performance-social capital. However, with respect to human capital, the level of education has a marginally significant relationship with performance.,Microcredit for the purposes of enhancing business performance might not necessarily be a good idea, if it is unable to generate higher returns. As a business develops, the volume of microcredit should be reduced, and replaced by owners’ own savings and retained profits. Regarding the non-financial factors, it might be useful for policy makers to contemplate providing incentives for spouse involvement in microenterprises run by women, and to consider them in designing credit policies. Group meetings activities should be extended to facilitate members to engage in business-related conversations and to develop social relationships. The ability of loan officers and group leaders to facilitate such conversations appears important.,To the best of the authors’ knowledge, this study provides the first in-depth understanding of the role of microfinance programmes in the case of performance of WMEs in Indonesia, one of the world’s most populous economies.

Inflasi di indonesia : sumber-sumber penyebab dan pengendaliannya

Abstract: The monetary crisis that happens among the ASEAN countries including Indonesia has cause the broken of the national economical aspects. The monetary crisis causes the imported inflation, which is the result of the sharp depreciation of rupiah exchange rate toward the foreign exchange rate. This condition can cause the heavy inflation pressure for Indonesia. The inflation phenomenon in Indonesia actually is not the short-term phenomena. That is only happens incidentally. In fact, the same general problem also happens in others developing countries. The inflation problem in Indonesia is the kind of long-term inflation that caused by the structural of economic obstacles that still occur in Indonesia. As the result, the reconstruction of inflation problem in Indonesia is not enough to be accomplished only with monetary instruments, which usually tend to be in short-term. Therefore, the reconstruction in the real sector with the main target to eliminate the nation structural economic obstacles also needed in order to improve the national economy of Indonesia. Abstract in Bahasa Indonesia : Krisis moneter yang melanda negara-negara ASEAN, termasuk Indonesia, telah menyebabkan rusaknya sendi-sendi perekonomian nasional. Krisis moneter menyebabkan terjadinya imported inflation sebagai akibat dari terdepresiasinya secara tajam nilai tukar rupiah terhadap mata uang asing, yang selanjutnya mengakibatkan tekanan inflasi yang berat bagi Indonesia. Fenomena inflasi di Indonesia sebenarnya semata-mata bukan merupakan suatu fenomena jangka pendek saja dan yang terjadi secara situasional, tetapi seperti halnya yang umum terjadi pada negara-negara yang sedang berkembang lainnya, masalah inflasi di Indonesia lebih pada masalah inflasi jangka panjang karena masih terdapatnya hambatan-hambatan struktural dalam perekonomian negara. Dengan demikian, maka pembenahan masalah inflasi di Indonesia tidak cukup dilakukan dengan menggunakan instrumen-instrumen moneter saja, yang umumnya bersifat jangka pendek, tetapi juga dengan melakukan pembenahan di sektor riil, yaitu dengan target utama mengeliminasi hambatan-hambatan struktural yang ada dalam perekonomian nasional. Kata kunci : inflasi, structural bottleneck.

Self-Employed or Employing Others? Pre-Entry Capabilities, Entrepreneurial Action, and the Learned Resourcefulness of Microcredit Firm Founders

Abstract: We survey 612 entrepreneurs who are members of microcredit programs across three developing countries to examine the determinants of firm employment We find that for opportunity-motivated entrepreneurs, a greater number of employees are predicted by pre-entry means (managerial skill, pre-planning, and business expertise) with these relationships mediated by differentiation-related innovation We find that necessity-motivated entrepreneurs do not seek innovation as a means to growth Rather their efforts to increase firm employment are enhanced by a set of learned repertoires which we identify as resourcefulness Specifically, we find behavioral resourcefulness and social resourcefulness increased the likelihood of higher firm employment for necessity-motivated entrepreneurs while financial resourcefulness was not significant

Microfinance and microenterprise performance in Indonesia: an extended and updated survey

Abstract: The purpose of this paper is to address the small, women micro-entrepreneur dominated and heterogeneity limitations of the Atmadja et al. (2016) study. The sample is much larger, includes more men and is more heterogeneous, which allows deeper insights and more meaningful explanation of the relationship between microfinance and microenterprise performance in the case of Indonesia, including the effects of gender, lending scheme and money separation.,This study used a survey of 556 respondents across five microcredit providers in the city of Surabaya using an updated instrument. Ordered probit is used to analyse data.,Microfinance may not matter for microenterprise performance in the case of Indonesia. Additionally, microcredit schemes (individual vs group) and gender may also not matter for performance, but money separation might have some influence.,Non-financial factors such as human capital, spousal involvement, and money separation should be considered as important factors for improving microenterprise business performance in Indonesia, with less focus on microcredit per se.,This study provides further evidence that microfinance may not matter for microenterprise performance in the case of Indonesia, a populous middle income country with a very long history of microfinance.

Pengaruh pengumuman dividen terhadap perubahan harga saham sebelum dan sesudah ex-dividend date di bursa efek jakarta (bej)

Abstract: This research is aimed to examine the influence of ex-dividend date on stock price movements in the Jakarta Stock Exchange. A 30-days of observation%2C divided into a 15-days period before and a 15-days period after the ex-dividend date%2C is analized by using an event study method applying the Paired Sample T-test.The result shows that the average price of stocks before the ex-dividend date are significantly different with those after the ex-dividend date. It indicates that there is a significant movement in the stocks’ prices between the both periods of observation due to dividend announcement. Far more than that%2C the research also reveals that the amount of the stocks’ price alteration is statistically the same as the amount of their dividend per share. Abstract in Bahasa Indonesia : Penelitian ini bertujuan untuk menganalisis pengaruh ex-dividen date terhadap perubahan harga saham di Bursa Efek Jakarta. Periode penelitian selama 30 hari%2C yaitu 15 hari sebelum dan 15 hari sesudah ex-dividend date yang dianalisa dengan menggunakan metode event study melalui aplikasi uji beda dua rata-rata berpasangan. Hasil penelitian menunjukkan bahwa nilai rata-rata harga saham sebelum ex-dividend date dan nilai rata-rata harga saham sesudah ex-dividend date secara statistik berbeda signifikan. Hal ini mengindikasikan%2C bahwa terjadi pergerakan harga saham yang signifikan selama antara dua periode observasi tersebut akibat pengumuman pembagian dividen. Lebih lanjut%2C besarnya perubahan harga saham tersebut secara statistik tidak berbeda dengan nilai dividen per lembar saham yang dibagikan. dividend%2C ex-dividend date%2C stock price.

起業と経済成長 : global entrepreneurship monitor調査報告

Abstract: 第１章 ＧＥＭ調査の概要（分析の枠組み；調査方法；起業活動の定義；起業活動率；起業活動と経済成長；起業の計画と失敗） 第２章 起業家と事業特性（起業家の背景；起業家の能力；事業特性；起業家教育） 第３章 起業の環境（社会的資源；起業家に対する評価；経済危機の影響；起業活動の投資環境） 第４章 専門家調査（資金調達；政府の方針；支援プログラム；教育システム；技術移転；コマーシャル・サービス；起業文化；事業機会；経営能力；起業家に対する評価；女性への支援；急成長への注目；イノベーションへの関心；調査結果） 第５章 政策への提

Micro-credit initiatives for equitable and sustainable development : who pays?; a case study of the Grameen Bank Program in rural Bangladesh

Abstract: Abstract There is a growing acknowledgement that micro-credit programs have potential for equitable and sustainable development. However, my anthropological research on the micro-credit program of the Grameen Bank shows that bank workers are expected to increase disbursement of loans among their members and press for high recovery rates to earn profit necessary for economic viability of the institution. To ensure timely repayment in the loan centers bank workers and borrowing peers inflict an intense pressure on women clients. In the study community many borrowers maintain their regular payment schedules through a process of loan recycling that considerably increases the debt-liability on the individual households, increases tension and frustration among household members, produces new forms of dominance over women and increases violence in society.

The Leadership Factor

Abstract: Because they are victims of short-term economic pressures and "parochial politics", most American companies critically lack the one factor proven effective in winning competitive advantage: leadership. Thus argues John P. Kotter in this, his third large-scale work on leadership, which continues and complements the work begun in his influential "The General Managers" and "Power and Influence". With compelling evidence, Kotter demonstrates why most American firms do not have the leadership capacity they currently need and explains what they must do to correct this damaging problem. Using comprehensive data from 900 senior executives in 100 American corporations, as well as in-depth interviews with 150 top managers in fifteen successful companies, including General Electric, Citicorp, IBM, Hewlett-Packard, and Coca-Cola, Kotter singles out the practices that develop superior leadership. He identifies both the specific personal attributes and general leadership qualities needed in today's corporations. And, with the spotlight on such individuals as Lee Iacocca at Chrysler and teams like the top management at Johnson & Johnson, he vividly illustrates the four factors that create outstanding leadership in both private and public sector senior and middle level managers. Professor Kotter underscores his argument with glaring examples of managerial failures in firms like ITT, providing eye-opening evidence of damage-- inability to control sagging productivity and poor records in customer service, quality control, and the development of new products-- caused primarily not be poor R&D or labor problems, but by a weak leadership capacity. Filled with dozens of case histories, "The Leadership Factor" reveals an all-too-common picture of companies which, unable to recognize or develop leadership talent and utilize it, create a pervasive gap in corporate planning and personal management. Progress has been made in improving quality management, but is has been limited. Kotter is hard-hitting in his assessment that even American companies which achieve a superior level of success in the leadership area-- IBM, DuPont, Dow Jones, Hewlett-Packard, and Anheuser-Busch, for example, must do even better to match efforts of foreign competitors. In showing how leaders are made, not born, he provides a realistic program structured to help attract, retain, and motivate dynamic, capable leaders in executive and middle management positions. Following Kotter's advice, companies can build strong managerial teams necessary not only for growth-- but also for survival itself.

Capital Is Not Enough: Innovation in Developing Economies

Abstract: Economic development and social entrepreneurship often conceive of poverty as a resource allocation problem in which a lack of capital prevents the poor from increasing their income through entrepreneurship. This allocative view, however, represents only one possible approach to conceptualizing entrepreneurial opportunity. The alternative discovery- and creativity-based views place a greater emphasis on innovation which implies that superior ideas are also needed if poverty is to be reduced through firm performance. Drawing from a survey of 201 small business owners involved in a microcredit programme in Nairobi, Kenya, we find that the financial, social, human capital–performance relationships are mediated in part by innovation. Further, we find that differentiation-related innovations lead to better firm performance than novelty-related innovations.

Long and short term dynamic causal transmission amongst international stock markets

Abstract: This paper investigates the dynamic causal linkages amongst nine major international stock price indexes. In order to gauge the causal transmission patterns we employ very recent methods of: (i) vector error-correction modeling and (ii) level VAR modeling with possibly integrated and cointegrated processes, advocated by: (i) Toda and Phillips (Econometrica, 61 (1993) 1367) and (ii) Toda and Yamamoto (J. Econometrics, 66 (1995) 225), respectively. The paper illustrates how such methods may be appropriately augmented in a compatible fashion to unearth previously unfounded linkage properties inherent amongst a system of stock price indexes. In particular, we demonstrate that previous research, by using ordinary difference VARs, ignored an important component of linkages displayed purely over the long run. This untapped evidence essentially provides robust and very useful information to international financial analysts and investors. At a substantive level, results of this study tend to support the contention offered by several studies in the literature of significant interdependencies between the established OECD and the Asian markets, and also the leadership of the US and UK markets over the short and long run. The levels VAR, however, illustrate the Japanese market's influence as an additional long run leader. Findings seem to be plausible given that these three markets (US, UK and Japan) have consistently contributed over 75% of global stock market capitalization over the major part of the sample under consideration. At a methodological level, this analysis also provides a primer for the wealth of applied financial econometric research focusing on dynamic causal inference which involve systems containing possibly integrated and cointegrated processes.