Yunita Anwar

Income tax incentives on renewable energy industry: Case of geothermal industry in USA and Indonesia

Renewable energy is derived from natural processes that are replenished constantly. In its various forms, it derives directly from the sun or from heat generated deep within the earth. Included in the definition is electricity and heat generated from solar, wind, ocean, hydropower, biomass, geothermal resources and biofuels, and hydrogen derived from renewable resources. USA is a market leader in terms of geothermal power, while Indonesia also has huge potential in geothermal industry. Tax incentives are also given in favor to develop this renewable energy industry. Due to the large capital investment required to install some of these systems, the tax incentives could prove to be the deciding factor when determining whether to pursue projects of this type. Indonesia as a developing country could learn and review incentives given by USA specifically in geothermal industry. Our study show that Indonesia might consider to give an indirect income tax incentives as tax credit for personal and corporate taxpayer who install a renewable energy system in their office or residence. This tax credit will indirectly boost sales of renewable energy industry and increase the attractiveness of Indonesia as a place of investment. This option can be considered as Indonesia has a huge potential for investment in renewable energy industry.

Analysis of calendar effects: Day-of-the-week effects in Indonesia, Singapore, and Malaysia stock markets

Efficient market hypothesis suggests indifferent re turn of stock regardless its trading day. In fact, investors could made different return on certain da y because of calendar effects. This different retur n is called an abnormal return which can affect investor in deciding their investment strategy, portfolio selection and profit management. The study research ed day-of-the-week effects in Indonesia, Singapore and Malaysia stock markets in order to fi nd out the existence of anomaly in the three countries. Previous research showed evidence of day -of-the-week effects in emerging markets. Our study employs EGARCH econometric models. The result shows that there was Friday positive abnormal return in Indonesia and Malaysia. In Singapore, the re was no Friday positive abnormal return. The stud y also concludes that, there was no Monday negative a bnormal return in the three countries.

Analysis of volatility spillover in Indonesia, USA and Japan capital market

Globalization and advanced information technology easing us for obtaining information from global stock markets. With that condition, volatility in domestic capital market could be affected by volatility from global stock markets. That concern will be answered in this research, about volatility spillover in Indonesia, USA, and Japan capital market. This research using daily return data from each country indices from January 2004 until December 2008 employing econometric model GARCH (1,1). The result showing us that there is one way volatility spillover between Indonesia and USA (USA effecting Indonesia). Meanwhile, there is bidirectional volatility spillover between Indonesia and Japan (Japan influnced Indonesia, and vice versa).

Introduction of new intellectual capital disclosure framework in Indonesia

Intellectual capital has gained increasing attention, and its importance has been acknowledged widely including in Indonesia. Despite the importance of intellectual capital, several researchers emphasise the limitation of such studies in non-developed countries. Furthermore, the majority of prior studies on intellectual capital disclosures employ content analysis despite its weaknesses. Therefore, this research constructed an Indonesian intellectual capital disclosure framework, a framework based on data of Indonesia that may overcome content analysis weaknesses. Furthermore, this research also offers a new joint theoretical framework, intellectual capital theoretical framework, which may be useful for future intellectual capital disclosure research. This research contributes to limited intellectual capital disclosure research in Indonesia and provides valuable insights into the practice in Indonesia. This research also contributes to the development and introduction of intellectual capital theoretical framework and Indonesian intellectual capital disclosure framework.

Are tax incentives beneficial to support corporate performance in digital TV industry

The importance of digital TV in most countries has been acknowledged by wide usage of digital TV throughout the world. In order to support the development of this industry, it is a common practice that government provide tax incentives. While major prior research in tax incentives focus on the impact of tax incentives on economic development, this research focuses on the impact on corporate performance. This research studies digital TV tax incentives in Canada, Indonesia, and the United States of America (USA). Using EGARCH econometric model on the largest digital TV corporations in these three countries, this research finds that tax incentives are beneficial to support corporate performance with some exception. Tax incentives are found to be less effective in smaller corporations.

The Implementation of Competitive Corporate Governance in the South East Asia Banking Industry

The awareness of the implementation of good corporate governance varies throughout the world. As for Asia, especially South East Asia, the trigger was the 1997 economic crisis. The crisis showed the importance of good corporate governance implementation. It is understandable that every country has different policies and regulations; therefore, will lead to different implementation of good corporate governance. In this chapter, we will focus on the implementation of good corporate governance in selected South-East Asia banking industry (Indonesia, Malaysia and Singapore selected listed-banking firms). We will analyse the implementation in three countries based on corporate governance rules and practices, enforcement, political and regulatory environment, IGAAP (accounting and auditing) and corporate governance culture. From five factors, we found that Singapore is the best country in the implementation of good corporate governance in its banking industry followed by Malaysia and Indonesia.