JAMPE (Journal of Asset Management and Public Economy)

Analysis of Determinants of Local Own-Source Revenue of Bali Province: A Panel Data Approach

Wahyu Tri Wibowo — 2026-01-27

This study examines the impact of economic growth, foreign direct
investment (FDI), local expenditure, and population on local own-source
revenue (PAD) in Bali Province from 2012 to 2023. Employing a
quantitative approach with panel data from nine districts/cities, the
study applies Common Effect Model (CEM), Fixed Effect Model (FEM),
and Random Effect Model (REM). The research contributes to the
existing literature in three novel ways: first, it is the pioneering study
examining PAD determinants in a tourism-dependent economy during
post-COVID-19 recovery period; second, it provides comprehensive
empirical evidence on the asymmetric effects of population growth on
regional revenue in tourism-centric regions; and third, it introduces an
integrated analytical framework combining macro-fiscal and
demographic variables for regional revenue analysis. Based on the
Chow, Hausman, and Lagrange Multiplier tests, CEM was selected as the
most appropriate model, with three variables significant at 1% level. The
analysis reveals that FDI and local expenditure exert significant positive
effects on PAD, whereby each unit increase in FDI raises PAD by 14.53%
and each Rp 1 increase in local expenditure increases PAD by 103.69%.
Conversely, population has a significant negative effect, with each
additional person decreasing PAD by 75.71%, while economic growth
exhibits no significant influence. The model explains 79.88% of the
variation in PAD, with the remaining 22.12% influenced by external
factors. To optimize development, several key strategies are
recommended, including economic diversification beyond tourism,
simplifying investment licensing procedures, optimizing productive
regional spending, and improving human resource quality through
market-oriented vocational education.

Preference Gaps Between Developers and Millennials in Landed Housing in Yogyakarta Urban Agglomeration

Fatima Putri Prativi — 2026-01-27

The increasing urbanization in Yogyakarta Urban Agglomeration has
driven rapid residential development, especially in landed housing. This
study analyzes the gap between property developers' preferences and
millennial consumers' expectations in housing provision. Utilizing
mixed methods, primary data were collected from 54 property
practitioners through structured questionnaires and in-depth
interviews. Quantitative analysis included Exploratory Factor Analysis
(EFA), Pearson Correlation, and K-Means Clustering to identify
dominant developer preferences. Qualitative phenomenological
analysis confirmed market trends and millennial preferences. The
findings reveal that developers prioritize factors such as land position,
house type, and land shape, while millennial consumers emphasize
affordability, accessibility, and neighborhood comfort. A comparative
analysis using Principal Component Analysis (PCA) and independent t
tests revealed significant preference misalignments, particularly in
access to main roads and environmental quality. The study highlights
the necessity for coordinated policy intervention and developer
adaptation to align housing supply with millennial demands, proposing
the integration of public facility proximity and price affordability into
future residential planning strategies. This research contributes by
highlighting the mismatch in housing value perceptions between
stakeholders and consumers. Practically, these insights provide
policymakers and developers with a framework for designing housing
policies and projects that better integrate affordability, accessibility, and
livability, ensuring that they meet the housing needs of millennials.

Macroeconomic and Institutional Determinants of ASEAN Middle Income Trap: Evidence from 2014–2023

Alfira Nabila — 2026-01-27

This study aimed to analyze the effect of Foreign Direct Investment (FDI), Human Development Index (HDI), Corruption Perception Index (CPI), and inflation on Gross National Income (GNI) per capita in 11 ASEAN countries during the period 2014–2023. In addition, this study evaluates the differences in GNI levels between countries that remain trapped in the Middle Income Trap (MIT) and those that have successfully escaped it. The method used was panel data regression with the Random Effect Model approach. The results showed that FDI and HDI have a significant positive effect on GNI per capita, whereas CPI has a significant negative effect. Inflation has no significant effect. The MIT dummy variable also has a significant negative effect, indicating that countries that remain in the MIT tend to have lower per capita income levels compared to countries that have successfully escaped. These findings reinforce the importance of the role of institutional quality and
human development in increasing national income. This study contributes to the development economics literature by highlighting the importance of macroeconomic and institutional variables in explaining income disparities in the ASEAN region.

Estimation of Rental Rates of Assets in Public Service Agencies Using Alternative Methods

Dhian Adhetiya Safitra — 2026-01-27

Asset optimization is an increasingly important issue for Indonesia’s Public Service Agencies (PSAs), which are required to determine fair and transparent rental values for state-owned assets (SOAs). This research develops an alternative rental-pricing framework for recreational sports assets, using a mini soccer field at the Polytechnic of State Finance STAN (PKN STAN) as a case study. Data were collected from a survey of 117 respondents to compare three valuation approaches: the Contingent Valuation Method (CVM), a cost-based approach, and a market-based benchmark. CVM estimation was conducted using two Ordinary Least Squares (OLS) models. The model analyzes respondents’ acceptance of an offered bid (1 = accept; 0 = reject) as a function of bid levels and demographic characteristics. The predicted acceptance probability was used to derive willingness to pay (WTP), serving as the basis for the CVM-derived rental value. The empirical results indicate that the CVM-based rental estimates are broadly aligned with values derived from the cost-based approach, while the market approach provides useful external validation for establishing a fair rental range. The findings also support the implementation of differentiated pricing strategies, such as higher rates during weekends and peak afternoon periods, to enhance both revenue optimization and facility utilization. The current research primarily contributes to the demonstration that CVM can be effectively adapted for pricing small-scale sport facility assets within PSA asset management. The research provides a methodological alternative that strengthens evidence-based decision-making and offers preliminary input for future improvements in regulatory guidelines governing state-owned asset rental valuation.

The Role of Fiscal Decentralization on Inequality: Evidence from Papua Province

Fitra Pasapawidya Purna — 2026-01-27

High income inequality is generally accompanied by unequal access to
education, job training, and business opportunities, limiting
employment opportunities for the poor. One approach that can be
applied to resolve this problem is by implementing a fiscal
decentralization policy. Papua is one of the regions categorized as 3T
(Underdeveloped, Frontier, and Outermost). This condition indicates
serious challenges in development in Papua, especially in the aspects of
basic infrastructure and fiscal independence. The main contribution of
the study is to analyze the role of fiscal decentralization on development
in Papua province. Fiscal decentralization plays an important role in
promoting regional development, particularly in disadvantaged areas.
The study used a panel data approach that combines time-series data
(2019-2023) and cross-sectional data (29 regencies and cities) in Papua
Province. The results of the study indicate that fiscal decentralization
through the General Allocation Fund (DAU) and Special Allocation Fund
(DAK) has no effect in reducing inequality rates in Papua Province. It is
due to geographical challenges and the unconditional transfer nature of
DAU and DAK. In this case, DAU is mostly used for regional routine
expenditures, while the DAK has a long-term effect on infrastructure
development, which is the major obstacle in reducing inequality in
Papua. This research implies that local governments need to improve the
effectiveness of DAU and DAK utilization by prioritizing productive
sectors.