Analysis of Market Structure, Conduct, and Performance of the Lemuru Fish in Muncar District, Banyuwangi Regency, East Java

In general, the marketing of fishery products is potentially inefficient. This study aims to analyze the structure, conduct, and performance of the Lemuru fish market in Muncar District, Banyuwangi Regency. The method used to analyze the data obtained at the research site is descriptive qualitative quantitative. The results showed that the structure of the Lemuru fish market formed a tight oligopoly market and concentrated on fish collectors. The CR4 value is 90% for collectors, 30% for retailers, and 18% for fishers. The shape of the market structure affects market conduct where traders are in the price-makers position while fishers are price-takers. The form of vertical business integration in the Lemuru fish market is a cooperation between collectors and retailers to increase profits and dominate the market. The causal relationship between market structure and market conduct forms an efficient market performance with share values in both marketing channels exceeding the standard efficiency values set at 47.37% in channel I and 52.94% in channel II. The results of this study indicate the importance of the role of local governments in carrying out fish auctions according to their functions, providing counseling on fishery capital loan programs, and processing added value to fishers. In addition, this research is also helpful for fishers related to loans for fishing businesses, prices, market needs, and added value of Lemuru fish.

Struktur, Perilaku, dan Kinerja Pasar Benih Jagung (Zea Mays L.) di Amerika Serikat, India, dan Indonesia

The growth of corn demand in the world has an impact on the lack of fulfillment in the world, so it needs some effort to increase the production through corn seed optimation. The three of corn production center in the world are United States of America, India, and Indonesia. The aim of this study are to analyze and compare the structure, conduct, and performance of corn seed market in United States of America, India, and Indonesia and also to analyze the suitable policy recommendation to improve Indonesian corn seed marketing efficiency. This research used literature review method to analyze the data. The results shows that the market structure of corn seed market in United States of America, India, and Indonesia is oligopoly. The market conduct of corn seed market in United States of America, India, and Indonesia are same, which is a merger and particular agreements practice among the seed companies. The most efficient market is India, with the value of producer price share 76.08%.

Twin Peaks 2.0: Avoiding Influence Over an Australian Financial Regulator Assessment Authority

Globally, financial system regulators are susceptible to deliberate and inadvertent influence by the industry that they oversee and, hence, are also susceptible to acting to benefit the industry rather than the public interest – a phenomenon known as ‘regulatory capture’. Australia, arguably, has an optimal model of financial system regulation (a ‘Twin Peaks’ model) comprising separate regulators for prudential soundness on the one hand, and market conduct and consumer protection on the other. However, the current design of the Twin Peaks model has not been sufficient to prevent and address prolonged and systemic misconduct that culminated in a public Royal Commission of Inquiry into misconduct in the industry. Subsequent to the Royal Commission and other inquiries, the Department of Treasury has proposed legislation to establish an Assessment Authority to assess the effectiveness of the Twin Peaks regulators. The proposal includes enquiries by an Assessment Authority into the regulators’ independence, so as to identify instances of, and thereby mitigate, their capture. As with all financial system regulators, the Assessment Authority itself may be susceptible to regulatory capture, either by the Twin Peaks regulators, or by the financial industry. Thus, this paper poses the question: how can the new Assessment Authority be optimally constituted by legislation, and operated, to effectively oversee the effectiveness of the regulators, but itself remain insulated from the influence of the regulators and industry? We analyse the primary sources of influence over financial system regulators that the Assessment Authority will likely face and recommend ways in which a robust design of the Assessment Authority can mitigate those sources of influence. In doing so, we adopt an inter-disciplinary approach, drawing upon not only regulatory theory but also for the first time in relation to this question, organisational psychology. Our findings address gaps in the proposed legislation currently before Federal Parliament and propose methods by which those gaps may be filled, in order to ensure that this important reform to Australia’s financial regulatory regime has the greatest chance of success.

AN ANALYSIS OF ASPECTS OF THE PROPOSED REFORM OF THE FINANCIAL CONSUMER COMPLAINT RESOLUTION MECHANISMS IN THE SOUTH AFRICAN BANKING SECTOR

One objective of the revised South African market conduct regulatory framework for the financial sector is to introduce an effective dispute resolution framework. The Financial Sector Regulation Act, and the Act to follow the Draft Conduct of Financial Institutions Bill, potentially address some of the deficiencies associated with the old dispute resolution framework. This article makes a distinction between the old and new regulatory provisions concerning internal dispute resolution and external dispute resolution structures in the banking sector. This research highlights the changes involved in the new regulatory framework and identifies which aspects of the amended regulatory framework aim to address a particular issue associated with the old dispute resolution framework. It is not argued whether this legislation will achieve the fair treatment and protection of financial customers in the banking sector, as only time will tell. However, it is acknowledged that the new structure will improve consistency and efficacy in this dispute resolution structure.

Fenomena Pengawasan Market Conduct di Indonesia oleh Otoritas Jasa Keuangan

Badan pengatur standar global telah sepakat tentang perlunya kerangka pengawasan perilaku pasar yang kuat, namun pendalaman terhadap fenomena sebenarnya dari pengawasan market conduct yang telah dilaksanakan oleh Otoritas Jasa Keuangan Indonesia masih sangat kurang. Artikel-artikel penelitian pengawasan market conduct di Indonesia pada umumnya juga jarang menyentuh aspek ekonomi dari fenomena tersebut dengan penekanan analisis yang dominan terhadap dinamika hukum dari fenomena tersebut. Artikel ini menggunakan metode penelitian kualitatif, mmelalui pelaksanaan focus group discussion, literature review dan pemanfaatan Social Fabric Matrix untuk memvisualisasikan bentangan pengawasan market conduct di Indonesia. Tujuan dari artikel ini adalah untuk mengembangkan pengetahuan penelitian di bidang pengawasan market conduct yang dianggap fundamental secara global untuk perlindungan konsumen keuangan, terutama pasca Krisis Keuangan Global 2008. Penelitian ini menggunakan metode metode kualitatif dengan paradigma induktif dan eksploratori. Teknis analisis data tahap studi eksploratori dimulai dengan studi literatur yang dilanjutkan dengan analisis data dalam sesi focus group. Analisis data dilakukan dengan menelaah data hasil wawancara focus group, observasi pelaksanaan sesi focus group, dan dokumentasi sesi tersebut secara deskriptif kualitatif. Hasil dalam penelitian ini terbentuknya struktur regulasi, kerangka organisasi, proses bisnis dan batasan regulasi serta tindakan pengawasan market conduct pada OJK bersumber dari prinsip dan kerangka kerja yang telah ditetapkan dalam Undang-Undang No.21 tahun 2011 tentang Otoritas Jasa Keuangan.

Analisis Struktur, Perilaku dan Kinerja Pasar pada Sentra Industri Rengginang Lorjuk di Kabupaten Sumenep

One of the fast-growing food industries in Sumenep Regency is the "Rengginang Lorjuk" snack industry as a well-known specialty food to various regions and a brand image of Sumenep Regency snacks. Rengginang lorjuk industrial center is located in Prenduan Village, Pragaan District. This study aims to analyze the structure, conduct and market performance in the Rengginang Lorjuk industrial center in Sumenep Regency. A simple random sampling method was used for sampling 20 rengginang lorjuk producers. The analysis shows the market structure of rengginang lorjuk industry leads to the form of a medium oligopoly market with a CR4 value of 43.15%. Market conduct is characterized by the implementation of pricing, product, promotion and distribution strategies and there are 4 marketing channel patterns. Market performance is shown by the average value of PCM of all rengginang lorjuk producers by 15%. The highest PCM value of the rengginang lorjuk stamp industry is Dua Putri 47.27% and the lowest 4.55% is owned by Dua Jempol.

El Espejismo de la Eficiencia Económica

There is an international growing consensus about the need of promoting economic efficiency as the yardstick of modern economic policymaking, especially in the promotion of market transition in de-veloping countries. This essay objects the supporting premises of such assumption. It exposes why economic efficiency represents a normative criterion for the assignment of social resources which undermines markets’ creative functioning. Given the utopian founding premises within which such social welfare cost-benefit analysis is built, its enforcement cannot be meaningfully applied to judge entrepreneurs’ market conduct. Economic efficiency leaves aside all connection with the creative evolutionary dynamics of markets. Because of this, it diverts the attention of regulatory authorities into policy problems which are irrelevant, even counterproductive, for the promotion of free markets. By applying market process ideas expounded by F.A. Hayek, I. Kirzner and G.B.Richardson, this essay shows that invest-ment promotion, which is the very foundation of economic growth, is linked to entrepreneurs’ seizure of useful information which they need to under-take their investments. This essay shows how competition policies, by grounding their views in a structural and static vision of markets, end up distorting their very policy purpose. Key words: Economic efficiency, public policies. Clasificación JEL: B53, D61, D83, D84 Resumen: Existe un consenso internacional creciente acerca de la nece-sidad de impulsar la eficiencia económica como principio rector de la for-mulación de políticas públicas en el campo económico, especialmente para promover la transición de las economías de países en desarrollo hacia los mercados. Este ensayo objeta las premisas intelectuales que sus-tentan esa creencia, y expone por qué la eficiencia económica representa un criterio normativo de asignación de los recursos sociales que obsta-culiza el proceso creador de los mercados. Dadas las condiciones utó-picas bajo las cuales se construye dicho cálculo de coste-beneficio de bie-nestar social, no es posible su aplicación normativa para juzgar la conducta de los empresarios en los mercados. La eficiencia económica deja de lado todo contacto con la dinámica evolutiva, renovadora y creadora de los mercados. Por ello, distrae la atención del regulador hacia problemas irre-levantes para la promoción del libre mercado. Empleando las ideas de proceso de mercado de F.A. Hayek, I. Kirzner y G.B.Richardson, este ensayo muestra que el desarrollo de inversiones en los mercados, base del crecimiento económico, está ligado a que los empresarios obtengan la información útil que necesitan para hacer inversiones. Se muestra de qué manera las políticas de competencia, al fundarse en una visión epis-temológica estructural y estática de los mercados, terminan por distor-sionar su propia finalidad de políticas públicas. Palabras clave: Eficiencia económica, políticas públicas.

ANALISIS PENDAPATAN USAHATANI BERDASARKAN WAKTU TANAM DAN KARAKTERISTIK PEMASARAN UBI KAYU DI KECAMATAN BUMI NABUNG KABUPATEN LAMPUNG TENGAH

The research was designed to determine the best planting month, the size of farm income, the value of revenue/cost ratio (R/C), the correlation between R/C and the price as well as production of cassava, and the marketing efficiency. This research was conducted in district Bumi Nabung Lampung Tengah Regency.Respondents were 60 cassava farmers in District Bumi Nabung. The R/C value was determined from the farming income method, the correlation by Pearson Correlation test method, and the marketing efficiency by SCP (market Structure, market Conduct, market Performance) method. Data were analyzed in the manner of descriptive qualitatively and quantitatively. The results indicated that the best planting months was either the farmer planted in June or July with the R/C values of 3.49 and 3.85. The correlation between R/C and the production was inversely proportional and the correlation between R/C and the price was directly proportional. There are two types of marketing channels. Channel I, the farmer would directly sell to the tapioca factory with the farmer's share value of 93.31%. Channel II, the farmer would go to the collector, then the collectors would sell to the tapioca factory with a farmer’s share value of 89.92% and the Ratio Profit Margin (RMP) value of 0.49.Key words: cassava, marketing, planting month, price, production

Tomato Business Integration Conduct; Is It the Impact of Marketing Structure? (Tomato Marketing Study in Manggarai Regency, East Nusa Tenggara)

This study aimed to examine the demand for tomato SCP in Manggarai Regency. The participants were 82 farmers, 7 middlemen, and 16 retailers. The characteristics of the farmers were homogeneous in terms of having a limited area of approximately 0.1-0.5 hectares. A simple random sampling method was then used to determine the participants. Slovin’s formula was used to determine the farmer participants. The snowball sampling method was used to assess the sample of middlemen. Market structure data was analyzed by market share, and market concentration used CR4 estimates. Whereas, consumer conduct had been descriptively studied in relation to pricing strategies and business integration. Market performance estimation was made by measuring the margin and the farmer’s share. The results showed that the structure of the market for tomatoes in Manggarai Regency was oligopolistic and very concentrated. The CR4 values were as follows: middlemen (69.95 %), retailers (54.57%) and farmers (13.05 per cent). Meanwhile, the market structure affected the market conduct in which traders as price determinant and farmers as price takers. In addition, the middlemen established vertical business integration as an attempt to expand their business, dominate the market and increase their income. Oligopoly market structure and market conduct affected the tomato market in Manggarai Regency. The tomato market performance was inefficient as seen from a wide margin but having small farmer’s share. The margin values for channels I and II were Rp12.151,00 and Rp11.525,00 respectively. Whereas the farmer’s share was 36.46 percent and 39.74 percent respectively. Reflecting to the results, an accessible price information service is extremely needed for farmers to minimize asymmetry information. In addition, farmers need to maximize the role and work of farmers' groups as a joint marketing agency in order to increase their bargaining position.