Journal of Accounting, Management, and Economics 
Vol. 19, No. 1, 2017, pp. 34-43 

Published by Faculty of Economics and Business 
Universitas Jenderal Soedirman 

Published online on January 9, 2017 in http://jos.unsoed.ac.id/index.php/jame  

  
Correspondence to : 
1Universitas Jenderal Soedirman, Indonesia.  

E-mail: Dyike.adella.ramdhani-2017@feb.unair.ac.id 

 

Received: November 16, 2016 
Revised: November 23, 2016 

Accepted: December 21, 2016 

INTRODUCTION 
Definition of foreign exchange in relation to 
foreign trade transactions refers to 
Regulation No. 16 in 1970 which is known 
two common types of foreign exchange, 
namely general foreign exchange and credit 
foreign exchange. The general foreign 
exchange, according to Law No. 32/1964 
means bank balances in foreign exchange 
and foreign banknotes (non-coin) that there is 
a note on the official exchange rate of Bank 
Indonesia. Foreign exchange reserve will be 
used as the medium of payment between the 
countries. Indonesia is a developing country 
where the state is doing a lot of development 
in all fields to achieve a just and prosperous 
society. To perform such development, it 
requires significant funding. Funding is 
obtained from the foreign exchange reserves 
that can be obtained from trade activities 
among the countries where a country has its 
limitations and the scarcity of resources. If a 
country is not able to meet their needs then 
the country will import goods to meet their 

needs and the country that supplies of certain 
goods over the other country in need will tend 
to export the goods and will be written in the 
balance of payment Balance of payments is a 
record of financial flows that shows the value 
of trade transactions and the flow of funds 
conducted among a country to another in a 
given year. In the balance of payment there is 
a deficit or surplus, so if there is a deficit in 
the balance of payment, one of the solutions 
to solve the problem is to increase the foreign 
exchange reserve of tourism. According to 
Mill(2000), tourism contributes for the 
collection of foreign currency (foreign 
exchange), increases income and 
employment opportunities, improves the 
structure of the economy and encourages the 
development of small businesses. 

Tourism development can improve state 
foreign exchange. The tourism sector 
provides an opportunity for movement of 
various economic activities, the tourists who 
visit the country bringing foreign exchange to 
the country of destination. With the 
exchange, the state will obtain development 

  

Analysis of Determinants The Foreign Exchange 
Earnings Of Tourism Sector In Indonesia 
 
DYIKE ADELLA RAMDHANI, DEDI SUPRIADI, BAROKATUMINALLOH 

 
Universitas Jenderal Soedirman, Indonesia 

 

Abstract 

 

                                                                                                                                                       
This research aims to analyze determinants of the number of foreign tourist, average foreign 
tourist expenditure, average length of stay foreign tourist, and dollar exchange rate against 
rupiah on foreign exchange earnings of tourism sector in Indonesia 2009 – 2013 periods. 
The data is secondary from Indonesia Statistical Agency, Bank of Indonesia, Ministry of 
Tourism and Creative Economy, articles, journal, and result of previous researches. This 
research uses panel data regression analysis. The result shows that the number of foreign 
tourist, average foreign tourist expenditure, average length of stay foreign tourist and dollar 
exchange rate against rupiah are giving positive effect on foreign exchange earnings of 
tourism sector in Indonesia 2009 – 2013 periods. Average length of stay foreign tourist is a 
variable that mostly affecting on open foreign exchange earnings in Indonesia 2009 – 2013 
periods. Based on the result, the government is targeting foreign tourist arrivals to Indonesia 
for foreign tourists bringing foreign currency so that the rupiah demand will rise and increase 
tourism foreign exchange. Government, investors and communities leveraging existing 
infrastructure so that the average length of stay of foreign tourists continues to increase so 
Enhancing tourism foreign exchange. Stability of rupiah should always be maintained.  

  

Keywords Foreign Exchange Earnings of Tourism; The Number of Foreign Tourist; Average Foreign 
Tourist Expenditure; Average Length of Stay Foreign Tourist; Dollar Exchange Rate Against 
Rupiah 

  
  



 
 
Journal of Accounting, Management, and Economics, Vol. 19, No.1, 2017, pp. 34-43 

35 

funds to boost the economy. But, on the other 
hand, it often appears the problem of the low 
tourism services, low investment, security 
and infrastructure unpreparedness. These 
issues must be anticipated early so as not to 
cause long term harm. Indonesia is 

developing country that has the potential to 
advance the role of tourism sector in 
improving its economy. It can be proved that 
the contribution of tourism sector that is on 
number 4 can be seen in the following table. 

 
Table 1 Foreign Exchange Reserves Indonesia (Period 2009-2013) 

 
Commodities Foreign Exchange Earnings of Tourism (Million US Dollar) 

2009 2010 2011 2012 2013 

Oil & gas 19,018 28,039 41,447 36,977 32,633 
Coal 13,817 18,499 27,221 26,116 24,501 
Palm oil 10,367 13,468 17,261 18,845 15,839 
Tourism 6,289 7,602 8,554 9,180 10,054 
Source: Ministry of Tourism and creative economy 

 
Indonesia is a country with abundant 

natural resources and cultural diversity that 
attract foreign tourists to visit, but compared 
with other Asian countries, Indonesia tourism  
 

 
foreign exchange are included in the low 
category that shown in Table 2. 

 
 

Table 2 Comparison of Asia Tourism foreign exchange (in Millions of US dollars) 

 
Ranked Country 2011 2012 2013 
1 China 48,646 50,028 51,664 
2 Thailand 37,284 33,826 42,080 
- Hong Kong 38,455 33,047 38,940 
3 Malaysia 19,656 20,250 21,018 
4 Singapore 18,086 19,023 18,953 
5 India 17,707 17,971 18,397 
6 Japan 10,966 14,576 14,934 
7 South Korea 12,476 13,429 14,272 
8 Taiwan 11,065 11,770 12,677 
9 Indonesia 8,554 9,121 10,545 
10 Vietnam 5,710 6,830 7,503 
Source:UNWTO,2014, the ASEAN Secretariat; January 2015

 
Table 2 shows that Indonesia is on the 9th 

after Taiwan and can only exceed Vietnam in 
the number of foreign tourism. When 
compared to other Asian countries such as 
Malaysia, Singapore, Taiwan and Thailand 
that the natural resources and the richness of 
Indonesian culture as well as the total areas 
of Indonesia is much more but the large 
Indonesia foreign exchange generated from 
tourism is lower than other Asian countries. 

The tourism sector can grow more 
significant to the advancement of the 
Indonesian economy. Tourism can also be 
environmentally friendly sector leading to the 
development of innovative and interesting 
public and private capital to flow into the path 
of low carbon, resource efficient. More than 
just an important foreign exchange earner. 
But, in fact the developing tourism like 
infrastructure, transportation, investment are 
not enough to achieve the foreign exchange 
earning target of 2 trillion USD in 2016. 

 

 

 

Problem Formulation 
Based on the existing problems, foreign 
exchange earnings of tourism in Indonesia is 
very interesting to study. This is because 
Indonesia, as one of the larger countries in 
Asia with abundant of tourism resorts, but the 
number of foreign exchange earnings 
generated from tourism is lower than of other 
Asian countries for only 10,054 billion US$ 
and the 9thin Asia. Therefore, Indonesia must 
increase the number of foreign tourists 
visiting Indonesia. As more tourists come, the 
more Indonesia earns foreign exchange 
besides improving service quality and 
investments aimed to allow tourists having a 
longer traveling. This is because the longer 
the tourists to stay in the tourist areas, their 
continue spending will increase so as to 
increase foreign exchange. Therefore, the 
aim of this study is to determine the role of 



 
 
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36 

tourism to the state revenue in the form of 
foreign exchange used for the construction of 
the country's economy. Indonesia foreign 
tourist in the period from 2009 to 2013 had 
passed because there were affecting factors 
hampered. So, the problems formulation is: 
Simultaneously, number of foreign tourists, 
average foreign tourist spending, average 
length to stay of foreign tourists, and rupiah 
exchange rate against the dollar affecting the 
foreign exchange earnings of tourism? Which 
is the sector that mostly affecting the foreign 
exchange earnings? 

 

Research Objective 
1. To determine the effects of foreign 

tourists number, average foreign tourist 
spending, average length to stay of 
foreign tourists, rupiah exchange rate 
against dollar on tourism foreign 
exchange earnings in Indonesia. 

2. To find out what is the most influential 
variable among foreign tourists number, 
average foreign tourist spending, 
average length to stay of foreign tourists, 
rupiah exchange rate against dollar on 
tourism foreign exchange earnings. 

 

Research Benefit 
1. For Author 

As a means to apply the theories that 
have been obtained in the class, as a 
means to add insight and knowledge to 
develop an understanding, and a 
concrete manifestation of academic work 
in order to meet one of the requirements 
for a degree at Faculty of Economics 
and Business University of Jenderal 
Soedirman. 

2. For the Faculty 
This study is expected to increase the 
completeness of the results of student 
researches and as information that can 
be used as a reference for other 
researchers. 

3. For Government 
To provide input in the development of 
the tourism sector in order to increase 
foreign exchange earnings. 

4. For Employers 
This study is expected to provide 
valuable input for entrepreneurs to 
improve their business performance. 

 

 

 
 

 

 

 

 
Framework of Thinking  
 
Figure 1. Scheme of Framework Thinking 

 

LITERATURE REVIEW AND 
HYPOTHESES  
Hypotheses used in this study are: 
1. Number of foreign tourists, average 

foreign tourist spending, average length 
to stay of foreign tourists, rupiah 
exchange rate against the dollar affects 
foreign exchange earnings. 

2. Number of foreign tourist’s variable 
contributes the most significant influence 
on the tourism foreign exchange 
earnings. 

 

METHODS 
Research methods 
The method used is descriptive analysis 
based on library research supported by 
quantitative analysis using secondary data. 
Secondary data is data obtained directly 
through reports results of an investigation. 

 
Research object 
Research objects are four variables affecting 
the foreign exchange earnings of tourism 
sector in indonesia during 2009 – 2013 
period. The four variables considerate are 
number of foreign tourists coming to 
indonesia, average expenditure of foreign 
tourists, average length to stay of foreign 

Average 
Expenditure of 
Foreign Tourst 

(X2) 

Number of 
Foreign tourist 

(X1) 

Average 

Length of 

Stay of 

Foreign 

Tourist (X3) 

Tourism 
Foreign 

Exchange 

Earnings (Y) 

Rupiah 
Exchange 

Rate against 
US Dollar (X4) 



 
 
Journal of Accounting, Management, and Economics, Vol. 19, No.1, 2017, pp. 34-43 

37 

tourists, and the rupiah exchange rate 
against the us dollar. 

 
Type and sources data 
This study uses secondary data in the forms 
of annual reports that include: the number of 
foreign tourists coming to indonesia, average 
expenditure of foreign tourists in indonesia, 
average length to stay of foreign tourists in 
indonesia, and the rupiah exchange rate 
against the us dollar. The data are time 
series in a period of 5 years, i.e. From 2009 
to 2013, obtained from the ministry of tourism 
and creative economy, bank indonesia (bi) 
articles, journals and the results of previous 
researches. 
 

Conceptual definition 
A. The number of tourists 

It is generally agreed that the definition for 
tourists according to the league of nations 
in 1937 is any person who visits a country, 
apart from the usual state he/she lived for 
a period of at least 24 hours (mill, 2000). 

B. The average expenditure tourists. 
The average tourist expenditure is amount 
of money spent by foreign tourists during 
they stay in indonesia in one day and in 
one visit (bps, 2015) . 

C. The average length of stay of tourists 
The average length of stay is the length of 
foreign tourists visiting indonesia in one 
visit, the average length to stay of foreign 
tourists in the country of residence is 
derived from the passenger exit survey 
(pes). For example, the average length of 
stay of foreign tourists in may 2010 was 
2.66 days. It means that on average, any 
foreign tourists staying in indonesia is 
about 3 days(bps, 2015). 

D. Exchange rate 
Exchange  rate  is  the  number  or  the  
domestic  currency  price  of  foreign 
currency. The exchange rate is 
maintained the same in all markets 
through arbitration. Foreign exchange 
arbitrage is purchasing the foreign 
currency when its price is low and selling 
when the price is high. An increase in the 
exchange rate is called depreciation or 
impairment of domestic currency against 
foreign currencies. A decrease in the so 
called exchange rate appreciation, or an 
increase in the value of domestic 
currency. Because a country's currency 
can be depreciated against some foreign 
currencies and appreciation for others it 
can usually be counted an effective 

exchange rate. Effective exchange rate is 
the weighted average of the exchange 
rates of a country (salvatore, 1994). 

Operational definition 
A. Number of tourists 

The number of tourists is the number of 
foreign tourists visiting indonesia during 
the period of 2009-2013. 

B. The average expenditure of tourists 
This variable measures the average of 
every foreign tourist spending per visit to 
indonesia, measured in usd. 

C. The average length to stay of tourists 
This variable is calculated based on the 
average length to stay of tourists, 
measured by day. 

D. Exchange rate 
Exchange rate in the study period of 2009-
2013 was the price of the currency of a 
country assessed in the currency of 
another country. This study uses the 
exchange rate of the usd against the 
indonesian rupiah or idr. The data used is 
the average of the middle rate of the idr 
against the usd with idr unit per year. 

 

Data Analysis Technique 
The method used in this research is panel 
data regression:  
 
𝑌𝑖𝑡 = 𝛽0 + 𝛽1𝑋1𝑖𝑡 + 𝛽2𝑋2𝑖𝑡 + 𝛽3𝑋3𝑖𝑡 +
𝛽4𝑋4𝑖𝑡𝜀𝑖𝑡....................................................(2.1) 
 
Y=Dev(Jwm,Rpw,Rlt,Idr)...........................(1) 
 

Panel Data Regression Methods 
comprises of : 
A. Common Effects 

The common effects model is simplest 
version of panel data estimation, the 
period model, just pile up all the total 
observation to estimate a sizeable 
regression. In the panel data context, the 
population average model under the 
assumption that any hidden heterogeneity 
(individually or uniqueness) has been 
averaged out. 

B. Fixed Effects 
The term fixed effects given to the model 
is under the reason that different intercept 
of each subject does not change over 
time, called time invariant, with the 
assumption that coefficient (slope) of 
independent variable is the same for each 
individual. 

C. Random Effects 
Random effects model provides a way to 
solve the matter through error terms called 



 
 
Journal of Accounting, Management, and Economics, Vol. 19, No.1, 2017, pp. 34-43 

38 

error components model. This model 
could accommodate the differential 
intercept comprised in the fixed effects 
model by constructing an overall intercept 
to represent the average value of all 
intercepts (cross section). 

D. Chow test 
Chow test is a test model selection to 
choose a model common effect or fixed 
effect that is the most appropriately used 
to test the assumptions of classical and 
statistical tests. 

E. Lagrange Multiplier test (LM) 
LM test is used to determine whether the 
model of random effect is better than the 
model common effect. 

F. Hausman test 
Hausman test is used to choose between 
the models of fixed effect or random 
effect. 

G. Classic Assumption test 
1. Multicollinearity 
2. Heteroscedastisity and 

Autocorrelation 
H. Statistic test 

1. F test 
2. Coefficient of determination 
3. T test. 

I. Elasticity test 
Elasticity  test  is  used  to  determine  the  
effect  of  the  most  significant 
independent variable on the dependent 
variable. Elasticity test is done by looking 

at the value of the coefficient of elasticity 
of each variable. 

 

RESULTS AND DISCUSSION 
Panel Data Regression 

Common Effect 
To  make  easy the  estimation,  this  
research  used  Eviews 6  program  with 
analysis panel data regression by combining 
these data without seeing the difference 
between the time and the individual. This 
data do not use panel data methods with 
common effect because this research does 
not show dimension between the time and 
the region, but combining these data without 
seeing the difference between the time and 
the individual. 

 

Fixed effect 
The results of panel data regression model of 
fixed effect of the 36 countries that contribute 
to the foreign exchange earnings of tourism 
in Indonesia with foreign tourist as the 
dependent variable and the number of foreign 
tourists, the average spending foreign 
tourists, the average length to stay of foreign 
tourists and the rupiah exchange rate against 
the dollar as the independent variables can 
be explained by the regression model output 
and the equation in Table 3. 
 

Table 3. Output Test Panel Data Regression Results fixed effect 

 
Variable     Coefficient Std.Error t-statistic Prob. Ttable 

α =5% 

C -8244.809 1708.470 -4.825844 0.0000 1.97 
RLT 0.635919 0.296178 2.147084 0.0335  
JWM 0.080731 0.008374 9.640784 0.0000  
IDR 0.572950 0.149193 3.840315 0.0002  
RPW 0.017472 0.002221 7.865748 0.0000  

Source : Output Eviews 6, data is processed

  
F statistic = 666.08  F table = 2.42 
R2  = 0.99   Adj = 0.98 
N  = 180   α = 0.05 
𝑌 = −8244.80 + 0.63𝑋1 − 0.08𝑋2 + 0.57𝑋3 − 0.02𝑋4 + 𝑒 (1708.47)(0.29)(0.008)(0.14)(0.002) 
 
Where,  
Y = DEV (Tourism Exchange) 
X1 = RLT (Average Length of stay Tourists) 
X2 = JWM (Number of Tourists) 
X3 = IDR (The exchange rate against the dollar) 
X4 = RPW (Average expenditure Tourists) 
e = Error 
 

Random effect In  this  research, the  
estimation  using random  effect  model  

could not  be proceed as the program The 
Eviews6 rejected the amount of panel data in 



 
 
Journal of Accounting, Management, and Economics, Vol. 19, No.1, 2017, pp. 34-43 

39 

this research which comprise more times 
series data than cross section. The random 
effect result will not be presented as well. 
 
 
 
 
 

Chow Test 
In this study, test Chow is done by the 
program Eviews 6 with the results of the test 
Chow is significant if the probability of Chow 
<0.05. This means that the model fixed effect 
is better than the model Random effect that 
are shown in Table 4. 
 

 
Table 4 Output Test Panel Data Regression Results Chow 
 

Effects Test Statistic d.f Prob 

Cross-section F 84.665910 (35,140) 0.000 
Source : Output Eviews 6, data is processed 

 
Probability of Chow test above is less than 
0.05.Meant, the selection of test models in 
this study uses a fixed effect to determine the 
classical assumption test and statistical test. 
 

Classic Assumption Test 

Multicollinearity 
In a panel data regression model, the factors 
affecting the foreign exchange earnings of 
tourism sector in Indonesia can be explained 
relevance of each variable in the table 5. 

Multicollinearity Detection is to see R 
squared of no more than 0.8, and the 
variables in this study are declared free from 
Multicollinearity. 
 

Autocorrelation and Heteroscedasticity 
Test 
To avoid Heteroscedasticity on panel data, it 
can be resolved by selecting a White 
Heteroscedasticity consistent covariance 
method when making estimates or Newey-
West. This is the standard error correction 
method to avoid the necessity of 
Heteroscedasticity test. To avoid 
autocorrelation, this uses Autocorrelation 
Consistent Covariance Matrix methods. This 
is a standard error correction method to avoid 
the necessity of autocorrelation 
test(Widarjono,2009). 

 
 

Table 5 Output Test Panel Data Regression Results Multicollinearity 

 
Variable Independent R Square Explanation 

Relationship of average 
length of stay of tourists with 
other variables 

0.144203 Free Multicollinearity 

The number of tourists 
relationship with other varibales 

0.102193 Free Multicollinearity 

Relations rupiah exchange 
rate against the dollar with other 
variables 

0.003143 Free Multicollinearity 

Relations average tourists 
expenditure with other varibales 

0.150171 Free Multicollinearity 

Source : Output Eviews 6, data is processed 

  

Statistical Test 
F test 
Based on calculations by Eviews 6, it is 
obtained F statistic of 666.78 and F table with 
degrees of confidence of 95% (α = 5%) of 
2,42. Thus, the value of  F statistic > F table. 
 

Adjusted R square 
Based on calculations by Eviews 6, the value 
of coefficient determination (R2)is 0.99. And 
the value of Adjusted is 0.98. 
 

 

 
T test 
T  test  is  used  to  measure  how  far  the  
influence  of  each  variable 
partially/individually in explaining 
variations dependent and 
independent variables. By using 95% 
confidence level (α = 5%), it is obtained t 
table of 1.97 and – t table of -1.97. If using α 
= 5%and if the probability is less than 0.05 
which means that there is no significant. 
 

 

 



 
 
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40 

Economic Analysis 

The influence of number of tourists on 
foreign exchange earnings 
This research notes that the number of 
tourists has positive influence on the foreign 
exchange earnings of tourism from 36 
countries that came to Indonesia with a 
coefficient of 0:08.This shows that every 1 
percent increase in the number of tourists, it 
will lead to increase foreign exchange 
earnings by 0:08 percent. The variable 
number of tourists has a 0.0000 probability 
value <0.05 by t statistic value of 9.64 and 
1.96 t table. The t statistic> t table, so that the 
number of tourists can be summed up with 
positive and significant impact on foreign 
exchange earnings of tourism of Indonesia in 
2009-2013. 

The results are consistent with the 
findings of Prasanna Perera Lalith 
Welgamage (2015) and the Titah Jati Pratitis 
(2013). Because the research result shows 
that the number of tourists on an international 
scale affects the foreign exchange earnings 
in line with the hypothesis tested, then the 
research hypothesis is accepted. 

This means that the number of foreign 
tourists visiting lifts up foreign exchange 
earnings of tourism in Indonesia. This is 
because tourists coming to Indonesia to bring 
foreign exchange in the form of foreign 
currency used to purchase the rupiah. So, 
demand increases and the rupiah is 
strengthened. As The more tourists carrying 
foreign currencies, the more the foreign 
exchange earned. 
 

The influence of average length to stay 
on foreign exchange earnings 
This research notes that the tourist average 
length to stay gives positive effect on the 
foreign exchange earnings of tourism from 36 
countries who came to Indonesia with a 
coefficient of 0.63. This shows that every 1 
percent increase in tourists’ average length of 
stay will lead to an increase in foreign 
exchange earnings for 0.63 percent. The 
average variable tourists having long stay 
0.0000 probability value <0.05 by t statistic is 
2.14 and t table is 1.96. The t statistic > t table. 
So, it can be concluded that the average 
length to tourist stay gives positive and 
significant impact on foreign exchange 
earnings from tourism in Indonesia during 
2009-2013.  

The result of the research is in line with of 
Syamsul Huda (2008), which showed the 
average length of tourist stay gives positive 

and significant impact on foreign exchange 
earnings of tourism in Indonesia. Because 
the research shows that the average length 
of tourist to stay has positive and significant 
impact on foreign exchange earnings of 
tourism and it is in accordance with the 
hypothesis tested, then the research 
hypothesis is accepted. 

This means that the average length to 
stay of foreign tourists lifts up foreign 
exchange earnings of tourism in Indonesia. 
This is because the longer the tourists stay 
the more tourist expenditures for everyday 
purposes. The government of Indonesia 
should establish supporting facilities and 
infrastructures such as hotels, transportation, 
places to shop in order that tourists will stay 
longer in Indonesia. 
 

The influence of rupiah exchange rate 
against dollar on foreign exchange 
earning 
This research notes that the rupiah exchange 
rate against the dollar has positive effect on 
tourism foreign exchange earnings from 36 
countries who come to Indonesia with a 
coefficient of 0.57. This shows that every 1 
percent increase in the exchange rate against 
the dollar will lead to an increase in foreign 
exchange earnings of 12.57 percent. Rupiah 
exchange rate against the dollar has a 
0.0000 probability value <0.05 by t statistic 
value of 3.84 and t table of 1.96. The t statistic > 
t table. So, it can be concluded that rupiah 
exchange rate against dollar gives positive 
and significant impact on foreign exchange 
earnings of tourism in Indonesia during 2009-
2013. 

This is consistent with researches 
conducted by Nani Martha (2014), 
Muhammad Afdi Nizar (2012), and Syamsul 
Huda (2008) which showed the rupiah 
exchange rate against the dollar has a 
positive and significant impact on foreign 
exchange earnings of tourism. Because this 
research shows that the rupiah exchange 
rate against the dollar has a positive and 
significant impact on foreign exchange 
earnings of tourism and it is in accordance 
with the hypothesis tested, then the research 
hypothesis is accepted. 
This means that the rupiah exchange rate 
against the dollar lifts up foreign exchange 
earnings of tourism in Indonesia. If the rupiah 
demand rises because the tourists come to 
travel to Indonesia, rupiah requires the value 
of the dollar to go down. So, the foreign 
tourism will rise as well. 



 
 
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41 

The influence of tourist average 
expenditure on foreign exchange 
earnings 
This research notes that the average tourist 
expenditure has positive influence on the 
foreign exchange earnings of tourism from 36 
countries who come to Indonesia with a 
coefficient of 0.01. This shows that every 1 
percent increase in the average tourist 
expenditure would result in an increase in 
revenue of 0.01 percent. Average tourist 
expenditure has a 0.0000 probability value 
<0.05 by t statistic value is 7.86 and t table is 
1.96. The t statistic > t table. So, it can be 
concluded the average tourist expenditure 
gives significant positive effect on the 
revenue of tourism in Indonesia during 2009-
2013. 

This is consistent with research conducted 
by Syamsul Huda (2008), which showed the 
level of the average tourist expenditure has 
significant and positive effect on tourism 
foreign exchange earnings. Because this 
research shows that the average tourist 
expenditure has significant and positive effect 

on the revenue of tourism, and it is in 
accordance with the hypothesis tested, then 
the research hypothesis is accepted. 

This means that the average foreign 
tourist spending increases foreign exchange 
earnings of tourism in Indonesia. This is 
because the higher the rating, the higher 
foreign exchange earnings generated from 
tourism sector. The completeness of goods 
and services required by the tourists had 
pretty good views of the contribution of 
manufacturing to GDP Indonesia. This can be 
seen in the table 13 that tourist spending 
increased from 2009 to 2013. 
 

Elasticity test 
Based on the table 6, it can be viewed the 
independent variable that has the greatest 
value. The variable coefficient having the 
most elastic is the variable of average length 
of stay of foreign tourists (RLT). It has the 
greatest coefficient value of 0.63 which 
means RLT variable is the variable that most 
elastic. 
 

 
Table 6 Output test panel data regression results elasticity 

 
Variable 

 
Coefficient 

RLT 0.635919 
JWM 0.080731 
IDR 0.572950 
RPW 0.017472 
Source  : Output Eviwes 6, data is processed 

 
This means that the average length to stay of 
tourists is the most affecting the improvement 
of the foreign exchange earnings from tourism 
Ector. This is because the longer the tourists 
stay, then spending in all sectors related to 
tourism will continue to increase as spending 
on hotel, needs to eat and drink, 
transportation, shopping and others. This is 
because the average length to stay of tourists 
has the most influence on foreign exchange 
earnings. 
 

CONCLUSION 
A. Number of foreign tourists, average foreign 

tourist spending, average length to stay of 
foreign tourists and rupiah exchange rate 
against the dollar are simultaneously giving 
positive effect on revenue of the tourism 
sector in Indonesia  

B. The  average  length  to  stay  of  foreign  
tourists  is  a  variable  that  mostly 
affecting the revenue. 

 

Implication  
A. The government is targeting foreign tourist 

arrivals to Indonesia for foreign tourists 
bringing foreign currency in order that the 
rupiah demand will rise and increase 
foreign exchange. The Government, 
investors and communities should leverage 
the existing infrastructures, so that the 
average length to stay of foreign tourists 
continues may increase. In turn, it will 
enhance the foreign exchange. Stability of 
rupiah should always be maintained, then 
the dollar will go down. So, it will increase 
foreign exchange generated from tourism 
sector. Governments, investors and the 
public work together should improve the 
completeness of goods and services 
required by the tourists in order that the 
average tourist expenditure will rise. As a 
result, it will increase the tourism income. 

B. Government increases all tourism-related 
sectors including transportation, restaurant, 
hotel/lodging and shopping in order that the 



 
 
Journal of Accounting, Management, and Economics, Vol. 19, No.1, 2017, pp. 34-43 

42 

average length to stay of foreign tourists in 
Indonesia rises and boosts the foreign 
tourism. 

 
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Aktar, m.a, sadekin, m.n, dan saha, s.k. 2014. 

Relationship between tourist arrival and 
foreign exchange earnings : the case for 
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