Jurnal Akuntansi dan Keuangan (JAK) or Accounting and Finance Journal (AFJ) (p-ISSN 1411-0288 | e-ISSN 2338-8137) is a peer-reviewed academic journal, published biannually in May and November by Petra Christian University, Indonesia. JAK is dedicated to advancing knowledge in the fields of accounting and finance by encouraging scholarly discourse on a wide range of topics. These include, but are not limited to, financial accounting and securities markets, management accounting, accounting information systems, auditing, and taxation. Each submission undergoes a rigorous peer review process to ensure the publication of high-quality research that contributes to both academic and professional communities. The journal proudly maintains accreditation from the Ministry of Research, Technology, and Higher Education, Republic of Indonesia, under Decree No. 158/E/KPT/2021. JAK welcomes manuscripts from researchers, academics, and practitioners, fostering an environment where innovative ideas in accounting and finance are shared and developed. In response to the increasing number of inquiries regarding fast-track publication and requests for a Letter of Acceptance (LoA), we would like to clarify the following: 1. The Journal of Accounting and Finance (JAK) does not provide any fast track service. All submissions are processed through the regular peer-review process in accordance with our quality assurance standards. The review process follows the journal’s established policy and proceeds step by step according to the editorial workflow. The timeline also depends on the completeness of the manuscript and the responsiveness of the reviewers. 2. JAK does not issue a separate Letter of Acceptance (LoA). All acceptance decisions are communicated via the OJS system. The official email notification from OJS with the subject line "Editor Decision: Accept Submission" serves as the formal acceptance letter. accreditation certificate
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The Role of Chief Sustainability Officer on Sustainability Performance
Sustainability is increasingly viewed as a competitive advantage, not just a compliance requirement. However, there is still limited research on Chief Sustainability Officers (CSOs) in Asia, especially in the automotive sector, which plays a major role in emissions and sustainability issues. This research examines how having a CSO and the presence of CEO duality affect sustainability performance in Asian automotive companies. The research uses 570 observations from 2017 to 2024. The findings show that the presence of CSOs has a positive and significant effect on sustainability performance, while CEO duality has a significant positive effect. Research demonstrates that CEO duality moderates the partial positive effect of CSOs on sustainability performance. This implies that the presence of CEO duality influences CSO performance. The results of this research have several important implications for companies, particularly those in the automotive sector, that are considering the integration of CSOs into their organizational structures. This conclusion is because CSOs have been demonstrated to significantly enhance sustainability performance.
Copyright (c) 2026 Juniarti, Evelyn Shalomitha Sugiarto, Celsya Caeciliana, Alan Darmasaputra, Joel Tan https://creativecommons.org/licenses/by/4.0
Front Mater (Cover, Editorial, Table of Content)
Copyright (c) 2025 Jurnal Akuntansi dan Keuangan https://creativecommons.org/licenses/by/4.0
Guardians or Accomplices? Institutional Ownership and Corporate Tax Avoidance
Tax avoidance remains widespread, and prior studies report inconsistent results regarding how institutional ownership relates to tax avoidance. To date, no study has employed a meta-analytic approach to examine the nexus between institutional ownership and tax avoidance. This study aims to investigate the effect of institutional ownership on tax avoidance, considering the moderating roles of measurement diversity in tax avoidance and state legal systems. A meta-analytic method was applied to 72 studies from 46 articles (totaling 917,813 observations). This study proves that institutional ownership can effectively limit tax avoidance behavior. However, the diversity of tax avoidance measures and the country's legal system greatly influence its effectiveness. In particular, countries with common law systems are better able to suppress tax avoidance behavior than countries with civil law systems.
Copyright (c) 2026 Ema Aulia Erwanti, Erwin Saraswati, Syaiful Iqbal https://creativecommons.org/licenses/by/4.0
Do ESG Matter for Investor in ASEAN-5? Evidence from Mining and Property Companies
ESG disclosures constitute vital non-financial communication channels that potentially influence investor perceptions and capital deployment strategies, consequently affecting firm value. Audit committee oversight within governance architectures is theorized to amplify the value-generating capacity of ESG programs, especially in environmentally impactful industries including mining and property sectors. This study analyzes firms spanning five Southeast Asian markets during 2021-2023. ESG, as a whole, harms firm value across the mining and property sector in ASEAN-5. Audit committee characteristics demonstrate insufficient moderating influence on ESG-firm value relationships. By performing additional tests, environmental and governance indicators exhibit favorable correlations with firm value, whereas social metrics display negligible statistical significance. Empirical findings demonstrate heterogeneous effects for composite ESG and its pillars on firm value. Results indicate that some notions of legitimacy and agency theory are not advocated. Investors need to remain vigilant in digesting ESG information from the mining and property companies in ASEAN-5 countries, as its composite and pillars affect firm value in distinct ways. The government could codify the rule to mandate a sustainability committee to ensure ESG information credibility for all high-risk environmental sectors, especially in ASEAN-5.
Copyright (c) 2026 Ervina Rahmalia Putri, Erfan Muhammad, Tito IM. Rahman Hakim, Frida Fanani Rohma https://creativecommons.org/licenses/by/4.0
Circumstances Impacting Cost of Equity through Integrated Reporting
This study investigates how the integrated reporting (IR) framework influences the cost of equity (COE) among 115 non-financial firms listed on the Indonesia Stock Exchange from 2016 to 2020. The IR disclosure index is developed through content analysis of companies’ annual reports, while COE is estimated using the Capital Asset Pricing Model (CAPM). The findings reveal that higher IR coverage corresponds to an increase in COE in the subsequent year, indicating that comprehensive disclosure does not immediately reduce equity financing costs. The findings offer insights for regulators in designing standardized IR policies, for investors in evaluating informational credibility in emerging markets, and for firms in improving disclosure practices to enhance market confidence. Future research is encouraged to examine longer post-implementation periods and element-specific IR indicators.
Copyright (c) 2026 Defia Nurbatin, I Made Narsa https://creativecommons.org/licenses/by/4.0
Nexus of Non-Controlling Interests on Capital Structure
This study investigates the effect of share ownership of non-controlling interests (NCI) on capital structure policy and investigates moderating effects of macroeconomic fundamentals and integrity of independent external parties. NCI negatively impacts capital structure, consistent with the trade-off theory in capital structure policy. Companies that already obtain funding from NCI tend to reduce debt financing, and vice versa. Macroeconomic fundamentals reinforce the trade-off between corporate funding sources, whether debt or equity, related to the cost of debt and the cost of equity. The quality of independent external parties strengthens the investment decision of fund providers, whether in equity securities or corporate debt securities, considering the most favorable investment returns.
Copyright (c) 2026 Arisyahidin, Marhaendra Kusuma, Sanju Kumar Singh, Mariano Nunes https://creativecommons.org/licenses/by/4.0
Exploring the Role of Emergency Funds, Insurance Ownership, and Retirement Planning in the Financial Well-Being of Indonesian Millennials
This study investigates the influence of retirement planning, insurance ownership, and emergency funds on the financial well-being of millennials in Indonesia. Using a quantitative associative approach, data were collected via an online questionnaire from 159 Indonesian millennials aged 29–44. Emergency funds and insurance ownership significantly influenced financial well-being, while retirement planning showed no significant impact. The results show the importance of adopting comprehensive financial planning approaches to strengthen millennials’ financial resilience and confidence. The study contributes empirically by combining the three variables into a single contextual framework within a developing country. Practical implications include the need to improve financial literacy, promote insurance awareness, and foster emergency saving behavior. Future studies are encouraged to investigate other potential determinants, such as social influences or the adoption of fintech services, and to consider employing qualitative or mixed-method approaches to obtain a more comprehensive understanding of millennial financial behavior.
Copyright (c) 2025 Pwee Leng, Graceline Melinda https://creativecommons.org/licenses/by/4.0
Reassessing the Economic Freedom–FDI Nexus
The latest literature reports that economic freedom is one of the increasingly significant factors influencing foreign direct investment (FDI). Nevertheless, most literature examines aggregate indices, leaving out the detailed effects of its individual components. Despite its growing role in global FDI flows, the ASEAN region has limited empirical evidence. The study addresses this gap by examining five areas of the Fraser Institute’s economic freedom effects on FDI inflows in ASEAN economies from 2010 to 2022. Employing panel data regression, the analysis finds that some areas show significant impacts on FDI, while others do not. The findings underline the importance of distinguishing among the areas when assessing the drivers of foreign investment. These results offer insights for regulators seeking to improve the country’s investment climate through reforms focused on strengthening economic governance and institutional quality.
Copyright (c) 2025 Imelda Kartika Surasman, Adwin Surja Atmadja, Mahdi Fahgani https://creativecommons.org/licenses/by/4.0
Digital Readiness and Intention to Adopt Blockchain VAT Systems in Indonesia’s MSME Sector
This study examines Indonesian MSMEs’ intention to adopt a blockchain-based Value Added Tax (VAT) system, with digital literacy as a moderating variable. A structured questionnaire was distributed online and offline to 300 MSME owners across diverse sectors, with 210 complete responses analyzed using SEM-PLS. Findings show that performance expectancy, effort expectancy, hedonic motivation, price value, and habit significantly influence adoption intention, while facilitating conditions and social influence have weaker effects. Digital literacy strengthens the impact of performance and effort expectancy, highlighting its role in enhancing adoption readiness. The study contributes by applying blockchain adoption insights in a novel taxation context and underscores the importance of digital readiness in emerging economies. Practical implications suggest targeted literacy programs and infrastructure support to promote inclusive adoption. Overall, this research provides timely insights for digital tax transformation in Indonesia.
Copyright (c) 2026 Nurul Izzah Lubis, Citra Windy Lubis, Haervi Yunira https://creativecommons.org/licenses/by/4.0
This research examines the relationship between CEOs’ gender and the presence of top-tier external auditors, specifically those from the Big Four, with corporate tax avoidance practices in Indonesia. Based on agency theory and considering Indonesia's unique institutional landscape, where women remain underrepresented in executive leadership, the study explores how gender and audit quality influence corporate financial behavior. Using 1,001 firm-year observations from publicly listed Indonesian companies between 2021 and 2023, regression analysis tested the effects of female leadership and Big Four auditors on tax strategies. Findings reveal that companies led by female CEOs tend to engage in higher levels of tax avoidance. However, when Big Four auditors are involved, this relationship weakens, demonstrating the role of high-quality audits in curbing managerial discretion and enhancing accountability. The study offers fresh insights into corporate governance in emerging markets.
Copyright (c) 2025 Nurul Fitriani, Selma Putri Safira https://creativecommons.org/licenses/by/4.0
The Substance of Indonesian Women Directors in Creating Value
This paper aims to provide insight into the impact of the existence of female directors in the board of directors on firm value by taking into consideration the educational level and tenure of women directors in the governance of Indonesia’s companies. The hypotheses are tested on 177 Indonesian listed companies in the IDX between 2015-2020, manufacturing and retail industries, using the weighted least squares regressions. The evidence conveys that the educational level rather than the simple presence of women directors can increase firm value. Additionally, results reveal that the tenure of women is negatively related to firm value, as it might impair the board's independence. This study explores the potential of women on board through their educational level and tenure in the firms. Future studies may expand to include factors such as family background, reputation, and other personal or professional elements that can enhance women's performance in companies. Few studies have addressed the impact of women across different industries, especially in developing economies. This research contributes by examining the demographic variables of women board members that are still poorly apprehended (i.e. their educational level and tenure) in such a setting.
Copyright (c) 2025 Saarce Elsye Hatane, Sylvia Natasha Sinaga, Hendri Kwistianus, Tristan Nguyen https://creativecommons.org/licenses/by/4.0
The increasing quality issues of sustainability reports in general include several important aspects that can affect the credibility and usefulness of the report. In this context, the materiality of information enhances the relevance and transparency of the company's disclosures. This study examines the implementation of social materiality perspectives at the Indonesian Air Navigation Company within the Environmental, Social, and Governance (ESG) principles framework by integrating the outside-in and inside-out perspectives. Utilizing a materiality perspective, this research supports organizations in preparing disclosures of essential information within sustainability reports. The research uses a qualitative method, utilizing document review and semi-structured interviews with key stakeholders to explore ways to disclose outside-in and inside-out perspectives with sustainability reporting. The findings show that integrating social components into a company's ESG framework highlights its approach to materiality. The company measures its operational activities against various external requirements, embodying an outside-in perspective that reflects how external factors affect its operations. The company's materiality is in line with the outside-in perspective that takes into account investor considerations and financial risks; this also shows the use of the POJK 51 / POJK.03 / 2017 framework to adjust to the company's needs. Meanwhile, the company continues to allocate resources for social initiatives that improve stakeholder welfare, which represents an inside-out materiality perspective where internal capabilities are utilized to overcome operational pressures.
Copyright (c) 2025 Erlyansa Cahyandari, Marko Sebira Hermawan https://creativecommons.org/licenses/by/4.0
This study examines the effect of ESG (Environmental, Social, and Governance) disclosure on the performance of real estate companies in the ASEAN-6 region, with CEO tenure as a moderating variable. Using panel data from 2016 to 2023, covering 424 observations of real estate firms listed on ASEAN-6 stock exchanges, this study employs the Random Effect Model (REM) to analyze the relationships between variables. The findings reveal that ESG disclosure has a negative and significant impact on firm performance, as measured by Tobin's Q. However, the interaction between ESG disclosure and CEO tenure exhibits a positive and significant effect. These results indicate that longer-tenured CEOs can moderate the relation-ship between ESG disclosure and firm performance. The implications of this research provide valuable insights for companies to enhance ESG transparency and consider leadership stability in optimizing long-term performance.
Copyright (c) 2025 Doni Iwan Prasetyo, Y. Anni Aryani https://creativecommons.org/licenses/by/4.0
Copyright (c) 2024 Jurnal Akuntansi dan Keuangan https://creativecommons.org/licenses/by/4.0
This study aims to examine and analyze the impact of managerial ability and the roles of the Board of Directors (BOD) on sustainability performance, with a focus on green CEO as a moderating variable. The BOD roles include an educational background in accounting and foreign experience, with an emphasis on companies in Indonesia. This study employs secondary data from the Indonesia Stock Exchange (IDX), with a sample of 39 manufacturing companies from 2018 to 2022. Data analysis was conducted using Eviews 12. The findings reveal that managerial ability and directors with foreign experience significantly enhance sustainability performance, with the green CEO strengthening the positive effect of managerial ability on sustainability performance. However, directors with an accounting education background show no significant effect. This study acknowledges several limitations. First, while our sample includes multiple sectors to enhance generalizability, regional differences within Indonesia still pose challenges. Second, the complex interaction between managerial abilities, BOD roles, and the green CEO requires careful analysis to avoid confounding effects. This study introduces green CEO as a moderating factor in the relationship between managerial ability and sustainability performance, a novel approach that has received limited attention in prior research. Exploring how environmentally oriented leadership influences sustainability strategies adds a fresh dimension to the literature.
Copyright (c) 2025 Mariska Ramadana, Yulias Hidayah, Ria Karina https://creativecommons.org/licenses/by/4.0
Voluntary Adoption of Integrated Reporting and Firm Valuation: The Moderating Effect of ESG Performance
This study addresses a research gap by examining the impact of the voluntary adoption of integrated reporting on company value (TOBINSQ) for companies listed on the Indonesian Stock Exchange. A purposive sampling method was used to select the sample, which included companies with available ESG scores from 2018 to 2022 and accessible annual reports for the same period. The final sample consists of 83 companies, totalling 299 observations. Multiple regression analysis was employed to assess the direct effects of integrated reporting and the moderating role of ESG performance (ESGSCORE) on company value. Our findings reveal that integrated reporting positively influences company value and that ESG performance significantly moderates this relationship, enhancing the benefits of integrated reporting. The results underscore the importance for companies to adopt integrated reporting and enhance ESG performance to improve market valuation. The study also suggests that promoting integrated reporting and ESG disclosures can enhance market transparency and accountability. Future research should focus on longitudinal studies, sector-specific analyses, geographical variations, and the role of digital technologies in integrated reporting and ESG performance to provide deeper insights and practical recommendations.
Copyright (c) 2024 Juniarti, Cynthia Halim, Evelyn Wehantouw, Alan Darmasaputra, James Wright https://creativecommons.org/licenses/by/4.0
The Effect of Tax Relief Regulations on Dividend Policy of Publicly Listed Companies in Indonesia
This study aims to analyze the impact of tax relief regulations, effective since 2021, on the dividend policies of publicly listed companies in Indonesia. We use panel data covering a three-year period before and after the implementation of the tax relief. This study uses a total of 413 listed companies, resulting in 2489 observations over the six-year research period. Logit regression and fixed-effect regression analyses are employed to identify the effects on the number of companies distributing dividends and the total dividends distributed, with firm-specific characteristics used as control variables. The logit regression results indicate that tax relief does not lead to a significant increase in the number of companies distributing dividends. However, there is a significant increase in the dividend levels among dividend-paying companies. To further encourage dividend distribution, the government can optimize existing regulations by considering criteria for tax relief eligibility based on dividend distribution activities. These findings can also serve as a consideration for investors when constructing their portfolios and for companies when designing dividend policies.
Copyright (c) 2025 Harapon Angun Kasogi, Zaäfri Ananto Husodo https://creativecommons.org/licenses/by/4.0
The Influence of Organizational Slack on Firm Performance Moderated by Managerial Ability
This study examines the influence of organizational slacks on firm performance with managerial ability as a moderating variable. We divide organizational slack into three categories: available slack (current ratio), recoverable slack (sales, general, and administrative expenses ratio), and potential slack (debt-to-equity ratio). Data envelopment analysis (DEA) measures managerial ability and firm efficiency. We collected secondary data from 678 companies in ASEAN 5, excluding the financial sector, on S&P Capital IQ for the period of 2019-2023. We used a fixed-effect panel data model with purposive sampling. The results show that available slack has a positive effect on Tobin's Q and a negative impact on ROA. Recoverable slack, potential slack, and managerial ability have a negative effect on firm performance. Managerial ability can moderate the relationship between organizational slack and Tobin's Q. Additionally, managerial ability can moderate the relationship between recoverable slack and ROA. In contrast, managerial ability cannot moderate the relationship between available slack and potential slack with ROA.
Copyright (c) 2025 Eduard Ary Binsar Naibaho, Fricilia Hardiata https://creativecommons.org/licenses/by/4.0
The Influence of Payment Schemes and Monitoring on Budgetary Slack
The misuse and markup of the budget is one of the most prevalent forms of corruption in Indonesia. The concept is the same as budgetary slack, which is to deliberately lower the budget target to make it easier to achieve. This study investigates the impact of different payment and monitoring schemes on budgetary slack using a 2x2 experimental design. Two independent variables are manipulated: the payment system (PBP vs. FP) and the presence of monitoring (yes or no), with 140 respondents participating. The findings of this study revealed that the average budgetary slack was greater in the PBP than in the FP payment scheme. Furthermore, budgetary slack increases under the PBP payment scheme when monitoring is present. These findings contribute to the understanding of how payment and monitoring systems interact to influence behavior and decision-making in budgeting processes. These findings also suggest that organizations should carefully consider the choice of payment schemes and monitoring systems to reduce the risk of budgetary slack, as different configurations can lead to unintended increases in slack, which may undermine organizational performance and accountability.
Copyright (c) 2025 Aryani Intan Endah Rahmawati https://creativecommons.org/licenses/by/4.0
The Impact of Company Financial Performance and Audit Fees on the Disclosure of Key Audit Matters (KAM)
Key Audit Matters (KAM), recently mandated by ISA 701, aim to enhance audit transparency by addressing critical audit areas. This study provides empirical evidence on the impact of financial performance and audit fees on KAM disclosures. Furthermore, it categorizes KAM into two risk levels: Entity-Level Risk (ELRKAM) and Account-Level Risk (ALRKAM). The data analyzed consist of 1,080 firm observations listed on the Indonesia Stock Exchange (IDX) for the period 2022-2023. The researchers conducted panel data regression analysis using EViews 12.0. The findings reveal that financial performance has no significant impact on the overall KAM or ELRKAM disclosures but does affect ALRKAM. This indicates that auditors focus more on specific risk areas rather than on overall financial performance. On the other hand, we find that audit fees positively influence the disclosure of overall KAM and ELRKAM, but they have no effect on ALRKAM. These results suggest that higher audit fees contribute to enhanced transparency regarding overall risks but do not necessarily affect the disclosure of specific account-level risks.
Copyright (c) 2025 Novia Gita Rhamadhani, Dina Heriyati https://creativecommons.org/licenses/by/4.0
Political Connections and Income Smoothing: Does Ownership Structure Matter?
This study aims to examine the effect of political connections on income smoothing. In addition, this study seeks to investigate whether ownership structure, as operationalized by institutional and managerial ownership, strengthens or weakens the relationship between political connections and income smoothing. This study uses political connection as the independent variable, income smoothing as the dependent variable, and institutional ownership and managerial ownership as the moderating variables. This study uses secondary data from publicly listed Indonesian energy-sector firms’ annual reports for 2020-2022. The logistic regression and Moderated Regression Analysis (MRA) reveal that political connections positively affect income smoothing. Additionally, as a moderating variable, institutional (managerial) ownership mitigates (strengthens) the effect of political connections on income smoothing
Copyright (c) 2025 Imanuela Wahyu Krisdina, Yeterina Nugrahanti https://creativecommons.org/licenses/by/4.0
Capitalization Chronicles: Unraveling the Impact on Bank Profitability
This study seeks to investigate the influence of capitalization on the profitability of banks, focusing on financial data of 34 Indonesian commercial public banks over the period of 2013-2022. The researcher evaluates the capital ratio, a critical measure of financial stability, for its impact on key profitability metrics such as Return on Assets (ROA), Return on Equity (ROE), Net Interest Margin (NIM), and Pre-Provision Profitability Ratio (PPR). By utilizing the Fixed Effect Model (FEM), the results of this study show mixed effects of capital ratio on profitability across profit measures. Further, the finding shows an inverted U-shaped impact of capital ratio on bank profit when ROA is used. This suggests that a higher capital ratio increases a bank’s ability to generate profits on its assets up only to a critical point. A further increase in the capital ratio beyond this point tends to adversely affect profitability.
Copyright (c) 2024 Ririen Setiati Riyanti https://creativecommons.org/licenses/by/4.0
CSR Website Disclosure and Company Business Performance
Research on CSR disclosure and company business performance has shown inconsistent results. Therefore, this study aims to deepen understanding by incorporating corporate reputation as a mediating variable and cost leadership strategy as a moderating variable. This study provides empirical evidence of the mediating role of corporate reputation and the moderating role of the cost leadership strategy in the influence of CSR website disclosure on company business performance. The research sample consists of non-financial companies listed on the Indonesia Stock Exchange for the 2017-2022 period. Purposive sampling techniques guided the sample selection, yielding 309 firm-year observations. We obtained the research data from Datastream Revinitiv Eikon, company websites, and company annual reports. We conducted hypothesis testing using STATA 17 software. The results of the study show that the cost leadership strategy weakens the influence of CSR website disclosure on company business performance.
Copyright (c) 2025 Nabila Azzahra, Erna Widiastuty https://creativecommons.org/licenses/by/4.0
Green Innovation: A Meta-Analytic Exploration of Green Supply Chain and Knowledge Sharing Dynamics
This study investigates the relationship between Green Supply Chain Management (GSCM) and Green Innovation (GI) through a meta-analysis of 24 peer-reviewed studies, addressing gaps in the literature by exploring their interconnectedness across various sectors. The findings reveal a significant positive correlation between GSCM and GI, emphasizing their role in enhancing operational efficiency, environmental sustainability, and competitiveness. A key contribution of this study is the novel integration of learning contexts into the analysis, an area previously underexplored. Furthermore, the research aligns its findings with global sustainability frameworks, such as the Global Reporting Initiative (GRI) and Dow Jones Sustainability Index (DJSI), highlighting the practical implications for environmental reporting, cost management, and risk mitigation. This study advances academic understanding and provides actionable insights for practitioners and policymakers, underscoring the transformative potential of GSCM and GI in driving sustainable innovation and achieving financial and environmental goals.
Collaborative Eco-Friendly Practices in MSMEs
Environmental Sustainability in Supply Chains
Government Policies in Sustainable Business
Green Supply Chain Management and Innovation
Copyright (c) 2024 Dhani Heryanto Soegieharto, Dini Rosdini, Citra Sukmadilaga https://creativecommons.org/licenses/by/4.0
Exploring the Potential of Blockchain Technology in Digital Tax Administration to Enhance Tax Compliance
This research seeks to enhance the technology acceptance model (TAM) by examining cognitive belief factors, specifically the influence of perceived usefulness and perceived ease of use, on taxpayers' intentions to utilize blockchain technology. This investigation explores both the direct and indirect effects of perceived enjoyment. This research also examined the impact of behaviour, specifically the trust factor, on perceived usefulness and perceived ease of use. We extended the TAM by assessing the mediating influences of the perceived enjoyment factor. The research employs a survey methodology. We collected data from 213 individual taxpayers. However, we were only able to process the data of 155 respondents. Questionnaires serve as a valuable tool for gathering data through Google Forms. We analysed the data using PLS-SEM. The research findings indicate that there is a form of mediation where the perceived usefulness of blockchain technology has a notable impact on taxpayers' intentions to use it, either directly or through the perceived enjoyment it brings. Perceived enjoyment also mediates the influence of perceived ease of use on taxpayers' intentions to use blockchain. Moreover, taxpayer trust has effectively influenced taxpayers' perceptions that technology is user-friendly and advantageous. To improve the level of service provided to taxpayers, tax authorities must leverage the advancements of the information technology era. The research findings make a valuable contribution to the tax authorities' readiness to adopt a blockchain-based tax administration system. The results highlight the significance of the authority's efforts to enhance taxpayers' intrinsic motivation when using tax information technology. Creating a user-friendly and enjoyable experience that brings joy, excitement, and comfort can achieve this.
blockchain technology, perceived usefulness
Copyright (c) 2024 Yenni Mangoting, Retnaningtyas Widuri, Dean Charlos Padji Dogi, Rosalia Gabronino https://creativecommons.org/licenses/by/4.0
Paylater as The Millennial Payment: Theory Planned Behavior
This study aims to identify the motivations of Millennials who use Paylater services as a payment method in transactions and then investigates their perceptions and financial control regarding the risk of Paylater through the theory of planned behavior. This research involves individuals from the Millennial generation who have used Paylater services, using a qualitative approach through interviews. Primary data in the form of interviews in this study uses thematic analysis, by collecting and analyzing data, coding data, developing analytical ideas and concepts, and connecting analysis with the theory used. The results revealed that the ease of access, flexibility, and promo incentives of Paylater motivate Millennials to use it. Social pressure from relatives, the environment, and social media influences this motivation, along with their belief in their control over Paylater. However, Millennials also perceive risks such as spontaneous purchases, financial difficulties, and default, which raises doubts about using this service. These findings highlight the importance of considering psychological aspects, financial literacy, and financial behavior in using Paylater responsibly.
Copyright (c) 2024 Susan Fatmawati, Eko Suwardi https://creativecommons.org/licenses/by/4.0
Decoding Financial Performance: The Role of Leverage and Market Risk in Indonesia's LQ45
This study examines the determinants of financial performance in LQ45 Index companies from 2018–2022. It focuses on factors such as equity multiplier, interest coverage, financial leverage, fixed charge coverage, debt to EBITDA, capitalization ratio, and market risk. Control variables include company age, sales growth, and firm size. Using multiple regression analysis on data from 48 companies, the study finds that interest coverage, fixed charge coverage, market risk, company age, and sales growth positively impact financial performance, while financial leverage, debt to EBITDA, capitalization ratio, and firm size have a negative effect. The equity multiplier shows no significant influence. The findings suggest maintaining high interest and fixed charge coverage ratios and effective risk management to enhance financial performance. Careful management of high debt to EBITDA levels is necessary to prevent negative impacts. Investors should consider these factors when assessing a company's financial health.
Copyright (c) 2024 Budiman, Farah Margaretha https://creativecommons.org/licenses/by/4.0
Institutional theory posits that the interaction of governance quality and institutional factors within both organizational and societal contexts shapes tax morale. Trust plays a key role at both interpersonal and institutional levels, enhancing tax morale and compliance. In today’s information age, the media significantly influences opinions and norms related to tax ethics. This study explores the mediating role of trust between governance quality and institutional determinants of tax morale, while also examining the moderating effect of media campaigns on this relationship, filling a gap in the literature. Using a survey of 418 individual taxpayers, the study finds that trust significantly mediates the effects of governance quality and institutional factors on tax morale. However, media campaigns show limited effectiveness in moderating the impact of trust on tax morale. These findings emphasize the importance of trust in shaping tax morale and highlight its potential as a strategic tool for enhancing tax compliance and ethical tax behavior.
Copyright (c) 2025 Astri Warih Anjarwi https://creativecommons.org/licenses/by/4.0
Copyright (c) 2024 Jurnal Akuntansi dan Keuangan
Blockchain Technology and Quality of Accounting Information: A Systematic Literature Review
The purpose of this study is to examine the scholarly literature regarding the impact of blockchain technology on the quality of accounting information. ⁠The research methodology is a bibliometrically mapped Systematic Literature Review (SLR) comprising 36 reputable resources. The findings demonstrate numerous advantages of blockchain technology, particularly for accountants. One of the important advantages is distributed recordkeeping, which enhances information transparency and reduces information asymmetry. As a result, it significantly improves the quality of accounting information. ⁠The implication of this research is to provide comprehensive insights into the potential paradigm shift in accounting facilitated by blockchain adoption. Furthermore, the study serves as a foundational platform for future research on the implementation and impact of blockchain in accounting information quality.
Copyright (c) 2024 Octa Marselita https://creativecommons.org/licenses/by/4.0
Do Board Multiple Directorships and ESG Score Drive Firm Value? Study of Non-Financial Companies in Thailand
This study intends to demonstrate the impact of board busyness through board multiple directorships and ESG scores towards firm value in Thailand within the period of 2018-2022. Theoretical frameworks such as the resource dependence theory and stakeholder theory explicate the two hypotheses developed for busy directors and ESG score. A director has multiple directorships when he/she has more than three board roles in other publicly listed firms, excluding private organizations and foundations. This research’s population are listed non-financial firms in Thailand Stock Exchange that has ESG score in Refinitiv database for five consecutive years during 2018 to 2022. Final data sample are 28 non-financial companies resulting in 140 observations. Directorship and board size were hand collected from annual reports. Panel data regression with random effect model is used, and results show that there is no association between multiple directorship and firm value. On the other hand, ESG shows a positive and significant relationship towards firm value. This research supports the belief that ESG scores have a notable impact on firm value based.
Copyright (c) 2024 Sany, Caroline Novica, Cynthia Valentina
Copyright (c) 2023 Jurnal Akuntansi dan Keuangan
Tunnelling Behavior: Exploring Corporate Governance and Ownership Structure
This paper investigates the impact of corporate governance quality and ownership structure on tunnelling behaviour in Indonesia, specifically examining the moderating effect of the number of subsidiaries. The study utilized quantitative research methods and secondary data from the Indonesia Stock Exchange, company websites, and relevant journals. The sample consisted of 474 observations from listed companies on the IDX, excluding non-financial firms, covering the period from 2016 to 2019. Statistical analyses, including Pearson Correlation, OLS Regression, and Moderated Regression, were conducted using STATA 14.2 software. The results indicate that managerial ownership, government ownership, and corporate governance quality positively influence tunnelling behaviour, while domestic ownership has a negative impact. Foreign ownership, on the other hand, does not significantly affect tunnelling behaviour. Notably, the number of subsidiaries strengthens the relationship between corporate governance quality and tunnelling behaviour.
Copyright (c) 2024 Cahya Mahardika Putra Perdana, Adib Minanurohman
Fintech Acceptance Among MSMEs: A Post-Covid 19 Response
The primary objective of this research is to assess the determinants influencing the adoption of Fintech among MSMEs in Medan City, focusing on MSMEs following the post-pandemic period. This study used an online survey among 156 MSMEs in Medan City. This research uses the Structural Equation Modeling - Partial Least Square (SEM-PLS) approach to analyze the conceptual model, utilizing the SmartPLS version 3 analysis tool. The study's results found that perceived ease of use and subjective norms influence the perceived usefulness of Medan City MSME actors in using Fintech. Overall, the results of this study indicate that perceived ease of use, perceived usefulness, subjective norms, and feeling of safety have a positive and significant effect on the usage of Fintech among MSME actors in Medan City. The results of this study also provide practical implications for using Fintech for MSMEs in Medan City in the new normal era (after the COVID-19 pandemic).
Copyright (c) 2024 Ulfa Nurhayani, Faisal Rahman Dongoran, Dedy Husrizal Syah, Gaffar Hafiz Sagala
Stock Hedging Using Strangle Strategy on Vanilla Options and Capped Options
The financial market often experiences unexpected fluctuations that can impact stock values. Therefore, investors require hedging strategies to protect their investment values from unwanted price fluctuations. This study compares the hedging results using the strangle strategy on Vanilla options and Capped options on Micron Technology, Inc. (MU) stock. The methods used are Monte Carlo simulation and Black Scholes Merton to calculate the option prices. The research results indicate that the strangle strategy on Vanilla options has unlimited maximum profit potential, whereas on Capped options, the profit is capped above. However, the potential maximum loss on Capped options is lower than that on Vanilla options. Therefore, Capped options are preferred for hedging the MU stock. The research yields significant practical and theoretical benefits. Practically, it offers investors insights into more effective hedging choices for risk management and profit potential in the stock market. Opting for capped options allows investors to control risk better while preserving profit potential. Theoretically, the study enhances our understanding of cost efficiency and risk profiles across various options strategies, making a vital contribution to financial literature.
Copyright (c) 2024 Donny Citra Lesmana, David Vijanarco Martal, Unika Nabila, Syifa Fauzia, Raymond, Zidni Kamal Hasan, M Ridwan Aprizky
Strengthening Corporate Cash Holdings and Investment Efficiency in the COVID-19 Pandemic: Some Empirical Evidence from Indonesia Emerging Markets
This study explores the connection between the amount of cash a company holds and its effectiveness in making investments, as well as the effect of the COVID-19 pandemic. The researchers analyzed a dataset consisting of 2721 observations from Indonesian publicly listed firms between 2013 and 2020, excluding the financial industry (SIC 6). They utilized multiple linear regression analysis to investigate how cash holding influences investment efficiency and how the COVID-19 pandemic affects this relationship. The research approach employed was quantitative. The results indicate that a higher cash holding has a negative impact on investment efficiency. The uncertainty caused by the COVID-19 outbreak has significantly affected corporate cash flows, impeding business activities. Additionally, robustness tests were conducted to address concerns regarding potential bias, and the results consistently aligned with the ordinary least squares (OLS) estimation. These findings are significant for investors, potential investors, and management, providing insights into the interplay among cash holding, investment efficiency, and the COVID-19 Pandemic.
Copyright (c) 2024 Suham Cahyono, Ardianto
Role of R&D Investment on Future Performance: Evidence From Malaysian Companies
R&D Investment is an issue that is still interesting in business research today because it constantly explores company development in terms of technology and innovation. Our study intends to investigate the impact of R&D investment on Malaysian company performance in the future. This empirical study uses company financial statement data accessed via the OSIRIS database. The sample is a non-financial company in Malaysia from 2003 to 2019. This study evaluates The hypothesis using unbalanced panel data regression on 460 company years of observation. Our findings indicate that R&D investments have a degrading impact on the performance of Malaysian companies in the future. These findings indicate that companies in developing countries such as Malaysia have yet to give special attention to investing in R&D as the main business strategy.
Copyright (c) 2024 Idil Rakhmat Susanto, Noorlailie Soewarno, Bambang Tjahjadi
Board Size and Firm Performance: The Moderating Role of Female Representation
This research aims to investigate the commissioner’s number of boards on the Indonesian go-public company’s performance. The disparity in types of gender begs the question of whether the applicability of women’s governance may lead to firm performance. So, the women's presence on that effect as the moderating factor is also examined and analyzed using panel data regression and ordinary least squares in this research. The study's samples are non-financial firms from 2015 until 2019, with 1210 observations. The commissioner's number of boards significantly affects Tobin's q and the market-to-book value ratio as the business performance measurement. Yet, the women’s board of commissioner’s proportion as the moderating factor did not affect the relationship between the commissioner's number of boards and the Indonesian go-public company's performance because of the small number of women on the board. It remains negligible since the dominant gender in the board of commissioners is men in Indonesian non-financial go-public companies, so the women directors may not improve the company’s performance. This study will help various businesses in various sectors by shedding light on the ideal board size for boosting productivity. It also acknowledges the significance of gender diversity on boards so that companies may make educated decisions about their boards' makeup and governance procedures. Given that women make up the minority of CEOs, policymakers will utilize these findings to create rules and directives that support gender diversity on boards and enhance business performance.
Copyright (c) 2024 Hendra Wijaya, Gesti Memarista
Fornt Mater (Cover, Editorial, Table of Content)
Does Financial Literacy Matter in Cashless Payment Usage?
This study aims to examine the effect of social influence and effort expectancy on the intention to use and actual usage of cashless payment systems with financial literacy as moderating variable. To conduct this study questionnaires were distributed to all active accounting students at Airlangga University and from there, 128 research samples were obtained. The collected data were analyzed using WarpPLS 8.0. The results show that effort expectancy and social influence have a positive effect on the intention to use cashless payment systems. The result also shows that the intention to use cashless payment systems has a positive effect on the actual usage of cashless payment systems. In addition, the research results indicate that financial literacy does not moderate the effect of effort expectancy and social influence on the intention to use cashless payment. The results of this study are expected to provide insight and a better understanding of financial literacy and cashless payment system.
Copyright (c) 2023 Fatih Andesita Wuri Bemby
The Role of Leadership Function as A Mediating Variable Between Leadership Behaviour and Organizational Performance
This study examined the relationship between leadership behaviour and organizational performance and the relationship between leadership behaviour and leadership functions. It also analyzed the relationship between leadership functions and organizational performance and the relationship between leadership behaviour and organizational performance using leadership functions as mediating variables. The research data was obtained from 282 state apparatus staff from Surabaya's 62 Regional Working Unit Organizations. The results of this study identified a positive relationship between leadership behaviour and organizational performance, as well as demonstrated that leadership functions can partially mediate the relationship between leadership behaviour and organizational performance. This research is expected to provide insight to leaders in the Regional Working Unit Organization on the importance of good behaviour and leadership functions in leading the organization to achieve better performance.
Niluh Putu Dian Rosalina Handayani Narsa
Copyright (c) 2023 Stefanie Maria Natasha Nugroho, Niluh Putu Dian Rosalina Handayani Narsa
Untangling the Meaning of Photos in Corporate Social Responsibility Reporting
This study aims to identify and analyze the meaning of photos in sustainability reports. Visual content analysis was used to determine the motives for using 1823 photos contained in 19 sustainability reports and 24 annual reports of mining companies. Mining companies are vulnerable to conflict because of the environmental pollution they cause; consequently, their legitimacy is threatened. The findings show that 32.58% of the total photos are community-related. Most photos depict the company's relationship with surrounding community groups. In addition, the company's CSR reports include several photos related to the environment, such as unpolluted nature. This is done in an effort to increase the company's legitimacy. Regarding employment practices and decent work, more photos of men than women are displayed, indicating that the mining industry is male-dominated. These findings provide a framework for informing and persuading stakeholders to appreciate the information presented in photographs.
Copyright (c) 2023 Nabila Permatasari, ani wilujeng suryani
Can the Reclassification of Other Comprehensive Income Narrow the Opportunities for Creative Accounting: Earnings Management and Income Smoothing?
So far, research in Indonesia examines that the factors that influence creative accounting are the application of Good Corporate Governance, leverage, company size, and political connections, while research on the effect of other comprehensive income (OCI) as a result of the application of fair value accounting has not been widely carried out. This study finds evidence that aggregate OCI accumulation does not affect earnings management and income smoothing. However, testing on group OCI items that will be reclassified to net income has a negative effect. Asset realization commitment increases the negative effect of OCI on earnings management and income smoothing. Creative accounting through OCI can be done through a policy of delaying the realization time and or reducing the real amount of assets realized to get the net profit value according to the interests of management and the subjectivity of deter­mining the fair value of assets and liabilities.
The Nexus between Corporate Financial Ratio and Price Earnings Performance: Evidence from President Election Period in Indonesia
This research aims to obtain an empirical overview of the influence of financial performance on stock prices in situations of political uncertainty in Indonesia. Our sample includes all non-financial public companies listed on the Indonesia Stock Exchange from 2011 to 2019, totalling 1,899 company-years. This study uses fixed-effects regression to test the hypothesis. The researchers found that financial performance positively and negatively affects stock prices. Specifically, we found a negative relationship between financial performance proxied by Return on Equity and Debt to Ratio. In contrast, liquidity, return on Assets, and Net Profit Margin have a negative effect on financial performance. Furthermore, our evidence becomes unique when in conditions of political uncertainty, where more financial performance has a negative impact on stock prices. This study provides practical and theoretical implications to fill gaps in previous literature regarding financial performance and its influence on stock prices.
Copyright (c) 2023 Suham Cahyono, Hendri Arya Fernando, Rieswandha Dio Primasatya
Ethical Perceptions of Tax Avoidance and Spiritual Balance Dimensions
This research is about tax avoidance viewed from the perspective of gender and business scale in analyzing ethical perceptions. This study was conducted using primary data by collecting questionnaires distributed to small and medium-sized industrial entrepreneurs in the province of Bali. The samples used were 52 female entrepreneurs and 48 male entre­preneurs. A comparison of ethical perceptions of tax avoidance was tested using Wilcoxon. The research shows no significant difference between the ethical perceptions of small and medium entrepreneurs on tax avoidance and the moral perceptions of male and female entrepreneurs. The correct tax policy must convince taxpayers to fulfil their obligations, primarily through a spiritual dimension that can strengthen taxpayers' confidence not to commit moral hazard. This study adopts the concept of Rwa Bhineda because today's world will lead to the black-and-white era referred to as Rwa Bhineda.
Copyright (c) 2023 I Gusti Ayu Purnamawati, Evan Lau Poh Hock, Gede Adi Yuniarta
Disclosure of Carbon Emissions, Covid-19, Green Innovations, Financial Performance, and Firm Value
The purpose of this study is to investigate the effect of the publication of carbon emissions, COVID-19, and green innovation on financial overall performance and their impact on firm value. The population utilized here are Indonesian companies registered at the Indonesia Stock Exchange from 2015 to 2021 acquired from forty-eight organizations as a sample using purposive sampling. Path analysis is used as the analysis method. This study found that the publication of carbon emissions had no enormous impact on financial performance, while COVID-19 had a full-size negative impact on financial overall performance and green inno­vation had a substantial-higher-quality impact on financial performance. Meanwhile, COVID-19 has an extensive negative impact on firm value, financial performance has a substantial effect on firm value, and disclosure of carbon emissions and green innovation has no massive effect on firm value. Similarly, financial performance cannot seriously mediate the effect of carbon emission disclosure on firm value. However, financial performance was capable of noticeably mediating the bad effect of COVID-19 on firm value and the big high effect of green innovation on firm value.
Copyright (c) 2023 Prasetyo Ramadhan, Puspita Rani, Endah Sri Wahyuni
Environmental Taxation and Green Economics in Southeast Asia
This research aims to simulate models of taxes across Southeast Asia by inserting var models such as environment and gasoline fees. This study is for getting the idea that Southeast Asia imposes an environmental fee based on a regression model derived from Southeast Asia's energy consumption and CO2 emissions adjusted by a 10% additional tax (as a dummy variable). This study was motivated by the European Union's policy suggestions on environmental fees, which could be implemented by Southeast Asia. The log-t methods are used in this study, which allows clustering by countries into additional clubs or convergence groupings, and also for utilizing the test for converging within some panel’s states taking into account the variable’s panel data. We believe that environmental fees are an essential public policy tool in Southeast Asia for reducing CO2 emissions as well as the effects on pollutants. Gas tax or carbon pollution tax upon the energy and transportation industries have a substantial influence on raising tax collections in addition to economic expansion within Southeast Asia. Power tax could help to fund initiatives that utilize ecologically good energy while limiting the prohibiting the utilization of natural gas or eco-friendly power. In the transportation industry, the environmental taxes’ function is to reduce emissions of carbon dioxide caused as a result of less environmentally friendly public transport, as well as to support eco-friendly transport.
Copyright (c) 2023 Amaury Capdeville Chapuzet, Ema Sulisnaningrum, Siti Mutmainah, Eddy Priyanto
An Empirical Research on Audit Report Timeliness
Timeliness is an accounting principle that reflects economic value and relevance. Time­liness in releasing financial statements can provide relevant information and can influence decisions. This empirical study aims to examine the effect of company and audit characteristics on the timeliness of audit reports. This study uses a panel regression analysis methodology on 115 Indonesian companies listed on the Indonesia Stock Exchange from 2017-2021. This study concludes that company characteristics have a significant effect on the timeliness of audit reports. Based on the results of empirical testing, larger audit complexity, firm size, and debt-equity lead to shorter audit delays, on the other hand, negative profits and ownership concentration cause longer delays. The implications lead to more timely reporting and an appropriate decision-making process.
Women Directors and Firm Profitability: The Role of Corporate Environmental Responsibility Engagement
Women in the professional world are still experiencing inequality, discrimination, and obstacles in achieving top management positions. The role of women in improving the com­pany's financial performance is still being debated to this day. This study aims to investigate the role of women directors in 129 manufacturing companies in Indonesia from 2015 to 2019. The data obtained were analyzed using structural equation modelling – partial least square (SEM-PLS). This study found that corporate environmental responsibility engagement did not mediate the relationship between women directors and firm profitability. This study found a significant negative relationship between women directors and corporate environmental responsibility but a significant positive influence between corporate environ­men­­tal responsibi­lity engagement and firm profitability. However, this study found no signifi­cant relationship between women directors and profitability.
Corporate Environmental Responsibility Engagement
Copyright (c) 2022 Atika Fairuzi, Bambang Tjahjadi