Owner : Riset dan Jurnal Akuntansi

Optimalisasi Kinerja Keuangan UMKM Medan Dimoderasi Tingkat Pendidikan

Erny Luxy D Purba — 2026-10-01

Competitive challenges require MSMEs to enhance financial literacy, utilize formal financial services, implement digital marketing strategies, and adopt cashless payments to improve financial performance. This study aims to analyze the influence of financial literacy, financial inclusion, digital marketing strategies, and cashless payment usage on the financial performance of MSMEs, while also examining the moderating role of education level. This quantitative research employs an explanatory approach, collecting primary data through questionnaires distributed to 315 MSME actors across 21 sub-districts in Medan City, yielding 260 valid and processable responses. Data analysis was conducted using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 3.0 software. The findings reveal that financial literacy and cashless payments have a positive and significant effect on MSME financial performance, whereas financial inclusion and digital marketing strategies exhibit a negative effect. Education level does not significantly moderate the relationships between any of the four variables and MSME financial performance. The novelty of this research lies in its simultaneous integration of four key variables into a unified model with education level as a moderating variable in the context of MSMEs in Medan City, providing fresh empirical evidence following the implementation of QRIS and the acceleration of economic digitalization initiated by Bank Indonesia.

Pengaruh ESG Disclosure Berbasis GRI 2021, Leverage, dan Kebijakan Dividen terhadap Nilai Perusahaan Pertambangan: Bukti Empiris Regresi Data Panel Periode 2021–2024

Bonia Sundari — 2026-10-01

This study aims to examine the effect of ESG disclosure, leverage, and dividend policy on firm value in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The mining sector was selected because its substantial environmental and social footprint makes sustainability practices and funding decisions increasingly relevant to how investors assess corporate value. This research employs a quantitative associative approach using secondary data drawn from the annual reports and sustainability reports of the sampled firms. The population comprises 40 mining companies, and through purposive sampling 14 companies were obtained, yielding 56 firm-year observations. ESG disclosure is measured using a GRI 2021-based disclosure index, leverage is proxied by the debt to equity ratio, dividend policy by the dividend payout ratio, and firm value by Tobin’s Q. The data were analysed using panel data regression with the aid of Eviews 12 software, and a series of model specification tests established the random effect model as the most appropriate estimator. The empirical findings reveal that ESG disclosure, leverage, and dividend policy each exert a positive and significant effect on firm value, jointly explaining 85.5 percent of its variation. These results imply that sustainability transparency, well-managed use of debt, and consistent dividend distribution serve as positive signals that strengthen investor confidence and enhance firm value, offering practical considerations for management, investors, and regulators.

The Role of Big Data and AI In Capital Market Based Accounting

Masradin Masradin — 2026-10-01

This study used a Systematic Literature Review (SLR) to examine the role and use of Big Data and Artificial Intelligence (AI) in capital market-based accounting and identify factors influencing the effectiveness of their implementation. The study followed the PRISMA 2020 protocol. From 437 records obtained through eight keyword combinations in the Scopus database, 29 studies were selected after filtering based on the 2016–2026 publication period, Q1–Q4 journal quality, and thematic relevance. The study grouped the literature into four main aspects: data infrastructure, analytical processing, disclosure and reporting, and governance and assurance. These four aspects were then integrated into the AI-Accounting Value Chain and Governance Loop (AVC-GL) model. The findings indicate that Big Data expands information sources for accounting and capital market analysis, while AI helps process complex data and supports decision-making. However, the effectiveness of its implementation is highly dependent on data quality, governance, professional oversight, and human ability to evaluate technological outcomes. The use of generative AI also improves the efficiency of corporate disclosures, but introduces new risks, including greenwashing. This study contributes through the development of a functional taxonomy and AVC-GL model to explain the relationship between technology, governance, information quality, and decision-making in capital markets.

Pengaruh Literasi Keuangan, Inovasi dan Fintech terhadap Kinerja UMKM: Perspektif Financial Empowerment

Najmah Shafiatha Arindea — 2026-10-01

The rapid advancement of digital technology has precipitated substantial shifts in how small and medium enterprises (SMEs) manage their day-to-day operations, particularly across three critical dimensions: financial oversight, refinement of business procedures, and the integration of technology-driven financial solutions commonly termed fintech. This investigation adopts a financial empowerment framework that synthesizes three prominent theoretical perspectives: Resource-Based View (RBV), Theory of Planned Behavior (TPB), and Technology Acceptance Model (TAM). The primary objective of this study is to assess the impact of financial literacy, innovative capacity, and fintech adoption on the overall performance of SMEs operating within Tanjungpandan District, Belitung Regency. This study implemented a quantitative research design utilizing purposive sampling methodology. A total of 121 participants were recruited based on predetermined eligibility criteria, including active engagement in financial decision-making processes, demonstrable familiarity with fintech platforms, and prior involvement in executing business innovations. The appropriate sample dimension was established through application of the Slovin formula. Data gathering was conducted via structured survey instruments, while analytical procedures incorporated descriptive statistical techniques, evaluation of measurement validity and reliability, diagnostic assessments of classical regression assumptions, and multivariate regression modeling utilizing SPSS statistical platform. The empirical findings reveal that financial literacy, innovation capability, and fintech adoption each demonstrate statistically significant positive relationships with MSME performance indicators. Further examination identified financial literacy as the most influential predictor, implying that enhancing financial cognitive capabilities can substantially optimize operational efficiency while strengthening strategic planning among MSMEs in Tanjungpandan. The adjusted coefficient of determination (Adjusted R²) of 49.1% signifies that collectively, these three variables account for nearly half of the variation observed in MSME performance outcomes..

ESG Disclosure and Firm Performance – The Moderating Role of Board Gender Diversity

Fernetta Evania — 2026-10-01

Sustainability practices reflected in the concept of Environmental, Social, and Governance (ESG) are considered capable of reflecting the quality of corporate management as well as the long-term sustainability prospects of a business. One aspect within the governance dimension that has gained increasing attention is gender diversity on the board of directors, which is believed to influence the quality of decision-making and consequently affect corporate profitability and firm value. In line with this, several countries have established policies regarding the proportion of women on boards of directors to promote greater inclusivity. However, countries in the Southeast Asian region have not yet implemented specific written regulations governing the proportion of women on boards of directors. This condition motivates this study to examine the role of gender diversity in moderating the effect of ESG practices on firm performance in Southeast Asia. This study uses a sample of 83 companies from Indonesia, the Philippines, Thailand, and Vietnam during the 2020–2024 period. The independent variable is measured using ESG scores, while the dependent variables are measured using ROA to represent profitability and Tobin’s Q to represent firm value. The moderating variable is measured based on the proportion of women on the board of directors, after which the data panel test is conducted to determine the most appropriate regression model and hypothesis testing method. The result shows that gender diversity play a role in strengthening the effect of ESG practices on firm value, however it doesn’t give any effect in strengthening or weakening the relationship on firm profitability.

Integrating Circular Economy and Social Entrepreneurship for Community Empowerment: Lessons from Bank Sampah Flores

Maria Helena Chandra — 2026-10-01

The rapid growth of coastal pollution and unmanaged solid waste has intensified the need for sustainable approaches that address environmental degradation while improving community livelihoods. Previous studies have predominantly examined circular economy (CE) and social entrepreneurship (SE) as separate approaches, while limited attention has been given to how both are operationally integrated within grassroots waste management to foster community empowerment. This study examines how CE practices and SE are integrated through a community-based waste bank in Lokaria, Indonesia. A qualitative case study was conducted using semi-structured interviews, direct observation, and organizational documents involving five information-rich informants. Reflexive thematic analysis was combined with an abductive strategy, guided by Institutional Theory and the Resource-Based View (RBV). Findings show that the waste bank institutionalizes sorting, collection, pricing, recycling, and upcycling, converting waste into higher-value products while generating economic, social, and environmental value. Empowerment emerged through skills, inclusion, environmental awareness, and participation, but also functioned as a reinforcing capability for subsequent circular practices. Sustainability remained constrained by limited infrastructure, incentive-dependent participation, weak local demand, and insufficient institutional support. The study develops a Dynamic Community Empowerment Model in which circular practices enable resource transformation, social entrepreneurship organizes hybrid value creation, and empowerment feeds back to strengthen future circular engagement. The model extends RBV from firm-level resources to socially embedded community capabilities and complements Institutional Theory by showing that local capabilities require external institutional alignment to scale.

Capital Structure, Financial Stability and Sustainability Performance In Indonesian Non-Banking Companies

Risky Budianto — 2026-10-01

This study is to determine the effect of capital structure on the financial stability and sustainability performance of non-banking companies in Indonesia. Currently, similar research is still dominated by banking companies. The study used archival data with non-banking companies go public in Indonesia. Financial data is taken from the OSIRIS database and sustainability data is taken from the ESGI dataset. The number of observations was 2177 firm years from 2015-2021. It uses the panel data regression as the model’s application. Robustness tests and additional analyses also add depth to the research discussion. Structure capital statistically positively affects financial stability for shareholders and short-term debt, while other proxies of long-term debt and debt-to-equity have a statistically negative effect on financial stability. Structure capital also negatively affects sustainability performance for proxy shareholders and short-term debt, while long-term debt proxies and DER are insignificant on sustainability performance. This study isn’t carried out in all sectors so the measurement of financial stability and sustainability performance is still limited and needs to be tested more broadly. This study fills in the gaps in the findings of previous studies that are still debatable and adds a proxy for measuring capital structure to complement the discussion study.

Fuka's Transformation as a Strengthening of the Accounting Information System for Claims Costs of State-Owned Companies Loading and Unloading

Prisma Wardana — 2026-10-01

The goal of this study is motivated by the very high complexity of claim cost management, especially in state-owned port and stevedoring companies that have not been fully supported into an information system integrated accounting. New digital tools for the claim management process, like e-claim systems, resulted in a semi-digital but fragmented claim management process: part of all costs (especially co-payments and commercial gestures not borne by insurance) cannot be covered. Research this time purposed to investigate FUKA transformation role in business at claim costs accounting information system to keep transparency, accurate and effective cost. The study uses a qualitative descriptive design using interview, observation and documentation data sharing procedures and interactive data analysis model. These findings show that the system limitations in data integration and cost classification/efficiency processes persist which lead to low transparency levels and more cost risk. By performing end-to-end integration between claim and financial systems, deep classification costs, and the ability to provide structured historical claim data for analytics purposes results in a transformation of FUKA as a strategic solution. Hence, FUKA does not only act as a documentation system but also as the nerve center regarding risk management control and decision making for claim cost management.

Pengaruh Kualitas Laba terhadap Nilai Perusahaan: Moderasi Koneksi Politik dan Kepemilikan Keluarga

Inge Novitasari — 2026-10-01

This study aims to examine the effect of earnings quality on firm value and the moderating role of political connections and family ownership in this relationship. The study population comprised all manufacturing companies listed on the Indonesia Stock Exchange for the 2020-2024 period. A purposive sampling method resulted in one hundred and sixty sample companies with a total of eight hundred panel observations. Financial data were sourced from the OSIRIS database, while data on political connections and family ownership were obtained from company annual reports and stock exchange disclosures. The study employed panel data regression analysis with a fixed effects model approach and two model specifications: a direct effect model and a moderation model with interaction variables. Earnings quality was measured using discretionary accruals based on the modified Jones model transformed with the condensed inverse hyperbolic sine method, while firm value was measured using the natural logarithm of Tobin's Q. The results showed that earnings quality significantly influences firm value, but in the opposite direction from the hypothesis. Low earnings quality is associated with higher firm value, consistent with the income smoothing hypothesis. Political connections have been shown to negatively moderate this relationship, amplifying the detrimental impact of low earnings quality on politically connected firms. Conversely, family ownership moderates this relationship positively, mitigating the negative impact of low earnings quality through an alignment mechanism based on signaling theory. This study concludes that investors' assessments of earnings quality are not independent but rather conditionally influenced by a firm's institutional characteristics.

The Price of Looking Green: Does Greenwashing Have Multiple Facets?

Adinda Noor Widowati — 2026-10-01

Sustainability reporting in the Basic Materials sector may present a favorable environmental image, yet such disclosure does not always correspond to actual environmental performance. This study aims to predict and explain the effects of Environmental Costs, Emission Intensity, and Waste Performance on Greenwashing, as well as the economic consequences of Greenwashing for ROA and Tax Avoidance. Using a positivist quantitative approach, this study analyzes firm-year observations of Indonesian Basic Materials companies during 2021–2023. The data were collected from annual reports, sustainability reports, financial statements, PROPER ratings, and ESG databases. The sample was selected using purposive sampling and examined through panel data regression and Sobel mediation testing. The results show that Environmental Costs and Emission Intensity significantly increase Greenwashing, whereas Waste Performance has no significant effect. Greenwashing significantly reduces ROA and lowers GAAP ETR, indicating a higher level of Tax Avoidance. The mediation test further shows that Greenwashing only mediates the relationship between Environmental Costs and ROA. These findings indicate that environmental activities do not automatically represent substantive capabilities when corporate disclosure is not aligned with actual environmental performance. This study contributes by using the GRI-PROPER gap to assess Greenwashing in high-impact listed firms within a broader emerging market regulatory setting.

Post-Pandemic Evidence on Financial Health and Stock Returns in Indonesian Manufacturing Firms

Muhammad Rakha Benaya — 2026-10-01

This study analyzes the effect of financial health, profitability, leverage, and liquidity on stock returns of manufacturing sub-sector companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. The rapid growth of Indonesia's capital market following the post-COVID-19 economic recovery has heightened the importance of understanding the financial fundamentals driving investment returns in this sector. This study contributes to the literature by addressing inconsistencies in prior findings and extending the work of Fachrudin & Ihsan (2021) and Handayani et al. (2023), which were largely confined to the pre-pandemic period, by covering the entire manufacturing sub-sector during the more recent post-pandemic recovery phase. A quantitative research design was employed using secondary data obtained from the official IDX website (www.idx.co.id). The population comprised 200 manufacturing sub-sector companies, from which 85 were selected through purposive sampling, yielding 255 panel data observations over three years. Financial health was measured using the Altman Z-Score, profitability by Return on Assets (ROA), leverage by the Debt-to-Equity Ratio (DER), and liquidity by the Current Ratio (CR). Multiple linear regression was applied following classical assumption testing. The model demonstrated strong explanatory power, with an Adjusted R² of 0.619, indicating that 61.9% of the variation in stock returns is explained by the four variables. The results show that financial health, profitability, leverage, and liquidity each exert a positive and significant effect on stock returns. Leverage emerged as the most dominant predictor (? = 0.696). These findings suggest that investors should comprehensively evaluate these four financial indicators when making investment decisions in manufacturing companies listed on the specifically on the (IDX).

Integration of the Analytic Hierarchy Process (AHP) and Importance-Performance Analysis (IPA) in Optimizing the Accuracy of the Customer Satisfaction Index

William Suhardjo — 2026-10-01

Measuring the Customer Satisfaction Index (CSI) is a crucial instrument in formulating strategic planning and developing Balanced Scorecards in the construction industry. However, the current CSI evaluation still assumes that all assessment attributes carry equal importance weights, potentially leading to bias in decision-making. This study aims to enhance CSI accuracy within a private construction company in Indonesia by integrating weighting factors into each primary attribute. Using a quantitative approach, the methodology combines the Analytical Hierarchy Process (AHP) to determine the priority and strategic weight of attributes, and Importance-Performance Analysis (IPA) to map improvement priorities utilizing historical CSI data.. The results indicate that implementing AHP-based weights yields a more precise CSI score, objectively reflecting the reality of customer preferences. Through the IPA matrix, the company can precisely identify strategic attributes categorized as top priorities for improvement (Concentrate Here) and those that have met or exceeded customer expectations. This integrated AHP-IPA approach provides a more robust foundation for management in steering corporate strategies effectively to maintain customer retention.

Does Corporate Governance Matter for Accounting Conservatism?

Ilma Alzaida — 2026-10-01

The relationship between firm size, leverage, and accounting conservatism is explored in this paper, using independent commissioners as a moderating variable. A sample consisting of 22 mining and energy enterprises listed on the IDX was established through purposive sampling. For hypotheses testing, this research utilizes multiple linear regression and Moderated Regression Analysis (MRA). The data analysis indicates that leverage negatively and significantly influences accounting conservatism, while firm size yields a significant positive outcome. Regarding the moderating mechanism, independent commissioners show no capacity to moderate the leverage-conservatism link, yet they markedly weaken the impact of firm size on accounting conservatism. This finding highlights that proper governance through independent commissioners elevates the reliability of financial disclosures, making excessive accounting conservatism less necessary for large corporations.

Peran Risiko Keuangan dan Tata Kelola Terhadap Kinerja Perusahaan Perbankan

Cindy Cornella Sutarli — 2026-10-01

This study aims to analyze the effects of financial risk and corporate governance characteristics on the performance of banks listed on the Indonesia Stock Exchange (IDX). Financial performance is measured using Return on Assets (ROA) as the dependent variable. The independent variables include liquidity risk, credit risk, operational risk, board size, board meeting frequency, board independence, and operational efficiency. Bank size and leverage are also incorporated as control variables to strengthen the analytical model. The sample consists of 48 banks listed on the IDX during the 2020–2024 period. Panel data regression analysis was conducted using EViews 9. The model selection tests indicate that the fixed effects model is the most appropriate specification. The novelty of this study lies in the inclusion of operational efficiency to examine its role in enhancing bank financial performance and as an indicator of a bank’s ability to effectively manage operational resources amid financial risks. The results show that liquidity risk, credit risk, and board meeting frequency have significant negative effects on financial performance, whereas bank size has a significant positive effect. Meanwhile, operational risk, board size, board independence, operational efficiency, and leverage do not exhibit statistically significant effects in the hypothesized directions. These findings highlight the important role of risk management and corporate governance in optimizing bank profitability. Therefore, banks should strengthen risk controls, improve operational efficiency, and enhance governance quality to achieve more sustainable financial performance.

Pengaruh Transformasi Digital dan Proporsi Komisaris Independen terhadap Kualitas Pelaporan ESG pada Perusahaan ESG Quality 45 IDX KEHATI

Nursela Nursela — 2026-10-01

Environmental, Social, and Governance (ESG) reporting in Indonesia continues to grow significantly in quantity, but this increase has not been fully accompanied by adequate sustainability information quality. Many companies have disclosed ESG information, yet the disclosures remain general and do not fully reflect transparency and substantive sustainability information. This study aims to analyze the effect of digital transformation and the proportion of independent commissioners on ESG reporting quality in companies included in the ESG Quality 45 IDX KEHATI during 2021–2024. The population consisted of all companies listed in the ESG Quality 45 IDX KEHATI index during the observation period. The sampling technique used purposive sampling, resulting in 88 observations. The study employed secondary data obtained from annual reports and sustainability reports. A quantitative approach with panel data regression analysis was applied. The results indicate that digital transformation and the proportion of independent commissioners have a significant positive effect on ESG reporting quality. These findings suggest that digital technology improves the effectiveness of sustainability data management and corporate information transparency, while independent commissioners strengthen the oversight function in ESG reporting practices. The study concludes that digital transformation and the proportion of independent commissioners are important factors in improving corporate ESG reporting quality and provides practical implications for companies and regulators in strengthening ESG implementation and reporting standards in Indonesia.

Mitigating Data Errors and Administrative Costs through Coretax: A Qualitative Case Study of SMEs

Latifa Rania — 2026-10-01

This study examines the operational role of the Coretax System in mitigating data error risks and improving administrative cost efficiency among Small and Medium Enterprises (SMEs). Background: early implementation of Coretax in Indonesia revealed technical obstacles that potentially caused data inaccuracies and administrative difficulties for SME taxpayers. Objectives: this study analyzes how Coretax operates to reduce data errors and compliance costs, combining the Technology Acceptance Model (TAM) and Compliance Cost Theory in a single qualitative framework. Methods: a descriptive qualitative case study was conducted with 10 informants (SME owners, tax officers, and IT officers) at KPP Pratama Malang, using semi-structured interviews, observation, and documentation, analyzed through the interactive model of Miles et al. (2014). Results: three main themes emerged data error mitigation, administrative efficiency, and compliance cost efficiency supported by 10 informants across 12 coded statements. Coretax was perceived as useful and easy to use (TAM), while reducing direct, time, labor, and error costs (Compliance Cost Theory). Conclusions: this study extends the application of TAM and Compliance Cost Theory by integrating both frameworks to explain how a single digital tax platform simultaneously functions as a risk-mitigation and cost-efficiency mechanism for SMEs a combination not yet examined in prior Coretax studies, which have applied TAM and compliance-cost perspectives separately.

Key Banking Risks Affecting The Financial Performance of Conventional Banks In Indonesia

Muhammad Rida Abas — 2026-10-01

This study examines the effects of banking risks on the financial performance of conventional banks in Indonesia during the 2019–2024 period. Financial performance is measured using return on assets (ROA), return on equity (ROE), and net interest margin (NIM). The examined risk factors include credit risk, liquidity risk, capital risk, operational risk, leverage risk, market risk, macroeconomic risk, and bank size. This study employs a quantitative approach using panel data from 42 conventional banks, resulting in 252 observations selected through purposive sampling. Data were analyzed using panel data regression. The findings indicate that credit risk, cash-to-deposit ratio, operational risk, inflation, and exchange rates negatively affect financial performance. In contrast, capital adequacy, economic growth, bank size, and interest rates positively influence financial performance. Liquidity coverage ratio and leverage risk are found to have no significant effect. The results suggest that effective risk management, adequate capitalization, and favorable macroeconomic conditions are essential for improving bank profitability. This study contributes to the banking literature by providing comprehensive evidence on the simultaneous effects of multiple banking risks on financial performance in Indonesia and offers practical implications for bank managers, investors, and regulators.

Artificial Intelligence Technologies and Audit Quality: The Moderating Role of Predictive Analytics

Febi Marleni Yusup — 2026-10-01

This study examines the effects of artificial intelligence (AI) technologies on audit quality and investigates whether predictive analytics strengthens these relationships. The study focuses on auditors working in Public Accounting Firms (KAP) in DKI Jakarta. Using purposive sampling, 481 auditors participated in the survey. A quantitative approach was employed, with primary data collected through questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS 4. The results show that machine learning, deep learning, natural language processing (NLP), data mining, and robotic process automation (RPA) have positive and significant effects on audit quality. The structural model explains 61.0% of the variance in audit quality (R² = 0.610), indicating moderate explanatory power. Among the AI technologies, NLP has the strongest effect on audit quality (? = 0.277, p < 0.001). Predictive analytics significantly strengthens the effects of machine learning, deep learning, NLP, and data mining, but its moderating effect on the relationship between RPA and audit quality is not significant.The novelty of this study lies in examining multiple AI technologies, with predictive analytics as a moderating variable, within a single framework. The findings extend Agency Theory and the Technology Acceptance Model (TAM) by demonstrating how predictive analytics enhances the effectiveness of AI technologies in improving audit quality. This study contributes to the AI auditing literature by providing empirical evidence of the complementary role of predictive analytics in strengthening AI's impact on audit quality. The findings are limited to auditors in DKI Jakarta, which may restrict their generalizability.

Profitability Profile of Indonesia’s Healthcare Industry: A Comparative Descriptive Analysis of Financial Ratios for the Period 2010-2024

Heru Pranata — 2026-10-01

This study provides the first longitudinal non-parametric analysis of subsector resilience differentials in Indonesia’s healthcare industry across a 15-year pre-to-post-pandemic horizon. Using purposive sampling, 35 companies listed on the Indonesia Stock Exchange (IDX) were examined over 367 firm-year observations (2010-2024) for ROA, ROE, and NPM. Non-parametric tests (Kruskal-Wallis, Mann-Whitney U, Spearman’s correlation) were applied given confirmed extreme non-normality. Three key insights emerge: (1) a statistically confirmed subsector asymmetry in which medical devices achieve superior asset efficiency and margin profitability over healthcare services, attributable to structural pricing power and favorable cost scalability; (2) the pandemic yielded the highest profitability ranks on all three ratios while the post-pandemic period fell below even pre-pandemic levels, a deterioration trajectory not previously documented with rigorous non-parametric evidence in the Indonesian context; and (3) very strong ROA-NPM coherence confirms margin efficiency, not asset turnover, as the dominant driver of profitability variation. Interpreted through Dynamic Capability theory, firms with stronger adaptive capacities proved more resilient, yielding actionable evidence for healthcare management, investors, and regulators.

THE EFFECT OF CAPITAL STRUCTURE ON FIRM PERFORMANCE WITH CORPORATE GOVERNANCE AS A MODERATING VARIABLE: EVIDENCE FROM CGPI-LISTED COMPANIES IN INDONESIA

Rosita Asa Pertiwi — 2026-10-01

This study examines the effect of capital structure on firm performance and the moderating role of corporate governance. Firm performance is proxied by Return on Equity (ROE) and Tobin’s Q, while capital structure is measured using the Debt to Equity Ratio (DER). Corporate governance is represented by the Corporate Governance Perception Index (CGPI). The study employs a quantitative approach using purposive sampling on companies listed in the CGPI and the Indonesia Stock Exchange during the 2018–2022 period. Data were analyzed using multiple linear regression with moderation analysis (interaction effect) through SPSS 26. The findings indicate that capital structure does not have a significant effect on ROE and Tobin’s Q, suggesting that leverage decisions do not directly influence profitability or market valuation. Furthermore, corporate governance does not moderate the relationship between capital structure and ROE, indicating that governance mechanisms do not strengthen the impact of leverage on accounting-based performance. However, corporate governance significantly moderates the relationship between capital structure and Tobin’s Q, implying that strong governance enhances the positive perception of leverage in the market. These results highlight the importance of governance quality in shaping investor confidence and firm value.

Keywords: capital structure, corporate governance, firm performance, tobin’s q

Pengaruh Struktur Modal, Sales Growth terhadap Financial Distress dengan Ukuran Perusahaan sebagai Variabel Moderasi

Nadia Riski Safitri — 2026-10-01

This study aims to analyze the extent to which capital structure and sales growth influence financial distress, firm size moderates this relationship among industrial sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The initial study population comprised 67 companies in this sector. After screening based on sample selection criteria, 33 companies that met the criteria were identified, resulting in 165 observations. This study employs a quantitative approach using secondary data. The relationships among variables were tested using panel data analysis, and moderation effects were tested using Eviews 13 software. The results of the analysis indicate that capital structure has no effect on financial distress, while sales growth has a positive effect on financial distress, and firm size has a negative effect on financial distress. The results of the moderation test show that firm size does not moderate the relationship between capital structure on financial distress but strengthens the effect of sales growth on financial distress. These findings provide empirical evidence regarding the factors influencing financial distress in companies in the industrial sector in Indonesia during the study period.

Profitability, Asset Tangibility, and Liquidity on Capital Structure: The Moderating Role of Sales Growth

Angelie Kinzana — 2026-10-01

This study examines the influence of profitability, asset tangibility, and liquidity on capital structure in energy sector firms listed on the Indonesia Stock Exchange from 2020 to 2024, with sales growth functioning as a moderating variable. This research is motivated by inconsistent findings in previous studies regarding the determinants of capital structure and the limited discussion on the moderating role of sales growth, particularly in the Indonesian energy sector. The sample consists of 280 firm-year observations selected using purposive sampling based on data availability criteria. This study employs panel data regression analysis to test the proposed hypotheses. The results show that profitability and liquidity have a negative and significant effect on capital structure, suggesting that organisations with a higher level of financial performance and stronger liquidity tend to rely less on debt financing. Asset tangibility is also found to have a negative and significant effect, suggesting that tangible assets are not used as the main consideration in determining leverage. Furthermore, the moderating analysis reveals that sales growth does not significantly moderate the relationship between profitability and capital structure nor between asset tangibility and capital structure. However, sales growth strengthens the negative effect of liquidity on capital structure. These findings provide stronger support for the Pecking Order Theory, emphasizing the importance of internal financing, while providing limited support for the Trade-Off Theory. This investigation contributes to the existing tissue of literature by emphasising the conditional role of sales growth and providing empirical evidence from the energy sector.

Digital Transformation and Banking Profitability: The Mediating Role of Operational Efficiency

Banafsa Ayudyanita — 2026-10-01

This study empirically examines how digital transformation influences bank profitability, with operational efficiency as a mediating variable, in commercial banks listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The rapid expansion of digital banking and increasing competition from fintech companies have encouraged banks to intensify technology investments, raising questions regarding whether digitalization improves profitability directly or through operational efficiency gains. Therefore, this study aims to analyze both the direct and indirect effects of digital transformation on bank profitability. Using purposive sampling, 31 banks were selected, resulting in 155 panel data observations across five years. The analysis employed panel data regression in EViews 13 while a cluster bootstrap approach with 5.000 replications was applied to evaluate the mediating effect. The findings indicate that digital transformation has a positive and significant direct effect on profitability (ROA). However, digital transformation does not significantly affect operational efficiency (BOPO), while BOPO negatively and significantly affects ROA. Furthermore, the bootstrap test confirms that operational efficiency does not mediate the relationship between digital transformation and profitability. These findings suggest that digitalization primarily enhances bank profitability through revenue expansion rather than cost efficiency.

Determinants of Firm Value in ESG-Based Mining and Energy Companies: Evidence from Indonesia

Naisya Azria Silalahi — 2026-10-01

This study examines the effect of ESG performance, profitability, and sales growth on firm value in ESG-based mining and energy companies listed on the Indonesia Stock Exchange during 2021–2024. The mining and energy sector represents an environmentally sensitive and high-carbon industry that faces increasing pressure from sustainability issues, energy transition, and post-pandemic market dynamics. However, empirical evidence on ESG-rated mining and energy firms in emerging markets remains limited. Firm value is proxied by price-to-book value, ESG performance is measured using Refinitiv ESG Score, profitability is measured by return on assets, and sales growth is measured by annual sales growth. This study uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, Refinitiv, and Indonesia Stock Exchange publications. The sample consists of 13 companies with 51 firm-year observations selected using purposive sampling. Panel data regression using EViews 13 was applied after model selection and classical assumption testing. The findings show that ESG performance, profitability, and sales growth simultaneously affect firm value. Partially, ESG performance and profitability do not significantly affect firm value, while sales growth has a positive and significant effect. These findings indicate that investors in Indonesia’s mining and energy sector respond more strongly to sales growth as a signal of business prospects than to ESG performance and profitability. This study contributes by providing panel evidence using Refinitiv ESG scores in environmentally sensitive industries within an emerging market context.

Pengaruh Profitabilitas, Leverage dan Likuiditas Terhadap Kualitas Laba dengan Kualitas Audit sebagai Variabel Moderasi

Ronaldus Agung — 2026-10-01

The purpose of this study is to investigate how audit quality moderates the effects of profitability, leverage, and liquidity on earnings quality. This study employs an associative method in conjunction with a quantitative approach. The study’s population consists of 38 companies that are listed in the healthcare sector on the Indonesia Stock Exchange between 2020 and 2024, and 10 companies that fit the requirements were found using purposive selection of the population. Secondary data from www.idx.co.id is the kind of data utilized, 50 information points were obtained using Eviews 12, the findings indicate that while leverage and liquidity have a significant negative impact. The impact of leverage and liquidity on earnings quality is strengthened by audit quality’s moderating influence, whereas the impact of profitability on earnings quality is weakened. It is anticipated that more factors, different companies, and more recent observation periods will be used in future studies.

Internal Control Effectiveness in Fraud Detection of Direct Cash Assistance Distribution: Evidence from Regency X

Devo Sucita Lokiman — 2026-10-01

The distribution of Direct Cash Assistance (BLT) is an important instrument in social protection; however, its implementation at the local and village levels remains vulnerable to fraudulent practices. This study aims to analyze the effectiveness of internal control in detecting fraud and to identify the factors influencing fraud detection in BLT distribution in East Bolaang Mongondow Regency. This research employs a qualitative method with a case study approach. Data were collected through interviews, observations, and documentation, using purposive sampling involving village officials, inspectorate representatives, and BLT beneficiaries. Data analysis was conducted using an interactive model consisting of data reduction, data display, and conclusion drawing. The results indicate that, structurally, internal control mechanisms have been established through the formation of verification teams, issuance of official decrees, and implementation of standard operating procedures. However, their effectiveness remains suboptimal due to inconsistent implementation and a predominance of administrative compliance rather than substantive control. The main weakness lies in the verification process as a form of preventive control, which has not functioned effectively, as well as in the monitoring system that remains manual and highly dependent on individuals. Furthermore, fraud detection is influenced by opportunity and collusion factors within the Fraud Hexagon framework. Opportunities arise from weak control systems, lack of transparency, and political intervention, while collusion enables organized fraudulent activities that can bypass existing controls. This study concludes that strengthening internal control requires a comprehensive approach, including enhancing integrity, improving transparency, and utilizing technology to increase the effectiveness of fraud detection in BLT distribution.

Moderasi Struktur Kepemilikan: Kinerja Lingkungan, Biaya Lingkungan, Pengungkapan CSR, dan Kinerja Keuangan

Ayumi Fathika — 2026-10-01

This study examines the effects of environmental performance, environmental costs, and corporate social responsibility (CSR) disclosure on financial performance, proxied by Economic Value Added (EVA), among energy sector companies listed on the Indonesia Stock Exchange during 2019–2024, and investigates the moderating role of ownership structure, represented by institutional and managerial ownership. Using purposive sampling, the study obtains 132 firm-year observations from 28 companies. Environmental performance is measured through PROPER ratings, environmental costs through the ratio of environmental expenditure to total assets, and CSR disclosure through a GRI Standards-based checklist. A one-year lag structure is applied, positioning ownership structure at t-1, sustainability variables at t, and financial performance at t+1. Data are analyzed using panel data regression with the Common Effect Model and robust standard errors. The results show that environmental performance, environmental costs, and CSR disclosure do not significantly affect EVA, indicating that these sustainability practices function primarily as compliance and legitimacy mechanisms rather than direct value-creation strategies in the capital-intensive, regulation-driven energy sector. Institutional ownership, whether measured in aggregate or decomposed into domestic and foreign ownership, and managerial ownership fail to moderate these relationships, suggesting that ownership concentration does not translate into effective oversight capable of converting sustainability activities into economic value. Leverage is the only variable with a significant, negative effect on EVA. These findings imply that sustainability initiatives in Indonesia's energy sector remain disconnected from operational efficiency and capital cost reduction, highlighting the need for stronger integration between environmental and social strategies and corporate financial objectives.

Climate Change , CO? , and Macroeconomic Stability Nexus: An Economic Growth Analysis in BRICS Economies

Achmad Budi Susetyo — 2026-10-01

This study aims to explore the long- and short-term impacts of macroeconomic factors, Climate Change, and CO? emissions on the Economic Growth of BRICS member states during 2002–2023. This study employs a quantitative approach using an ex post facto model. Furthermore, the population consists of the 5 original BRICS member states, with a non-probability sampling technique, namely exhaustive sampling. Consequently, based on the sampling technique applied, five key BRICS member states were selected as the sample, comprising 110 observations. Data analysis was conducted using the PMG ARDL-Panel model. The results indicate that the variables CO? , Foreign Direct Investment (FDI), and Inflation do not have a significant effect. Meanwhile, the variables Climate Change and Trade openness (TO) have a significant effect in the long run. In the short term, inflation was found to have a significant effect in Russia but not in the other four countries; conversely, trade openness was significant only in Brazil and not in the other four countries. Based on this analysis, there are significant differences in the variables between the long- and short-term models. This phenomenon implies that macroeconomic conditions, proxied through inflation, trade openness, and Foreign direct investment, as well as Climate Change, proxied through maximum surface temperature (TSMAX) and CO? emissions, exert differing effects over time on Economic Growth in the BRICS member states.

Capital Structure, Asset Efficiency, and Firm Value: Evidence from Indonesian Trading, Services, and Investment Companies Using Fixed Effect Panel Regression

Frisca Frisca — 2026-10-01

This research investigates the influence of capital structure and asset utilization efficiency on firm value among companies operating in the trading, services, and investment sectors listed on the Indonesia Stock Exchange over the 2019–2024 period. The study was conducted based on the phenomenon of changes in firm value, as indicated by fluctuations in Price to Book Value (PBV), as well as the existence of inconsistent empirical evidence regarding the determinants of firm value. This research adopts a quantitative method by utilizing secondary data collected from companies’ annual financial statements. The sample was determined through a purposive sampling technique, producing 101 selected companies with a total of 606 firm-year observations. In this study, firm value is represented by Price to Book Value (PBV), capital structure is evaluated using the Debt to Equity Ratio (DER), and asset efficiency is measured through Total Asset Turnover (TATO). Meanwhile, liquidity, represented by the Current Ratio (CR), is incorporated as a control variable. The data analysis was conducted using panel data regression, with the Fixed Effect Model (FEM) selected based on the results of the Chow test and Hausman test. The empirical findings reveal that capital structure positively and significantly influences firm value. Conversely, asset efficiency does not demonstrate a significant impact on firm value. Additionally, liquidity as a control variable shows a negative and significant relationship with firm value. These results indicate that investors tend to consider companies’ financing strategies more prominently than their ability to utilize assets efficiently when evaluating firm value. Therefore, companies are encouraged to establish an optimal capital structure as a strategic effort to improve market valuation and strengthen investor confidence.

Determinants of Sustainable MSME Financing by Banks

Deni Ramdani — 2026-10-01

Sustainable financing for micro, small, and medium enterprises (MSMEs) has become an important strategy to support economic growth and sustainable development in Indonesia. However, limited studies examine how bank characteristics influence sustainable MSME financing. This study investigates the effects of financial integrity, bank reputation, and sustainability mechanisms on sustainable MSME financing by banks in Indonesia. This study employs a quantitative approach using panel data from 47 banking companies listed on the Indonesia Stock Exchange during 2021–2024, resulting in 187 observations. Data were analyzed using fixed-effect regression and robustness testing with two-stage least squares (2SLS). The findings show that financial integrity, bank reputation, and sustainability mechanisms positively and significantly affect sustainable MSME financing. Sustainability mechanisms become the most dominant determinant, indicating that ESG-oriented governance strengthens banks’ capacity to distribute sustainable financing. The robustness test confirms that the results remain consistent after controlling for potential endogeneity problems. Theoretically, it integrates signaling theory into sustainable MSME financing by positioning banks as signal providers through financial integrity, reputation, and sustainability governance. Methodologically, it uses bank-level objective data from financial reports, annual reports, sustainability reports, and reputation indicators, rather than relying on MSMEs’ survey-based perceptions. Contextually, it highlights sustainability governance as a determinant of sustainable MSME financing in an emerging market where MSMEs play a central role in economic development. Therefore, this study advances the literature by showing that sustainable MSME financing is shaped not only by MSMEs’ characteristics or financing demand, but also by credible signals and governance mechanisms provided by banks.

Pengaruh Fraud Diamond Terhadap Kecurangan Laporan Keuangan dengan Moderasi Transparansi pada Sektor Industri (2021–2024)

Qothrunnada Mahsya Salsabila — 2026-10-01

Financial statement fraud remains a serious issue that can reduce the quality of financial information, harm stakeholders, and decrease public trust in companies. This study aims to analyze the effect of Fraud Diamond Theory, consisting of pressure, opportunity, rationalization, and capability, on financial statement fraud with financial statement transparency as a moderating variable in industrial sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This study employed a quantitative approach using secondary data obtained from company financial statements. The sampling technique used purposive sampling. Financial statement fraud was measured using the Beneish M-Score, while hypothesis testing was conducted using logistic regression analysis with SPSS version 26. The results showed that pressure, opportunity, rationalization, and capability had no significant effect on financial statement fraud. In addition, financial statement transparency was unable to moderate the effect of these four variables on financial statement fraud. These findings indicate that financial statement transparency has not been effective in strengthening or weakening the relationship between Fraud Diamond factors and financial statement fraud. Therefore, companies need to strengthen internal control systems and corporate governance comprehensively to minimize the risk of financial statement fraud.

Determinasi Pengungkapan Laporan Keberlanjutan pada Sektor Energi dan Bahan Baku

Denyra Chaerunisya — 2026-10-01

This study is motivated by inconsistent sustainability disclosure practices and greenwashing in natural resource-based industries amid increasing demands for corporate transparency and accountability. The study aims to analyze the influence of profitability, leverage, independent commissioners, and audit committees on Sustainability Report disclosure, with firm size serving as a control variable. The theoretical framework of this study is based on stakeholder theory. The research method employs a quantitative approach using purposive sampling of energy and basic materials sector issuers listed on the Indonesia Stock Exchange for the 2022–2024 period. Secondary data comprising 60 observation samples were obtained from the companies’ annual reports and sustainability reports. Data analysis was conducted using multiple linear regression via IBM SPSS software version 26. The results indicate that profitability, proxied by Return on Assets (ROA), has a significant negative effect on Sustainability Report disclosure. Meanwhile, leverage, independent commissioners, and audit committees do not have a significant effect on Sustainability Report disclosure. This study concludes that profitability is a factor influencing Sustainability Report disclosure, whereas the corporate governance mechanisms examined have not been able to increase in Sustainability Report disclosure. The implications of this research show the importance of increasing corporate commitment to expanding sustainability disclosures and strengthen corporate governance functions to support transparency in reporting. Future research is encouraged to consider other variables and a longer observation period in order to provide a more comprehensive explanation of sustainability reporting.

Pengaruh Komite Audit, Audit Tenure, dan Reputasi Kantor Akuntan Publik terhadap Kualitas Audit (Studi Empiris pada Perusahaan Sektor Infrastructures yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024)

Suci Azhari — 2026-10-01

This study aims to analyze the effect of the audit committee, audit tenure, and the reputation of Public Accounting Firms (PAF) on audit quality in infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This research employs a quantitative approach using panel data regression analysis. The study uses secondary data obtained from companies’ annual reports, with the sample selected through purposive sampling. The results indicate that the audit committee has a significant effect on audit quality, suggesting that the effectiveness of the audit committee as a monitoring mechanism can enhance audit quality. Audit tenure also has an effect on audit quality, indicating that the length of the audit engagement between the auditor and the client within the same Public Accounting Firm can influence the auditor’s understanding of the company’s condition as well as independence in conducting the audit. Furthermore, the reputation of the Public Accounting Firm affects audit quality, as firms with strong reputations tend to deliver higher-quality audits. This study provides implications for companies and auditors in improving audit quality through strengthening the role of the audit committee, managing audit tenure optimally, and selecting reputable Public Accounting Firms.

Reassessing The Role of Political Embeddedness: ESG and Corporate Market Outcomes in Indonesia

Sonya Meylina Prastiwi — 2026-10-01

This study aims to test and analyze the role of political embeddedness on the relationship between ESG and corporate market performance in Indonesia. This study used data from companies listed on the Indonesia Stock Exchange (IDX), excluding financial sector companies. The final sample size was 1,281 firm-years. Panel data regression analysis techniques were used to test the research hypotheses. Furthermore, several tests, including robustness tests and further testing, were conducted to deepen the research. Regression results reveal that ESG plays a role in building market confidence in a company, thus increasing its value. Furthermore, political embeddedness plays a significant role in strengthening ESG's influence on corporate market outcomes. The integration of political embeddedness, ESG, and corporate market outcomes into a research model, along with its comprehensive analysis, makes this study valuable for advancing the literature. This study addresses a research gap and provides a broad perspective on the model analyzed.

Pengaruh Struktur Modal terhadap Profitabilitas pada Perusahaan Perikanan yang Terdaftar di BEI

Precilia Ribka Pelengkahu — 2026-10-01

Tingkat efektivitas entitas bisnis dalam menciptakan keuntungan dipengaruhi oleh struktur modal. Oleh karena itu, pengelolaan struktur modal menjadi hal yang krusial terutama bagi perusahaan perikanan yang memiliki kebutuhan modal tinggi dan risiko bisnis yang signifikan. Kajian ini bermaksud untuk menganalisis dampak dari rasio utang terhadap ekuitas (DER) serta rasio utang terhadap aset (DAR) terhadap tingkat pengembalian ekuitas (ROE) pada sektor usaha perikanan yang tercatat di Bursa Efek Indonesia sepanjang rentang waktu 2021 hingga 2024. Penelitian ini menggunakan metode kuantitatif dengan pendekatan asosiatif. Sampel penelitian terdiri dari 36 observasi yang berasal dari sembilan perusahaan, yang dipilih melalui teknik purposive sampling dari total 16 perusahaan perikanan. Analisis data dilakukan menggunakan metode regresi linear berganda, yang didukung oleh analisis koefisien determinasi, uji parsial, uji simultan, serta uji asumsi klasik. Penelitian ini berhasil membuktikan bahwa DER secara individual berpengaruh negatif dan bermakna secara statistik terhadap ROE, sementara DAR menunjukkan arah yang berlawanan, yakni positif dan signifikan. Ketika diuji bersama-sama (simultan), DER dan DAR juga menunjukkan pengaruh yang signifikan atas ROE. Kemampuan prediktif model penelitian ini tergolong cukup, dengan Adjusted R² sebesar 0,128, yang mengindikasikan bahwa hanya 12,8% perubahan pada ROE yang dapat diakibatkan oleh variasi DER dan DAR, sedangkan sisanya dipengaruhi oleh faktor-faktor di luar lingkup penelitian. Kesimpulannya, struktur modal yang terukur melalui DAR dan DER terbukti berdampak pada laba perusahaan di subsektor perikanan, sehingga pengaturan komposisi utang dan ekuitas yang tepat menjadi langkah strategis untuk memaksimalkan hasil usaha.

The Instrumen Fiskal Islam dan Implikasinya terhadap Kesejahteraan Sosial

Faisal Faisal — 2026-10-01

Islamic fiscal policy offers an alternative approach grounded in Sharia principles for managing state revenues and expenditures, with the overarching goal of achieving social welfare (maslahah) and distributive justice. This study aims to analyze the theoretical foundations of Islamic fiscal policy, identify its primary instruments-including zakat, waqf, jizyah, kharaj, and 'ushr and examine their relevance and implementation challenges within the context of Indonesia's national economy and the contemporary global financial system. A systematic literature review method combined with descriptivequalitative analysis was applied to primary classical texts, government regulations, international institution reports, and indexed scientific articles published between 2014 and 2024. Findings indicate that Islamic fiscal instruments hold significant potential for reducing income distribution inequality, promoting inclusive growth, and strengthening state fiscal resilience. However, implementation faces several structural challenges, including: weak institutional capacity for zakat collection and management, insufficient regulatory integration of Islamic fiscal instruments into the state budget (APBN) framework, and low public literacy regarding Sharia-based fiscal obligations. This study recommends gradual integration of Islamic fiscal instruments through strengthened regulation, institutional reform of the National Zakat Board (BAZNAS), and harmonization with conventional fiscal systems as a strategic pathway toward equitable economic development.

Dampak Penerbitan Green Bonds dan Green Innovation terhadap Nilai Perusahaan di Indonesia

Edwin Hendrawan — 2026-10-01

This study aims to examine the effect of Green Bonds and Green Innovation on Firm Value among public companies in Indonesia during the 2019-2024 period. The research employs a quantitative approach using secondary data obtained from annual reports, sustainability reports, and other supporting sources. The sample was selected using purposive sampling, resulting in 28 companies with 168 observations. Green Bonds are measured using a dummy variable, while Green Innovation is measured through a disclosure index based on GRI 302, GRI 303, GRI 305, and GRI 306. Firm Value is proxied by Tobin’s Q. Data analysis was conducted using panel data regression with the Random Effect Model (REM), which was selected based on panel model testing. The results show that Green Bonds do not have a significant effect on Firm Value. Similarly, Green Innovation does not significantly affect Firm Value. These findings indicate that green financing instruments and environmental disclosure practices have not yet become major considerations for investors in assessing company value in the Indonesian capital market. The results also suggest that investors tend to place greater emphasis on financial performance and other fundamental factors when making investment decisions. Furthermore, the low coefficient of determination indicates that Firm Value is influenced by many factors beyond those included in this study. This research contributes to the sustainable finance literature by providing empirical evidence that the implementation of green financing and environmental sustainability practices does not necessarily generate a direct positive market response in developing countries.

PENGARUH GREEN ACCOUNTING, SUSTAINABILITY REPORT DAN GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN

Oman Nurjaman — 2026-10-01

This study aims to analyze the influence of Green Accounting, Sustainability Reporting, and Good Corporate Governance (proxied by institutional ownership) on the Firm Value of mining companies listed on the Indonesia Stock Exchange for the 2021–2024 period.The research employs a quantitative approach using a causal-associative method. The data used is secondary, consisting of annual reports from 50 companies selected through purposive sampling, resulting in 200 observations. The results indicate that, partially, Green Accounting does not have a significant effect on Firm Value. Sustainability Reporting has a negative and significant effect on Firm Value, while Good Corporate Governance, as proxied by institutional ownership, also does not have a significant effect on Firm Value. Simultaneously, Green Accounting, Sustainability Reporting, and Good Corporate Governance have a significant influence on Firm Value. This demonstrates that integrating these three elements is a strategic step for management to meet regulatory expectations while simultaneously creating added value for shareholders

Pengaruh Green Banking terhadap Profitabilitas Perbankan dengan Ukuran Bank sebagai Variabel Moderasi

Halimah — 2026-10-01

This study aims to analyze the effect of green banking through four dimensions, namely banks' policy related practice, daily operation related practice, customer related practice, and employee related practice, on profitability proxied by Return on Assets (ROA), and to examine the moderating role of bank size. Inconsistency in prior research findings and the limitation of single-index measurement approaches serve as the primary motivation for this study. The population consists of all conventional commercial banks listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024. The sample was determined using purposive sampling based on the completeness of financial reports and data availability, resulting in 24 banks with 96 total observations as balanced panel data. Data were analyzed using panel data regression with the Fixed Effect Model (FEM), selected based on the Chow and Hausman tests. The results indicate that only the employee related practice dimension has a significant positive effect on ROA, while banks' policy related practice, daily operation related practice, and customer related practice show no significant effect. Furthermore, bank size is not proven to moderate the relationship between any of the four green banking dimensions and profitability. This study concludes that the effectiveness of green banking on bank financial performance depends on the specific dimension implemented rather than institutional scale.

Pengaruh Inovasi Fintech dan Financial Literacy terhadap Perilaku Keuangan Berkelanjutan yang Dimediasi Akses Keuangan

Herlina Pusparini — 2026-10-01

This study aims to analyze the effects of fintech innovation and financial literacy on sustainable financial behavior, the effect of financial access on sustainable financial behavior, and the mediating role of financial access in the relationship between fintech innovation, financial literacy, and sustainable financial behavior. The population of this study consists of fintech users in West Nusa Tenggara (NTB). The sampling technique employed was convenience sampling, in which samples were selected randomly to provide an unbiased representation of the target population and the total sample of 199 respondents. Data were collected through questionnaires. Hypotheses were tested using the Partial Least Squares (PLS) technique with SmartPLS 4.0 software. The results indicate that fintech innovation, financial literacy, and financial access have significant effects on sustainable financial behavior. Furthermore, financial access mediates the relationship between fintech innovation and sustainable financial behavior, as well as the relationship between financial literacy and sustainable financial behavior. This research model demonstrates that fintech innovation, financial literacy, and financial access serve as the primary determinants of sustainable financial behavior. Fintech innovation has the greatest influence; however, its optimization requires expanding access to financial services. The findings also extend the Theory of Planned Behavior by confirming that financial access strengthens perceived behavioral control.

Determinants of Fraud Prevention in Procurement at Palembang Regional Government Organizations

Rayhan Nur Fajri — 2026-10-01

Government procurement of goods and services is a crucial public instrument yet remains the sector most vulnerable to fraud. This study analyzes the influence of e-procurement implementation, procurement practitioner ethics, and the Government Internal Control System (SPIP) on fraud prevention at Regional Government Agencies (OPD) in Palembang City. A quantitative-associative method was employed with a purposive sample of 81 respondents from 30 departmental OPDs. Multiple linear regression via IBM SPSS revealed that e-procurement implementation (? = 0.428; t = 3.973; p = 0.001), procurement ethics (? = 0.367; t = 3.358; p = 0.001), and SPIP (? = 0.348; t = 3.043; p = 0.003) each positively and significantly affected fraud prevention, both partially and simultaneously (F = 35.528; p = 0.001). The three variables jointly explained 56.4% of fraud prevention variance. Anchored in Crowe's Fraud Pentagon Theory, findings confirm that optimal fraud prevention requires an integrated approach combining digital system strengthening, ethics internalization, and internal control optimization.

Pengaruh Financial Slack, Firm Size dan Carbon Performance terhadap Carbon Emission Disclosure

Alya Agesti — 2026-10-01

This study is motivated by the growing attention to climate change issues, which underscores the importance of corporate transparency in disclosing carbon emissions as a form of responsibility toward the environment and stakeholders. The objective of this study is to analyze the influence of financial slack, firm size, and carbon performance on carbon emissions disclosure among companies in the non-cyclical consumer sector listed on the Indonesia Stock Exchange during the 2021–2024 period. However, previous studies have reported inconsistent findings regarding the effects of financial slack, firm size, and carbon performance on carbon emissions disclosure. Furthermore, empirical evidence from the non-cyclical consumer sector remains relatively limited compared to carbon-intensive industries. This study employs a quantitative approach using secondary data obtained from annual reports and sustainability reports. The sample was selected using purposive sampling based on specific criteria, resulting in 26 companies with a total of 104 observations. Data analysis was conducted using multiple linear regression, preceded by tests of classical assumptions to ensure the validity of the analytical model. The results indicate that firm size has a significant effect on carbon emissions disclosure, whereas financial slack and carbon performance do not show significant effects. In conclusion, firm size is the dominant factor driving increased carbon emissions disclosure, while internal financial factors and carbon performance have not been proven to be primary determinants in such disclosure practices. This finding indicates that external pressures such as regulatory demands drive disclosure more strongly than internal factors.

Transformasi Sistem Informasi Akuntansi Menuju Tata Kelola Digital: Analisis Bibliometrik 1967–2024

Melania Lintang Kenisah — 2026-10-01

Accounting Information Systems (AIS) research has developed from studies emphasizing transaction processing and operational support toward broader discussions on organizational integration, digital technologies, governance, and accountability. Although previous bibliometric studies have mapped publication trends and thematic structures in AIS research, most remain descriptive and provide limited explanation of how thematic evolution reflects changes in AIS research orientation across technological eras. Therefore, this study examines the evolution of AIS research from 1967 to 2024 by identifying publication trends, dominant themes, intellectual foundations, geographical contributions, and future research opportunities. Using a bibliometric approach, data were collected from the Scopus database and analyzed through Bibliometrix/Biblioshiny, employing performance analysis, co-occurrence analysis, thematic mapping, thematic evolution, and citation analysis. The findings reveal a shift in AIS research from operational and technical concerns toward strategic and digital-oriented themes. Early studies focused on data processing and decision support systems, followed by enterprise resource planning (ERP), knowledge management, and integrated systems. Recent research increasingly emphasizes data analytics, artificial intelligence, blockchain, and digital governance. Citation analysis identified anchor articles shaping AIS intellectual development, while geographical analysis highlighted Indonesia’s growing contribution. Overall, the findings suggest that AIS literature increasingly positions AIS as a research domain associated with digital integration, analytics, governance, and organizational accountability.

Model Akuntansi Digital Berbasis Komunitas untuk Penguatan Tata Kelola Rantai Nilai Ekonomi Hijau: Studi Community-Based Tourism di Desa Oluhuta

Fitria Akibun — 2026-10-01

This study aims to identify a community-based digital accounting model for strengthening green-economy value-chain governance through Community-Based Tourism (CBT) in Oluhuta Village. A convergent mixed-methods design with qualitative dominance was employed. Data were collected through in-depth interviews with 20 informants, observation, focus group discussions, documentation, and questionnaires. Quantitative data were analyzed descriptively, while qualitative data were examined through data condensation, data display, and conclusion drawing and verification. The findings show that 65% of respondents still rely on manual bookkeeping, only 35% use digital devices for financial recording, and 15% use financial-management applications. Although all respondents own smartphones and 90% have internet access, the use of technology for accounting functions remains limited. Meanwhile, 90% require periodic financial reports, whereas only 30% currently prepare periodic summaries or reports. Integration of qualitative and quantitative evidence produced a model consisting of six processes: transaction recording, information processing, financial reporting, community verification and supervision, information distribution, and decision making. The model is guided by participatory, simple and accessible, transparent, accountable, integrated, and sustainability-oriented principles. The findings indicate that digital accounting in CBT should be treated as a socio-technical governance process linking technology, stakeholder roles, value-flow traceability, and community accountability rather than merely replacing manual records with electronic media.

Pengaruh Pengungkapan ESG dan Leverage terhadap Kinerja Keuangan dengan Ukuran Perusahaan sebagai Variabel Moderasi

Nandhita Putri — 2026-10-01

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure and leverage on company financial performance, with company size as a moderating variable, in energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. This study uses a quantitative approach with panel data regression analysis using EViews software. The research sample was determined using a purposive sampling technique and obtained 25 companies with a total of 100 observation data. The research data were obtained from annual reports and corporate sustainability reports published on the company's official website and the Indonesia Stock Exchange. Financial performance was proxied using Return on Assets (ROA), leverage was measured using the Debt to Asset Ratio (DAR), while ESG disclosure was measured through content analysis based on Global Reporting Initiative (GRI) indicators. The results show that ESG disclosure has a positive and significant effect on company financial performance. This suggests that better ESG disclosure by a company increases investor confidence and the company's financial performance. Meanwhile, leverage has a negative and significant effect on company financial performance, which means that high debt usage can increase financial risk and reduce company profitability. Furthermore, company size did not moderate the effect of ESG on financial performance. However, company size did moderate the effect of leverage on financial performance. This finding indicates that increased ESG disclosure can boost investor confidence and company performance, while high levels of leverage can increase financial risk, leading to lower performance.

Profitabilitas sebagai Moderating Pengaruh Kinerja ESG, Green Innovation (Dummy ISO 14001), CSR Disclosure, dan Good Corporate Governance Terhadap Nilai Perusahaan Sektor Barang Baku 2020–2024

Safitri Safitri — 2026-10-01

Firm value is an important indicator for investors in making investment decisions. In Indonesia's basic materials sector, firm value is influenced by various fundamental and non-financial factors. This study aims to analyze the effect of ESG (Environmental, Social, Governance) performance, Green Innovation (Dummy ISO 14001), CSR Disclosure, and Good Corporate Governance on firm value, with profitability as a moderating variable in the basic materials sector for the period 2020-2024. This study employs a quantitative approach with panel data from 45 basic materials sector companies listed on the IDX from 2020 to 2024. Analysis was conducted using Moderated Regression Analysis (MRA) with EViews 12 software. The results show that ESG performance, Green Innovation (Dummy ISO 14001), and GCG have a significant positive effect on firm value, while CSR Disclosure has no significant effect. Profitability (ROA) is proven to moderate the effect of ESG and GCG on firm value. This study contributes to the ESG literature by separating environmental-governance performance from CSR disclosure, examining the moderating role of profitability, and focusing on the post-pandemic basic materials sector in Indonesia, which faces substantial environmental and sustainability pressures.

E-Government And The Next Generation: How Satisfaction And Behavioral Intentions Shape Young Citizens' Loyalty

Meilinda Dwi Anugrah — 2026-10-01

The growing reliance on digital platforms for public service delivery has raised important questions about what sustains citizens' long-term engagement with government-operated systems. This study examines the extent to which trust in e-government and service quality influence user loyalty among young citizens, with satisfaction and behavioral intention serving as sequential mediating variables, focusing on JKN Mobile as a digital public healthcare platform in Indonesia. A quantitative research design was employed, with data collected from 150 active users selected through purposive sampling to ensure that all respondents possessed meaningful prior experience with e-government services. The data were subsequently analyzed using Structural Equation Modeling (SEM) to assess the relationships among the constructs under investigation. The findings reveal that trust in e-government and service quality exert a positive and significant influence on user satisfaction. Satisfaction, in turn, strengthens users' behavioral intention, which subsequently contributes to the development of sustained user loyalty. Behavioral intention is identified as a pivotal mediating construct, functioning as the critical bridge through which satisfaction translates into long-term loyalty. These findings suggest that governments and service providers should treat the reinforcement of trust and the continuous improvement of service quality as foundational priorities, as doing so fosters the kind of sustained user commitment that ensures the long-term viability of digital public service platforms.

Implementasi Green Banking pada Bank Muamalat Indonesia KCU Banjarmasin

Rizky Fadhillah — 2026-10-01

This research is motivated by the escalating issue of global warming, which demands the banking sector to contribute to environmental preservation through the concept of green banking. As a pioneer of Islamic banking within the First Movers on Sustainable Banking, Bank Muamalat Indonesia bears a moral responsibility to integrate environmental aspects into its operational activities. Therefore, the purpose of this study is to analyze in depth the implementation of green banking at PT Bank Muamalat Indonesia KCU Banjarmasin. The method used is descriptive qualitative, with the research scope focused on operational activities such as reducing paper usage, utilizing electronic transactions, and implementing eco-friendly policies at the research site. Informant selection was determined based on structural criteria of the highest position to ensure data validity, along with document samples in the form of bank internal regulations. Data were collected through non-participant observation for two months, in-depth interviews, and documentation, which were analyzed using six Green Coin Rating (GCR) indicators and validated through a supporting questionnaire regarding the building's physical condition. The results indicate that Bank Muamalat Indonesia KCU Banjarmasin has optimally implemented green banking in internal aspects, such as energy efficiency (carbon emission) and reducing paper usage. However, on the external aspect, the green investment and green rewards indicators have not been maximized because financing distribution is still dominated by the consumer sector and there is no formal incentive standard for eco-friendly customers. In conclusion, the implementation of green banking at the branch level heavily relies on the creativity of local management in optimizing existing facilities and technical policy support from the head office.

Antara Transparansi dan Manipulasi: Peran Fraud Pentagon dan Sustainability Disclosure dalam Financial Statement Fraud

Chrisnando Marshall Tambunan — 2026-10-01

To understand what drives financial statement fraud, this study analyzes the Fraud Pentagon elements within 18 transportation and logistics companies listed on the Indonesia Stock Exchange (2020–2024), positioning sustainability disclosure as a potential moderator. By evaluating 90 firm-year observations through Moderated Regression Analysis (MRA) and measuring fraud with the modified six-ratio Beneish M-Score, the findings reveal that only opportunity (p = 0.0422) and executive arrogance (p = 0.0010) directly trigger fraudulent reporting. Meanwhile, pressure, rationalization, competence, and sustainability disclosure alone do not show direct significant effects. Interestingly, rather than acting as a universal safeguard, sustainability disclosure specifically functions as a governance mechanism that successfully constrains the negative impact of executive arrogance on fraud (p = 0.0014). The data also indicates no meaningful differences in financial pressure, fraud incidence, or sustainability practices when comparing the COVID-19 era to the post-pandemic phase. Ultimately, by integrating ESG reporting into the Fraud Pentagon during an economic transition, this research highlights that corporate transparency is a targeted accountability tool rather than a blanket cure for all fraud risks.

Does Blue Accounting Enhance Firm Value Through Sustainable Performance and Social Legitimacy?

Yohanes Zefnath Warkula — 2026-10-01

This study investigates the effect of Blue Accounting on Firm Value through the mediating roles of Sustainable Performance and Social Legitimacy in island-based fishing enterprises in the Aru Islands, Indonesia. Island-dependent marine enterprises in developing archipelagic economies operate under conditions of high ecological vulnerability and limited corporate transparency, creating a compelling context in which Blue Accounting may serve as a critical driver of firm value. A quantitative explanatory design was employed, analysing data from a census survey of 319 employees across nine fishing companies in Dobo, Aru Islands, conducted during the 2024 fiscal year. Analysis using Partial Least Squares Structural Equation Modeling (PLS-SEM) reveals that Blue Accounting positively and significantly influences Firm Value (? = 0.217), Sustainable Performance (? = 0.577), and Social Legitimacy (? = 0.659). Both mediators significantly enhance Firm Value. Specifically, Sustainable Performance partially mediates the Blue Accounting-Firm Value relationship (? = 0.144), and Social Legitimacy serves as the dominant mediating pathway (? = 0.274), indicating that legitimacy-building through transparent ocean-oriented accounting constitutes the most impactful value-creation mechanism. Fishing companies are advised to institutionalise Blue Accounting systems as a strategic tool to strengthen sustainability performance, build social legitimacy, and thereby enhance firm value through distinct mediating pathways. Policymakers should mandate sustainability disclosure for marine enterprises in ecologically sensitive island regions. This study provides the first empirical evidence of Blue Accounting’s effect on Firm Value through parallel mediation in Indonesian island fishery enterprises, extending Legitimacy Theory and the Natural Resource-Based View (NRBV) to the blue economy domain

PENGARUH LEVERAGE, PROFITABILITAS, DAN KOMITE AUDIT TERHADAP AUDIT DELAY DENGAN KUALITAS AUDIT SEBAGAI PEMODERASI

Paula Ronauli Saragi — 2026-10-01

Audit delay remains a problem on the Indonesia Stock Exchange, including in the consumer non-cyclicals sector, and the factors influencing it show inconsistent research results, thus further testing with a moderating role is needed. This study aims to examine the effect of leverage, profitability, and audit committee on audit delay as well as the moderating role of audit quality in consumer non-cyclicals sector companies listed on the Indonesia Stock Exchange for the 2020-2024 period. This research employs a quantitative approach using secondary data from annual reports. The sample was selected using purposive sampling with the criteria of companies that were consecutively listed, generated profits, and had complete data. The initial population comprised 132 companies, after which the selection process yielded 36 companies with 180 initial observations. Prior to analysis, outlier detection was performed using the casewise diagnostic method, removing observations with standardized residual (ZRESID) values greater than 3 or less than -3. This process resulted in 10 excluded observations, leaving 170 observations for analysis. Data analysis was conducted using panel data regression with the Random Effect Model after the Chow test, Hausman test, and Lagrange Multiplier test. The results show that leverage has a significant positive effect on audit delay, while profitability, audit committee, and audit quality have a significant negative effect. Audit quality moderates the effect of leverage and audit committee on audit delay in the hypothesized direction, but moderates profitability in the opposite direction (weakening), indicating that high-quality auditors tend to remain independent and are not influenced by the company's profit performance.

Keywords: Agency Theory; Audit Committee; Audit Delay; Audit Quality; Consumer Non-Cyclicals; Leverage; Profitability; Signaling Theory

Deteksi Greenwashing dalam Pengungkapan ESG: Analisis Berbasis NLP pada Perusahaan Perkebunan Kelapa Sawit

Rinaldi Sinaga — 2026-10-01

The rapid expansion of corporate sustainability reporting in the palm oil sector has intensified demands for transparency, however, while simultaneously raising concerns about greenwashing driven by selective narrative disclosure. This study examines the credibility of Environmental, Social, and Governance (ESG) communication by comparing corporate sustainability reports with external media coverage across 198 palm oil plantation companies operating in eight major producing countries Indonesia, Malaysia, Thailand, Colombia, Nigeria, Papua New Guinea, Guatemala, and Honduras for the year 2025. Employing Natural Language Processing (NLP) techniques, the study constructs a Greenwashing Severity Index (GSI) that measures the divergence between corporate ESG self-representation and independent external narratives drawn from news media coverage and NGO reports. The index integrates ESG-specific focus measures, sentiment analysis, TF-IDF word weighting, and topic modelling to quantify imbalances in ESG communication. Findings reveal moderate yet widespread greenwashing across countries, company types, and plantation sizes, with substantial heterogeneity linked to regulatory maturity, certification adoption (RSPO, ISPO, MSPO), and stakeholder oversight. Greater narrative alignment is observed among RSPO-certified companies and exchange-listed plantation groups. Propensity score matching analysis further indicates that companies exhibiting unbalanced emphasis across ESG dimensions display significantly higher GSI values, consistent with strategic disclosure behaviour. Overall, findings suggest that formal transparency alone is insufficient to ensure credible ESG communication in the global palm oil industry.

Fraud Star Model dan Peran Rapat Komite Audit dalam Mendeteksi Kecurangan Laporan Keuangan

Andre Bayu Pratama — 2026-10-01

This study aims to detect financial statement fraud using the fraud star model comprising opportunity, pressure, rationalization, capability, and lack of integrity with audit committee meeting as a moderating variable. The population consists of all mining sector companies listed on the Indonesia Stock Exchange (IDX) during period 2020-2024. Purposive sampling was applied, yielding a final sample of 48 companies with 240 observations over five years. The research employs a quantitative method with associative approach. Data were sourced from company annual reports, and hypotheses were tested using multiple linear regression and Moderated Regression Analysis (MRA) with the aid of STATA 17. The results reveal that opportunity and capability has a significant negative effect on financial statement fraud. Pressure has a significant positive effect on financial statement fraud. Rationalization, and lack of integrity did not significant effect on financial statement fraud. Regarding moderation, audit committee meetings significant moderate the relationship between opportunity and pressure on financial statement fraud, but do not moderate the effect of rationalization, capability, and lack of integrity. This study concludes that fraud is most likely to occur when investor driven pressure leads management to exploit available opportunities, and that active audit committee oversight serves as an effective governance mechanism in curbing such behavior. These findings provide practical implications for regulators, investors, and governance practitioners in strengthening fraud prevention mechanisms in the mining sector.

ESG and Financial Risk: Does AI Innovation Strengthen the Relationship?

Isnaini Nuzula Agustin — 2026-10-01

This study aims to examine the impact of Environmental, Social, and Governance (ESG) performance on a firm’s financial risk and to explore the moderating role of Artificial intelligence (AI) innovation. This research uses a quantitative approach with secondary data from Indonesia companies listed on Indonesia Stock Exchange for the period 2018 – 2024, resulting in 340 observations. The firm financial risk is measured using Altman Z-Score and Zmijewski X-Score, while the analysis is conducted using panel regression with fixed effects. The results show that ESG performance does not have a significant effect on financial stability as measured by Z-Score, suggesting that the financial benefits of implementing ESG might not be immediately visible in the short-term. However, ESG significantly reduces financial distress risk as measured by the X-Score, indicating that stronger ESG practices increase financial resilience. AI innovation contributes to improving financial outcomes, but does not consistently strengthen them. Overall, this study concludes that ESG performance supported by AI innovation has the potential to lower financial distress. This study contributes to the growing sustainability finance literature by providing empirical evidence from an emerging market on how ESG performance and AI innovation jointly influence firm financial risk.

Pengaruh Board Size, Board Tenure, Independent Commissioners dan Audit Committee terhadap ESG Score LQ45

Nur Tashkira Sahrir — 2026-10-01

This study examines the effect of board size, board tenure, independent commissioners, and audit committee on ESG Score among LQ45 companies listed on the Indonesia Stock Exchange during 2020-2024. The research is motivated by the increasing relevance of Environmental, Social, and Governance (ESG) information in capital-market decision making and the wide variation of ESG Score among highly liquid and large-capitalization firms. The population consists of 71 LQ45 constituent companies observed during the study period. Using purposive sampling, 24 companies met the criteria of consistently publishing annual reports and having complete ESG Score data from Refinitiv/LSEG, producing 120 firm-year observations. This study applies a quantitative causal-associative approach using secondary data obtained from annual reports, sustainability reports, and Refinitiv/LSEG. Data were analyzed using panel data regression with EViews 12 after model selection and classical assumption testing. The Chow and Hausman tests indicate that the Fixed Effect Model is the most appropriate model. The results show that board size, board tenure, independent commissioners, and audit committee simultaneously have a significant effect on ESG Score. Partially, board tenure has a positive and significant effect on ESG Score, while board size, independent commissioners, and audit committee have no significant effect. The adjusted R-squared value of 0.882250 indicates that 88.23% of ESG Score variation is explained by the model. The findings imply that accumulated board experience is more relevant than the mere number of governance organs in strengthening corporate ESG score.

Peran Environmental, Social, and Governance (ESG) terhadap Tax Avoidance dengan Board Gender Diversity sebagai Variabel Pemoderasi

Pande Kadek Vina Febrianti — 2026-10-01

This study is intended to investigate and evaluate the influence of Environmental, Social, and Governance (ESG) principles on tax avoidance practices among companies operating in the coal production sub-industry within the energy sector that are listed on the Indonesia Stock Exchange, covering the observation period from 2022 to 2024, while also taking into account the role of board-level gender diversity as a moderating variable in that relationship. This study is driven by the critical role that tax revenues play in supporting government financing, alongside the persistent indications of tax avoidance behavior, particularly within sectors that make substantial contributions to corporate income tax receipts. Simultaneously, the growing emphasis on ESG principles has encouraged corporations to operate with greater transparency and accountability across all aspects of their business conduct, including matters related to taxation. Furthermore, the presence of gender diversity within a company's board of directors is regarded as a factor capable of elevating the quality of both decision-making processes and supervisory functions, which in turn may have a meaningful bearing on a company's inclination to engage in tax avoidance practices. Panel data regression analysis was employed in this study with support from Stata to evaluate the association among variables, including the influence of the moderating variable on the proposed relationship under study. Overall, the results indicate that although ESG does not directly affect tax avoidance, the presence of women on the board of directors significantly alters the relationship by weakening the effect of ESG on tax avoidance practices

Analisis Penerapan Akuntansi pada Instrumen Lindung Nilai Berdasarkan PSAK 71 dalam Meminimalisir Risiko Eksposur Transaksi

Firda Aftiani Azizatul Muna — 2026-10-01

This study aims to compare the effectiveness of three hedging techniques : forward contract hedging, money market hedging, and currency option hedging and to evaluate their eligibility for hedge accounting under PSAK 71 based on three qualifying criteria: economic relationship, credit risk effect, and hedge ratio, in mitigating transaction exposure risk arising from import liabilities. The study employs a quantitative approach using secondary data from annual reports of metals and minerals subsector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. The sample comprises an unbalanced panel of 39 firm-year observations from eight companies. Data were analyzed using the Dollar Offset Method to assess compensation levels and Ordinary Least Squares (OLS) regression, supported by classical assumption tests. The findings indicate that all three hedging techniques effectively mitigate transaction exposure risk, although with different compensation profiles. Forward contract hedging and currency option hedging satisfy the classical assumption tests, whereas money market hedging exhibits mild heteroscedasticity that likely reflects differences in transaction scale and interest rate differentials across sample companies. The Dollar Offset Method confirms that the compensation levels of all three techniques are consistent with the principle-based approach of PSAK 71, which replaces the 80%–125% quantitative threshold under PSAK 55. Furthermore, the evaluation demonstrates that all three hedging techniques satisfy the qualifying criteria for hedge accounting under PSAK 71, with forward contract hedging and currency option hedging exhibiting the most precise economic relationship and hedge ratio, while money market hedging requires more comprehensive documentation of hedge ineffectiveness and periodic rebalancing to maintain hedge ratio consistency. These findings provide empirical support for the adoption of hedge accounting under PSAK 71 by Indonesian mining companies to enhance financial reporting stability and better reflect corporate risk management activities.

Analisis Pertumbuhan Penjualan, Biaya Operasional, dan Leverage terhadap Profitabilitas dengan Firm Size sebagai Variabel Kontrol pada Perusahaan Telekomunikasi yang terdaftar di Bursa Efek Indonesia Periode 2020-2024

Angeline Brando — 2026-10-01

This study examines the effect of sales growth, operational cost, and leverage on profitability with firm size as a control variable among telecommunication companies listed on the Indonesia Stock Exchange during 2020–2024. The research is motivated by the fluctuation of Return on Assets (ROA) among telecommunication companies despite the growing demand for digital services and network expansion in Indonesia. The population consists of 28 telecommunication companies listed on the Indonesia Stock Exchange. Using purposive sampling, 7 companies met the predetermined criteria, producing 35 firm-year observations. This study applies a quantitative causal-associative approach using secondary data obtained from the Indonesia Stock Exchange website and the official websites of each sample company. Data were analyzed using panel data regression with EViews 13 after model selection and classical assumption testing. The Chow and Hausman tests indicate that the Fixed Effect Model is the most appropriate model. The results show that sales growth, operational cost, and leverage simultaneously have a significant effect on profitability with firm size as a control variable. Partially, leverage has a negative and significant effect on profitability, while sales growth and operational cost have no significant effect. The adjusted R-squared value of 0.583388 indicates that 58.33% of profitability variation is explained by the model. The findings imply that telecommunication companies need to manage their debt structure more carefully, as a higher proportion of debt financing leads to greater interest burden and ultimately reduces ROA.

Oil Price Shocks and Fiscal Resilience: The Role of Sovereign Bonds in Mitigating Budget Deficits

Rachmawaty Rachmawaty — 2026-10-01

This study examines the impact of sovereign bonds on Indonesia’s budget deficit, with global crude oil prices acting as a moderating variable, to understand fiscal resilience during periods of oil price volatility. The novelty of this study lies in the integration of sovereign bond financing and oil price shocks within a moderating framework, providing a more comprehensive explanation of budget deficit dynamics in an oil-importing emerging economy. Using Moderating Regression Analysis (MRA), quarterly data from 2010–2025 were analyzed. The results indicate that sovereign bonds have a positive and significant effect on the budget deficit (? = 1.384; p < 0.001), while crude oil prices alone do not significantly affect the deficit (? = 1.124; p = 0.580). However, the interaction between sovereign bonds and crude oil prices is statistically significant (? = -1.111; p = 0.012), confirming the moderating role of oil prices. The overall model is significant (F = 15.836; p < 0.001) and explains 79.4% of the variation in Indonesia’s budget deficit (R² = 0.794). These findings suggest that sovereign bonds are an important fiscal instrument for managing budget deficits, while fluctuations in crude oil prices significantly influence their effectiveness. The study contributes to the literature by providing empirical evidence on the interaction between sovereign debt instruments and external energy shocks in shaping fiscal resilience and sustainable debt management.

CEO Behavioral Traits and Firm Value During Market Uncertainty: A Structured Literature Review

Artista Elsyabana Rahardyan — 2026-10-01

CEO behavioral characteristics have attracted increasing attention in the corporate governance literature because they influence strategic decision-making and firm value, particularly under conditions of market uncertainty. However, prior studies on CEO overconfidence and CEO narcissism have produced inconsistent findings and provide limited understanding of the mechanisms linking these traits to firm value. This study aims to synthesize how CEO overconfidence and CEO narcissism influence firm value under market uncertainty from the perspective of the Behavioral Theory of the Firm (BTOF). A Structured Literature Review (SLR) was conducted following the PRISMA 2020 guidelines. Articles were identified through systematic searches of the Scopus and ScienceDirect databases. After identification, screening, eligibility assessment, and quality appraisal, 71 articles were included in the final review. The findings indicate that the influence of CEO behavioral traits on firm value operates indirectly through five strategic mechanisms: (1) risk taking and strategic change; (2) financial policy and resource allocation; (3) governance, disclosure, and monitoring; (4) ESG and stakeholder management; and (5) innovation and strategic renewal. Risk taking and strategic change emerged as the most dominant mechanism. Furthermore, the effects of CEO overconfidence and CEO narcissism on firm value are highly contextual and may generate either positive or negative outcomes depending on organizational and environmental conditions. This study develops an integrated framework explaining the pathways through which CEO behavioral traits affect firm value and extends the Behavioral Theory of the Firm by clarifying strategic decision-making processes under uncertainty.

Pengaruh E-commerce, Sistem Informasi Akuntansi dan Modal Usaha Terhadap Pengambilan Keputusan Berwirausaha pada UMKM

Putri Indah Lestari — 2026-10-01

Decision-making in entrepreneurship can be interpreted as the stage when business actors determine the business to be taken, which then impacts the sustainability and development of MSMEs. In other words, the direction of business policies chosen by entrepreneurs greatly determines the ability of micro, small, and medium enterprises to survive and grow. This study aims to examine the influence of E-commerce, Accounting Information Systems (AIS), and business capital on entrepreneurial decision-making among MSME owners in Tebet District, South Jakarta. The study was conducted using quantitative methods, while the main data were collected from selected respondents using a Google Forms-based questionnaire. Furthermore, the data were analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach with the help of the SmartPLS 4 application. The test results show that e-commerce has a directional relationship in line with entrepreneurial decisions, but its contribution has not been proven statistically strong. In contrast, AIS and business capital are proven to have a real and directional impact, where business capital appears to be the most dominant factor among other variables. These results indicate that improved financial capacity, combined with efficient accounting information, enables MSME owners to assess business conditions, monitor operational activities, and choose business strategies more accurately. Further findings indicate that, among the MSMEs studied, e-commerce has not yet become a primary basis for entrepreneurial choices. Therefore, stronger support for capital access and broader optimization of accounting information systems are needed to improve decision-making quality and encourage sustainable MSME progress.

Pengaruh Pertumbuhan Ekonomi, Inflasi, REER, dan EAR terhadap PPh Riil Nonmigas Indonesia: Analisis ARDL-ECM

Nifail Al Ahza — 2026-10-01

Non-oil and gas income tax (PPh nonmigas) accounts for the largest share of Indonesia's tax revenue, making it a critical pillar of state fiscal capacity. However, its performance is empirically vulnerable to macroeconomic shocks, yet most prior studies employed static regression methods incapable of distinguishing short-run from long-run dynamics. This study aims to analyze the effect of economic growth (GRWTH), inflation (INF), real effective exchange rate (REER), and real effective annual rate (EAR) on Indonesia's real PPh nonmigas revenue using annual time-series data for 1984–2025. The Autoregressive Distributed Lag–Error Correction Model (ARDL-ECM) is employed to simultaneously identify short-run and long-run relationships, supported by causality validation through VAR Toda-Yamamoto. The bounds test confirms cointegration with an F-statistic of 19.2495, exceeding the 1% critical value. In the long run, economic growth exerts a significant positive effect (coefficient 11.3951), inflation a significant negative effect (coefficient ?8.4082), and REER a significant negative effect (coefficient ?3.2950), while EAR remains insignificant. In the short run, only the first lag of inflation is significantly positive, reflecting the Olivera-Tanzi mechanism. The ECT coefficient of ?0.2175 indicates a 21.75% annual adjustment toward equilibrium. The Toda-Yamamoto test confirms the absence of reverse causality, validating estimates as free from simultaneity bias. These findings affirm that policies promoting quality growth, maintaining low and stable inflation, and managing a competitive REER constitute the three main pillars in ensuring the sustainability of Indonesia's real non-oil and gas income tax revenue.

Pengembangan Sistem Informasi Akuntansi Berbasis Machine Learning untuk Deteksi Dini Penghindaran Pajak pada Perusahaan Terbuka Indonesia

Moch Rifqi Rizal — 2026-10-01

This research focuses on developing a machine learning-based artificial intelligence architecture to serve as an automated detection instrument for potential tax avoidance among Indonesian publicly traded companies. The exploitation of tax regulation loopholes remains a critical challenge that massively degrades national revenue. The study population comprises corporate entities listed on the Indonesia Stock Exchange (IDX), selected via a purposive sampling approach. Information gathering utilized a dual-method strategy. Secondary data, extracted from historical financial databases within the LSEG Refinitiv Workspace, incorporating parameters such as the Effective Tax Rate (ETR), Cash Effective Tax Rate (CETR), and Debt to Equity Ratio (DER), served as the training dataset for the AI algorithm. Concurrently, primary data was obtained through in-depth interviews with four tax professionals and one academic to qualitatively map out supervisory constraints. The primary methodology involved formulating an anomaly detection model embedded within a web-based prototype to enable real-time assessments. The system's robustness underwent rigorous evaluation through a series of technical trials, encompassing reliability, compliance, recovery, and stress testing. Analytical outcomes demonstrate the model's high proficiency in precisely identifying concealed financial anomalies and suspicious patterns. The implementation of artificial intelligence not only elevates detection accuracy but also drastically accelerates conventional monitoring processes, thereby empowering fiscal authorities to adopt data-driven decision-making practices. Ultimately, the integration of machine learning presents a strategic solution to mitigate tax revenue leakage and optimize state income, while also paving the way for future research explorations concerning the adoption of cutting-edge technology in financial sector governance and tax administration.

Understanding Procurement Intentions for Using Aftermarket and Non-Genuine Spare Parts: Evidence from Indonesia's Heavy Equipment and Mining Industries

Tommy Nugrahanto Wisudawan — 2026-10-01

This study examines procurement intention toward aftermarket and non-genuine spare parts in Indonesia's heavy equipment and mining industries. Using the Theory of Planned Behavior (TPB), this research analyzes how perceived financial benefit, perceived quality and technical fit, delivery performance, organizational context, peer reference, process ease, and vendor availability shape procurement intention through attitude, subjective norm, and perceived behavioral control. A quantitative survey was conducted with 215 practitioners from maintenance, procurement, logistics, supply chain, and operations functions. Data was analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM). The results show that attitude, subjective norm, and perceived behavioral control significantly influence procurement intention, with attitude as the strongest predictor. Perceived financial benefit and quality and technical fit strongly shape attitude, while vendor availability and capacity strongly influence perceived behavioral control. The findings indicate that aftermarket procurement intention is not driven merely by lower prices, but by risk-adjusted value formed through lifecycle cost benefits, technical confidence, organizational acceptance, and supplier capability.

Good Governance, Komitmen Pegawai, dan Kinerja Aparatur Sektor Publik: Peran Moderasi Pengendalian Internal pada BKAD Kabupaten Muna Barat

La Ode Suharman — 2026-10-01

This study aims to determine and analyze the influence of good governance and employee commitment on employee performance and to examine the role of internal control in moderating (strengthening) this relationship. The population in this study was all 85 employees at the Regional Finance and Asset Agency of West Muna Regency. The sampling technique used was the census or total sampling method. This study employed a quantitative approach with primary data through questionnaires. Data analysis was conducted using Partial Least Squares (PLS) including Outer and Inner Models. The results showed that partially, good governance, employee commitment, and internal control had a positive and significant effect on employee performance. Furthermore, internal control was proven to significantly strengthen the influence of good governance and employee commitment on employee performance. These variables simultaneously explained 58,2% of the variation in employee performance. Conclusion: The effective implementation of good governance principles and strong employee commitment can create a professional work environment that increases employee productivity and performance. This impact is more optimal when supported by strong internal control as a consistent oversight mechanism in daily organizational activities. The contribution of this research lies in testing internal control as a moderating mechanism in the relationship between governance, employee commitment, and apparatus performance in regional financial organizations.

Do Celebrity CEOs Moderate the Impact of Environmental Committees and Regulations on Water Disclosure?

Cucu Hilma Azahra — 2026-10-01

This study aims to examine the effects of environmental committees and regulatory stringency on water disclosure, with celebrity CEOs as moderators, in water-sensitive industries in ASEAN. The study sample consists of market-leading companies in water-sensitive sectors listed on Companies Market Cap from 2021 to 2024, with a total of 148 observations. The analysis employs Moderated Regression Analysis (MRA) with panel data regression. The results indicate that regulatory stringency has a significant negative impact on water disclosure, while environmental committees do not have a significant impact. Celebrity CEOs were not found to moderate either of these relationships. Future research is recommended to expand the sample to include non-market-leading firms and other sectors to test the generalizability of the findings, as well as to incorporate additional indicators of stakeholder pressure beyond regulatory stringency, such as media exposure, foreign ownership, and government ownership. Regulators are advised to evaluate policy designs to avoid creating disincentives for reporting, as well as to encourage companies to optimize the function of environmental committees beyond mere structural formalities.

Analisis Faktor yang Mempengaruhi Penggunaan QRIS pada UMKM Sektor Kuliner di Kota Semarang

Tesalonika Cherry Adhivi — 2026-10-01

This study aims to analyse the influence of financial literacy, digital literacy and perceived ease of use on the adoption of QRIS amongst MSMEs in the culinary sector in Semarang. A quantitative approach was employed in this study, with primary data collected by distributing questionnaires to 100 MSME operators in the culinary sector. The data analysis tool used was SEM-PLS, utilising the SmartPLS 4.0 application. The results of the study indicate that financial literacy does not have a significant effect on the use of QRIS. Digital literacy has a significant positive effect on the use of QRIS. Furthermore, the perception of ease of use did not have a significant effect on the use of QRIS among SMEs in the culinary sector in Semarang City. These findings indicate that digital literacy is a crucial factor in the use of QRIS by SMEs in the culinary sector in Semarang City. This study confirms that SMEs in the culinary sector in Semarang City possess a high level of digital literacy regarding the use of QRIS.

Profitabilitas sebagai Katalisator: Keputusan Keuangan dan Valuasi Pasar Emiten Energi dan Barang Baku di BEI pada Era Pasca-Pandemi

Nurul Zakiyah Zakiyah — 2026-10-01

Market valuation of energy and basic materials firms is shaped not only by financial policy choices, but by the profitability fundamentals that validate those choices. This study examines the role of investment decisions, capital structure, and dividend policy on firm value while repositioning profitability from a static determinant to an active quasi moderator. Using balanced panel data from 56 companies listed on the Indonesia Stock Exchange (IDX) over the post-pandemic recovery period 2021–2024 (224 firm-years), and estimated through a Fixed Effect Model (FEM) with entity-clustered Robust Standard Errors, the findings reveal that capital structure exerts a significant positive effect on firm value, whereas investment decisions and dividend policy yield no significant direct impact. Moderated Regression Analysis (MRA) with mean-centering confirms that profitability significantly moderates both asset expansion and leverage utilization on firm value. Notably, profitability attenuates the effect of asset expansion on firm value consistent with the overinvestment hypothesis, whereby aggressive capital expenditure by high-profitability firms raises market concerns about value-destroying empire building. Conversely, profitability amplifies the positive effect of capital structure, confirming that high earnings effectively neutralize financial distress risk. These findings underscore that financial policy outcomes are profitability-contingent, offering investors a more reliable valuation lens for energy and basic materials issuers in volatile emerging markets.

Sikap Keuangan sebagai Mediator Literasi Keuangan dan Financial Self-Efficacy Terhadap Perilaku Pengelolaan Keuangan UMKM

Arsepti — 2026-10-01

This empirical study examines how financial literacy and financial self?efficacy shape the financial management practices of Micro, Small, and Medium Enterprises (MSMEs) in the Special Region of Yogyakarta, with financial attitude conceptualized as a mediating construct. Employing a quantitative survey design, the research applies a non?probability convenience sampling technique, yielding 138 MSME owners who have operated their businesses for at least three years and hold primary responsibility for financial decisions. Data collected using a five?point Likert scale instrument are analyzed through Partial Least Squares Structural Equation Modeling (SEM?PLS). The findings indicate that financial literacy exerts a positive and substantial influence on both financial attitude and financial management behavior, whereas financial self?efficacy significantly enhances financial attitude but does not show a significant direct effect on financial management behavior. Financial attitude itself emerges as a strong determinant of actual management practices and effectively mediates the impacts of both financial literacy and financial self?efficacy on financial management behavior. These results suggest that prudent financial conduct among MSME owners requires not only adequate knowledge and self?confidence but also the internalization of these elements into a constructive attitudinal frame, making the cultivation of robust financial attitudes critical for improving the quality of financial administration in small businesses.

Pengaruh Pengungkapan Digitalisasi Sistem Akuntansi dan Intellectual Capital Terhadap Nilai Perusahaan pada Sektor Teknologi dengan Kinerja Keuangan sebagai Variabel Intervening

Florentina Erika — 2026-10-01

Digital transformation has encouraged companies to disclose the utilization of accounting system digitalization and intellectual capital to improve financial performance and firm value. However, empirical evidence regarding these relationships remains inconsistent. This study examines the effect of accounting system digitalization disclosure and intellectual capital on firm value with financial performance as an intervening variable. Using panel data regression, this study analyzes 68 firm-year observations from 17 technology sector companies listed on the Indonesia Stock Exchange during 2022–2025 selected through purposive sampling. Accounting system digitalization disclosure was measured using a content analysis-based disclosure index, intellectual capital using VAIC™, financial performance using ROA, and firm value using PBV. The results indicate that accounting system digitalization disclosure and intellectual capital do not significantly affect financial performance or firm value. Financial performance has a significant negative effect on firm value but does not mediate the relationships between accounting system digitalization disclosure, intellectual capital, and firm value. These findings indicate that disclosure of accounting system digitalization and intellectual capital has not yet become a signal sufficiently valued by investors and highlight the importance of distinguishing digitalization disclosure from its actual implementation in future studies.

Pengaruh Pengungkapan ESG dan Kepemilikan Institusional Terhadap Return Saham Pada Sektor Consumer Cyclicals & Non-Cyclicals dalam Indeks IDX SMC Composite

Virli Mutia Sofianti — 2026-10-01

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure and institutional ownership on stock returns of companies listed in the IDX SMC Composite Index for the period 2021-2024, with firm size and stock liquidity as control variables. The study employs a quantitative approach using panel data regression analysis. The sample was selected through purposive sampling from 470 companies in the IDX SMC Composite Index during the observation period. ESG disclosure is measured using a disclosure index based on OJK Regulation No. 51/POJK.03/2017, institutional ownership is measured by the proportion of shares held by institutions, stock return is calculated based on annual stock price changes, firm size is proxied by the natural logarithm of total assets, and stock liquidity is measured using the turnover ratio. Model selection is conducted through the Chow Test, Hausman Test, and Lagrange Multiplier Test. The results indicate that ESG disclosure has a positive and significant effect on stock returns, but institutional ownership does not have a significant partial effect on stock returns. This research is expected to provide empirical contributions regarding the relevance of ESG disclosure and institutional ownership in the small and medium capitalization segment in Indonesia.

Pengaruh Literasi Keuangan dan Media Sosial terhadap Minat Berinvestasi Online di Aplikasi Stockbit pada Mahasiswa Pendidikan Ekonomi Universitas Nusa Cendana

Yurlanda Nehemia Foenale — 2026-10-01

The purpose of this study is to investigate how university students' interest in trading stocks online using the Stockbit app is influenced by social media and financial literacy, both separately and concurrently. The study uses a survey method and a quantitative methodology. A sample of 100 respondents was chosen by simple random selection from the population of 438 students enrolled in Universitas Nusa Cendana's Economics Education program. A questionnaire on a 5-point Likert scale was used to gather data. The acquired data were examined by validity and reliability tests, followed by classical assumption testing. Further analysis includes multiple linear regression, hypothesis testing using t-tests and F-tests, and the coefficient of determination (R²), conducted with IBM SPSS Statistics 27.The findings show that students' interest in online investing is not significantly impacted by financial literacy (p-value = 0.154 > 0.05). Social media, on the other hand, is the major factor due to its positive and substantial effect (p-value = 0.023 < 0.05; ? = 0.350). Investment interest is strongly impacted by both factors simultaneously (F = 20.706; p-value = 0.000 < 0.05). R2 = 0.297 indicates that the model accounts for 29.7% of the variation, with other variables accounting for 70.3%. These findings indicate that students' financial literacy remains theoretical-academic in nature and has not yet translated into actual investment action, whereas social media plays a greater role in shaping investment interest through content exposure, platform feature integration, and social normative pressure.

Audit Complexity dan Earning Quality: : Peran Sustainabilty Disclosure dan Audit Tenure

Sulistiawati Sulistiawati — 2026-10-01

This study examines the effect of Sustainability Disclosure and Audit Tenure on Earnings Quality, with Audit Complexity as a moderating variable. The study is motivated by the increasing demand for transparent financial reporting and the need to understand the conditions under which sustainability reporting and audit characteristics contribute to improving earnings quality. The research employs a quantitative approach using panel data from 26 energy sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period, resulting in 104 firm-year observations. Data were analyzed using panel data regression with the Random Effect Model selected as the most appropriate estimation model. The findings reveal that Sustainability Disclosure has a positive and significant effect on Earnings Quality, whereas Audit Tenure has no significant effect. Furthermore, Audit Complexity strengthens the positive relationship between Sustainability Disclosure and Earnings Quality, but weakens the relationship between Audit Tenure and Earnings Quality. These findings indicate that the effectiveness of sustainability disclosure in improving earnings quality depends on the level of audit complexity faced by the company. This study contributes to the development of Stakeholder Theory by demonstrating that Audit Complexity acts as a contingency factor influencing the effectiveness of corporate transparency and audit mechanisms in enhancing Earnings Quality. The findings also provide practical implications for management and auditors in improving the credibility of financial reporting, particularly in the energy sector.

Pengungkapan ESG Dan Nilai Perusahaan: Peran Moderasi Ukuran Bank Pada Perbankan Indonesia

Ilmiatul Soleha — 2026-10-01

ESG The enactment of OJK Regulation No. 51/POJK.03/2017 has transformed ESG disclosure from a voluntary practice into a regulatory requirement for banks operating in Indonesia, yet debate persists over whether this requirement actually leads to higher firm valuations. This study examines the relationship between ESG disclosure and firm value among conventional commercial banks listed on the Indonesia Stock Exchange over the 2022-2024 period, focusing on how bank size may strengthen or weaken this relationship. Using a purposive sampling approach, 27 banks were selected, resulting in 81 firm-year observations after winsorization at the 2.5th and 97.5th percentiles. ESG disclosure was measured through a self-developed index based on 50 GRI Standard indicators, firm value was proxied by Tobin's Q, and bank size was captured via the natural logarithm of total assets, with ROA and DER included as control variables. To address heteroscedasticity and autocorrelation concerns, the data were analyzed using Moderated Regression Analysis with a Fixed Effect Model and Newey-West HAC Standard Errors. Findings reveal that neither ESG disclosure, bank size, nor their interaction term has a statistically significant effect on firm value. Notably, smaller digital-based banks achieved substantially higher Tobin's Q values than larger conventional BUKU 4 banks, suggesting that investor attention has shifted toward growth potential and technological capability rather than asset size. Overall, these results suggest that signaling, stakeholder, and agency theories have yet to fully explain how ESG disclosure translates into firm value within Indonesia's developing capital market, where the link between ESG disclosure and valuation appears to remain weak and would likely benefit from a more mature investor base.

Tax Avoidance pada Industri Batu Bara: Peran Kompensasi Manajemen, Kepemilikan Institusional, dan Profitabilitas

CAHAYA GITA SAFITRI — 2026-10-01

This study aims to obtain empirical evidence regarding the effect of management compensation, institutional ownership, and profitability on tax avoidance among coal industry companies listed on the Indonesia Stock Exchange during the 2021-2024 period. This study is motivated by inconsistencies in previous research findings regarding factors influencing tax avoidance, particularly in the coal industry which has relatively complex tax characteristics including royalties, export taxes, and various tax facilities that could potentially serve as loopholes for tax avoidance practices. The population consisted of 46 coal industry companies listed on the Indonesia Stock Exchange. Using purposive sampling, 24 companies with 96 observations were selected, and after eliminating 7 outliers using casewise diagnostics, 89 observations were used in the analysis. This study employed a quantitative approach using secondary data from annual reports and financial statements. Data analysis was conducted using descriptive statistics and multiple linear regression with SPSS version 27, preceded by classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation, followed by hypothesis testing through coefficient of determination (R²), simultaneous test (F-test), and partial test (t-test). The results indicate that management compensation has a negative effect on tax avoidance, institutional ownership has a negative effect on tax avoidance, while profitability has no significant effect on tax avoidance. This study concludes that management compensation and institutional ownership play a role in suppressing corporate tax avoidance practices, while profitability is not proven to be a driving factor of tax avoidance in the coal industry in Indonesia.

Profitabilitas sebagai Pemoderasi Determinan Nilai Perusahaan pada Perusahaan Farmasi BEI

Tiara Effelina Putri — 2026-10-01

This study aims to examine the effect of intellectual capital, capital intensity, and institutional ownership on firm value, with profitability as a moderating variable in pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The population of this study consisted of 15 pharmaceutical companies listed on the IDX. The sampling technique used was purposive sampling, resulting in 9 companies with a total of 45 observations. This research employed a quantitative approach with causal associative research design using secondary data obtained from annual reports, financial statements, and stock price data. The data were analyzed using panel data regression and Moderated Regression Analysis (MRA) with the assistance of EViews 13 software. The results indicate that intellectual capital, capital intensity, and institutional ownership do not have a significant effect on firm value. However, profitability is proven to strengthen the relationship between intellectual capital and firm value. Meanwhile, profitability is unable to moderate the relationship between capital intensity and firm value as well as institutional ownership and firm value. Simultaneously, all independent variables, profitability, and interaction variables significantly influence firm value. The study concludes that profitability plays an important role in strengthening the effectiveness of intellectual capital in increasing firm value in pharmaceutical companies, while capital intensity and institutional ownership have not optimally contributed to improving firm value during the research period.

Analisis Hubungan Akuntansi Hijau dan Intensitas Modal Terhadap Kinerja Keuangan

Widya Putri — 2026-10-01

This study investigates how green accounting and capital intensity influence financial performance among companies in the basic industry and chemical sectors listed on the Indonesia Stock Exchange (IDX) over the 2021–2024 period. Return on Assets (ROA) was employed as a proxy to measure financial performance. A purposive sampling technique was applied, yielding 88 observations that satisfied the established criteria. The study utilizes a quantitative approach through multiple linear regression analysis, drawing on secondary data comprising financial reports and sustainability reports of the observed companies. Empirical findings reveal that green accounting does not exert a significant effect on financial performance, whereas capital intensity demonstrates a significant negative effect. Simultaneously, both variables collectively influence financial performance. This study offers a contribution by integrating sustainability disclosure based on environmental cost index and capital intensity based on fixed assets within a unified model, particularly in a sector characterized by high capital demands and substantial environmental exposure. The findings suggest that fixed assets tend to dominate financial performance negatively, while the financial impact of green accounting has yet to be reflected in short-term performance outcomes.

Carbon Emission Disclosure Analysis: Financial and Non-Financial Impact of RTG Energy Transition on PT Terminal Petikemas Surabaya (TPS)'s Sustainability Report

Taufan Hariono — 2026-10-01

This study aims to analyze carbon emission disclosure in the sustainability report and examine the non-financial and financial impacts of the electricity-based Rubber Tyred Gantry (RTG) energy transition at PT Terminal Petikemas Surabaya (TPS) (TPS). This study employed a mixed method approach by combining qualitative data obtained through semi-structured interviews and quantitative data derived from the 2025 Sustainability Report of PT Terminal Petikemas Surabaya (TPS) (TPS). The findings indicate that carbon emission disclosure has been implemented systematically and refers to the GRI 305 standard through the integration of operational, reporting, and financial functions. From a non-financial perspective, the RTG energy transition contributes to reducing carbon emissions, minimizing air pollution and noise, improving workplace environmental quality, and increasing energy efficiency. From a financial perspective, although requiring substantial initial investment, the transition generates operational cost efficiency, more stable energy costs, and long-term economic benefits through cost savings and investment recovery mechanisms. These findings indicate that the implementation of green technology not only supports corporate sustainability but also provides strategic economic value for the company.

Board Characteristics and Financial Performance: Evidence from Consumer Non-Cyclicals Firms in Indonesia (2020-2024)

Cindy Stevani Tanujaya — 2026-10-01

A firm’s Financial performance serves as a primary metric for assessing its efficiency in leveraging assets to yield profits. Robust corporate governance is hypothesized to bolster this Financial performance by fostering superior oversight and facilitating strategic decision-making. This research investigates the impacts of board gender diversity, board independence, board size, and board meetings on the Financial performance of consumer non-cyclicals firms listed on the Indonesia Stock Exchange between 2020 and 2024, utilizing firm size as a control variable. The study gauges Financial performance via Return on Assets (ROA), employing a quantitative methodology grounded in multiple linear regression analysis. By utilizing purposive sampling, secondary data were extracted from annual reports, yielding a dataset of 27 firms totaling 135 observations, which were subsequently processed via EViews 13. The findings indicate that board gender diversity exerts a positive yet statistically insignificant influence on Financial performance. Conversely, both board independence and board size demonstrate positive and significant impacts, whereas board meetings show a negative and significant correlation with Financial performance. Furthermore, firm size is found to have a significant and positive effect on Financial performance. These findings indicate that independent oversight, board capacity, and firm size play important roles in enhancing financial performance, whereas gender diversity and meeting frequency alone are insufficient to significantly influence financial outcomes.

The Accountant Shortage: Apakah Melalui Persepsi Prospek Karier dapat Menarik Minat Mahasiswa Menjadi Auditor?

Nabila Putri Dianty — 2026-10-01

The global crisis of accounting and auditing professionals, known as The Accountant Shortage, has become increasingly alarming in Indonesia, particularly in non-Java regions such as West Kalimantan, which has only seven active public accountants, making accounting students' interest in pursuing auditor careers a critical factor in professional regeneration. This study aims to analyze the effect of motivation and work-life balance perception on career interest as an auditor, with career prospect perception as a mediating variable, among accounting students in Pontianak City. This study employs a quantitative approach using Partial Least Square-Structural Equation Modeling (PLS-SEM) through SmartPLS 4, with data collected via questionnaire from 173 respondents across five universities in Pontianak City using purposive sampling. The results reveal that motivation has a positive and significant effect on career prospect perception (? = 0.387; p = 0.000) and on auditor career interest (? = 0.721; p = 0.000). Work-life balance perception has a positive and significant effect on career prospect perception (? = 0.337; p = 0.000), but does not significantly affect career interest (? = ?0.057; p = 0.322). Career prospect perception does not significantly influence career interest (p = 0.644) and fails to mediate either relationship, evidenced further by effect sizes (f²) of 0.005 and 0.001 respectively. These findings indicate that motivation is the dominant factor shaping auditor career interest, and that the auditor profession in West Kalimantan tends to be chosen based on intrinsic drive and professional identity rather than purely economic considerations, offering practical implications for educational institutions and stakeholders in addressing The Accountant Shortage.

Environmental, Social, and Governance (ESG) Controversy: Tinjauan Sistematis Determinan Tata Kelola dan Konsekuensi Korporasi

Yolanda Pratami — 2026-10-01

This study systematically synthesizes the literature on Environmental, Social, and Governance (ESG) controversy by examining its determinants, corporate consequences, thematic evolution, and emerging research directions. Using a Systematic Literature Review (SLR) approach based on PRISMA guidelines, this study analyzed 42 empirical articles indexed in the Scopus database and published between 2020 and 2026. Unlike previous ESG-related reviews that mainly focus on ESG performance and sustainability disclosure, this review specifically integrates the determinants and consequences of ESG controversy at the firm level within governance and sustainability contexts. The findings indicate that corporate governance mechanisms, firm characteristics, ESG disclosure practices, industry sensitivity, and institutional environments are the main factors influencing controversy exposure, with board independence, gender diversity, and ownership structure emerging as the most influential governance mechanisms. The review further reveals that controversy exposure generates multidimensional consequences, including lower financial performance and firm value, higher financial risk, reputational damage, and negative market reactions. The study contributes theoretically by providing an integrated understanding of how governance mechanisms and contextual factors shape sustainability-related corporate risks. This review also identifies research gaps related to measurement inconsistency, industry-specific contexts, and cross-country governance differences. However, this study is limited to Scopus-indexed empirical articles and may not fully capture findings from non-indexed literature. The findings provide practical implications for managers, investors, and policymakers in strengthening governance quality, improving ESG transparency, and mitigating sustainability-related risks.

Manifestasi Patriotisme Keuangan dalam Peran Auditor Internal Pemerintah: Tinjauan Literatur Sistematis

Ismah Zainunnisa Santika — 2026-10-01

Patriotisme keuangan muncul sebagai konstruk dalam literatur ekonomi-politik dan dikonseptualisasikan sebagai perilaku finansial multi-level yang menyelaraskan kepentingan keuangan pribadi dengan kepentingan negara pada tingkat otoritas publik, sektor bisnis, dan rumah tangga. Auditor internal pemerintah menempati posisi strategis dalam pengamanan keuangan negara melalui audit, evaluasi pengendalian internal, serta pencegahan fraud. Akan tetapi, literatur tentang patriotisme keuangan dan literatur tentang peran auditor internal pemerintah berkembang dalam ranah akademik yang terpisah. Kajian literatur sistematis ini bertujuan memetakan literatur terdahulu pada kedua bidang serta mengidentifikasi titik temu di antara keduanya. Tinjauan literatur sistematis dilakukan terhadap 31 artikel yang terbit dalam rentang tahun 2021 – 2026 yang ditelusuri dari empat basis data publikasi akademik serta dilengkapi dengan pencarian sitasi dari platform penerbit jurnal. Literatur dianalisis melalui analisis konten pada klaster literatur serta melalui analisis bibliometrik. Hasil penelitian mengungkapkan tiga perspektif konseptualisasi patriotisme keuangan, paradigma peran auditor internal dari watchdog hingga trusted advisor, serta sepuluh rumusan hubungan konseptual kedua bidang. Penelitian ini memberikan kontribusi berupa kerangka konseptual yang menjembatani patriotisme keuangan dan peran auditor internal pemerintah serta mengartikulasikan manifestasi patriotisme keuangan melalui tiga jalur, yaitu motivasi, praktik, dan dampak.

Perspektif Teori Agensi: Tax Avoidance pada Sektor Barang Konsumen Primer Periode 2022-2025

Rossa Amalia — 2026-10-01

Taxes are a crucial source of state revenue for national development and the provision of public services. Tax revenues not only reflect taxpayer compliance but also serve as a benchmark for the state's ability to regulate economic activity, maintain economic stability, and improve public welfare. However, efforts to optimize tax revenues still face various obstacles, one of which is tax avoidance. Previous research on the effect of profitability, sales growth, and capital intensity on tax avoidance has shown inconsistent results, so it cannot be adequately explained whether this inconsistency is caused by differences in industry context or observation period. This study examines the influence of several factors that can encourage companies to engage in tax avoidance, such as profitability, sales growth, and capital intensity. The method used in this research is quantitative. The population in this study includes primary consumer goods companies listed on the Indonesia Stock Exchange from 2022 to 2025. A purposive sampling technique was used to select 48 companies, which were then analyzed using SPSS 27. The results of the analysis indicate that profitability, individually, has a positive effect on tax avoidance, while sales growth and capital intensity have no effect on tax avoidance. Simultaneously, these three variables influence tax avoidance. This research contributes to the literature on tax avoidance by providing empirical evidence from a specific sector, thus explaining the discrepancies between previous studies.

Peran Good Corporate Governance dalam Hubungan Profitabilitas, Risiko, dan Ukuran Perusahaan terhadap ESG

Mira Falatifah — 2026-10-01

This study aims to examine the effect of internal company characteristics, namely profitability, company risk, and company size, on Environmental, Social, and Governance (ESG) performance, as well as the moderating role of Good Corporate Governance (GCG). ESG has become an important indicator of corporate sustainability and long-term business performance, particularly in emerging markets where companies are increasingly expected to adopt sustainable and transparent business practices. This research employs a quantitative approach using secondary panel data from companies listed on the Indonesia Stock Exchange (IDX) during the 2016–2023 period. The data were collected from annual reports, sustainability reports, and the Refinitiv database, and analyzed using panel data regression with a fixed effect model and Moderated Regression Analysis (MRA). The findings indicate that profitability and company risk have a positive and significant effect on ESG performance, suggesting that companies with stronger financial capabilities and higher risk exposure tend to strengthen ESG implementation as part of their sustainability and risk management strategies. Meanwhile, company size does not significantly affect ESG performance, indicating that larger firms do not necessarily demonstrate better sustainability practices. The results also show that GCG significantly moderates the relationship between profitability and ESG as well as between company risk and ESG, but does not moderate the relationship between company size and ESG. These findings emphasize the importance of effective corporate governance in supporting sustainability strategies and improving ESG performance, particularly in the context of emerging markets such as Indonesia.

Do Investors Value Environmental Responsibility? Evidence from Indonesia’s Energy Sector

Tsania Kamila — 2026-10-01

A company’s value serves as a key indicator of investor confidence and signals how the market views its prospects. To uphold this value, businesses need to find a middle ground that considers economic, social, and environmental factors. This study explores the influence of green accounting, carbon emission disclosure, and leverage on firm value among Indonesian energy firms, using profitability and company size as control variables. A total of 41 IDX-listed companies were selected throughout the 2020-2024 period using purposive sampling. The research relies on secondary data drawn from financial statements and annual reports, and employs panel data regression analysis using the Fixed Effects Model (FEM) as the optimal model selected. The model demonstrates strong explanatory power, as evidenced by an R-squared value of 94%, suggesting that the included independent variables largely capture changes in firm value. The novelty of this study lies in the specificity of the energy sector as the context for Indonesia’s carbon regulatory transition, as well as the comprehensiveness of the control variables used to analyze market responses in greater depth. The adoption of green accounting unexpectedly exerts a negative influence on firm value. It appears that the market still views environmental allocations as operational burdens that erode financial efficiency, rather than as strategic long-term investments. Meanwhile, carbon emission disclosures and leverage levels have proven not to be primary indicators for investors when assessing a firm’s worth. This suggests that market participants in Indonesia remain pragmatic, having not yet fully integrated environmental issues into their core investment strategies. Consequently, management must be more strategic in budgeting for environmental costs to ensure these policies do not inadvertently undermine the company’s public valuation.

Pengaruh Leverage, Intellectual capital, Kepemilikan Manajerial, dan Kepemilikan Institusional terhadap Integritas Laporan Keuangan pada Perusahaan Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2020–2024

Dea Arilya Amanda — 2026-10-01

The integrity of financial statements is an essential component of financial reporting, as it confirms the accuracy of the data on which creditors, investors, regulatory authorities, and other stakeholders rely when making financial decisions. Since mining companies face high business risks, complex operational processes, fluctuating commodity prices, and stringent requirements for transparency and oversight, this issue is especially relevant to mining sector. Objective of this study is to examine the extent to which integrity of financial statements of companies listed on Bursa Efek Indonesia from 2020 to 2024 is influenced by debt, intellectual capital, executive involvement, and institutional investor participation. This research utilizes a quantitative approach that includes hypothesis testing and descriptive analysis. A purposive sampling method was used to select the sample, resulting in the inclusion of 22 companies with a total of 79 observations. Secondary data extracted from annual reports and financial statements were used. EViews 12 software was used to perform the panel data regression. Signs of heteroscedasticity were corrected based on the results of the model selection, using the White-Period approach and the Common-Effects Model. Results show that all independent variables simultaneously influence dependent variable. The debt-to-equity ratio has no influence on dependent variable, while management’s share of equity, institutional investors’ share of equity, and intellectual capital each have a partially positive influence. These results suggest that ownership structure and resource management play a decisive role in improving the accuracy, reliability, and transparency of companies’ financial data.

Market Performance dalam Perspektif ESG, Investment Opportunity Set dan Financial Risk: Peran Moderasi Board Size

Retno Wulandari — 2026-10-01

This study examines the effects of ESG Disclosure, Investment Opportunity Set (IOS), and Financial Risk on Market Performance, as well as the moderating role of Board Size in Indonesian ESG-oriented firms. The study contributes to the literature by integrating sustainability disclosure, growth opportunities, and financial risk within a single framework while comparing firms listed in the SRI-KEHATI and SMINFRA18 indices, which represent sustainability-driven and infrastructure-based investment markets. Using a quantitative approach, this study analyzes 84 firm-year observations from 21 companies during the 2021–2024 period. Panel data regression with the Random Effects Model (REM) and robust standard errors is employed for hypothesis testing. The results indicate that ESG Disclosure and Financial Risk do not significantly affect Market Performance, whereas Investment Opportunity Set has a positive effect on Market Performance. Board Size does not moderate the relationship between ESG Disclosure and Market Performance but strengthens the effects of Investment Opportunity Set and Financial Risk on Market Performance. The findings extend signaling theory and stakeholder theory by demonstrating that market participants place greater emphasis on growth opportunities and governance mechanisms than sustainability disclosure alone. Practically, the study highlights the importance of effective board oversight in enhancing market valuation through investment and risk management decisions.

Pengaruh Pengendalian Akuntansi, Sistem Pelaporan dan Kejelasan Sasaran Anggaran Terhadap Akuntabilitas Kinerja Instansi Pemerintah

Endang Ranitawati — 2026-10-01

Performance accountability is an essential element in establishing transparent, effective, and results-oriented local government. However, achieving high levels of public-sector accountability is not solely determined by program outcomes but is also influenced by the quality of accounting control, reporting systems, and budget management. This study aims to examine the effects of accounting control, reporting systems, and budget goal clarity on the performance accountability of the Semarang City Government. The novelty of this study lies in integrating these three factors into a single empirical model within the context of local government, thereby providing a more comprehensive understanding of how financial control, reporting mechanisms, and clearly defined budget objectives contribute to public-sector accountability. This quantitative study involved 90 respondents selected using a saturated sampling technique. Data were collected through questionnaires using a five-point Likert scale and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM). The findings indicate that accounting control, reporting systems, and budget goal clarity have positive and significant effects on performance accountability. Among the examined factors, budget goal clarity demonstrates the strongest relative influence on performance accountability. Theoretically, this study contributes to the public accountability perspective and goal-setting theory by demonstrating that effective control mechanisms, reliable reporting information, and clearly defined objectives jointly strengthen accountability in public-sector organizations. Practically, the findings suggest that the Semarang City Government should continuously improve accounting controls, reporting quality, and budget goal formulation to enhance organizational performance accountability.

Pengaruh Reputasi Audit, Audit complexity, Audit Tenure terhadap Audit delay

Muhammad Tavadzikri Giovani Parikesit — 2026-10-01

This study examines the effects of audit reputation, audit complexity, and audit tenure on audit delay among Consumer Non-Cyclicals sector companies listed on the Indonesia Stock Exchange during 2020–2024. The population comprises all Consumer Non-Cyclicals companies consistently listed throughout the observation period. The sample was selected using purposive sampling based on companies that published complete audited financial statements, presented their financial statements in Indonesian rupiah, and provided the data required to measure all research variables. The final sample consists of 45 companies and 225 firm-year observations. This study employs a quantitative approach using secondary data obtained from annual reports, audited financial statements, and the official Indonesia Stock Exchange website. Audit delay is measured as the number of days between the fiscal year-end and the date of the independent auditor’s report. Audit reputation is measured using a dummy variable based on Big Four and non-Big Four affiliation. Audit complexity is proxied by the ratio of inventories and trade receivables to total assets, while audit tenure is measured by the number of consecutive years a company engages the same public accounting firm. The data are analyzed using panel data regression with the Fixed Effects Model and robust standard errors. The results show that audit reputation has a positive and significant effect on audit delay, audit complexity has no significant effect, and audit tenure has a negative and significant effect. This study contributes empirical evidence regarding the use of an account-based audit complexity proxy and the determinants of audit timeliness in the Consumer Non-Cyclicals sector. The study concludes that audit firm reputation and engagement duration affect audit completion time, whereas the proportion of inventories and trade receivables does not determine audit delay.

Keputusan Investasi Emas Digital pada Generasi Z Pengguna Tabungan Emas PT Pegadaian: Perspektif Extended TPB

Silmi Aulia Ramadhani Fauzi — 2026-10-13

The growth of digital gold investment and the increasing use of PT Pegadaian (Persero)'s Gold Savings service indicate broader investment access for Generation Z, while previous studies still show inconsistent findings regarding factors associated with investment decisions. This study aims to examine the relationship between perceived expected return, perceived risk, minimum investment capital, investment knowledge, and digital gold investment decisions among Generation Z users of PT Pegadaian (Persero)'s Gold Savings service. The Theory of Planned Behavior is used to explain investment decision-making, while Perceived Risk provides the theoretical basis for understanding individuals' perceptions of investment risk. This study employed an associative quantitative design using primary data collected through an online questionnaire. The sample consisted of 160 respondents aged 19–29 years living in Greater Jakarta who had used or were currently using PT Pegadaian (Persero)'s Gold Savings service, selected through purposive sampling. Data were analyzed using multiple linear regression with IBM SPSS Statistics 29 after validity, reliability, and classical assumption testing. The results show that perceived expected return and perceived risk were not significantly associated with investment decisions individually, while minimum investment capital and investment knowledge showed positive and significant impacts. Simultaneously, the four independent variables were significantly associated with digital gold investment decisions. In conclusion, within the context of the respondents studied, minimum investment capital and investment knowledge were more relevant to digital gold investment decisions than perceived expected return and perceived risk when considered separately.

Pengaruh Biaya Produksi, Leverage, dan Sales growth Terhadap Profitabilitas Pada Perusahaan Subsektor Batu Bara yang terdaftar di Bursa Efek Indonesia Periode 2020-2024

Aprilia Sarah Roshendra — 2026-10-01

This study examines the effect of production cost, leverage, and sales growth on profitability among coal subsector companies listed on the Indonesia Stock Exchange during 2020-2024. The research is motivated by the fluctuation of Return on Assets (ROA) among coal companies amid post-pandemic recovery, commodity price surges in 2022, and energy transition pressures. The population consists of coal subsector companies listed on the Indonesia Stock Exchange. Using purposive sampling, 11 companies met the predetermined criteria, producing 55 firm-year observations. This study applies a quantitative approach using secondary data obtained from the Indonesia Stock Exchange website and the official websites of each sample company. Data were analyzed using panel data regression with EViews 13 after model selection and classical assumption testing. The Chow and Hausman tests indicate that the Fixed Effect Model is the most appropriate model. The results show that production cost, leverage, and sales growth simultaneously have a significant effect on profitability. Partially, leverage has a positive and significant effect on profitability, while production cost and sales growth have no significant effect. The adjusted R-squared value of 0.770952 indicates that 77.10% of profitability variation is explained by the model.

Keywords: Production Cost, Leverage, Sales Growth, Profitability

Mekanisme Tata Kelola terhadap Kualitas Laba: Peran Moderasi Kecepatan Publikasi Laporan Keuangan

Taufik Hidayat — 2026-10-06

This study aims to examine the effect of audit committee independence and external audit quality on earnings quality, with financial statement publication speed as both a direct variable and a moderating variable. Earnings quality is measured using discretionary accruals via the Modified Jones Model. Using a quantitative causal design and purposive sampling, 15 mining companies listed on the Indonesia Stock Exchange during 2021–2025 were selected, yielding 75 observation data points. Data were analyzed using panel data regression with the Random Effect Model (REM) and Moderated Regression Analysis (MRA) in EViews. The empirical findings show that audit committee independence and external audit quality do not have a significant direct impact on earnings quality, indicating that internal governance structures and audit firm reputation often operate merely as regulatory compliance. Conversely, publication speed positively and significantly affects earnings quality, supporting signaling theory that timely financial reporting conveys transparent operational information. Furthermore, publication speed does not moderate the impact of audit committee independence on earnings quality, but it significantly weakens the relationship between external audit quality and earnings quality. This indicates that excessive time-budget pressure arising from accelerated publication deadlines compromises audit thoroughness, thereby diminishing audit quality effectiveness in curbing earnings management.