Jurnal Akuntansi

Financial Factors and Market Value in the Consumer Services Industry: An Empirical Study in Indonesia and Singapore

2025-06-09T01:03:03+00:00

Purpose – This study provides a new perspective by exploring the role of gross
domestic product (GDP) as a moderating variable in the relationship between
solvency, liquidity, and profitability with the market value of consumer service
companies in Indonesia and Singapore. The novelty of this research lies in its
holistic approach to the interaction between financial factors and macroeconomic
conditions, which has rarely been examined in the context of the consumer
services industry in both countries.
Design/Methodology/Approach – Data was collected from consumer service
companies listed on the Indonesia Stock Exchange (IDX) and Singapore
Exchange (SGX) during the 2019–2023 period. This study employs panel data
regression with a moderation approach, providing deeper insights into how
macroeconomic variables strengthen or weaken key financial relationships.
Findings – The findings indicate that solvency, profitability, and GDP have a
positive impact on market value, whereas liquidity does not have a significant
effect. Additionally, GDP as a moderator weakens the relationship between
solvency and liquidity with market value but does not influence the relationship
between profitability and market value, suggesting that profitability remains a key
indicator of company value regardless of economic fluctuations.
Research limitations/Implications – These results have strategic implications
for investors and policymakers, highlighting that macroeconomic considerations
should be integrated into financial analyses when assessing the valuation of
consumer service companies. The novelty of this research offers a fresh
perspective in designing investment strategies and regulatory policies,
particularly in Indonesia and Singapore, which have unique and interconnected
economic dynamics.

Keywords: Consumer Services, GDP, Liquidity, Market Value, Profitability,
and Solvency

Determinants of Financial Stability in Islamic Banks

2025-05-27T08:09:40+00:00

Purpose – This study aims to analyze the factors that influence inflation,
financing risk, and digital payments on financial stability at Islamic Commercial
Banks in Indonesia.
Design/Methodology/Approach – This study uses a quantitative approach and
purposive sampling technique with sample criteria being banks listed during the
study period and publishing complete quarterly reports consistently. The data
analysis technique uses panel data regression analysis, with the Random Effect
Model (REM) in EViews 13.
Findings – The results of the study indicate that inflation has a significant positive
effect on the financial stability of Islamic banks. Financing risk has a significant
negative effect on the financial stability of Islamic banks. Meanwhile, the digital
payment variable does not have a significant effect on the financial stability of
Islamic banks.
Research limitations/Implications – This study provides empirical insights by
combining macroeconomic, risk, and digital payment variables to assess the
stability of Islamic banks, which has been underexplored in previous research.
The limitation of this study is the limited variable and geographical coverage of
Islamic banks in Indonesia. Therefore, future research is recommended to include
other factors and use a cross-country comparative approach to gain a more
complex understanding of the financial resilience of Islamic banks.

Keywords: Digital Payments, Financial Stability, Financing Risk, and
Inflation

Green Innovation, Carbon Emission Disclosure, and Managerial Ownership: A Panel Data Analysis of Firm Value in Indonesia’s Basic Materials Sector

2025-07-21T01:23:20+00:00

Abstract
Purpose – This research seeks to investigate the influence of green innovation,
carbon emissions disclosure, and managerial ownership on the value of
companies within the basic materials sector that are listed on the Indonesia
Stock Exchange from 2019 to 2023.
Design/Methodology/Approach – This research employs purposive sampling,
focusing on primary material companies that are listed in Indonesia as the key
criterion. The final sample comprised 7 companies, with a duration of
observation spanning 5 years, resulting in a total of 35 data points. This
research employs a random effects model of panel data regression analysis to
examine the relationship among the research variables.
Findings – The study results obtained from the random effects model indicate
that green innovation and managerial ownership do not have a significant
impact on the firm's value. On the other hand, revealing carbon emissions
positively and significantly influences the firm's value. These findings
emphasize the importance of environmental accountability, particularly through transparent reporting of carbon emissions, as a vital approach to increase company value and foster investor confidence.
Research limitations/Implications – This study is limited to one industry
sector only, so the results cannot be generalized to other industry sectors outside
the sector. The use of purposive sampling tends to produce a homogeneous
sample, which may cause selection bias and affect the external validity of the
study.

Keywords: Carbon Emission Disclosure, Firm Value, Green Innovation, Managerial
Ownership

Capital Intensity, Firm Size, Leverage, and Tax Avoidance: Moderating Role of Audit Quality

2025-07-21T01:19:17+00:00

Purpose − This study aims to analyze the effect of capital intensity, firm size, and
leverage on tax avoidance, with audit quality as a moderating variable in the
consumer non-cyclicals sector listed on the Indonesia Stock Exchange for the
period 2018-2024.
Design/Methodology/Approach – The data used in this study is secondary data
obtained from financial reports. The population in this study is 66 companies,
and the sampling technique used is purposive sampling, so the sample in this
study is 34 companies. The analysis used in this study is multiple linear regression
and moderated regression analysis (MRA).
Findings − The results of this study partially indicate that capital intensity, firm
size, and leverage have no effect on tax avoidance. Meanwhile, audit quality
weakens the positive relationship between capital intensity and tax avoidance.
On the other hand, audit quality does not moderate the relationship between firm
size and tax avoidance. In addition, audit quality strengthens the positive
relationship between leverage and tax avoidance.
Research limitations/Implications – This study has implications for
policymakers and other stakeholders in ensuring that companies fulfill their tax
obligations and demonstrate greater accountability.

Keywords: Audit Quality, Capital Intensity, Firm Size, Leverage, Tax
Avoidance

Environmental, Social, and Governance to Firm Value: Profitability as a Moderating Variable

2025-05-26T06:06:01+00:00

Purpose – This study aims to explore in depth analyze aspects related to
environmental, social responsibility, and governance (ESG) on firm value where
profitability is considered as a moderating element in analytical models.
Design/Methodology/Approach – A quantitative approach was employed in
this study using Moderated Regression Analysis (MRA). The sample was
selected through a purposive sampling technique, resulting in 210 firm-year
observations from the 2019–2023 period that met specific criteria, such as having
ESG scores and published sustainability reports.
Findings – The results demonstrate that ESG scores do not have a positive
impact on firm value, while profitability projected through Return on Assets
(ROA) has a positive impact on firm value. However, profitability does not act
as a moderator in the relationship between ESG and firm value.
Research limitations/Implications – These findings imply that while ESG holds
strategic value in sustainability strategies, its influence on company valuation
Indonesian firms is limited. The results of this study have the implication that
firms should put more emphasis on enhancing profitability as a strategy to boost
firm value. The limitations of the study lie in the small research sample that
qualifies as research samples.

Keywords: ESG, Firm Value, Profitability, Moderation, Sustainability

Cash Flow and Net Working Capital as Determinants of Cash Holdings: A Case Study of Mining Companies Listed on the Indonesia Stock Exchange

2025-07-14T09:51:43+00:00

Purpose – The purpose of this research is to investigate how cash holdings in
mining businesses listed on the Indonesia Stock Exchange (IDX) is influenced by
cash flow and net working capital.
Design/Methodology/Approach – A quantitative approach was adopted using
explanatory research methods. The data consist of financial statements from
mining sector companies covering the period 2020–2024. Hypothesis testing and
data analysis were conducted using EViews 12 software.
Findings – Research results show that cash flow and net working capital have a
significant influence on cash holding. Therefore, an increase in both of these
variables can increase the company's cash holding.
Research limitations/Implications – Company management should place
greater emphasis on managing cash flow and net working capital effectively to
enhance financial stability and mitigate liquidity risks. The findings of this
research are expected to serve as a valuable reference for financial decision
making among practitioners and academics within the mining industry.

Keywords: Cash Flow, Cash Holding, Liquidity, Mining Companies, Net
Working Capital

Measuring the Impact of Financial Performance and Firm Age on Tax Avoidance

2025-08-18T01:16:56+00:00

Purpose – This study aims to examine the influence of Financial Performance
using the Return on Assets (ROA) and Debt to Equity Ratio (DER) proxies as
well as Company Age on Tax Avoidance in Public Companies in Indonesia in
the non-cyclical sector in 2019-2023.
Design/Methodology/Approach – This study uses a quantitative approach,
where the collected numbers are processed using the statistical tool STATA using
the selected Fixed Effect /Model. The tests carried out were balanced panel data
regression and data testing, namely autocorrelation test, multicollinearity and
heteroscedasticity test. The research population amounted to 125 non-cyclical
companies listed on the Indonesia Stock Exchange (IDX) in 2019-2023 with a
selected sample using purposive sampling totaling 35 companies so that the total
number of data processed was 175.
Findings – The results of the study show that there is a partial significant
influence of Financial Performance by proxy of Return on Asset and Debt to
Equity Ratio and Company Age on Tax Avoidance.
Research limitations/Implications – With new research data can be an input for
policymakers related to decisions related to policies in the tax sector, especially
for companies that have been operating for a long time and have a high level of
profit and debt burden that will be able to trigger tax avoidance.

Keywords: Company Size, Financial Performance, Tax Avoidance

Moderating Role of Audit Committee in Determinant Relationship with Audit Delay

2025-09-21T23:00:21+00:00

Purpose – The objective of this study is to examine the moderating role of Audit
Committee in the relation between determinants, which are Financial Distress,
Complexity of Operation, and CPA Reputation, toward Audit Delay.
Design/Methodology/Approach – Purposive sampling was applied in filtering
research data from the financial statements of property and real estate companies
registered on the Indonesia Stock Exchange during 2022-2024. A total of 160
financial statements from 73 issuers were analyzed after outlier adjustment. Data
analysis was performed using Moderated Regression Analysis (MRA) with the
SPSS 26 application.
Results – This study found a positive influence of Financial Distress on Audit
Delay. Whereas, Complexity of Operation and CPA Reputation do not have
significant impact to Audit Delay. MRA analysis shows that the audit committee
does not act as a moderator in the relationship between determinants with Audit
Delay.
Research limitations/Implications – The presence of Audit Committee in
property and real estate issuers registered on IDX has not been effective enough
because companies only consider the existence of Audit Committees as a means
of complying with OJK regulations, thereby failing to accelerate the financial
statement audit process. Practically, these findings highlight that management
and regulators need to strengthen the role and effectiveness of audit committees
to ensure timeliness and enhance investor confidence in audited financial
statements.

Keywords: Audit Delay, Audit Committee, Complexity of Operation, CPA
Reputation, Financial Distress

Evidence of the Relationship Between Environmental, Social, and Governance (ESG) Performance, Audit Quality, Earnings Quality, and Abnormal Return in Indonesia

2025-09-25T02:26:57+00:00

Purpose – This study examines how ESG performance, audit quality, and
earnings quality influence abnormal returns as reflections of stakeholder
assessments in the energy and basic industry sector.
Design/Methodology/Approach – The research covers 32 companies from
2020-2023 using two models. Model 1 tests the overall effects of ESG, audit
quality, and earnings quality on cumulative abnormal returns, while Model 2
separates ESG into environmental, social, and governance aspects. Analyses
include descriptive statistics, panel regressions (CEM, FEM, REM), and
robustness checks.
Results – Findings show that ESG performance positively affects abnormal
returns, highlighting investor appreciation for responsible practices. Audit quality
has no significant impact, while earnings quality shows a consistently negative
and significant effect, implying that transparent and stable earnings reduce the
chance of abnormal gains.
Research limitations/Implications – The novelty of this study lies in combining
ESG performance, audit quality, and earnings quality in one framework within
an emerging market context. Results provide practical insights for investors,
firms, and policymakers by emphasizing the role of sustainability and earnings
transparency in shaping market perceptions. However, limitations exist,
including sectoral focus, short COVID-19 period, reliance on proxies, and
potential endogeneity issues. Future studies should broaden sectors, extend time
horizons, and apply advanced methods such as GMM to strengthen evidence.

Keywords: Abnormal Return, Audit Quality, Earnings Quality, ESG
Performance, Stakeholder Theory

The Relationship Between XBRL Adoption and CSR Disclosure Transparency in Companies Listed on The Indonesia Stock Exchange

2025-07-23T01:38:34+00:00

Purpose – This study aims to analyze the relationship between the
implementation of eXtensible Business Reporting Language (XBRL) and the
transparency of Corporate Social Responsibility (CSR) disclosures in companies
listed on the Indonesia Stock Exchange. The research is based on the frameworks
of Stakeholder Theory and Legitimacy Theory, which serve as the foundation for
assessing structured non-financial reporting practices.
Design/Methodology/Approach – A quantitative explanatory approach was
applied to investigate the relationships between variables in the research model.
Data were collected through a survey involving 75 respondents responsible for
sustainability reporting in public companies familiar with the use of XBRL. The
sampling technique employed was purposive sampling, with selection criteria
focusing on individuals directly involved in preparing CSR reports and digital
company documents. The instrument consisted of 25 indicators derived from
prior studies. Data were analyzed using the Partial Least Squares Structural
Equation Modeling (PLS-SEM) technique.
Findings – The results indicate that XBRL adoption significantly and positively
affects CSR transparency (β = 0.879; R² = 0.772). This finding demonstrates that
XBRL serves not only as a technical reporting tool but also as a strategic
instrument for enhancing the transparency, comparability, and reliability of non
financial disclosures.
Research limitations/Implications – The study is limited to public companies
already familiar with the XBRL system. Future research is encouraged to
consider additional factors such as technological readiness and regulatory
pressures. These findings highlight the need for a national XBRL-based CSR
taxonomy and integration of digital sustainability reporting into regulatory
platforms such as OJK’s SPE system.

Keywords: CSR, Digital Reporting, Information Transparency, XBRL

Corporate Tax Planning and Market Value of Nigerian Listed Non-Financial Manufacturing Companies

2025-09-09T02:22:01+00:00

Purpose – This study examines the effect of corporate tax planning on the market
value of Nigerian-listed non-financial manufacturing companies.
Design/Methodology/Approach – The study measured market value as Tobin's
Q and tax-planning intensity with the effective tax rate (ETR) and book-tax
difference (BTD) over 10 non-financial firms listed on the Nigeria Exchange
Group over 2014-2023. The inferential analysis used was correlation analysis and
panel data regression analysis. The Hausman test was conducted, and the results
indicate that the fixed effects estimation technique is more appropriate for the
regression analysis.
Findings – The results of this study show that there is a positive, although
statistically insignificant, correlation between ETR and Tobin's Q (β = 0.28, p <
0.10), indicated that higher tax compliance is positively, yet not significantly,
related to increasing investor confidence. Consistent with this, the effect of BTD
on firm value is found to be positive and highly significant (β = 0.30, p < 0.01),
suggesting that active tax planning or earnings management behaviors are
rewarded by the market.
Research limitations/Implications – The study recommended that the tax
authorities should pursue more disclosure requirements to facilitate openness and
that corporate managers should pursue client compliance as well as value
enhancing tax strategies. This paper can be helpful to academics that investigate
corporate valuation, as well as to policymakers who can ensure sustainable and
transparent taxation in the developing countries.

Keywords: Book-Tax Difference, Corporate Tax Planning, Effective Tax
Rate, Market Value, Nigerian Manufacturing Firms

Corporate Social Responsibility Disclosure and Firm Value: Does Firm Size Matter?

2025-10-10T04:57:38+00:00

Purpose – The objective of this study is to investigate the positive effect of
corporate social responsibility disclosure on firm value. It also aims to empirically
demonstrate the role of firm size as a moderator on the relationship between
corporate social responsibility disclosure and firm value.
Design/Methodology/Approach – This research employs a quantitative
approach and utilizes secondary data. The selected sample comprised 29 energy
sector companies listed on the main board of the Indonesia Stock Exchange for
the 2018-2022 period. Hypothesis testing used multiple and moderated linear
regression.
Findings – The findings of this study successfully confirmed all existing
hypotheses. Corporate social responsibility disclosure has a positive effect on firm
value. Firm size has been shown to moderate this positive effect.
Research limitations/Implications – This research limits its sample to energy
sector companies listed on the Indonesia Stock Exchange during the 2018-2022
period. This research did not consider the impact of the COVID-19 pandemic
that occurred in 2020.

Keywords: Corporate Social Responsibility, Firm Size, Firm Value, Indonesia

AI-Based Digital Transformation as a Driver of Individual Taxpayer Compliance

2025-11-07T04:46:16+00:00

Purpose – This study aims to examine how Artificial Intelligence (AI)-based digital transformation in tax administration contributes to individual taxpayer compliance in Indonesia. The urgency of this research arises from the rapid adoption of AI technologies particularly e-filing and e-billing systems that are designed to enhance efficiency in tax processing, taxpayer monitoring, and the enforcement of tax regulations. Despite this advancement, limited empirical studies have explored the effectiveness of AI-based tools in fostering compliance among individual taxpayers.

Design/Methodology/Approach – A quantitative research approach is employed, utilizing survey data collected from individual taxpayers who use digital tax services in the Jakarta, Bogor, Depok, Tangerang, and Bekasi (Jabodetabek) regions. The study applies statistical analysis techniques to assess the relationship between AI-based digital transformation variables (such as automation, accessibility, accuracy, and user experience) and individual taxpayer compliance indicators, including timeliness, accuracy of reporting, and adherence to tax obligations.

Results – Preliminary findings indicate that AI-based digital transformation particularly through the integration of e-filing and e-billing systems significantly enhances taxpayer compliance by reducing human error, improving accessibility, and increasing taxpayers’ trust in the system. The analysis reveals that automation and real-time feedback features play a crucial role in ensuring more consistent and accurate tax reporting. However, challenges such as digital literacy gaps and system reliability still affect adoption rates among older taxpayers and small business owners.

Research limitations/Implications – This research is limited to individual taxpayers in urban areas and may not fully capture compliance behaviors in rural regions with lower digital infrastructure. Future studies are encouraged to expand the sample coverage and include comparative analysis across different taxpayer segments. The findings have practical implications for policymakers and the Directorate General of Taxes (DGT) to strengthen AI adoption strategies that promote voluntary compliance while maintaining fairness and transparency. The study contributes to the growing body of literature on digital taxation by providing empirical evidence on the role of AI in shaping more efficient, accountable, and citizen-oriented tax administration in the digital era.

Keywords: Artificial Intelligence (AI), E-Filling, E-Billing, Tax Digitalization, Taxpayer Compliance