Jurnal Akuntansi

The Role of Foreign Ownership in Moderating Board Characteristics, Independent Directors, and Board of Commissioners on Bank Financial Performance in Indonesia

Serly Serly — 2026-05-21

Purpose – The purpose of this study is to analyze the effect of board characteristics, including the presence of female directors, independent directors, and independent commissioners, on the financial performance of commercial banks listed on the Indonesia Stock Exchange (IDX), as well as to examine the role of foreign ownership in moderating the relationship between board characteristics and banking performance in Indonesia.

Design/Methodology/Approach – This study uses a quantitative approach based on secondary data from the company's annual reports for the period 2019-2023.

Findings – The results of the study show that the presence of female directors does not have a significant direct impact on bank financial performance, but has a more positive impact when they act as independent directors. In addition, independent commissioners have been shown to have a positive and significant influence on bank financial performance. These findings confirm that the effectiveness of the board of directors structure, particularly independence in supervision, plays an important role in improving banking performance and has strategic implications for strengthening financial sector governance in Indonesia.

Research limitations/Implications – This study is limited to banks listed on the Indonesia Stock Exchange during the period 2019–2023 and uses relatively limited corporate governance variables and profitability indicators, so it does not fully reflect all factors that affect banking financial performance in Indonesia. Therefore, further research is recommended to expand the sample coverage and add other governance measures in order to gain a more comprehensive understanding of bank financial performance.

Keywords: Bank Performance, Board of Directors, Foreign Ownership, Independent Commissioners, Independent Director

Cash Holdings in Indonesia’s Consumer Goods Sector

Nafa Yuliastri — 2026-05-21

Purpose – This study aims to analyze the factors that influence cash holdings in non-cyclical consumer goods companies listed on the Indonesia Stock Exchange during the period 2020-2024.

Design/Methodology/Approach – This study uses quantitative methods with secondary data from the financial statements of 33 non-cyclical consumer goods companies listed on the Indonesia Stock Exchange during 2020-2024 (165 observations). The data were analyzed using panel regression with the Fixed Effect Model (FEM), selected based on the Chow and Hausman tests, using EViews 9.

Findings – The results show that cash flow, net working capital, Tobin’s Q, and leverage have a significant positive effect on cash holdings. Meanwhile, firm size and capital expenditure have a significant negative effect on cash holdings. Profitability, financial performance, and book value have no significant effect.

Research limitations/Implications – The results of this study provide practical implications for financial managers and investors in optimizing cash management strategies to maintain liquidity and support corporate financial stability, which ultimately contributes to the growth and resilience of the manufacturing sector in the national economy.

Keywords: Cash Flow, Cash Holding, Firm Size, Leverage, Net Working Capital, Tobin’s Q

ESG Disclosure, Cost of Debt, and the Moderating Role of Board Characteristics

Vicky Putra Surifran — 2026-05-21

Purpose – This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on the cost of debt and to investigate the moderating role of board of commissioners characteristics in non-financial firms in Indonesia.

Design/Methodology/Approach – This study employs a quantitative approach using Ordinary Least Squares (OLS) regression and Moderated Regression Analysis (MRA). The data are collected from annual reports, financial statements, and the Refinitiv database of non-financial firms listed on the Indonesia Stock Exchange during the period 2020–2024, resulting in 205 observations.

Findings – The results indicate that ESG disclosure has a positive and significant effect on the cost of debt. Furthermore, the proportion of independent commissioners negatively and significantly moderates the relationship, while board size shows a positive and marginally significant moderating effect. In contrast, female representation does not exhibit a significant moderating role.

Research limitations/Implications – The findings suggest that the relationship between ESG disclosure and the cost of debt is highly contextual and depends on the effectiveness of corporate governance mechanisms. Practically, the cost of debt is determined by creditors’ risk perceptions, highlighting the importance of credible governance structures in supporting ESG disclosure.

Keywords: Board Characteristics, Cost of Debt, Corporate Governance, ESG Disclosure

The Role of Financial Constraints in The ESG Performance and Financial Performance Relationship

Renny Wulandari — 2026-05-21

Purpose – This study is to determine the influence of ESG performance on a financial performance, considering financial constraints encountered by the company.

Design/Methodology/Approach – Using a sample of businesses listed on the Indonesian Stock Exchange between 2017 and 2023, regression with moderate regression analysis is the methodology employed.

Findings – The results of the study prove that a company's ESG performance can increase its profitability and that financial constraints do not influence or moderate the effect of ESG performance on financial performance.

Research limitations/Implications – The Financial Services Authority (OJK) and the IDX can evaluate whether the sustainability reporting mandate places an additional burden on financially constrained companies or whether it can actually help companies gain access to green financing. The results of this study can be used as a preliminary reference in formulating a more targeted incentive scheme for companies committed to ESG, especially for companies with financial constraints.

Keywords: ESG Performance, Financial Constraint, Financial Performance, Indonesia, Sustainability

Ownership Structure and Corporate Governance Effects on Green Banking Disclosure

Salsahbilah Salsahbilah — 2026-05-21

Purpose – This study aims to examine the influence of foreign ownership, board size, independent commissioner, and audit committees on green banking disclosure.

Design/Methodology/Approach – A causal research utilizing a quantitative method and existing data. The target group includes banking firms listed on the Indonesia Stock Exchange from 2022 through 2024. The sample design employs judgmental sampling, where samples are chosen based on various criteria for financial institutions on the Indonesia Stock Exchange that regularly publish annual and sustainability reports.

Findings – The findings reveal that foreign ownership significantly and negatively impacts green banking disclosure, while the size of the board of commissioners significantly and positively influences green banking disclosure. Independent commissioners do not significantly affect green banking disclosure, and the audit committee's findings indicate a weak statistical relationship between the two variables

Research limitations/Implications – The observation period is relatively short, only three years, which limits the ability to assess the development of green banking disclosure practices more comprehensively.

Keywords: Corporate Governance, Disclosure, Green Banking, Indonesia, Ownership Structure

The Impact of Good Governance, Employee Competence, and Accounting Information Systems on Financial Report Quality in The Bandung City Government

Edo William Nemnay — 2026-05-21

Purpose – This study was conducted to empirically investigate the extent to which the implementation of good governance, human resource capabilities, and the functionality of accounting information systems affect the quality of financial reports within the Bandung City Government.

Design/Methodology/Approach – This research applies a quantitative approach with a population coverage of 31 Regional Work Units (SKPD) within the Bandung City Government. The sample was determined using a non-probability sampling technique with a purposive sampling method, based on specific criteria: (1) employees in the finance and accounting functions who are authorized to make budget decisions and prepare regional financial reports, and (2) have a minimum of two years of service in the field. Based on these criteria, a sample of 39 employees was obtained who have relevant tasks and direct authority in the financial reporting process at the related work unit.

Findings – The research findings confirm that all independent variables have a significant influence on the dependent variable. The integration of sound governance principles, employee professionalism, and accounting information system infrastructure support has proven to be crucial in producing accurate and transparent financial reporting for government agencies.

Research limitations/Implications – Despite the limited sample size and short observation period, the results of this study provide strategic implications for the Bandung City Government to integrate accountability principles more comprehensively. The quality of the resulting financial reports has a direct impact on increasing public trust, improving bureaucratic operational efficiency, and strengthening sustainable regional governance.

Keywords: Accounting Information Systems, Employee Competence, Good Governance, Quality of Financial Reports

Q4 Syndrome in Public Sector Financial Management: Case and Evidence from a Spending Unit of Indonesia’s Ministry of Transportation

Emanuel Damarjati — 2026-05-21

Purpose – This study aims to investigate the manifestation and underlying drivers of Q4 Syndrome, defined as the concentration of government expenditure in the final quarter of the fiscal year, within a working unit of Indonesia’s Ministry of Transportation.

Design/Methodology/Approach – The research employs a quantitative case study approach using descriptive financial analysis. Monthly budget realization data, expenditure composition, and procurement/payment execution timing over a single fiscal year are analyzed to identify spending patterns and execution dynamics.

Results – The findings reveal a significant concentration of budget absorption in the fourth quarter, with a substantial proportion of annual expenditure executed during this period. Capital expenditures and procurement-related payments were heavily clustered in the final months, indicating delayed execution rather than evenly distributed disbursement throughout the fiscal year.

Research limitations/Implications – The study provides case-based empirical evidence of Q4 Syndrome at the operational level. Institutional incentives—such as absorption-based performance evaluation, concerns over future budget reductions, and compliance-oriented controls—contribute to risk-averse spending behavior in earlier quarters. However, the single-unit case design limits generalizability. The findings highlight the need to shift performance measurement from absorption rates toward output-based indicators and to strengthen early-stage budget execution mechanisms.

Keywords: Budget Absorption, Government Budget Execution, Public Sector Financial Management, Q4 Syndrome

Sustainability Reporting Readiness in Indonesian Mining Companies

Ayu Puspitasari — 2026-05-21

Purpose – This study examines the readiness of Indonesian mining companies to adopt International Sustainability Standards Board (ISSB) reporting standards, specifically IFRS S1 and IFRS S2, while identifying influencing factors, key challenges, and best practices in transitioning from GRI-based to ISSB-based sustainability reporting.

Design/Methodology/Approach – A qualitative exploratory approach was employed using systematic content analysis of sustainability and annual reports from 41 mining companies listed on the Indonesia Stock Exchange for fiscal year 2023. Analysis was conducted using NVivo 14 software with a deductive coding framework grounded in five ISSB pillars: Governance, Strategy, Risk Management, Metrics and Targets, and Climate-related Disclosures. Inter-coder reliability was confirmed through Cohen's Kappa coefficient (κ = 0.87).

Results – Readiness levels vary significantly: 36.6% of companies demonstrate high readiness, 48.8% moderate, and 14.6% low. Critical gaps include limited ESG-financial integration (38% of total sample), scenario analysis capability (28% of total sample, with implementation concentrated among high readiness companies at 45%), and Scope 3 emissions disclosure (28% of total sample). Corporate governance strength, ESG human resource capacity, and technology infrastructure are the primary internal determinants of readiness.

Research limitations/Implications – This study is limited to the mining sector using publicly available documents. Findings suggest regulators should develop phased ISSB adoption roadmaps, while companies must invest strategically in data infrastructure, ESG competencies, and cross-functional governance structures to ensure substantive, rather than merely symbolic, compliance.

Keywords: Content Analysis, IFRS S1, IFRS S2, ISSB, Mining Sector, Sustainability Reporting

Exploring the Determinant of Business Students’ Sustainability Behavior

Budi Hartono Kusuma — 2026-05-21

Purpose – This study aims to empirically prove the positive influence of (1) self-transcendence values on the intention to engage in sustainability accounting, (2) intention to engage in sustainability accounting on sustainability behavior, and (3) self-transcendence values on sustainability behavior through intention to engage in sustainability accounting.

Design/Methodology/Approach – Data were collected through an online questionnaire survey. The respondents were students from the Faculty of Economics and Business. Hypothesis testing used partial least squares structural equation modeling with WarpPLS version 8.0 software.

Results – This study successfully demonstrated that self-transcendence values are a determinant of intention to engage in sustainability accounting and also sustainability behavior. Furthermore, the intention to engage in sustainability accounting has been shown to have a positive impact on sustainability behavior.

Research limitations/Implications – This research has implications for higher education in Indonesia, emphasizing the importance of understanding the factors shaping students' sustainability behavior. Higher education institutions need to instill in their students the importance of upholding and living their personal values.

Keywords: Business Students, Self-Transcendence Values, Sustainability Accounting, Sustainability Behavior

Digital Accounting Tools and Perceived Financial Reporting Accuracy in Sri Lankan Universities

K.G.Dhammika B. Katupulla — 2026-05-21

Purpose – This study examines the impact of digital accounting tools on perceived financial reporting accuracy among accounting staff in Sri Lankan universities, focusing on the extent of use, system quality, and user competency.

Design/Methodology/Approach – A quantitative cross-sectional survey was conducted with 200 accounting staff from public and private universities. Data were collected via a structured questionnaire using five-point likert scales. Reliability was tested using cronbach’s alpha, and relationships were analyzed with Pearson correlation and multiple regression.

Results – All three variables significantly and positively influence perceived financial reporting accuracy. Extent of use and user competency had the strongest effects, followed by system quality. The model explains 93.5% of the variance in perceived accuracy.

Research limitations/Implications – The study focuses on perceived rather than objective accuracy and is limited to Sri Lankan universities. Findings offer practical guidance for improving digital accounting practices and financial governance in higher education.

Keywords: Digital Accounting Tools, Perceived Financial Reporting Accuracy, Sri Lankan Universities, System Quality, User Competency

Analyzing Micro, Small, and Medium Enterprises' Taxpayer Compliance Through Tax Socialization, Tax Penalties, and e-Form Implementation

Devi Devi — 2026-05-21

Purpose – This research is intended to analyze the influence of tax socialization, tax penalties, and the application of the e-form system on the level of compliance among Micro, Small, and Medium Enterprises (MSMEs) taxpayers.

Design/Methodology/Approach – The study employs primary data obtained through questionnaires administered to MSME taxpayers registered at KPP Pratama Cirebon Satu. A purposive sampling technique was applied in selecting the sample, resulting in a total of 393 respondents. The collected data were processed and examined using the Partial Least Squares (PLS) method supported by the SmartPLS software.

Results – The findings reveal that tax socialization, tax sanctions, and the use of the e-form system positively influence MSME taxpayer compliance. These results indicate that enhancing the effectiveness of tax socialization programs, implementing stricter enforcement of tax penalties, and facilitating easier reporting through the e-form system can significantly improve the compliance behavior of MSME taxpayers.

Research limitations/Implications – This study is limited to MSME taxpayers registered at KPP Pratama Cirebon Satu and only examines three independent variables affecting taxpayer compliance. The results of this study provide implications for tax authorities in designing more effective tax education programs, strengthening law enforcement through tax sanctions, and improving digital tax reporting systems to enhance MSME taxpayer compliance.

Keywords: e-Form, MSME Taxpayer Compliance, Tax Sanctions, Tax Socialization