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All Journal JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Reviu Akuntansi, Manajemen, dan Bisnis
Nicken Destriana
Trisakti School of Management, Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Mathematics Social Sciences

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The Value Relevance of Green Strategies: Intellectual Capital, Innovation, and Accounting Disclosure Under Board Oversight Friska Firnanti; Nicken Destriana; Verawati Verawati
Reviu Akuntansi, Manajemen, dan Bisnis Vol 6 No 3 (2026): September
Publisher : Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/rambis.v6.n3.p33-48.2026

Abstract

Purpose: This study investigates the direct effects of Green Intellectual Capital, Green Innovation, and Green Accounting on Firm Value in the Indonesian manufacturing sector. Moreover, this study examines the moderating role of Board Size based on Agency Theory and Board Size Paradox.Research Methodology: This study uses a quantitative panel data regression approach to analyze 276 observations from 92 publicly listed Indonesian manufacturing firms during 2022-2024, with data processed using Stata software.Results: Green Intellectual Capital positively affects Firm Value, Green Innovation does not significantly affect Firm Value, and Green Accounting negatively affects Firm Value. Board Size negatively moderates the relationship between Green Intellectual Capital and Firm Value and positively moderates the relationship between Green Accounting and Firm Value, but shows no moderating effect on the relationship between Green Innovation and Firm Value.Conclusions: Green Intellectual Capital enhances firm value, in line with Agency Theory. However, large boards weaken this effect due to administrative and coordination frictions, known as the board size paradox.Limitations: The study sample is limited to publicly listed manufacturing firms in Indonesia over a three-year observation period.Contributions: This study provides managerial insights into the board expansion effect on sustainable value creation for environmental strategies in emerging markets.
Executive Risk Asymmetry: CFO Equity Ownership, CEO Education, and Firm Risk Aan Marlinah; Munawar Muchlis; Nicken Destriana
Reviu Akuntansi, Manajemen, dan Bisnis Vol 6 No 3 (2026): September
Publisher : Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/rambis.v6.n3.p49-68.2026

Abstract

Purpose: This study examines whether Chief Executive Officer (CEO) and Chief Financial Officer (CFO) characteristics relate to firm risk asymmetrically and identifies which attribute holds the most robust association.Research Methodology: We analyze 372 firm-year observations of non-financial firms listed on the Indonesia Stock Exchange between 2022 and 2024. CEO financial education, CFO positional diversity, CFO stock ownership, and CFO gender are the variables of interest in this study. Idiosyncratic risk is regressed with firm and year fixed effects, with total volatility as a robustness check.Results: CFO stock ownership is negatively related to both risk measures (p < 0.01), while CEO financial education is positively related to idiosyncratic risk alone. Female CFOs are associated with higher total volatility only, and CFO positional diversity remains insignificant.Conclusions: Executive attributes have different empirical signatures. CFO equity exposure is associated with lower risk across all measures, whereas CEO financial education is associated with firm-specific risk alone.Limitations: The design identifies conditional associations rather than causal effects, and the binary executive indicators draw identification from executive turnover within the firms.Contributions: Whereas prior work examines CEO and CFO attributes in isolation, this study allows four characteristics to compete for explanatory power over firm risk in an emerging market, isolating CFO equity exposure as the most robust executive correlate. This extends the CEO versus CFO literature from financial policy to firm risk and positions CFO incentive design as a governance lever in its own right.
ESG Performance, Firm Size, and Profitability: Evidence from listed non-financial firms in Indonesia and Singapore Erika Jimena Arilyn; Beny Beny; Maya Sova; Nicken Destriana
Reviu Akuntansi, Manajemen, dan Bisnis Vol 6 No 3 (2026): September
Publisher : Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/rambis.v6.n3.p103-120.2026

Abstract

Purpose: This study examines whether Environmental, Social, and Governance (ESG) performance is associated with Return on Equity (ROE), whether firm size moderates the ESG–ROE relationship, and whether this differs between listed non-financial firms in Indonesia and Singapore during 2021–2024, integrating resource-based, agency, stakeholder, legitimacy, and signaling perspectives in a comparative panel framework.Research Methodology: This study uses a quantitative panel-data design with 130 firm-year observations from 48 listed non-financial firms in Indonesia and Singapore over 2021–2024 (from 208 potential observations, excluding 78 incomplete cases). Firm size is the log of total assets in U.S. dollars from Bloomberg. Hypotheses are tested with firm fixed-effects models and clustered standard errors, with Driscoll–Kraay errors, leverage controls, and winsorization as robustness checks.Results: The analysis yields robust null results across specifications; neither ESG performance, firm size, nor their interaction predicts ROE. Supplementary analysis, however, points to a marginally significant, more positive ESG–profitability relationship among Indonesian firms than Singaporean peers.Conclusions: These results caution against assuming favorable global ESG-financial performance evidence transfers to this ASEAN panel, offering standard-setters, investors, and managers evidence on whether firm size is a precondition for ESG performance to pay off.Limitations: The sample is restricted to publicly listed, non-financial firms with disclosed ESG scores, so findings do not extend to private or small unlisted firms.Contributions:The study provides standard-setters, investors, and managers in Indonesia and Singapore evidence on whether firm size conditions ESG performance payoffs, informing how ASEAN regulators tailor disclosure rules across firms of different sizes.
Agency Cost in the Profitability-Financial Sustainability Nexus: Evidence from ASEAN Emerging Markets Nicken Destriana; Friska Firnanti; Inneke Respatiningsih
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p357-376.2026

Abstract

Purpose: This study examines the effect of profitability on financial sustainability while investigating the dual role of agency cost as a mediator and moderator among publicly listed non-financial companies in Indonesia, Malaysia, and the Philippines from 2020 to 2024.Research Methodology: This quantitative study employs secondary panel data from 581 publicly listed non-financial companies, producing 2,905 firm-year observations. Financial data were obtained from Bloomberg and analyzed using Stata through fixed-effects panel regression with Driscoll–Kraay robust standard errors.Results: The findings show that profitability enhances financial sustainability and reduces agency costs. Agency costs negatively affect financial sustainability and partially mediate the relationship between profitability and sustainability. However, agency costs do not moderate this relationship, indicating that it functions as a transmission mechanism rather than a boundary condition.Conclusions: This study extends agency theory by demonstrating that agency costs primarily explain how profitability contributes to long-term financial sustainability. It also supports Signaling Theory by showing that profitable firms tend to demonstrate stronger governance quality and financial resilience.Limitations: Agency cost is measured using a single accounting-based proxy, and its relatively small mediation effect (5.66%) and insignificant moderating effect limit the interpretation of its role in the relationship between profitability and financial sustainability. Contributions: This study contributes to the literature by integrating the mediating and moderating roles of agency costs within the profitability and sustainability framework. Practically, the findings provide insights for managers, investors, and policymakers to strengthen governance practices that support sustainable growth in emerging ASEAN markets.
Does Board Gender Diversity Weaken the Fraud Pentagon-Driven Financial Statement Fraud? Evidence from Indonesian Manufacturing Firms Novia Wijaya; Nicken Destriana; Benardi Benardi
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p209-226.2026

Abstract

Purpose: This study examines whether financial stability, external pressure, ineffective monitoring, and Chief Executive Officer (CEO) tenure raise financial statement fraud risk among Indonesian manufacturing firms and whether board gender diversity moderates these relationships.Research Methodology: We built a balanced panel of 109 Indonesia Stock Exchange (IDX)-listed manufacturing firms via purposive sampling, yielding 327 firm-year observations (2022-2024). Fraud was measured using the Beneish M-Score and analyzed in Stata/MP 17 via conditional fixed-effects logistic regression, cross-validated against a pooled logistic regression with robust standard errors.Results: Financial stability positively and significantly predicted fraud under both estimators. External pressure was significant only in the pooled model, and ineffective monitoring and CEO tenure were not significant. Board gender diversity significantly weakened the ineffective monitoring-fraud link in the primary model; however, this and three other moderations did not survive the robustness check.Conclusions: Governance-moderation effects found under a single estimator may not survive an alternative specification, underscoring the value of testing governance mechanisms with more than one panel estimator.Limitations: The three-year window restricted within-firm variation, excluding several sampled firms from the primary estimation and limiting the detection of some effects.Contributions: To our knowledge, this is the first study to test board gender diversity as a moderator of each Fraud Pentagon mechanism–financial stability, external pressure, ineffective monitoring, and CEO tenure–individually rather than as a single average effect. This study offers Indonesian regulators and audit committees guidance for treating board gender diversity as a fraud-mitigating mechanism rather than an assumed safeguard.
Co-Authors Benardi Benardi Beny Beny Erika Jimena Arilyn FIRNANTI, FRISKA Inneke Respatiningsih MARLINAH, AAN Maya Sova Munawar Muchlis Novia Wijaya Verawati Verawati