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Mental Accounting and MSME Sustainability: The Mediating Role of Financial Performance toward SDG 8 Sri Mulyani; Rahmawati Rahmawati; Djuminah Djuminah; Evi Gantyowati; Endang Dwi Amperawati
Journal of Current Studies in SDGs Vol. 2 No. 2 (2026): June
Publisher : Sekolah Tinggi Agama Islam Sabilul Muttaqin Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63230/jocsis.2.2.167

Objective: Examining the effect of mental accounting on the sustainability of Micro, Small, and Medium Enterprises (MSMEs) and investigates the mediating role of financial performance. Given the significant contribution of MSMEs to economic growth and employment, understanding factors that support their long-term sustainability is essential for achieving Sustainable Development Goal (SDG) 8 on sustainable economic growth and productive employment. Method: Employing a quantitative research design using survey data collected from 226 MSME owners in Kudus Regency, Central Java, Indonesia. Respondents were selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with the assistance of SmartPLS software. Results: The findings reveal that mental accounting has a significant positive effect on both financial performance and MSME sustainability. Financial performance also significantly influences business sustainability and serves as a mediating variable in the relationship between mental accounting and MSME sustainability. These results indicate that MSME owners who effectively plan, manage, and evaluate their financial resources are more likely to achieve stronger financial performance and long-term business sustainability. Novelty: Studying extends the behavioral accounting literature by examining financial performance as a mediating mechanism linking mental accounting and MSME sustainability. The findings provide practical insights for MSME stakeholders and policymakers regarding the importance of financial decision-making behavior in strengthening business resilience and supporting SDG 8.

Underpricing in Indonesia: A Systematic Literature Review M. Reza Oktananda; Evi Gantyowati
Journal of Economics, Business, and Accountancy Ventura Vol. 27 No. 2 (2024): August - November 2024
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v27i2.4545

This study employs the charting field method to empirically examine the evolution of underpricing research in Indonesia over the past decade (2014-2023). The research is categorized into four main areas: the development of underpricing studies in Indonesia, theoretical mapping, measurement mapping of underpricing, and causal relationship mapping. The findings reveal that underpricing research in Indonesia has advanced over the last ten years, albeit with fluctuations in the number of publications each year. The three most commonly applied theories in this field are signaling theory, information asymmetry theory, and agency theory. Initial return is the most frequently used measure of underpricing, accounting for 79% of the studies. Additionally, the causal relationship mapping highlights that many variables produce inconsistent results, indicating a research gap that future scholars can address. This study lays the groundwork for further exploration of the variables that influence underpricing, particularly by investigating underwriter reputation as a moderating factor. The research has practical implications for various stakeholders: Initial Public Offering (IPO) companies can use the findings to design more effective strategies, investors can rely on them to guide their investment decisions, and regulators can leverage the insights to develop policies that enhance transparency in the IPO process.

Enhancing Financial Resilliance: a Study of Financial Ratios to Predict Financial Distress in Indonesian Life Insurance Firms During Covid-19 Era Diva Syachrani Sugandi; Evi Gantyowati
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 1 (2024): JABM, Vol. 10 No. 1, January 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.1.22

The Covid-19 phenomenon and a series of insurance default events increase the risk of bankruptcy. Financial distress analysis becomes a crucial study to prevent bankruptcy. This research was conducted to present empirical evidence of the influence of premium growth ratio, liquidity ratio, risk-based capital, investment adequacy ratio, technical reserve growth ratio, and investment income ratio against financial distress prediction in life insurance companies listed on the Indonesian Insurance Directory for the years 2019-2021. The study employed a quantitative approach with logistic regression and 120 observation samples. The conclusions drawn from this research indicate that the premium growth ratio, liquidity ratio, and risk-based capital significantly have a negative impact on the prediction of financial distress, whereas the investment adequacy ratio and growth of technical reserves ratio have a positive impact. However, this research could not provide empirical evidence of the influence investment income in predicting financial distress. The results of this study contribute to insurance companies in managing their financial health by identifying risk factors based on financial ratios and taking appropriate preventive measures. Stakeholders can also enhance supervision on financial health indicators and consider establishing limits for the investment adequacy ratio to maintain stability in the insurance industry. Keywords: bankruptcy, Covid-19, financial distress, financial health ratio, insurance

Auditee and Auditor Factors Affecting Audit Delay with Audit Firm Reputation as Moderating Variable: Supporting SDG 16 in Tourism Firms Dedy Christiyanto; Rahmawati Rahmawati; Evi Gantyowati; Taufiq Arifin
Journal of Current Studies in SDGs Vol. 3 No. 1 (2027): March
Publisher : Sekolah Tinggi Agama Islam Sabilul Muttaqin Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63230/jocsis.3.1.297

Objective: To examine the effects of auditee and auditor factors on audit delay and evaluates whether audit firm reputation moderates these relationships. The analysis focuses on tourism, restaurant, and hotel companies listed on the Indonesia Stock Exchange, while linking timely audited reporting to the transparency and accountability principles of Sustainable Development Goal 16. Method: The study employed a quantitative explanatory design using secondary data from audited annual reports for 2017–2021. Purposive sampling yielded 22 companies and 110 firm-year observations. Liquidity, firm size, financial distress, and audit opinion were tested as explanatory variables, while audit firm reputation was examined through moderated regression analysis. Results: Liquidity had no significant effect on audit delay. Firm size and financial distress significantly increased audit delay, whereas an unqualified audit opinion reduced the reporting lag. Audit firm reputation did not moderate the liquidity–audit delay relationship but significantly moderated the effects of firm size, financial distress, and audit opinion. Novelty: The study integrates auditee financial characteristics and auditor-related attributes within a single moderation model in a sector observed across pre-pandemic and pandemic periods. It extends audit-delay research by demonstrating that reputable audit firms do not uniformly accelerate reporting; their moderating role depends on the underlying company characteristic. The findings offer sector-specific evidence relevant to stronger corporate reporting discipline and the accountability orientation of SDG 16.

Disclosure on Sustainability Reports, Foreign Board, Foreign Ownership, Indonesia Sustainability Reporting Awards, and Firm Value Ismul Aksan; Evi Gantyowati
JASF: Journal of Accounting and Strategic Finance Vol. 3 No. 1 (2020): JASF (Journal of Accounting and Strategic Finance) - June 2020
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v3i1.69

This study aims to investigate how disclosure on sustainability reports, foreign on boards, and foreign ownership affect firm value. Indonesia Sustainability Reporting Award (ISRA) is used to moderate the impact of the disclosure on the sustainability report on the firm value from 2013 to 2017. This study uses 37 firms as a sample with 159 observations and using panel data analysis. Subgroup analysis is used to test the existence or absence of homologizer moderation. The result showed that only the disclosure of sustainability has a positive impact on firm value. Foreign board and foreign ownership have been shown to not affect firm value. Additional testing is performed by splitting types of companies that have become state-owned enterprises (SOEs) and non-SOE, as well as kinds of services & finance and Manufacturing & others. We found that foreign commissioners in the service and finance sectors category have a positive effect on firm value, and foreign ownership in State-Owned Enterprises (SOEs) has a positive influence on firm value. Therefore, it is suggested that the organization of ISRA should disclose their winning criteria since it can be used as information in decision-making.

Pengaruh Corporate Governance terhadap Cash Holding Perusahaan: Studi Empiris pada Perusahaan Peserta CGPI Tahun 2020-2024 An Nisa Regita Febriana; Evi Gantyowati
JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, dan Akuntansi Vol. 3 No. 4 (2026): April
Publisher : CV. Muris Global Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62421/jibema.v3i4.298

Penelitian ini bertujuan untuk menganalisis pengaruh tata kelola perusahaan terhadap cash holding perusahaan di Indonesia dengan menggunakan Corporate Governance Perception Index (CGPI) periode 2020–2024 sebagai proksi kualitas tata kelola perusahaan. Penelitian ini juga memasukkan ukuran perusahaan dan leverage sebagai variabel kontrol. Data penelitian diperoleh dari laporan CGPI yang diterbitkan oleh The Indonesian Institute for Corporate Governance (IICG) serta laporan keuangan perusahaan selama periode 2020–2024. Penelitian menggunakan pendekatan kuantitatif dengan analisis regresi data panel menggunakan EViews 12. Sampel penelitian terdiri atas 177 observasi perusahaan yang mengikuti pemeringkatan CGPI selama periode penelitian, yang dipilih melalui teknik purposive sampling dengan pendekatan data panel tidak seimbang (unbalanced panel data). Hasil penelitian menunjukkan bahwa tata kelola perusahaan yang diproksikan dengan CGPI tidak berpengaruh signifikan terhadap cash holding perusahaan. Temuan ini mengindikasikan bahwa peningkatan kualitas tata kelola perusahaan belum mampu secara langsung menurunkan tingkat cash holding perusahaan. Di sisi lain, variabel kontrol ukuran perusahaan berpengaruh negatif signifikan terhadap cash holding, sedangkan leverage tidak menunjukkan pengaruh yang signifikan. Penelitian ini mengimplikasikan bahwa keputusan cash holding perusahaan dipengaruhi tidak hanya oleh kualitas tata kelola perusahaan, tetapi juga oleh motif kehati-hatian perusahaan dalam merespons ketidakpastian ekonomi. Selain itu, penelitian ini memberikan kontribusi terhadap pengembangan literatur mengenai tata kelola perusahaan dan kebijakan keuangan perusahaan, khususnya dalam konteks perusahaan yang berpartisipasi dalam program CGPI di Indonesia.

Auditee and Auditor Factors Affecting Audit Delay with Audit Firm Reputation as Moderating Variable: Supporting SDG 16 in Tourism Firms Dedy Christiyanto; Rahmawati Rahmawati; Evi Gantyowati; Taufiq Arifin
Journal of Current Studies in SDGs Vol. 3 No. 1 (2027): March
Publisher : Sekolah Tinggi Agama Islam Sabilul Muttaqin Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63230/jocsis.3.1.297

Objective: To examine the effects of auditee and auditor factors on audit delay and evaluates whether audit firm reputation moderates these relationships. The analysis focuses on tourism, restaurant, and hotel companies listed on the Indonesia Stock Exchange, while linking timely audited reporting to the transparency and accountability principles of Sustainable Development Goal 16. Method: The study employed a quantitative explanatory design using secondary data from audited annual reports for 2017–2021. Purposive sampling yielded 22 companies and 110 firm-year observations. Liquidity, firm size, financial distress, and audit opinion were tested as explanatory variables, while audit firm reputation was examined through moderated regression analysis. Results: Liquidity had no significant effect on audit delay. Firm size and financial distress significantly increased audit delay, whereas an unqualified audit opinion reduced the reporting lag. Audit firm reputation did not moderate the liquidity–audit delay relationship but significantly moderated the effects of firm size, financial distress, and audit opinion. Novelty: The study integrates auditee financial characteristics and auditor-related attributes within a single moderation model in a sector observed across pre-pandemic and pandemic periods. It extends audit-delay research by demonstrating that reputable audit firms do not uniformly accelerate reporting; their moderating role depends on the underlying company characteristic. The findings offer sector-specific evidence relevant to stronger corporate reporting discipline and the accountability orientation of SDG 16.

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