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All Journal Jurnal Reviu Akuntansi dan Keuangan Jurnal Bisnis dan Ekonomi Seminar Nasional Aplikasi Teknologi Informasi (SNATI) Jurnal Akuntansi & Auditing Indonesia Jurnal Keuangan dan Perbankan Abdimas Jurnal Akuntansi dan Keuangan The Indonesian Accounting Review Gadjah Mada International Journal of Business Journal of Indonesian Economy and Business Infestasi Jurnal Akuntansi dan Perpajakan International Research Journal of Business Studies (E-Journal) Jurnal Ekonomi dan Bisnis Kumawula: Jurnal Pengabdian Kepada Masyarakat Abdi: Jurnal Pengabdian dan Pemberdayaan Masyarakat The Indonesian Journal of Accounting Research Abdimas: Jurnal Pengabdian Masyarakat Universitas Merdeka Malang Darmabakti : Junal Pengabdian dan Pemberdayaan Masyarakat Jurnal Pengabdian dan Peningkatan Mutu Masyarakat (JANAYU) Jurnal Kedaymas JRAP (Jurnal Riset Akuntansi dan Perpajakan) International Research Journal of Business Studies
Luciana Spica Almilia
Universitas Hayam Wuruk Perbanas Surabaya
Religion Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Medicine & Pharmacology Public Health Social Sciences Other

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Journal : infestasi

 1 
Model Belief Adjustment dengan Pola Penyajian Step by Step pada Pengambilan Keputusan Investasi Felya Febiola; Luciana Spica Almilia
InFestasi Vol 19, No 1 (2023): JUNI
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v19i1.13275

Abstract

Tujuan dari penelitian ini adalah untuk menguji apakah terdapat perbedaan dalam keputusan investasi antara partisipan yang memperoleh informasi good news diikuti informasi bad news dibandingkan partisipan yang memperoleh informasi bad news diikuti good news pada pola penyajian Step by Step (SbS) dalam seri informasi panjang dan pendek. Metode riset yang digunakan dalam penelitian adalah metode mixed design experiment (between and within subject). Hipotesis dalam penelitian ini diuji dengan uji t atau uji Mann-Whitney U dan uji Kruskal-Wallis H. Partisipan yang terlibat dalam penelitian ini adalah 126 mahasiswa Perbanas Surabaya gelar sarjana jurusan Akuntansi atau Manajemen yang sedang atau telah mengambil kursus Analisis Laporan Keuangan dan atau Manajemen Investasi dan Pasar Modal. Hasil penelitian menunjukkan bahwa: pola penyajian Step by Step (SbS) dapat menimbulkan recency effect ketika menerima informasi sederhana baik pada seri informasi panjang maupun seri informasi pendek; urutan bukti (good news diikuti bad news dan bad news diikuti good news) berpengaruh dalam pengambil keputusan investasi dengan pola penyajian Step by Step; dan seri informasi (panjang dan pendek) berpengaruh dalam pengambilan keputusan investasi dengan pola penyajian Step by Step.
Auditor Quantitative Materiality Disclosure, Earnings Management Concerns, and Generation Z Investors’ Willingness to Invest: An Experimental Study Nurul Mustafida; Luciana Spica Almilia; Lufi Yuwana Mursita; Kadek Pranetha Prananjaya; Titis Puspitaningrum Dewi Kartika
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.33771

Abstract

The debate over mandating quantitative materiality disclosure in the auditor’s report has persisted for several years, prompting numerous studies on its potential outcomes.  Given the increasing involvement of Generation Z in capital markets, this study employs an experimental design to retest prior findings on the effect of auditor quantitative materiality disclosure on Generation Z investors’ willingness to invest. Specifically, this study examines whether this demographic is influenced by both auditor quantitative materiality disclosure and concerns about earnings management in their investment decisions. Using data from an experiment involving 101 university students, the results are consistent with the prior literature, suggesting that quantitative materiality disclosure generally reduces the willingness to invest. Furthermore, a simple effects test reveals that when concerns about earnings management are high, Generation Z investors show reduced willingness to invest when quantitative materiality disclosure is present. In contrast, this effect is not found when concerns about earnings management are low. These findings offer insights into how Generation Z investment decisions are shaped by quantitative and qualitative risk assessments.
The Role of ESG Performance, Audit Quality, Litigation Risk, Audit Committee, Board Independence, and Trading Volume Activity in Influencing Stock Returns Luciana Spica Almilia
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v%vi%i.36066

Abstract

This study examines an unresolved anomaly among Indonesian public companies rated by the BGK Foundation: despite a consistent rise in average ESG scores from 25.67% in 2020 to 45% in 2023, stock returns remain volatile. This phenomenon raises questions about the extent to which ESG performance, audit quality, litigation risk, audit committee presence, board independence, and trading volume activity influence stock returns. Using a quantitative panel data regression approach, the study analyzes 435 firm-year observations from 2020 to 2023. Stock return serves as the dependent variable, while the six aforementioned factors constitute the independent variables. Simultaneous, partial, and coefficient of determination tests were conducted. Results show that all independent variables jointly affect stock returns. Individually, trading volume activity significantly influences returns, while ESG performance and audit quality exhibit effects at certain significance levels. In contrast, litigation risk, audit committee, and board independence show no significant impact. These findings suggest that investors respond more strongly to trading activity than to sustainability and corporate governance indicators, highlighting a potential gap between ESG improvements and market valuation in Indonesia’s emerging capital market.
Co-Authors Afandi, Haekal Ridho Akbar Abdi Negara Ambarwati, Yulian Belinda Anak Agung Gede Sugianthara Angraini Angraini Anita Anggraeni Antiqueain Maliu Auravita Astania Dea Nikki Rona Dewi Ayu Wulandari, Dewi Ayu Dewi Murdiawati Dyah Ayu Kusuma Wardhani Dyah Eras Mita Dyana Purwandini Edo Bangkit Prayoga Ellen Theresia Sihotang Emanuel Kristijadi Emanuel Kristijadi Emil Pratiwi Emma Handayani Erida Herlina Herlina Ertambang Nahartyo Farita Dewi Rofiyah Febriyani Sarwindah Felya Febiola Firman Adi Setya Haekal Ridho Afandi Hanimah, Khilmiyatul Herla Kusumawardhani Ilham Ridho Maulana Jogiyanto Hartono Kadek Pranetha Prananjaya, Kadek Pranetha Katarina Dyah Kristanti Kristijadi Kristijadi Lailatul Badriyah Lufi Yuwana Mursita Lufi Yuwana Mursita Maria Oktavia Elizabeth Sinambela Masrurah, Reza Muadzatul Meliza Silvi Meliza Silvy Meliza Silvy Meliza Silvy Mochammad Zahid Muzammil Hadi Monica Dira Anas Hartika Mursita, Lufi Yuwana Mustafida, Nurul Mutia Anugrah Pratiwi Nanang Shonhadji Ni Nyoman Asti Stya Putri Nirwana Putri Pravitasari Nisa Nailur Rahma Nita, Riski Aprilia Nur'aini Rokhmania Rokhmania Nuraini Rokhmania, Nuraini Nurul Hasanah Uswati Dewi Nurul Mustafida Nurul Mustafida Purwandini, Dyana Putri Wulanditya Riski Aprilia Nita Rosyida, Amelia Dwi Nur Savira Yunitasari Sihotang, Ellen Theresia Sinta Hen Maulita Supriyadi . Titis Puspitaningrum Dewi Kartika Tjahjani Prawitowati Widjanarko, Farah Adelia Putri Winny Herdinigtyas Yunitasari, Savira