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All Journal JURNAL RISET AKUNTANSI DAN AUDITING JURNAL EMBA : JURNAL RISET EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI JURNAL RISET AKUNTANSI GOING CONCERN ACCOUNTABILITY Jurnal Ipteks Akuntansi Bagi Masyarakat Gorontalo Accounting Journal Journal of Contemporary Accounting Abdimas UNWAHAS : Jurnal Pengabdian Masyarakat UNWAHAS Indonesia Accounting Journal The Studies of Social Sciences International Journal of Applied Business and International Management Journal of Governance, Taxation, and Auditing The Contrarian: Finance, Accounting, and Business Research Riset Akuntansi dan Portofolio Investasi Manajemen Bisnis dan Keuangan Korporat Riset Akuntansi dan Manajemen Pragmatis Jurnal Akuntansi Kontemporer Research In Management and Accounting (RIMA)
Novi Swandari Budiarso
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Agriculture, Biological Sciences & Forestry Humanities Chemical Engineering, Chemistry & Bioengineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Medicine & Pharmacology Social Sciences

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Penerapan akuntabilitas dan transparansi pada pengelolaan dana bantuan operasional satuan pendidikan di SMP Spektrum Manado Piri, Christian; Budiarso, Novi Swandari; Sardjono, Olivia Y. M.
Riset Akuntansi dan Portofolio Investasi Vol. 3 No. 2 (2025)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/rapi.359

Abstract

This study aims to examine the implementation of accountability and transparency in managing the Operational School Assistance Fund (BOSP) at SMP Spektrum Manado. A qualitative approach with a case study design was employed, and data were collected through in-depth interviews with key informants, including the school principal, treasurer, and ARKAS operator. The findings indicate that the school has managed BOSP funds administratively in accordance with existing regulations, particularly in planning, reporting, and regulatory compliance. However, public participation in the formation of the BOSP Team and the dissemination of financial reports to the community has not been fully realized. Information regarding fund utilization remains confined within the internal system and is not openly shared through publicly accessible channels. Consequently, although formal accountability has been maintained, transparency to the public requires further improvement, particularly in terms of accessibility, clarity, and openness of information.
Analisis Du Pont dalam menilai kinerja keuangan pada perum perumnas proyek Kepulauan Riau Ante, Jeine Margareta; Budiarso, Novi Swandari; Gerungai, Natalia Y. T.
Manajemen Bisnis dan Keuangan Korporat Vol. 3 No. 2 (2025)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/mbkk.361

Abstract

This study applies the Du Pont analysis method to evaluate the financial performance of Perum Perumnas Riau Islands Project for the period 2020–2024. The Du Pont framework decomposes Return on Equity (ROE) into three components: net profit margin, asset turnover, and equity multiplier, allowing a comprehensive assessment of profitability, efficiency, and leverage. This research employs a quantitative approach using secondary data from the company’s financial statements. The findings reveal that the company’s financial performance improved significantly over the study period, with ROE consistently increasing and exceeding the industry average. The improvement was mainly driven by higher asset utilization efficiency and stronger returns on equity. However, the analysis also indicates a growing dependence on debt, which increases financial risk. These results highlight the importance of effective risk management strategies to ensure sustainable growth and maintain long-term financial stability.
TESTING THE MARKET EFFICIENCY WHEN INTEREST RATES CHANGE: CASE IN INDONESIA Budiarso, Novi Swandari; Pontoh, Winston
Research In Management and Accounting (RIMA) Vol. 6 No. 2 (2023): December
Publisher : Fakultas Bisnis Universitas Katolik Widya Mandala Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33508/rima.v6i2.5130

Abstract

Until the end of September 2023, the interest rate policy in the Republic of Indonesia shifted from 3.50% to 5.75%. The objective of this study is to examine whether changes in interest rates have an impact on the market efficiency in Indonesia. The daily market returns of Indonesia Stock Exchange (IDX) indices from January 3rd, 2022, until October 9th, 2023 are employed. To examine the market efficiency in weak form, this study conducts the normality test by the Kolmogorov-Smirnov test, the unit root problem test by Augmented Dickey-Fuller test, and the variance ratio test. This study finds that most market indices experienced a decline in returns and were less volatile when interest rates shifted to higher levels. This study also finds that most market indices tend to remain efficient in weak form at both low and high interest rates. The finding implies that those indices tend not to be influenced by policy changes in interest rates. However, the findings also show that several market indices experience changes in conditions when interest rates shift. As the studies on the relationship between changes in interest rates and market efficiency are scarce, the novelty of this study is the use of event windows to get specific impact of changes in interest rates on market efficiency.
Analisis perhitungan pemungutan dan pelaporan pajak reklame atas pemasangan billboard pada CV Karya Wenang Manado Rorong, Tessalonica; Budiarso, Novi Swandari; Datu, Christian
Riset Akuntansi dan Portofolio Investasi Vol. 2 No. 1 (2024)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/rapi.71

Abstract

Regional tax is collected to fund the development of a region and demonstrates the community's active participation in financing government and regional development. Advertisement tax is imposed on taxpayers who promote products. This research aims to determine the calculation, collection, and reporting of Advertisement Tax at CV Karya Wenang Manado, in accordance with Manado City Regional Regulation No.2 of 2011 concerning Regional Taxes.  This study uses a qualitative descriptive research approach to investigate the calculation, collection, and reporting of Advertisement Tax at CV Karya Wenang. The findings indicate that the company adheres to Manado City Regional Regulation No.2 of 2011 regarding Regional Taxes, thus avoiding errors and sanctions.
Analisis perbandingan pengelolaan keuangan di Desa Pineleng Satu Timur dan Desa Lotta berdasarkan Permendagri Nomor 20 Tahun 2018 Imbing, Grasela Feini; Tinangon, Jantje J.; Budiarso, Novi Swandari
Riset Akuntansi dan Portofolio Investasi Vol. 2 No. 1 (2024)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/rapi.73

Abstract

Village Financial Management encompasses planning, implementation, administration, reporting, and village financial accountability, as outlined in Permendagri Number 20 of 2018. Villages are granted adequate authority and financial resources to manage their potential for improving the economy and welfare of residents, as well as for village development activities. The village government plans to implement the project using funds from the Village Budget (APBDes). The objective of this study is to determine whether financial management in Pineleng Satu Timur Village and Lotta Village, Pineleng District, Minahasa Regency complies with Permendagri No. 20 of 2018 and to investigate the Performance Allocation in the two villages. The study employs a descriptive qualitative method to collect relevant data. The financial management research conducted in Pineleng Satu Timur Village and Lotta Village indicates compliance with Permendagri Number 20 of 2018 for the planning, implementation, reporting, and accountability stages. However, non-compliance with Permendagri Number 20 of 2018 was found in the administration stage.
Investor reaction on value added tax incentives during COVID-19 Tatemba, Happy; Morasa, Jenny; Budiarso, Novi Swandari
The Contrarian : Finance, Accounting, and Business Research Vol. 3 No. 2 (2024)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.169

Abstract

The COVID-19 pandemic is one of the causes of the weakening of the world economy. Anticipating these conditions, the Indonesian Government implemented several fiscal policies, one of which was the VAT incentive. The aim of this study is to examine the impact of this policy on the capital market. The sample from this study is listed firms in the property sector with an observation period of 2020 to 2022. The findings show that this policy effectively causes the market to become more efficient except during the second phase of implementation. Other findings also show that the implementation of VAT incentives can increase market risk in the property sector. This study also found that the implementation of the VAT incentive policy only had a small impact so that it did not provide a significant difference in returns except during the second phase of the implementation period.
WILL “THE HAWK” MAKE THE MARKET RANDOM WALK? Budiarso, Novi Swandari; Pontoh, Winston
Jurnal Akuntansi Kontemporer Vol. 16 No. 2 (2024)
Publisher : Widya Mandala Surabaya Catholic University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33508/jako.v16i2.5445

Abstract

Research Purposes. Objective of study is examining market efficiency in Indonesia under high interest rates issue.Research Methods. Observation period on Indonesia stock composite index starts from June 7, 2023 to February 29, 2024. Several procedures are applied in objective of hypothesis testing, which are: (1) mean difference test supported by Cohen's test and normality test by Anderson-Darling in terms of detecting how market returns differ in the two observation periods; (2) runs test runs test in terms of detecting the randomness of market returns after the risk-free rate; (3) ARIMA is supported by the Augmented Dickey-Fuller test in terms of detecting whether randomness is just noise (or white noise); and (4) variance ratio test in terms of confirming the results of runs test and ARIMA to determine whether the market returns are efficient or just a noise.Research Results and Findings. Consistent with efficient market hypothesis, findings show that the market condition during the effective interest rate period of 6% has higher returns, riskier, better risk-return trade-off, and less efficient. During that period, noise seemed to play a role in creating market gaps. This study concludes that monetary policy in maintaining high effective interest rates cannot determine whether the market is more efficient. As implication, the high effective interest rate tends not to result in a shift in investor behavior to allocate stock investments to risk-free assets. This study contributes to develop the finance and accounting science, especially in the fair presentation of financial information including investment decisions.
Analisis Akuntabilitas Pengelolaan Keuangan Duinkerken, Jessie Christy Natalia; Tinangon, Jantje J.; Budiarso, Novi Swandari
Gorontalo Accounting Journal Volume 6 Nomor 2 October 2023
Publisher : Universitas Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32662/gaj.v6i2.3229

Abstract

This research aims to analyze the accountability of financial management of the North Sulawesi Provincial General Election Commission (KPU). The research method used is a qualitative approach. Data analysis involves data reduction, data display, and drawing conclusions. The research findings are as follows: (1) The financial management of the 2020 regional head election by the North Sulawesi Provincial General Election Commission was conducted in accordance with the Ministry of Finance regulations. (2) Several findings regarding the accountability of financial management of the North Sulawesi KPU for the 2020 regional head election were identified. (3) There are several efforts that need to be undertaken to enhance the accountability of financial management within the North Sulawesi Provincial General Election Commission.
Antecedents and Consequences of Entrepreneurial Leadership Behaviour in Southeast Minahasa District Government Kula, Agustince Neti; Lapian, Stanss Levynna Hermien Verronica Joyce; Tumbel, Altje Lenny; Budiarso, Novi Swandari
International Journal of Applied Business and International Management Vol 6, No 1 (2021): April 2021
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijabim.v6i1.992

Abstract

The main purpose of this research is to analyse Theory of Planned Behaviour (TPB), bureaucracy culture, Entrepreneurial Leadership Behaviour /ELB, and the performance of government apparatus in Southeast Minahasa District. The design of the data was obtained from 86 respondents who work as the government apparatus in Southeast Minahasa. Data analysis in this study used an alternative method of Structural Equation Modelling (SEM). The findings of the research showed that attitude and perceived behavioural control have significant influence on IEL, and subjective norm does not have significant influence on IEL. The authority has significant influence, but also weak on performance of Government Officials. ELB has the highest contribution for the performance of Government Officials. It means that Entrepreneurial Leadership Behaviour is the answer for public demand for creating a good government.
The effect of intellectual capital on financial performance in non-cyclical consumer sector companies listed in IDX Iroth, Randa Matthew; Budiarso, Novi Swandari; Rondonuwu, Sintje
Journal of Contemporary Accounting Volume 5 Issue 3, 2023
Publisher : Master in Accounting Program, Faculty of Business & Economics, Universitas Islam Indonesia, Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jca.vol5.iss3.art3

Abstract

The purpose of this study was to determine the effect of intellectual capital on financial performance. Intellectual capital is proxied by 3 variables namely human capital, structural capital, and customer capital on financial performance which is proxied by ROA. There were 30 sample companies selected from 87 companies in the consumer non-cyclical sector with observational data for the 2019-2022 period. The research used is a type of quantitative research and uses a purposive sampling method. The data analysis technique in this study was used multiple linear regression. The results of this study partially show that human capital significant effect on financial performance, structural capital significant effect on financial performance, and customer capital significant effect on financial performance. The results of the study simultaneously show that human capital, structural capital and customer capital has an effecton financial performance.  
Co-Authors Altje L. Tumbel Andea, Selint Gar Aneke Wangkar Anneke Wangkar Ante, Jeine Margareta Bangun, Aron Karolina Baware, Denray Datu, Christian V. David P. E. Saerang David P. E. Saerang David Paul Elia Saerang Dhullo Afandi Dian Purnamasari Duinkerken, Jessie Christy Natalia Fitria Ayu Lestari Niu Gerungai, Natalia Y. T. Giam, Richard Sarmento Grace B. Nangoi Gracia, Hana Heince R.N Wokas Herman Karamoy Herwanto, Theo Alfan Imbing, Grasela Feini IROTH, RANDA MATTHEW Jantje J. Tinangon Jenny Morasa Jocom, Agnes Michelle Josua Semuel Turangan Jullie J Sondakh Kaindeh, Gracia Dineliska Kalalo, Meily Yoke Betsy Kapojos , Peter Marshall Kapojos, Peter Marshall Kareth, Vebby Karo, Lusinda Natalya Debora Khristian, Edwin Kula, Agustince Neti Kumaat, Swinglie K. Lapian, Stanss Levynna Hermien Verronica Joyce Lintje Kalangi Liwe, Alther Gabriel Lohonauman, Hans Lomboan, Meiva Fransiska Makalalag, Afiansyah Makalare, Zevania Mamahit, Tiara Angelica Mamangkey, Trixie Manikome, Elis Felisya Manuho, Priskila Maradesa, Djeini Meily Y. B. Kalalo, Meily Y. B. MENGKO, Maria Hilda Mokoginta, Mia Istiana Mondigir, Vania Salsabella Christy Belina Oktaviani Palit Opit, Ananda Nikita Paat, Meidy I. Parera, Meyline Trisuksi Paulina Amanda Sadondang, Paulina Amanda Pinatik, Trianti K. A. Piri, Christian Putri, Evita M. C. Ranndy Sterry Kindangen Ritto, Fanesia Rombebunga, Frenly Rorong, Richard Sem Rorong, Tessalonica Salatnaya, Riseda Samad, Faturrahman H. Sardjono , Olivia Y.M. Sardjono, Olivia Y. M. Sherly Pinatik Siagian, Timotius Sintje Rondonuwu, Sintje Sonu, Sri Sunarni Stanley Kho Walandouw Steven J. Tangkuman Steven Tangkuman Sumendap, Steinly Tatemba, Happy Tede, Reni Tumanduk, Leonardo Turambi, Krisno Ventje Ilat Wangkar , Anneke Weku, Priscillia Wibisono, Bagus Tutuka Winston Pontoh Winston Pontoh Wokas, Heince Rudy Nicky Yuvita M. F Goni, Yuvita M. F