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All Journal Jurnal Reviu Akuntansi dan Keuangan Jurnal Akuntansi & Auditing Indonesia Journal The Winners Journal of Accounting and Investment Jurnal Akuntansi Bisnis Jurnal Manajemen Aset Infrastruktur dan Fasilitas CSID Journal of Infrastructure Development (CSID-JID) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Quantitative Economics and Management Studies Sawala : Jurnal pengabdian Masyarakat Pembangunan Sosial, Desa dan Masyarakat Jurnal Riset Ilmu Ekonomi Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Indonesian Journal of Islamic Economics and Finance Jurnal Dinamika Akuntansi dan Bisnis (JDAB) E-JURNAL AKUNTANSI
Ersa Tri Wahyuni
Department Of Accounting, Faculty Of Economics And Business, Padjadjaran University
Religion Arts Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Library & Information Science Mathematics Social Sciences Transportation

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Consequences of New IFRS 16 on Firm's Managerial Decision Making and Firm's Value: A Mixed-Methods Study of Indonesia's Transportation and Logistics Sector Indra Pratama; Ersa Tri Wahyuni; Thaddeus Ezekiel Krisnadi
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 2 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i2.10233

Abstract

Combining panel-data regression with an embedded qualitative case study, this study examines how the mandatory adoption of IFRS 16/PSAK 116 Leases affects financial ratios, lease liabilities, firm value, and managerial decision-making among Indonesian transport-logistics firms. The quantitative strand analyzes a four-year panel (2018–2021, 88 firm-year observations) drawn from 22 IDXTRANS-listed issuers, while the qualitative strand draws on semi-structured interviews and internal documentation at PT XYZ, a Japanese-invested forwarding company. Wilcoxon Signed-Rank tests show no statistically significant pre- to post-adoption change in the Current Ratio, Debt-to-Equity Ratio, Debt-to-Asset Ratio, ROA, or ROE (all p > 0.05). Panel regression confirms that IFRS 16 adoption significantly increases recognized lease liabilities (β = 0.9769; p < 0.001) and is associated with a modest but significant rise in Tobin's Q (β = 0.2128; p = 0.0011), suggesting investors reward the transparency gain rather than penalizing the higher recognized debt. The PT XYZ case study explains this apparent stability: management responded to the balance-sheet impact with a Rp 35 billion warehouse purchase (substituting ownership for leasing), tightened internal controls after a Rp 2.56 billion double-counting misstatement, and restructured accounting duties — actions consistent with both agency and stewardship motives. Integrating the two strands indicates that the sector-wide “zero effect” on financial ratios is not passive: it is the aggregate outcome of active, firm-level strategic adjustment. The study extends signaling-theory and agency/stewardship-theory explanations of accounting-standard adoption to an emerging-market, lease-intensive industry and offers practical guidance for management, auditors, and DSAK IAI on lease-transition governance.
Co-Authors Ajie Kristanto Avianti, Ilya Azhar, Zubir Dewantoro Dewantoro Dini Rosdini Dona Ismail Evita Puspitasari Ganda, Maurice Gia Kardina Prima Amrania Habieb Prasojo, Luqman Hindayani, Novia Indra Pratama Kasriani Kasriani Kiki Satria Hutama Putra Kristanto, Ajie Lady Liesdyana Pratiwi Lucin, Sandra Trianadewi Mandasari, Vera Nanny Dewi Tanzil Novia Hindayani Novy Fajriati Nurhayati, Erna Puspitasari, Gina Putra, Kiki Satria Hutama Sandra Trianadewi Lucin Tettet Fitrijanti Thaddeus Ezekiel Krisnadi Winda Susliani Zaldy Adrianto Zaldy Adrianto Zubir Azhar