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All Journal JRAK: Jurnal Riset Akuntansi dan Komputerisasi Akuntansi Jurnal Keuangan dan Perbankan Journal of Economics, Business, & Accountancy Ventura MIX : Jurnal Ilmiah Manajemen DeReMa (Development Research of Management) Jurnal Manajemen JPM (Jurnal Pemberdayaan Masyarakat) Owner : Riset dan Jurnal Akuntansi Jurnal Sistem Informasi, Manajemen, dan Akuntansi (SIMAK) Jurnal Riset Akuntansi Aksioma International Journal of Zakat (IJAZ)
Perdana Wahyu Santosa
Universitas YARSI
Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Languange, Linguistic, Communication & Media Mathematics Social Sciences Other

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STUDI EFISIENSI PASAR MODAL SYARIAH INDONESIA: OVER-REAKSI ATAU MOMENTUM? [STUDY OF THE EFFICIENCY OF INDONESIAN SHARIA CAPITAL MARKET: OVER-REACTION OR MOMENTUM?] Perdana Wahyu Santosa; Nurul Huda
DeReMa (Development Research of Management): Jurnal Manajemen Vol 15, No 2 (2020): SEPTEMBER
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/derema.v15i2.2317

Abstract

In the bearish, islamic equity market condition of 15.6% due to the depreciation of the IDR-USD exchange rate by 10.8%, during March 2018-March 2019, respectively. The decline in the IDR exchange rate was triggered by the Federal Reserve Bank's policy of a reference interest rate of 25 basis points. The method used uses the overreaction market hypothesis. The sample stock used is a member of the Jakarta Islamic Index (JII) at Indonesia Stock Exchange with an observation period of 55 weeks. This overreaction analysis is divided in two stages: (i) formation of a winner-loser portfolio, (ii) testing the overreaction-momentum hypothesis. Findings: in (i) 10-week test period: overreaction, (ii) 20-week test period: momentum, (iii) 30-week test period: momentum; (iv) 40-week test period: overreaction; (v) 55 week test period: overreaction. It was concluded that overreaction occurred at the beginning of the market experiencing bearish due to the high shock effect, then the market began to be consistent until there was a pattern of momentum in two continued periods, but the momemtum pattern ended again at the 40th week and the overreaction pattern happened again at the end of the bearish period.Abstrak dalam Bahasa Indonesia. Pada saat pasar modal syariah mengalami penurunan yang tajam (bearish) 15.6% akibat terdepresiasinya nilai tukar IDR-USD sebesar 10.8%, periode Maret 2018-Maret 2019. Penurunan nilai tukar IDR tersebut dipicu oleh kebijakan Federal Reserve Bank yang meanikkan suku bunga acuan sebesar 25 basis poin. Metode yang digunakan menggunakan overreaction market hypothesis. Sampel saham yang digunakan merupakan anggota Jakarta Islamic Index (JII) di Bursa Efek Indonesia dengan periode observasi selama 55 minggu. Analisis overreaksi ini dilakukan dalam dua tahap yaitu: (i) pembentukan portofolio winner-loser, (ii) pengujian hipotesis overreaksi-momentum. Temuan: pada (i) uji periode 10 minggu:  overreaksi, (ii)  uji periode 20 minggu: momentum, (iii) uji periode 30 minggu: momentum; (iv) uji periode 40 minggu: overreaksi; (v) uji periode 55 minggu: overreaksi. Disimpulkan bahwa overreaksi terjadi pada awal pasar mengalami bearish karena efek kejut yang tinggi, kemudian pasar mulai konsisten hingga terjadi pola momentum pada dua periode lanjutan, namun kembali pola momemtum berakhir pada minggu ke-40 dan pola overreaksi terjadi kembali pada akhir periode bearish.  
THE INFLUENCE OF FINANCIAL TARGETS, NATURE OF INDUSTRY, CHANGE OF DIRECTORS AND CEO POLITICIANS ON FRAUDULENT FINANCIAL STATEMENTS Harry Budiantoro; Cahyo Adi Nugroho; Perdana Wahyu Santosa; Kanaya Lapae
SIMAK Vol 20 No 01 (2022): Sistem Informasi, Manajemen, dan Akuntansi (SIMAK)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Atma Jaya Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35129/simak.v20i01.285

Abstract

This study aims to examine the influence of financial targets, nature of industry, change of directors and ceo politicians on fraudulent financial statements. This study uses a sample of state-owned companies listed on the Indonesia Stock Exchange (IDX) during the 2016-2020 period. The sampling technique in this study is purposive sampling and can be a sample of 17 companies. This study uses secondary data, namely the company's financial statements obtained from the official website of the Indonesia Stock Exchange (IDX). The analytical method used is multiple linear regression. The results of this study indicate that financial targets have a significant positive effect on financial statements. The nature of the lindustry has a negative effect on the financial statements. Changes that have a negative financial effect on reporting fraud. CEO Politicians have no effect on financial statements.
PENGARUH KARAKTERISTIK KOMITE AUDIT, UKURAN PERUSAHAAN, KARAKTERISTIK DEWAN KOMISARIS TERHADAP KEBERADAAN KOMITE MANAJEMEN RISIKO Harry Budiantoro; Kanaya Lapae; Perdana Wahyu Santosa
Jurnal Riset Akuntansi Vol 21 No 1 (2022): Jurnal Riset Akuntansi Aksioma, Juni 2022
Publisher : Jurusan Akuntansi Fakultas Ekonomi Dan Bisnis Universitas Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29303/aksioma.v21i1.153

Abstract

Penelitian ini bertujuan untuk menguji pengaruh Keahlian Keuangan dan Akuntansi Komite Audit, Ukuran Perusahaan, Frekuensi Rapat dan Ukuran Dewan Komisaris Terhadap Keberadaan Komite Manajemen Risiko pada perusahaan non-finansial yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2015-2019. Metode pengambilan sampel dalam penelitian ini adalah purposive sampling dan diperoleh sampel sejumlah 125 perusahaan. Metode analisis yang digunakan adalah regresi logistik. Hasil penelitian menunjukkan bahwa keahlian akuntansi dan keuangan komite audit dan ukuran dewan komisaris tidak berpengaruh terhadap keberadaan komite manajemen risiko. Sedangkan ukuran perusahaan dan frekuensi rapat dewan komisaris berpengaruh positif terhadap keberadaan komite manajemen risiko.
Prospects of Zakat as Tax Credit in a New Normal COVID-19 Period Any Setianingrum; Nurul Huda; Perdana Wahyu Santosa
International Journal of Zakat Vol 6 No 1 (2021): International Journal of Zakat
Publisher : Center of Strategic Studies (PUSKAS) BAZNAS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37706/ijaz.v6i1.242

Abstract

Previous research, regarding the prospect of zakat policy as a tax credit, was conducted using the Analytic Network Process (ANP) method, using expert respondents. To obtain findings from respondents with different backgrounds, to make it more comprehensive, this research was continued by using the SEM (Structural Equation Model) method, by filling in a questionnaire, as many as 235 respondents from all over Indonesia were random. The research objective is to determine the variables that affect the preferences and participation of muzaki and taxpayers, willing to pay taxes and zakat, increase public finances, which can be used as a solution to the sharp decline in aggregate economic supply and expenditure in Indonesia, due to the COVID-19 pandemic. The results showed that the regulatory variables, zakat incentives as tax credits, technology-based services, socialization and promotion have a significant effect on the preferences of muzaki and taxpayers. Meanwhile, regulatory variables, zakat incentives as tax credits, socialization and promotion have a significant effect on muzaki and taxpayer participation. Meanwhile, technology services and preferences in this study do not have a significant effect on the participation of muzaki and taxpayers. When all sectors of the commercial economy experience a decline or stagnate, the government must be able to move the philanthropic sector, so that the economy continues to run, aggregate demand and supply continues to run, and people's purchasing power is maintained, especially for low-income people.
Pengaruh Beban Pajak Tangguhan, Tax Planning dan Tax Avoidance Terhadap Manajemen Laba Dengan GCG Sebagai Pemoderasi Harry Budiantoro; Devi Nur Fazriyani; Perdana Wahyu Santosa; Alyta Shabrina Zhusryn; Kanaya Lapae
Owner : Riset dan Jurnal Akuntansi Vol. 6 No. 4 (2022): Artikel Volume 6 Issue 4 Periode Oktober 2022
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v6i4.1214

Abstract

The purpose of this research is to determine the impact of Deferred Tax Burden, Tax Planning, and Tax Avoidance on Earnings Management in the context of Good Corporate Governance Moderation. This is a quantitative study, with secondary data obtained from the Indonesia Stock Exchange as the data source (IDX). This study's population consists of industrial companies that are listed on the Indonesia Stock Exchange (IDX) between 2016 and 2020. Purposive sampling was used in this study, with a sample of 19 companies. Multiple linear regression analysis is used in this study. According to the findings of this study, deferred tax expense, tax planning, and tax avoidance have no effect on earnings management, either partially or simultaneously. Furthermore, Good Corporate Governance with the proxy of the Independent Commissioner is unable to moderate the relationship between Deferred Tax Burden, Tax Planning, and Tax Avoidance on Earnings Management
Corporate governance and leverage on firm value: Evidence of Indonesian large firms Perdana Wahyu Santosa; Any Setianingrum; Chadra Yusuf
Jurnal Keuangan dan Perbankan Vol 26, No 4 (2022): OCTOBER 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i4.7664

Abstract

This paper aims at the nexus of corporate governance, leverage, and firm value of selected Indonesian large firms in the 2014-2019 period. Specifically, the study is concerned about the effect of independent commissioner board size, institutional ownership, and audit committee size as proxies of corporate governance on firm value. The controlling variables are leverage and firm age. Panel regression analyzed secondary data collected from the LQ-45 index at Indonesia Stock Exchange firms as the large firms. The findings show that institutional ownership positively impacted firm value. However, the independent commissioner and audit committee exerted insignificant influence. The study results further showed that firm age and leverage significantly negatively impact firm value, respectively. Decisively, findings from this paper reflect that corporate governance positively influences firm value significantly. The study recommended that corporate governance dynamics in firms be empowered and re-examined, especially the audit committee's effectiveness. Both firm age and leverage do not affect productivity and firm value. The audit committee's role is more than optimal in carrying out the supervisory and control functions of the corporate management so that the responsibility of the management is considered transparent and results in an increase in shareholder trust. It is also recommended that the increase in firm age and excessive leverage be balanced with the creation of innovation and productivity of large firms.
Mengungkap Faktor-Faktor Pendorong Pergantian Auditor dengan Reputasi Auditor sebagai Variabel Moderasi Harry Budiantoro; Perdana Wahyu Santosa; Hesty Juni Tambuati Subing
JRAK: Journal of Accounting Research and Computerized Accounting Vol 17 No 1 (2026): JRAK: Jurnal Riset Akuntansi & Komputerisasi Akuntansi (JRAK
Publisher : Jurusan Akuntansi Fakultas Ekonomi Universitas Islam 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33558/jrak.v17i1.11560

Abstract

This study aims to examine the effect of audit opinion, firm size, management change, and financial distress on auditor switching, with auditor reputation as a moderating variable, using a quantitative approach on 65 observations of companies listed in the Jakarta Islamic Index (JII) during 2019–2023. The findings reveal that audit report lag and firm size have a negative effect on auditor switching, financial distress has a positive effect, while management change shows no significant effect, and auditor reputation does not moderate these relationships. The managerial implications suggest that companies should maintain audit timeliness and operational stability to avoid unnecessary auditor switching, while carefully managing financial conditions as financial distress significantly increases the likelihood of switching, potentially raising costs and damaging investor trust.
The effect of earning information, cash flow components, and financing decision on stock returns: empirical evidence on Indonesia stock exchange Mia Kasmiati; Perdana Wahyu Santosa
Journal of Economics, Business, and Accountancy Ventura Vol. 22 No. 2 (2019): August - November 2019
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v22i2.1638

Abstract

Trading, Service, and Investment sectors show an essential role in the national economy, and they have grown significantly during the past years. They have created many job opportunities in both the formal sector and the non-formal sector. This study aims to analyze the effect of net profit, operating cash flow, financing cash flow and investing cash flow and, financing decisions on stock’s return of service industry listed at Indonesia Stock Exchange (IDX). The analysis was done using the data panel regression. It shows that earning information, operating cash flow, financing cash flow positively affect stock returns. However, investing cash flow and financing decisions (proxy leverage) show a negative effect on the stock's return significantly. Simultaneously, the variables above affect stock return significantly. The implication is that management should pay more attention to financial factors, especially net profit, cash flow, and leverage to increase stock return and the company’s value.
Related Party Transactions and Corporate Governance in Business Group: Evidence from Indonesia Perdana Wahyu Santosa; Sovi Ismawati Rahayu; Zainal Zawir Simon; Martua Eliakim Tambunan
Journal of Economics, Business, and Accountancy Ventura Vol. 25 No. 1 (2022): April - July 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v25i1.2719

Abstract

This paper aims to offer new evidence as to how sub-related party transactions (RPTs) can be related to corporate governance for Indonesia's business group. We address an ongoing theoretical tension and some recent research in the RPTs literature by focusing on revenue, expenses, loans, and receivables. Business groups are classified by size or market capitalization. This paper examines whether RPTs in the business group relate with domestic/foreign shareholders, independent board/commissioner, and firm size as controlling factors. The business groups wereselected through purposive sampling that met the analysis criteria with their typology in the population of business groups listed on IDX. We used panel data analysis for four models. This relationship is more pronounced than some recent research for business group firms and firms with more highly concentrated foreign ownership regarding the effect RPTs on revenue, expenses, loans, and receivables. Related to the controlling variable, firm size shows a significant effect on every sub RPTs. The results may imply that foreign ownership exploits Indonesia with expenses such as cross-border transactions of capital goods, intangible property (royalty), intra-firm services, and the cost of debt. Therefore, there is a need for a balanced interest for government and business in Indonesia via foreign directinvestment with corporate governance implementation and adaptive regulation.
Transformation of Risk Management through the Integration of an Artificial Intelligence Approach in Various Industrial Sectors Martua Eliakim Tambunan; Perdana Wahyu Santosa
MIX: JURNAL ILMIAH MANAJEMEN Vol. 16 No. 1 (2026): MIX : Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jurnal_mix.2026.v16i1.020

Abstract

Background: The development of artificial intelligence (AI) technology has brought fundamental changes to various industrial sectors, including risk management practices. Conventional risk management systems are often considered inefficient in dealing with the complexity, dynamics, and uncertainty of the digital era. This drives the need for a new, more adaptive, predictive, and data-driven paradigm to improve the effectiveness of risk mitigation.Objectives: This research aims to analyze the paradigm shift in risk management practices influenced by the development of AI technology, as well as to identify the contributions, challenges, and ethical implications of integrating AI in various industrial sectors.Methodology: The research employed a qualitative approach, utilizing systematic literature reviews, cross-sectoral case studies, and inter-industry comparisons. The analysis was conducted descriptively and analytically to gain a holistic understanding of the application of AI in the risk management cycle, encompassing the identification, analysis, mitigation, and monitoring stages.Finding: The study's findings demonstrate that AI integration significantly improves operational efficiency, risk prediction accuracy, and strategic decision-making acumen. These findings also highlight the importance of robust data governance, algorithmic transparency, and an ethical framework for the sustainable implementation of AI. The study's novelty lies in its comprehensive, cross-industry mapping of AI's role in the risk management cycle. The primary contribution of this research is to provide a theoretical foundation and practical implications for policymakers and practitioners in designing more responsive and responsible risk mitigation strategies in the era of digital transformation.Conclusion: This study confirms that AI plays a central role in transforming the risk management paradigm from a reactive to a proactive and adaptive system. The research's novelty lies in its comprehensive, cross-industry mapping of AI's role in the risk management cycle. Its primary contribution is providing a theoretical foundation and practical implications for policymakers and practitioners in designing more responsive, transparent, and responsible risk mitigation strategies in the era of digital transformation.
Co-Authors Alyta Shabrina Zhusryn Any Setianingrum Any Setianingrum Budiantoro, Harry Cahyo Adi Nugroho Chadra Yusuf Devi Nur Fazriyani Harry Budiantoro Hestin Agus Tantri Ningsih Hesty Juni Tambuati Subing Huda, Nurul Kanaya Lapae Martua Eliakim Tambunan Martua Eliakim Tambunan Mia Kasmiati Sovi Ismawati Rahayu Zainal Zawir Simon