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All Journal Conference In Business, Accounting And Management (Cbam) 2012 Jurnal Administrasi Bisnis Diponegoro Journal of Accounting Kinerja JDM (Jurnal Dinamika Manajemen) Jurnal Dinamika Akuntansi EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Economic Education Analysis Journal Jurnal Ilmiah Ekonomi Islam Jurnal Ekonomi dan Bisnis Jurnal Ilmiah Wahana Akuntansi JOURNAL OF APPLIED ACCOUNTING AND TAXATION Owner : Riset dan Jurnal Akuntansi Journal of Humanities and Social Studies Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship Asia Pacific Fraud Journal Jurnal Ilmiah Edunomika (JIE) International Journal of Economics Development Research (IJEDR) Jurnal Akuntansi The Indonesian Journal of Accounting Research Jurnal Fokus Manajemen Bisnis Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Media Ekonomi Jurnal Akuntansi Manado (JAIM) e-Jurnal Apresiasi Ekonomi Research Horizon West Science Accounting and Finance IIJSE Accounting Analysis Journal "Indonesian Journal of Devotion and Empowerment (IJDE) "
Surya Raharja
Accounting Department Of Faculty Of Economics And Business Of Diponegoro University
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Social Sciences Other

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Good corporate governance on performance: The moderating role of covid-19 Susanti, Tri Yuli Tiastuti; Raharja, Surya
Jurnal Fokus Manajemen Bisnis Vol. 14 No. 1 (2024)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/fokus.v14i1.9420

Abstract

This study highlights the importance of good corporate governance in company performance, especially during the Corona Virus Disaster 2019. This study examines the impact of various factors on firm performance, with an emphasis on corporate structure and practices. The variables under investigation include board size, board independence, board gender diversity, board meetings, board financial qualifications, audit committee size, and audit committee meetings. This study analyzed 137 manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2021, which were selected using a purposive sampling method. The analysis used panel data regression and descriptive statistics using STATA tools. The analysis used panel data regression and descriptive statistics using STATA tools. The results showed that board size, board independence, and audit committee meetings improved company performance during crises. However, the presence of women on the board, frequency of board meetings, and financial education of board members can negatively impact performance.
Hubungan Antara Manajemen Risiko Kredit dan Faktor Spesifik Bank terhadap Kinerja Keuangan pada Bank di ASEAN-5 Parasdya, Yoga; Raharja, Surya
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 7 No 3 (2024): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v7i3.4938

Abstract

This study aims to identify and analyse the effects of credit risk management and bank-specific factors on bank financial performance. Credit risk management is explained by non-performing loan ratio (NPL) and capital adequacy ratio (CAR), while bank specific factors are explained by cost to income ratio (CIR), net interest margin (NIM) and loan to deposit ratio (LDR). Financial performance is explained by return on assets (ROA). The object of this research is banks listed on the stock exchange in Indonesia, Malaysia, Singapore, Thailand and Philippines or ASEAN-5. The sample of this study is 63 banks with an observation period during 2017-2022 which resulted in 378 data. The results of this study are NPL and CAR have a negative and significant effect on ROA. This means that weak credit risk management can affect the decline in ROA. CIR and LDR have a negative and significant effect on ROA, meanwhile NIM has a positive and significant effect. This means that weak intermediation activities between depositors and creditors can also affect the decline in ROA. This study is different from previous studies because it adds the age of the bank as a control variable and expands the observation subjects to ASEAN-5 countries and extends the observation period.
Factors Influencing University Sustainability Reporting Raharja, Surya; Maylia Pramono , Sari
Accounting Analysis Journal Vol. 13 No. 3 (2024)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/aaj.v13i3.13148

Abstract

Purpose : The research analyses the factors that influence university Sustainability Reporting (SR) practices consisting of external assurance, internal auditor, signed declaration, sustainability office and stakeholder engagement. Method : The research uses descriptive, content analysis, and multivariate regression analysis were employed to analyse the data and test the hypotheses. Observational data from 155 universities registered in the Global Reporting Index (GRI) Database from 2010 to 2020 was analysed to examine the relationship between university sustainability reporting with external assurance, internal auditors, signed declaration, sustainability offices and stakeholder involvement with sustainability reporting. Findings : The findings indicate that external assurance, internal auditors, signed declaration, sustainability offices positively influence sustainability reporting. Stakeholder engagement has no influence sustainability reporting. These results underline the impact of factors that influence sustainability. Similar to previous studies, results of the GRI index disclosure show a relatively low score, there is a possibility of a tendency to gain legitimacy from the GRI ‘brand’. Novelty : The research offers new insights into the factors that influence sustainability reporting in university. This study contributes to a better understanding of the determinants of university sustainability reporting.
Pengaruh Arsitektur Keuangan Terhadap Kinerja Keuangan Dan Nilai Perusahaan Di Pasar Modal Indonesia (Studi Sektor Industri Barang Konsumsi Tahun 2019 – 2022) Ariwibowo, Sulistyo; Raharja, Surya
JURNAL ILMIAH EDUNOMIKA Vol. 8 No. 3 (2024): EDUNOMIKA
Publisher : ITB AAS Indonesia Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jie.v8i3.14347

Abstract

Tujuan utama yang ingin dicapai oleh perusahaan adalah memaksimalkan kekayaan pemegang saham. Oleh karena itu, setiap keputusan manajemen keuangan dalam suatu perusahaan haruslah mengacu kepada tujuan utama perusahaan yaitu memaksimalkan nilai perusahaan. . Maksimalisasi profit adalah kemampuan perusahaan untuk menghasilkan laba dalam suatu periode tertentu Berdasarkan penjabaran hasil penelitian di atas terdapat perbedaan hasil penelitian yang mendukung kinerja keuangan berpengaruh positif terhadap nilai perusahaan dengan penelitian yang menunjukkan kinerja keuangan tidak berpengaruh terhadap nilai perusahaan. Sehubungan dengan perbedaan hasil tersebut, maka variabel arsitektur keuangan yang terdiri dari struktur kepemilikan, struktur modal, dan tata kelola perusahaan, layak diangkat dalam penelitian ini untuk mengetahui pengaruhnya terhadap kinerja keuangan dan nilai perusahaan. Dalam penelitian ini, peneliti menuggunakan data kuantitatif, Populasi dalam penelitian ini adalah seluruh perusahaan sektor industri barang dan konsumsi yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2019 – 2022. Data yang digunakan adalah data sekunder yang merupakan data panel dari 49 perusahaan pada periode 2019 sampai dengan 2022. Berdasarkan hasil penelitian yang dilakukan terhadap perusahaan di Pasar Modal Indonesia pada sektor industri barang dan konsumsi, dapat disimpulkan bahwa struktur kepemilikan terkonsentrasi tidak memiliki pengaruh yang signifikan terhadap kinerja keuangan, diukur dengan Return on Assets (ROA), maupun nilai perusahaan, diukur dengan Tobin’s Q. Secara keseluruhan, hasil penelitian menegaskan bahwa kinerja keuangan, terutama ROA, berperan penting dalam meningkatkan nilai perusahaan di Pasar Modal Indonesia. Keyword: pengaruh arsitektur keuangan, kinerja keuangan, nilai Perusahaan, pasar modal
THE EFFECT OF HEARDING BIAS AND OVERCONVIDENCE ON CRYPTOCURRENCY INVESTMENT DECISIONS WITH FINANCIAL LITERACY AS A MODERATING VARIABLE (Study on Tokocrypto Official Group Community) Febrian Yoga Aditama; Surya Raharja
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 1 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i1.2541

Abstract

The development of cryptocurrency as an investment instrument is increasingly attracting the attention of investors, especially among the digital community. However, investment decisions in this asset are often influenced by psychological biases, such as herding bias and overconfidence, which can lead to irrational and high-risk decision-making. This study aims to analyze the effect of herding bias and overconfidence on cryptocurrency investment decisions, with financial literacy as a moderating variable. This study uses a quantitative approach with the Structural Equation Modeling (SEM) method based on Partial Least Squares (PLS) to test the relationship between variables. Primary data were collected through questionnaires distributed online to members of the Tokocrypto Official Group community with a sample of 100 respondents selected using the snowball sampling technique. The results of the study show that herding bias has no significant effect on cryptocurrency investment decisions, while overconfidence has a positive and significant effect on investment decisions. However, financial literacy is not proven to significantly moderate the relationship between herding bias and overconfidence on investment decisions. This finding indicates that even though investors have a good level of financial literacy, psychological factors still play a dominant role in making investment decisions in cryptocurrency. This study contributes to enriching the literature on behavioral finance by revealing the limited role of financial literacy in suppressing psychological bias in risky investment decisions. The practical implications of this study emphasize the need for investment education that focuses not only on financial literacy, but also on controlling psychological aspects in investment decision making.
Environmental, Social, and Governance (ESG) Performance and Corporate Value: Examining the Mediating Role of Operational Efficiency in Indonesian Manufacturing Firms Nurjannah, Dina; Raharja, Surya
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 6 (2026): Dinasti International Journal of Economics, Finance & Accounting (January - Feb
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i6.5658

Abstract

This study examines the effect of Environmental, Social, and Governance (ESG) performance on the value of manufacturing firms listed on the Indonesia Stock Exchange during 2021–2023, with operational efficiency as a mediating variable. Using a quantitative approach with SmartPLS software, ESG performance is measured through Bloomberg’s ESG score, operational efficiency through the Operating Efficiency Ratio, and firm value through Return on Assets. The results show that ESG performance has a positive effect on firm value, while operational efficiency does not significantly mediate this relationship. These findings suggest that the contribution of ESG to firm value is more likely driven by external market perceptions than by internal efficiency improvements, particularly in the short term. This implies that ESG plays a direct role in enhancing firm value, while its indirect effect through operational efficiency remains limited. The study provides practical insights for managers and policymakers on the importance of ESG initiatives in driving firm performance.
Mechanism of Hexagon Fraud Detection in Mitigating Fraudulent Financial Reporting Zulqirofik, Tedy; Raharja, Surya
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 6 (2026): Dinasti International Journal of Economics, Finance & Accounting (January - Feb
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i6.5836

Abstract

This study aims to examine the effect of the fraud hexagon on fraudulent financial reporting at Regional Development Banks in Indonesia from 2019 to 2022. This research method uses a quantitative approach to examine the effect of independent variables on dependent variables. The research sample used a purposive method with a sample size of 104. The data source for this research was obtained from the ojk.go.id website. The data analysis method used was logistic regression in SPSS 26. The results of the research indicate that financial targets, financial stability, external pressure, ineffective monitoring, director in change, and government projects have a positive effect on fraudulent financial reporting. Meanwhile, the nature of the industry, auditor in change, CEO picture, and political connections have no effect on fraudulent financial reporting. The results of this study have implications for provincial governments in Indonesia to mitigate the risk of fraud in financial statements by considering factors that can influence fraudulent acts in the financial statements of Regional Development Banks.
Accountability of Village Fund Management As an Effort to Accelerate the Achievement of Village SDGs Pramono Sari, Maylia; Yulianto, Agung; Mussanadah, Atik Ul; Arumawan, Mei Saputra; Raharja, Surya
Indonesian Journal of Devotion and Empowerment Vol. 1 No. 1 (2025): Special Issue
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/ijde.v1i1.34092

Abstract

Village fund management requires oversight to ensure financial accountability and reduce the potential for irregularities. In accordance with Law No. 6 of 2014 on Villages, the allocation of village funds reflects the government’s commitment to fostering independent, progressive, and democratic rural communities. Giling Village, Pabelan District, Semarang Regency, continues to face non-compliance with Minister of Home Affairs Regulation (Permendagri) No. 20 of 2018 and encounters challenges within its Village-Owned Enterprise (BUMDes), particularly in organizational structuring, legal formalization, and adherence to Good Corporate Governance (GCG) principles. The community service program consists of three main components: (1) identifying gaps in the Village SDGs; (2) facilitating the official registration of BUMDes to ensure regulatory compliance; and (3) delivering training on financial accountability and GCG in village fund management. These efforts are expected to increase progress in achieving village SDGs, especially in the areas of economic empowerment and sustainable development. . Mapping results show that the village has achieved 41% of its SDG indicators. The highest priorities fall under Typology III (health) and Typology V (education), while the lowest priorities are found in Typology IV (environment) and Typology VII (networked village). Through structured financial governance, the legal transformation of BUMDes, and capacity-building initiatives for village administrators, the program aims to strengthen financial transparency, accountability, and sustainable economic empowerment in the village.
DETERMINANTS OF FIRM VALUE IN INDONESIA’S FINANCIAL SECTOR DURING THE POST-PANDEMIC TRANSITION Vivi Apriliyani; Surya Raharja
Media Ekonomi Vol. 33 No. 1 (2025): April
Publisher : Lembaga Penerbit Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/v32i2.23723

Abstract

The period of 2020–2023 marked a unique phase for Indonesia’s financial sector, characterized by post-pandemic recovery, accelerated digital transformation, and shifts in investor preferences away from traditional indicators such as firm scale and leverage. This study aims to examine the influence of capital structure, firm size, and profitability on firm value in this transitional context, highlighting how these factors operate differently in a dynamic and regulated market environment. This research employs a quantitative causal–explanatory design using panel data from 90 financial sector companies listed on the Indonesia Stock Exchange for the period 2020–2023. Firm value is measured by Price to Book Value (PBV), with capital structure proxied by Debt to Equity Ratio (DER), firm size by the natural logarithm of total assets, and profitability by Return on Equity (ROE). The findings reveal that profitability positively and significantly affects firm value, while firm size shows a significant negative effect, and capital structure has no significant impact. These results indicate that, in the post-pandemic recovery phase, investors prioritize operational performance and profitability over firm scale or leverage. The study offers theoretical contributions by re-examining classical financial theories in the context of an emerging economy and practical recommendations for corporate managers and investors to focus on enhancing profitability, agility, and innovation to sustain firm value.
Appliance of Social Return of Investment (SROI) for Valuable Evaluation of Sustainable Development Goals (SDGs) at Village-Owned Enterprises (BumDes) Bumi Arum Tlahab Village, Kledung District, Temanggung Regency Purbawati, Dinalestari; Achmad, Tarmizi; Raharja, Surya; Ainuddin, Ilham
Jurnal Administrasi Bisnis Vol 14, No 2 (2025)
Publisher : Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/jab.v14i2.83679

Abstract

This study is grounded in the growing importance of evaluating social, economic, and environmental impacts of community-based development programs, particularly in the context of rural tourism recovery following the COVID-19 pandemic. Village-Owned Enterprises (Bumdes) play a strategic role in optimizing local potential; however, systematic approaches to measure their broader impacts remain limited. This research aims to apply the SROI method in evaluating and planning future activities for the Bumdes Bumi Arum Tlahab’s program. The measurements of the effectiveness of Bumdes Bumi Arum through SROI focuses on managing Posong natural tourism in 2023. Based on the calculation results, it shows that the SROI ratio at Bumdes Bumi Arum Tlahab is 1.46, which means that each investment is IDR 1 is capable of producing an impact or benefit of IDR 1.46,-. If viewed from a socio-economic perspective, the activities of Bumdes Bumi Arum can be said to be feasible and successful because the calculation results show that the SROI value is more than one and is positive. These results suggest that SROI is a relevant and practical tool for assessing the multidimensional impacts of village-based enterprises and aligning them with sustainable development objectives. It is recommended that practitioners enhance data accuracy and adopt continuous evaluation practices, while policymakers support the broader implementation of SROI frameworks in rural development programs. Future research should develop context-specific models and expand comparative studies to strengthen the robustness and applicability of SROI in diverse community settings.
Co-Authors Abdul Rohman Aditama, M Danial Prasetiyo Agung Yulianto Alam, Muhammad Ikhwansyah Ambarwaty Syahdiana Umar Amirudin, Ivan Annisa Rachmawati Arie Wicaksono Arif Fajrianto Ariwibowo, Sulistyo Arumawan, Mei Saputra Arwan Arwan Asido Ivan Atik Ul Mussanadah Chhay Lin Lim Chrisnanda, Widya Andhi Claudya, Ursula Elga Pinka Arwangga Fauzan Ghairil Admiral Febrian Yoga Aditama Febrianty, Kanita Fetri Andriani Fitriyani, Thiara Hendrasari, Imung Gutami Ilham Ainuddin Islamiati, Herdini Nur Kurnia, Muhammad Syuchron Liany, Dewi Lutfiyah Arifin Mani, Andra Ruyus Maulia Aurel Salim Maylia Pramono , Sari Maylia Pramono Sari Muhammad Ali Ridlo Nova Putra Muhammad Irfan Aryatama Muhammad Rizki Mabrur Nafiatus Sakinah, Nafiatus Nagari, Salma Faundria Nanik Sri Utaminingsih Nazwir, Pratiwi Winya Nuranyanto, Akhmad Nurjannah, Dina Pamungkas, Nugroho Parasdya, Yoga Perdana, Laudza Indra Prabowo, Tri Jatmiko Wahyu Pramono Sari, Maylia Pratama, Galih Satyawan Yudha Prima, Adnan Dianda Puji Astuti Puji Harto Qadrina, Mahadmi Fattahaulia Ramdhan Rodia Muhammad Rifqi Husein Aldjoeffry Sadya Datu Amudra Rochaddi Sari Lestari SITI MUTMAINAH Siti Mutmainah Susanti, Tri Yuli Tiastuti Tarmizi Achmad Vivi Apriliyani Wana, Desty Widihardimas, Tarcisius Jassien Zulqirofik, Tedy