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All Journal Jurnal Keuangan dan Perbankan Jurnal Akuntansi Multiparadigma Owner : Riset dan Jurnal Akuntansi JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi) ACCRUALS (Accounting Research Journal of Sutaatmadja) Jurnal Bisnis dan Akuntansi Jurnal ABDINUS : Jurnal Pengabdian Nusantara Jurnal Akuntansi Aksara: Jurnal Ilmu Pendidikan Nonformal Journal of Economic, Public, and Accounting (JEPA) Jurnal Akuntansi dan Keuangan Indonesia Jurnal Atma Inovasia Jurnal Informasi, Perpajakan, Akuntansi, dan Keuangan Publik MIMBAR : Jurnal Sosial dan Pembangunan Jurnal Akuntansi
Riki Martusa
Universitas Kristen Maranatha
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences Other

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Capital Structure and Family Business Governance: Gender Representation as a Moderating Variable Nainggolan, Tiurma; Martusa, Riki; Meythi, Meythi
JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi) Vol. 10 No. 1 (2026): April
Publisher : Program Studi Akuntansi Universitas Langlangbuana Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36555/jasa.v10i1.2917

Abstract

This study examines the relationship between capital structure and family business governance in 81 family companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024, with gender representation a moderating variable. The data were analyzed using pooled OLS regression with robust standard errors and 1%–99% winsorizing. The results show that capital structure has a negative effect on company performance. Long-term debt significantly reduces ROA and Tobin's Q because it increases financial risk. Short-term debt  and total debt are also predominantly negative, especially on Tobin's Q. These findings support the trade-off theory amid post-pandemic economic volatility. Gender representation does not moderate the relationship between capital structure and ROA. However, in Tobin's Q, the interaction of GR with LTD, STD, and TD is negative and significant. This indicates that higher GR strengthens the negative effect of debt on market value, due to the risk-averse nature of diverse boards, despite improving investor perceptions of governance. The study concludes that capital structure is detrimental to the governance of family businesses in Indonesia, and GR does not strengthen the positive relationship as hypothesized. Suggestions for further research include adding control variables, panel data models, and cross-country comparisons within ASEAN.
Profitability and Leverage on Tax Avoidance: The Moderating Role of Firm Size in Indonesian SOEs Mariawati Mariawati; Meythi Meythi; Riki Martusa; Filia Theresia Kurniawaty
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 3 (2026): Periode Juli 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i3.3400

Abstract

This study examines the effect of profitability and leverage on tax avoidance with firm size as a moderating variable in Indonesian state-owned enterprises (SOEs) during 2020–2024. This study uses secondary data obtained from annual financial reports of SOEs listed on the Indonesia Stock Exchange and applies panel data regression analysis. The sample was selected using purposive sampling. The Chow, Hausman, and Lagrange multiplier tests are used to pick models, and the Fixed Effects Model is determined to be the best estimating technique. Given that its impact on the Effective Tax Rate (ETR) is statistically significant and positive, the results of the empirical research demonstrate that greater profitability (ROA) is associated with higher ETR, indicating lower levels of tax avoidance. Conversely, the DER suggests that leverage has no significant effect on tax avoidance. Additionally, it has been noted that firm size (FS) has a moderating effect on the profitability tax avoidance nexus, weakening the positive effect of profitability on ETR. Nevertheless, the relationship between leverage and tax avoidance is not moderated by the FS. The study focuses on the significance of firm-specific characteristics and contributes actual data on tax avoidance practices to the literature on accounting and taxation in SOEs. Practically speaking, the results can help legislators and tax authorities create more efficient government surveillance programs to increase tax payments, particularly among the biggest and most lucrative SOEs.
Corporate Valuation: The Impact of Dividend Governance Interaction with Earnings Performance as a Moderator: English Euclea Theda Ethelind; Meythi Meythi; Riki Martusa; Rapina Rapina
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2854

Abstract

This paper explores the impact of dividend governance interactions on firms' value and focuses on the moderating effect of Earnings Performance. This study includes government owned banks and national commercial banks quoted in the Indonesia Stock Exchange. This study extends the prior research by investigating the interrelationship among dividend governance interactions, Earnings Performance, and company value. The Price Book Value (PBV) is an empirical discourse of the company book value and the dividend governance interaction is tested for the Dividend Payout Ratio (DPR). The analysis is based on data from the Refinitiv Eikon platform. ROE can act as an indicator of financial performance. A cross sectional analysis of the comparison of government and private banks was done. The findings indicate that dividend governance interaction is more pronounced in government banks compared to private banks. This is a validation of how it is in the environment, how the environment works and what properties it has.
Does Gender Inclusivity Strengthen the ESG-Financial Performance Nexus? Evidence from Indonesian Public Companies Cynthia Stephani Pardosi; Riki Martusa; Meythi Meythi; Rapina Rapina
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2997

Abstract

The foundation for this study is provided by the growing number of organizations using ESG, the emphasis on sustainability, and the gender inclusivity in governance issue. Using Gender Inclusivity in Governance (GIG) as a moderating variable, this study investigates the relationship between firm financial performance and Environment, Social, and Governance (ESG) performance scores. This study population consists of 948 businesses listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023, based on data from Refinitiv Eikon.  Purposive sampling was used to pick the sample, and 44 companies that revealed their ESG scores during that time were selected. According to the study's use of Moderated Regression Analysis (MRA), there is a favorable correlation between ESG scores and corporate financial performance. The association between ESG scores and financial performance, however, is not significantly moderated by the Gender Inclusivity in Governance (GIG). Given that other businesses are seen to be able to improve their financial performance and investor reputation, these findings can be used as guideline for stakeholders to prioritize ESG. The findings of this study will serve as a foundation for further research into additional factors that affect the financial performance of firms and their ESG rankings. This study contributes to ESG literature in emerging markets by providing empirical evidence that gender inclusivity in governance does not necessarily strengthen the ESG–financial performance relationship in Indonesia, highlighting the presence of symbolic governance practices.
THE EFFECT OF THE PRESENCE OF FOREIGN BOARD MEMBERS ON CORPORATE ESG SCORES IN INDONESIA Reynald Emmanuel Dwistia; Kanisius Kevin Widjaja; Meythi Meythi; Riki Martusa
Jurnal Bisnis dan Akuntansi Vol. 26 No. 2 (2024): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34208/jba.v26i2.2633

Abstract

The purpose of this study is to examine the impact of foreign boards and board commissioners on ESG scores in Indonesia from 2019-2023. Drawing upon the resource dependency theory, this paper applies multiple linear regression to investigate whether foreign boards and ESG performance of firms listed on Indonesia Stock Exchange (IDX) are related. The results indicate that foreign boards presence impacts ESG scores positively at 10%. Although this highlights that oversea boards can have a positive impact in such ways through expertise and global connections, the regulatory setting will remain just as important even if it is under reform. Instead, foreign boards have an insignificant negative impact on the ESG scores both for overall governance and all sub-dimensions suggesting that it may not be appropriate to use a more diversified board in terms of origin as panacea especially when it comes to advancing ESG practices. This study also has several limitations in that it explored companies from Indonesia, the period of research took place in a limited time frame and board demographics were not considered. Based on this study, one may argue part of the solution is to rely more heavily on foreign boards with greater familiarity and experience in implementing ESG appropriately for local conditions. The results are expected to provide implications for firms and regulators about the significance of board composition which enhances ESG performance, and corporate sustainability.
RISK MANAGEMENT, COMPANY RISK, MODERATING ROLE OF BOARD GENDER DIVERSITY Johanes Felix Gunawan; Rio Christantio Hakim; Riki Martusa; Meythi Meythi
Jurnal Bisnis dan Akuntansi Vol. 27 No. 1 (2025): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34208/jba.v27i1.2686

Abstract

The research has intention to observe the impact of corporate board risk management on the risks faced by the company moderated by board gender diversity in non-financial corporations indexed on the Indonesian stock index during 2023. This research sample consist of 704 non-financial corporations indexed on the Indonesian stock exchange during 2023 and issued 2023 annual reports. This research finding that management of risk conducted by the board negatively affects the risks faced by the company. Gender diversity moderates this relationship with mixed results where the presence of women has positive result while moderate the relationship between risk management and firm risk while gender diversity in corporations board has negative result while moderates the relationship betwixt risk management and firm risk. Contribution of this study is to enrich the literature related to risk management and gender diversity in corporation board in the Indonesian context and provides an overview of the impacts of implementing policies to promote diversity in gender in Indonesian companies
Peningkatan Literasi Keuangan, Efikasi Diri, dan Perilaku Kredit Berisiko melalui Workshop Smart Money Management bagi Mahasiswa Kirirom Institute of Technology, Cambodia Imelda Junita; Maya Malinda; Johannes Buntoro Dharmasetiawan; Joni Joni; Meythi; Riki Martusa; Santy Setiawan; Rapina; Tan Ming Kuang; Surya Setyawan
Jurnal Atma Inovasia Vol. 5 No. 6 (2025)
Publisher : Lembaga Penelitian dan Pengabdian pada Masyarakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/jai.v5i6.12009

Abstract

The Smart Money Management community service program was designed to improve financial literacy, self-efficacy, and reduce risky credit behavior among students at Kirirom Institute of Technology (KIT), Cambodia. In the context of students facing challenges in personal financial management due to lack of knowledge and experience, this program aims to equip them with basic knowledge of financial management through an educational and interactive approach. The implementation method includes delivering materials on the concepts of SMART Goal and Smart Money Management, as well as participatory training activities in the form of frugal living action pictures. The evaluation results showed that the financial literacy score increased from 2.37 to 2.57, and self-efficacy from 3.28 to 3.7, while the perception of risky credit behavior decreased by 0.08 points. In addition, the results of the personal assessment showed an increase in the number of students who had a high understanding of finance from 2 to 7 people. These findings indicate that the program was successful in improving participants' understanding and positive attitudes towards financial management. Thus, this program contributes to strengthening students' ability to make wise financial decisions and fostering a disciplined and independent attitude in managing their finances in the future.
Co-Authors Alwi, Fachri Asher, Steven Aurora Angela Candra Sinuraya Candra, Anastasya Regina Christine Dwi Karya Susilawati Christine Dwi Karya Susilawati Cynthia Stephani Pardosi Darmasetiawan, Johannes Buntoro Eddy, Endah Purnama Sari Erwan Erwan, Erwan Euclea Theda Ethelind Filia Theresia Kurniawaty Glennisa, Cynthia Gunawan, Johanes Felix Henky Lisan Suwarno Imelda Junita Johanes Felix Gunawan Johannes Buntoro Dharmasetiawan Joni Joni Kanisius Kevin Widjaja Kenswary, Dhea Lidya Agustina M. Sienly Veronica Mariawati Mariawati Maya Malinda Meythi Meythi Meythi, Meythi Mulyadi Mulyadi Nainggolan, Tiurma Oktavianti Oktavianti Permata, Nurul Intawaty Rapina Rapina Rapina . Rapina Rapina Rapina, Rapina Rapina Reynald Emmanuel Dwistia Reynard Tandayu Rio Christantio Hakim Riyanto, Naomi Fani Santy Setiawan Surya Setyawan Tan Ming Kuang Tanison, Nindy Verani Carolina Yasmin F., Rahajeng Yoanes Dicky Yolla Margaretha Zaniarti, Sri