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All Journal Excellent EKUITAS (Jurnal Ekonomi dan Keuangan) Wasana Nyata WASANA NYATA
Nugroho Wisnu Murti
Universitas Dharma AUB Surakarta
Humanities Economics, Econometrics & Finance Education Social Sciences Veterinary Other

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Mekanisme Perilaku Individu dalam Respons Kebijakan Fiskal: Mental Accounting, Pertumbuhan Ekonomi dan Kenaikan Tarif Pajak Pertambahan Nilai Hilda Putri Aprilia; Nugroho Wisnu Murti
Excellent Vol 12, No 2 (2025)
Publisher : STIE AUB Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36587/exc.v12i2.2092

Abstract

This study examines the role of mental accounting in the relationship between a Value-Added Tax (VAT) rate increase and consumer purchasing power (a key driver of economic growth). Surveying an academic community, this study find mental accounting does not moderate this relationship in the full sample. Contrary to classical theory, the VAT increase is associated with higher purchasing power, a finding more consistent with scarcity theory. Nevertheless, split-sample analysis reveals a nuanced dynamic. Mental accounting emerged as a significant moderating variable, but its effects operated in opposite directions depending on gender. These results demonstrate the complex behavioral responses to fiscal policy and highlight the need for policy design that accounts for individual heterogeneity to ensure targeted effectiveness.
Nilai Perusahaan dan Perencanaan Pajak: Systematic Literature Review dengan Obyek Penelitian pada Perusahaan Terbuka Sektor Konsumsi di Indonesia Stefanie Febrianti Andreas; Nugroho Wisnu Murti; Saptani Rahayu
Excellent Vol 13, No 1 (2026)
Publisher : STIE AUB Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36587/exc.v13i1.2209

Abstract

This article synthesizes 15 empirical studies to identify research gaps on the relationship between tax planning and firm value in the Indonesian consumer staples sector. The synthesis reveals that only two articles explicitly examine the direct effect of tax planning on firm value. Yielding contradictory results (negative significant vs positive significant moderated by transparency), thus no consistent pattern is found. Most articles position tax planning merely as a control variable, while profitability emerges as the most dominant and consistently positive determinant. Consequently, this study identifies several contextual variables that should be considered in future research, including leverage, capital structure, liquidity, solvability, firm size, investment decisions, and managerial ownership. The dominant theoretical foundations are Signaling Theory and Agency Theory, opening opportunities for further studies to develop more integrated models that incorporate these contextual variables through model development, sector expansion, or theoretical integration
Apakah Efek Media Sosial dalam Aktivitas Perdagangan Saham di Indonesia Berlaku pada Jenis Saham? Systematic Literature Review Risti Herliana; Nugroho Wisnu Murti; Indriyana Widyastuti
Excellent Vol 13, No 1 (2026)
Publisher : STIE AUB Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36587/exc.v13i1.2210

Abstract

This study synthesizes empirical evidence on the relationship between social media and stock trading activity in Indonesia, examining whether the effect applies uniformly across all stocks or varies by stock characteristics. A Systematic Literature Review (SLR) was conducted using Publish or Perish on Google Scholar with the keywords "Media Sosial" and "Saham," yielding 9 articles after screening. The synthesis reveals three key findings. First, empirical results are inconsistent across studies. Second, no research has specifically examined how stock characteristics, such as market capitalization, liquidity, or industry sector—moderate the relationship; all studies treat stocks homogeneously. Third, the dominant theoretical frameworks are the Theory of Planned Behavior and the Theory of Reasoned Action, yet none incorporate firm characteristics. These findings suggest that social media effects may vary by stock characteristics, though further research is needed to confirm this gap.
Co-Authors Anton Respati Pamungka Denny Mahendra Edi Suhardi Endang Brotojoyo Hilda Putri Aprilia Ifah Lathifah Indriyana Widyastuti Lilis Sulistyani Nunuk Herawati Paryanta Paryanta Risti Herliana Saptani Rahayu Setyani Sri Haryanti Stefanie Febrianti Andreas Titik Setyaningsih