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All Journal IIJSE JAS (Jurnal Akuntansi Syariah)
Estralita Trisnawati
Universitas Tarumanagara, Jakarta, Indonesia
Economics, Econometrics & Finance

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Indonesia's Capital Structure And Company Profitability Before And After The Implementation Of PSAK 73 Amrie Firmansyah; Elisabeth Elisabeth; Estralita Trisnawati
JAS (Jurnal Akuntansi Syariah) Vol 7 No 1 (2023): JAS (Jurnal Akuntansi Syariah) - June
Publisher : LPPM ISNJ Bengkalis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46367/jas.v7i1.1127

Abstract

Statement of Financial Accounting Standards (PSAK) 73 regarding leases has been in effect since 2020 in Indonesia. The standard adopts International Financial Reporting Standards (IFRS) 16, which requires companies to record all lease transactions as finance leases. This study examines differences in capital structure and company profitability before and after implementing PSAK 73 in Indonesia. This study uses financial report data for retail and transportation sub-sector companies listed on the Indonesia Stock Exchange (IDX) in 2019 and 2020 with a population of 160 observations. The secondary data is sourced from the Indonesia Stock Exchange website. Based on purposive sampling, the total number of observations that can be used in this study is 104 observations. Hypothesis testing was carried out using a paired sample t-test. This study found that in the first year after the implementation of PSAK 73, the capital structure from debt is higher than that from equity. This condition is different from the period before the implementation of PSAK 73. Then the level of profitability in the first year of implementation of PSAK 73 decreased compared to the period before the implementation of PSAK 73. This research recommends that the Financial Services Authority implement risk mitigation rules for companies registered on the IDX regarding the financial impact of Indonesia's new financial accounting standards.
The Role of Earnings Management Contribution as a Moderation of Social Responsibility Disclosure, Intellectual Capital, and Risk Towards Cost of Capital Devina Gunawan; Estralita Trisnawati; Sriwati Sriwati
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 1 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7361

Abstract

This study aims to examine the effect of corporate social responsibility (CSR), intellectual capital (ICD), and risk disclosure (RD) on the cost of capital (WACC), as well as the role of earnings management (TAC) as a moderating variable in financial sector companies listed on the Indonesia Stock Exchange. The research sample was obtained through a purposive sampling method based on the company's annual report. Testing was conducted using moderated regression analysis. The results show that CSR and RD have a significant positive effect on the cost of capital, while ICD has a positive but insignificant effect. Meanwhile, earnings management does not have a direct effect or act as a moderating variable in the relationship between the three types of disclosure and the cost of capital. These findings indicate that investors in the financial sector tend to respond to non-financial disclosures as additional risk signals if they are not supported by transparency and credible governance. Therefore, companies in the financial sector need to convey non-financial disclosures strategically and responsibly to manage market perceptions of risk and capital efficiency.
Co-Authors Amrie Firmansyah Devina Gunawan Elisabeth Elisabeth Sriwati Sriwati