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All Journal The Contrarian: Finance, Accounting, and Business Research Riset Akuntansi dan Portofolio Investasi Riset Akuntansi dan Manajemen Pragmatis
Peter M. Kapojos
Sam Ratulangi University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Do environmental practices create value or legitimacy? Evidence from green accounting and environmental performance in Indonesia’s energy sector Indira Geraldine Sugitan; Peter M. Kapojos
Riset Akuntansi dan Manajemen Pragmatis Vol. 4 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/ramp.440

Abstract

This study investigates whether environmental practices generate financial value or primarily serve as legitimacy mechanisms in environmentally sensitive industries. Drawing on legitimacy theory, it examines the impact of green accounting and environmental performance on firm financial performance in Indonesia’s energy sector. Using a sample of 19 listed energy companies over the 2021–2024 period (76 firm-year observations), this study employs multiple linear regression analysis. Green accounting is measured by environmental cost disclosure, environmental performance by PROPER ratings, and financial performance by Return on Assets (ROA). The findings reveal that green accounting has a negative and significant effect on financial performance, indicating that environmental expenditures impose short-term financial constraints. In contrast, environmental performance shows no significant impact, suggesting that compliance-based environmental ratings are not yet value-relevant for firms. However, both variables jointly affect financial performance. These results suggest that environmental practices in the energy sector are largely legitimacy-driven rather than value-driven. This study extends legitimacy theory by demonstrating that sustainability initiatives do not automatically translate into economic benefits, particularly in high-cost, regulation-intensive industries. The findings underscore the need for firms to shift from compliance-oriented environmental practices toward strategic sustainability integration to achieve long-term value creation.
Akuntabilitas dan transparansi pengelolaan keuangan desa pada Desa Komus Ii Timur Kabupaten Bolaang Mongondow Utara Einar Einar; Hendrik Gamaliel; Peter M. Kapojos
Riset Akuntansi dan Portofolio Investasi Vol. 4 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/rapi.428

Abstract

Effective village financial management is fundamental to strengthening good governance at the local level. This study investigates the implementation of accountability and transparency in village financial management at Komus II Timur Village, North Bolaang Mongondow Regency, Indonesia. Employing a qualitative case study approach, data were collected through interviews, observations, and document analysis involving village officials, the Village Consultative Body, and community representatives. The findings reveal that accountability and transparency have been largely institutionalized across the planning, implementation, administration, reporting, and accountability stages, particularly through participatory decision-making, orderly financial administration, timely reporting, and public access to financial information. However, capacity constraints and uneven regulatory understanding among village officials remain notable challenges. The study underscores the importance of continuous capacity building and strengthened oversight mechanisms to enhance accountable and transparent village financial governance.
Sustainability report and accounting conservatism on earnings management: Evidence from Indonesia's consumer non-cyclicals sector (2021–2024) Handel Benedicto Mangero; David P. E Saerang; Peter M. Kapojos
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.492

Abstract

Earnings management is an intervention by management in the preparation of financial reports for external parties in order to smooth, increase, or decrease reported earnings. In the consumer non-cyclicals sector, which has a stable market capitalization, earnings management may be influenced by various factors, including sustainability report disclosure as a form of corporate transparency and responsibility, and the level of accounting conservatism applied. This study aims to analyze the effect of the sustainability report and accounting conservatism on earnings management in consumer non-cyclicals sector firms listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Earnings management is proxied by discretionary accruals (DA) using the Modified Jones Model, the sustainability report is proxied by the Sustainability Reporting Disclosure Index (SRDI), and accounting conservatism is proxied by conservatism accruals (CONACC). Using purposive sampling, 39 firms were selected, yielding 156 firm-year observations analyzed with multiple linear regression. The results show that the sustainability report has no significant effect on earnings management (t = -0.776; Sig. = 0.439), whereas accounting conservatism has a negative and significant effect (t = -14.323; Sig. < 0.001). The Adjusted R² of 0.567 indicates that both variables jointly explain 56.7% of the variation in earnings management. These findings suggest that sustainability disclosure has not yet directly constrained earnings management practices, while a higher level of accounting conservatism can suppress accrual-based earnings management among consumer non-cyclicals firms in Indonesia.
Analisis kinerja keuangan pemerintah daerah Kabupaten Kepulauan Siau Tagulandang Biaro (SITARO) Queenzy Victoria Londah; Jantje J. Tinangon; Peter M. Kapojos
Riset Akuntansi dan Portofolio Investasi Vol. 4 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/rapi.516

Abstract

Fiscal decentralization is meant to strengthen local fiscal capacity, yet island regencies face high service costs and narrow revenue bases that keep them dependent on central transfers, a weakness that an unqualified audit opinion does not reveal. This study analyzes the financial performance of the Siau Tagulandang Biaro (SITARO) Islands Regency Government, Indonesia, for 2021–2025 and explains how island geography shapes it. A descriptive quantitative design was applied to five regional financial ratios (fiscal decentralization, financial independence, revenue effectiveness, financial efficiency, and expenditure harmony) computed from Budget Realization Reports (LRA) and interpreted against official criteria, with interviews of three officials of the regional financial management agency (BPKPD) used for triangulation. Fiscal decentralization (3.46%–5.01%) and financial independence (3.62%–5.35%) were consistently very low, indicating an instructive relationship pattern. Revenue effectiveness fluctuated, falling from 104.48% in 2021 to 67.30% in 2024 before recovering to 99.43% in 2025. Financial efficiency improved from 85.61% to 76.33%, while the operating expenditure share rose from 75.15% to 90.95% and the capital expenditure share fell from 24.44% to 8.63%. The study positions island geography as a contextual variable that jointly constrains revenue capacity and capital expenditure capacity, rather than treating fiscal dependence and expenditure composition as independent phenomena. Island regencies should adopt geography-sensitive own-source revenue strategies and realistic revenue targets while safeguarding capital expenditure space for infrastructure and inter-island connectivity.
Co-Authors David P. E Saerang Einar Einar Handel Benedicto Mangero Hendrik Gamaliel Indira Geraldine Sugitan Jantje J. Tinangon Queenzy Victoria Londah