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REMUNERASI EKSEKUTIF DAN NILAI PERUSAHAAN: DAMPAK PANDEMI COVID-19 Arif Wahyu Nur Kholid
JURNAL AKUNTANSI Volume 17, Nomor 2, November 2022
Publisher : Jurusan Akuntansi Fakultas Ekonomi Universitas Siliwangi

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ABSTRACTThis study aims to examine the effect of executive remuneration and the covid-19 pandemic on firm value. The population of this study are companies listed on the Indonesia Stock Exchange in 2018 - 2020. This research is included in quantitative research and the data used are secondary data. The sampling method of this study uses the purposive sampling method. This study uses panel data regression and is processed using the EViews 10 program. The estimation method used in this study is the Fixed Effect Model (FEM. The results show that remuneration has no significant effect on firm value. However, the Covid-19 pandemic has a significant negative effect on firm value). In addition, the average executive remuneration received during the covid-19 pandemic is greater than the average remuneration received before the Pandemic. However, this average difference is not statistically significant. The implication of this research is that the Covid-19 pandemic resulted in the decline in the firm value in Indonesia, so that investors are more careful in investing in the capital market during the pandemic, and shareholders are more concerned about the remuneration scheme given to executives because there are no significant results that executive remuneration can increase the firm value.Keywords: Covid -19; Firm Value; Remuneration;ABSTRAKPenelitian ini bertujuan untuk menguji pengaruh remunerasi eksekutif dan pandemi covid-19 terhadap nilai perusahaan. Populasi penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia tahun 2018 – 2020. Penelitian ini termasuk ke dalam penelitian kuantitatif dan data yang digunakan adalah data sekunder. Metode sampling penelitian ini menggunakan metode purposive sampling. Penelitian ini menggunakan regresi data panel dan diolah menggunakan program EViews 10. Metode estimasi yang digunakan penelitian ini adalah Fixed Effect Model (FEM). Hasil penelitian menunjukkan bahwa Remunerasi tidak berpengaruh signifikan terhadap nilai perusahaan. Akan tetapi, Pandemi Covid-19 berpengaruh negatif signifikan terhadap nilai perusahaan. Selain itu, rata – rata remunerasi eksekutif yang diterima saat pandemi covid-19 lebih besar daripada rata-rata remunerasi yang diterima sebelum Pandemi. Akan tetapi selisih rata – rata ini secara statistis tidak signifikan. Implikasi penelitian ini adalah Pandemi Covid-19 mengakibatkan penurunan pada nilai perusahaan di Indonesia, sehingga investor lebih berhati -hati dalam investasi di pasar modal saat pandemi. Serta, shareholder lebih memperhatikan terkait skema remunerasi yang diberikan kepada eksekutif karena tidak ditemukan hasil signifikan bahwa Remunerasi eksekutif dapat meningkatkan nilai perusahaan.Kata Kunci: Covid-19; Nilai Perusahaan; Remunerasi;

Pengaruh Kesesuaian Kompensasi, Ketaatan Aturan Akuntansi terhadap Kecenderungan Kecurangan Akuntansi: Peran Efektivitas Pengendalian Internal Sebagai Pemediasi Bambang Jatmiko; Neva Livia Yusuf; Arif Wahyu Nur Kholid
JABI (Jurnal Akuntansi Berkelanjutan Indonesia) Vol 6, No 1 (2023): JABI (JURNAL AKUNTANSI BERKELANJUTAN INDONESIA)
Publisher : Universitas Pamulang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32493/JABI.v6i1.y2023.p61-77

The study aims to examine the appropriateness of compensation and the effect of internal control effectiveness as mediating variable in influencing compliance to accounting rules on the accounting fraud tendencies. This is quantitative study which used a questionnaire survey. The subject of this study is Local Government Organizations (LGO) located in Kotabaru, South Borneo. Hypotheses testing was conducted by employing Structural Equation Modelling-Partial Leas Square (SEM-PLS) technique. This study find that the appropriateness of compensation and internal control effectiveness have positive effect on the accounting fraud tendencies of LGOs. In addition, compliance to accounting rules have positive effect on internal control effectiveness but internal control effectiveness cannot mediate the relationship between compliance to accounting rules and the accounting fraud tendencies significantly.

Kompetensi Sumber Daya Manusia Dan Kualitas Laporan Keuangan Pemerintah Daerah: Peran Sistem Pengendalian Internal Sebagai Pemediasi Evi Rahmawati; Sari Sonita; Arif Wahyu Nur Kholid; Hafiez Sofyani
Jurnal Reviu Akuntansi dan Keuangan Vol. 12 No. 2: Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

The study aims to examine the effect of the internal control systems as mediating variable in influencing competence of human resource on the quality of financial statement. This is quantitative study that used a questionnaire survey. The subject of this study is Local Government Organizations (LGO) located in Yogyakarta City. Hypotheses testing was conducted by employing Structural Equation Modelling-Partial Leas Square (SEM-PLS) technique. This study revealed that the competence of human resource and internal control system have positive effect on the quality of financial statement of LGOs. In addition, internal control system mediated the relationship between competence of human resource and the quality of Local Government Organizations financial statement. The implications of this study are the local government must maintain and improve the competence of human resources through education and training, thus the internal control system will be encouraged, and the quality of Local Government Organizations financial statement will enhance.

Leadership types and whistleblowing intention in public sector: the mediation role of justice Ilham Maulana Saud; Ietje Nazaruddin; Arif Wahyu Nur Kholid
Journal of Accounting and Investment Vol 24, No 3: September 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i3.19532

Research aims: This study examines the effect of two leadership types, ethical leadership (EL) and servant leadership (SL), on whistleblowing intentions with three justice dimensions: distributive, interactional, and procedural, as mediators.Design/Methodology/Approach: This research involved local government organizations (LGO) employees in several regencies in Indonesia, including Purworejo, Sumbawa, Pelalawan Riau, the Special Region of Yogyakarta, and Surakarta. The hypotheses were tested using the SEM-PLS technique.Research findings: The results discovered that EL positively affected whistleblowing intention directly and through (mediated) procedural and interactional justice. Meanwhile, SL did not directly affect whistleblowing intention, yet it could affect it when mediated by procedural justice. Furthermore, distributive justice could not mediate the relationship between either SL or EL on whistleblowing.Theoretical contribution/Originality: The novelty of the research is to explore and comprehensively analyze how a leadership style can influence someone to do whistleblowing in the government sector by paying attention to the crucial role of the justice dimension. The results of this study provide valuable insights for the government to increase employee motivation in whistleblowing.Practitioner/Policy implication: Drawing from this insight, the leader of the LGOs must have the characteristic of EL since it can facilitate and motivate employees to blow the whistle when they find fraud in the organization. In addition, a leader with EL can create fairness in the organization. Thus, EL not only can affect employees to blow the whistle but also can raise the three-dimensionality of justice in the organization.Research limitation/Implication: The implementation of leadership, either SL or EL, in the context of the public sector, whose primary purpose is to enhance government accountability, particularly in emerging countries, is still lacking. Moreover, the process underlying how leadership affects whistleblowing still holds critical gaps, particularly issues related to leadership dynamics.

Political Connections and Executive Remuneration in Indonesia: Does the Role of Institutional Ownership Matters? Arif Wahyu Nur Kholid; Evy Rahman Utami; Etik Kresnawati
Accounting Analysis Journal Vol 11 No 2 (2022)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/aaj.v11i2.59862

Purpose : The study aims to examine the role of institutional ownership in moderating the effect of political connections on executive remuneration in Indonesia. Method : The study uses a quantitative method approach. The population of this study was all companies listed on the Indonesia Stock Exchange from 2015 to 2020. Research data sourced from www.idx.co.id, and OSIRIS. Using the purposive sampling method, 2,275 observations firms were determined. Hypothesis testing was carried out using multiple linear regression for panel data. Findings : The results revealed that only the main effects influenced executive remuneration. Institutional ownership, political connections positively affected executive remuneration. In addition, the interaction effect of institutional ownership was not shown to moderate the relationship between political connection and executive remuneration. These results suggest that political connection and institutional ownership are necessary to determine executive compensation. Therefore, stakeholders must be aware of the political connection misuse possibility in determining the executive compensation package. On the other hand, institutional ownership may be related to incentive-based pay, which needs to be explored further. Novelty : The novelty of this study is a new study that examines the phenomenon of political connections to executive remuneration in Indonesia and includes the role of governance-Institutional ownership as a moderating variable. In addition, this study uses the unbalance panel method, which examines all sectors of companies listed on the Indonesian stock exchange and observed for 6 periods or 2015 - 2020. Keywords: Corporate Governance; Institutional Ownership; Political Connection; Remuneration

Environmental accounting in public sector: systematic literature review Rahmawati, Evi; Nazaruddin, Ietje; Widiastuti, Harjanti; Sofyani, Hafiez; Kholid, Arif Wahyu Nur
Journal of Accounting and Investment Vol 25, No 1: January 2024
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v25i1.21344

Research aims: The literature on Environmental Accounting (EA) in the public sector is scarce, unlike in the private sector. Hence, this study aims to ascertain the trajectory of EA research in the public sector and extract insights from prior research on EA in the public sector.Design/Methodology/Approach: The research process was conducted in several stages following Anggraini et al. (2022) and Poje et al. (2022) with several modifications. The keywords were used to discover the articles relating to the topic, namely: “Environmental Reporting,” “Environmental Management,” or “Environmental Accounting,” “Green Accounting,” and “Public Sector”. The study employed an extended period, namely papers published in 2010-2023 in the database Scopus.com. Based on the specified criteria, the final paper that could be analyzed was 69 out of 112 articles.Research findings: Using VOS-viewer, 15 items of keyword themes were discovered. Then, the 15 items were classified into three clusters: Green Accounting, Environmental Regulation, and Sustainable Development Goals in the Public Sector. Theoretical contribution/Originality: The authors are unaware of any existing literature review research on EA, specifically in the public sector, even though it arises from environmental management accounting in the public sector. This study also demonstrates the inferences that can be derived.

Environmental accounting in public sector: systematic literature review Evi Rahmawati; Ietje Nazaruddin; Harjanti Widiastuti; Hafiez Sofyani; Arif Wahyu Nur Kholid
Journal of Accounting and Investment Vol. 25 No. 1: January 2024
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v25i1.21344

Research aims: The literature on Environmental Accounting (EA) in the public sector is scarce, unlike in the private sector. Hence, this study aims to ascertain the trajectory of EA research in the public sector and extract insights from prior research on EA in the public sector.Design/Methodology/Approach: The research process was conducted in several stages following Anggraini et al. (2022) and Poje et al. (2022) with several modifications. The keywords were used to discover the articles relating to the topic, namely: “Environmental Reporting,” “Environmental Management,” or “Environmental Accounting,” “Green Accounting,” and “Public Sector”. The study employed an extended period, namely papers published in 2010-2023 in the database Scopus.com. Based on the specified criteria, the final paper that could be analyzed was 69 out of 112 articles.Research findings: Using VOS-viewer, 15 items of keyword themes were discovered. Then, the 15 items were classified into three clusters: Green Accounting, Environmental Regulation, and Sustainable Development Goals in the Public Sector. Theoretical contribution/Originality: The authors are unaware of any existing literature review research on EA, specifically in the public sector, even though it arises from environmental management accounting in the public sector. This study also demonstrates the inferences that can be derived.

Does Executive Compensation Reinforce the Influence of Political Connection and Investment Opportunity Set on Firm Value? Kholid, Arif Wahyu Nur; Rahmawati, Evi
Jurnal Dinamika Akuntansi Vol 15, No 2 (2023)
Publisher : Department of Accounting, Faculty of Economics, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jda.v15i1.44081

Purpose: Executives may be crucial in managing the political connection and investment opportunity set (IOS). Compensations are given to motivate executives to enhance their performance to manage it. Therefore, this study examined the moderation of executive compensation in the influence of political connections and IOS on the firm value.Method: The study used samples of all listed companies in IDX and applied a quantitative approach from 2015 to 2020. Research data were obtained from www.idx.co.id and OSIRIS. This research employed a purposive sampling method, with a firm year of 1,242 observations. Hypothesis testing was carried out utilizing multivariate regression using panel data. This research used the Fixed Effect Model to process the data and employed the different proxies for measuring IOS to examine the robustness model.Findings: This study discovered that IOS positively affected firm value. Furthermore, using different measurements of IOS, this study consistently found that IOS positively affected firm value. Moreover, when IOS was measured by MVBV, the moderating variable of executive compensation provided significant results because there was a wedge of measurement between the MVBV and Tobin’s Q. However, this study could not find that executive compensation had a moderate effect. It indicated that the executive compensation could not reinforce the interaction between IOS and political connections on firm value. In addition, political connections did not influence the firm’s value. On the other hand, the IOS positively affected firm value. Even though IOS was regressed using another proxy, i.e., MVBV and Net PPE, the result was still reliable that IOS positively affected firm value.Novelty: This study was developed from previous research by considering executive compensation as a moderating variable and examined two proxies to measure the IOS and developed one proxy, i.e., net PPE ratio, to measure IOS. Furthermore, this study used the balance panel method, with an observation period of six years.

Managerial Performance in Village Government: Does Transformational Leadership Matters? Rahmawati, Evi; Kholid, Arif Wahyu Nur; Adiyatama, Evan Ardis; Sofyani, Hafiez
Jurnal Dinamika Akuntansi dan Bisnis Vol 11, No 2 (2024): September 2024
Publisher : Accounting Departement Economics and Business Faculty Syiah Kuala University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jdab.v11i2.32027

This study examines the transformational leadership moderating role on the relationship between public accountability and budget participation on managerial performance in Indonesian village governments. The population of this study is the village apparatuses of the village government in Bantul Regency. The samples were selected using convenience sampling technique and data were collected through questionnaires. Hypotheses testing was conducted by utilizing Structural Equation Modelling-Partial Leas Square (SEM-PLS) method. The results unveiled that transformational leadership has a quasi-moderation role. Transformational leadership can reinforce the effect of budget participation on managerial performance while public accountability cannot affect managerial performance. It reveals that public accountability cannot promote and motivate the village apparatus to enhance their performance.

Edukasi Manajemen Modal Kerja dalam Peningkatan Investasi dan Nilai Usaha Rupianna Tambunan; Arif Wahyu Nur Kholid
Journal of Innovation and Sustainable Empowerment Vol. 5 No. 1 (2026)
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM) Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/jise.v5i1.192

Kegiatan pengabdian masyarakat ini bertujuan untuk meningkatkan peluang investasi dan nilai usaha pada UMKM Pabrik Tahu Bintang Jaya di Serang melalui edukasi manajemen modal kerja guna mengatasi hambatan likuiditas operasional. Metode pelaksanaan yang digunakan adalah pendekatan partisipatif yang meliputi tahap observasi situasi, sosialisasi teori manajemen keuangan, serta workshop interaktif pendampingan penyusunan laporan keuangan sederhana. Hasil kegiatan menunjukkan adanya peningkatan pemahaman manajerial pemilik usaha dalam mengelola siklus konversi kas dan efisiensi aset lancar, yang secara langsung memperkuat stabilitas finansial mitra. Kesimpulan dari program ini menegaskan bahwa tata kelola modal kerja yang teratur mampu menciptakan fleksibilitas keuangan sehingga usaha memiliki daya tarik lebih bagi calon investor. Rekomendasi utama bagi mitra adalah konsistensi dalam melakukan pencatatan transaksi harian dan evaluasi berkala terhadap posisi kas. Implikasi dari pengabdian ini diharapkan dapat mendorong kemandirian finansial UMKM dan memperkuat ekosistem investasi lokal melalui dukungan kebijakan platform digital dari instansi terkait.

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