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All Journal Wiga : Jurnal Penelitian Ilmu Ekonomi Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Journal of Ekonomics, Finance, and Management Studies
Easter, Rafael Savio
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Religion Agriculture, Biological Sciences & Forestry Civil Engineering, Building, Construction & Architecture Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Bagaimanakah Lemahnya Tata Kelola Perusahaan Dapat Mendorong Akuntansi yang Kreatif dalam Menciptakan Ilusi Laporan Keuangan? Maccauley Riyono, Kenley; Stanley, Nicklaus; Easter, Rafael Savio; Adijaya, Vincent; Purnomo, Ruben Putranto
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 9 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i9.9247

Abstract

This study aims to analyze the effectiveness of capital market regulations and financial reporting standards in Indonesia in mitigating fraudulent financial performance manipulation. The research sample focuses on PT Garuda Indonesia (Persero) Tbk. during the periods 2017–2018 and 2022–2023. The research was conducted using the content analysis method and literature review to explore the financial statements and sustainability reports in depth. The study examines aspects such as ownership structure, board structure, executive incentives, CEO duality, audit quality, and financial pressure to assess corporate governance, while indications of manipulation are identified using the Beneish M-Score. The results show that the effectiveness of financial statements as a tool for economic decision-making still faces significant challenges due to biases arising from agent behavior. Thus, the effectiveness of capital market regulations and financial reporting in Indonesia has not yet fully succeeded in reducing the risk of financial statement manipulation.
Triggering Turbulence: How Trump’s Tariff Talk Shook the Markets Riyono, Kenley Maccauley; Stanley, Nicklaus; Easter, Rafael Savio; Adijaya, Vincent; Purnomo, Ruben Putranto; Widianingsih, Luky Patricia
Wiga : Jurnal Penelitian Ilmu Ekonomi Vol. 16 No. 1 (2026): March 2026
Publisher : Institut Teknologi dan Bisnis Widya Gama Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30741/wiga.v16i1.1658

Abstract

On April 2, 2025, President Donald J. Trump imposed a 32% import tariff on Indonesia, triggering significant stock market volatility and global panic. This study aims to provide empirical evidence on whether there are significant differences in aggregate and cumulative abnormal returns before and after Trump’s reciprocal tariff policy announcement. The research adopts an event study approach, using a sample comprising all companies across 11 sectors listed on the Indonesia Stock Exchange. The findings indicate that the Indonesian capital market responded negatively and significantly to Trump’s tariff announcement. This is reflected in a significant decline in the Aggregate Abnormal Return (AAR) on the first day following the announcement. The decline is also evident in the Cumulative Aggregate Abnormal Return (CAAR), which illustrates the aggregate market losses accumulated during the event window. However, the drop in AAR and CAAR lasted only for two days post-announcement, after which signs of recovery emerged from the third to the fifth day. Further analysis of sectoral Abnormal Returns (AR) shows that most sectors closely linked to international trade activities experienced a significantly negative decline in AR.
Fair Value and Historical Cost Dilemma: Modern Accounting Dynamics in Financial Statement Quality Riyono, Kenley Maccauley; Easter, Rafael Savio; Danendra, Kelvin; Wirawan Endro Dwi Radianto
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 8 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i8.7833

Abstract

The use of fair value and historical cost is still debated in modern accounting regarding its application and effect on the quality of financial statements. Moreover, there is a conflict of interest between managers and stakeholders related to the need for asset valuation based on these methods. Therefore, a solution is needed to balance between relevance and reliability to meet the needs. This study aims to determine the effect of applying fair value and historical cost on financial statement information during economic volatility. The sample used is representative of companies in the financial, property, and energy sectors that were affected by the application of valuation methods during the financial crisis in 2008 and the COVID-19 pandemic in 2020. The research was conducted using the content analysis method and literature review to find out more about the financial statements. The results show that fair value exacerbates the company's financial decline during the volatility of the financial crisis, but describes the current condition of the company so which is relevant, but not reliable due to the subjectivity of valuation. Whereas historical cost does not result in changes so it is not relevant, but more reliable due to objectivity and verifiability. With this, the research contributes to provide input in the application of both methods with a hybrid approach in financial statements.
Bagaimanakah Lemahnya Tata Kelola Perusahaan Dapat Mendorong Akuntansi yang Kreatif dalam Menciptakan Ilusi Laporan Keuangan? Maccauley Riyono, Kenley; Stanley, Nicklaus; Easter, Rafael Savio; Adijaya, Vincent; Purnomo, Ruben Putranto
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 9 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i9.9247

Abstract

This study aims to analyze the effectiveness of capital market regulations and financial reporting standards in Indonesia in mitigating fraudulent financial performance manipulation. The research sample focuses on PT Garuda Indonesia (Persero) Tbk. during the periods 2017–2018 and 2022–2023. The research was conducted using the content analysis method and literature review to explore the financial statements and sustainability reports in depth. The study examines aspects such as ownership structure, board structure, executive incentives, CEO duality, audit quality, and financial pressure to assess corporate governance, while indications of manipulation are identified using the Beneish M-Score. The results show that the effectiveness of financial statements as a tool for economic decision-making still faces significant challenges due to biases arising from agent behavior. Thus, the effectiveness of capital market regulations and financial reporting in Indonesia has not yet fully succeeded in reducing the risk of financial statement manipulation.
Co-Authors Adijaya, Vincent Danendra, Kelvin Luky Patricia Widianingsih Maccauley Riyono, Kenley Purnomo, Ruben Putranto Riyono, Kenley Maccauley Stanley, Nicklaus Wirawan ED Radianto