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All Journal Jurnal Keuangan dan Perbankan JURNAL ILMIAH MANAJEMEN & BISNIS TEMA (Jurnal Tera Ilmu Akuntansi) Journal of Accounting and Investment Jurnal Kajian Akuntansi Jurnal Ekonika : Jurnal Ekonomi Universitas Kadiri Jurnal Riset Akuntansi dan Keuangan Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi JURNAL AKUNTANSI DAN MANAJEMEN MUTIARA MADANI Jurnal Ilmiah Akuntansi Manajemen Jurnal Proaksi Jurnal Ekuivalensi International Journal of Economics Development Research (IJEDR) JMK Jurnal Manajemen dan Kewirausahaan Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Jurnal Akuntansi dan Governance JCA (Jurnal Cendekia Akuntansi) Jurnal Akuntansi dan Keuangan ASERSI : Jurnal Akuntansi Terapan dan Bisnis Jurnal Mutiara Ilmu Akuntansi Maeswara: Jurnal Riset Ilmu Manajemen dan Kewirausahaan Riset Ilmu Manajemen Bisnis dan Akuntansi Jurnal Penelitian Ilmu Ekonomi dan Keuangan Syariah Neraca Manajemen, Akuntansi, dan Ekonomi Jurnal Ekonomi, Akuntansi dan Perpajakan Akuntansi Pajak dan Kebijakan Ekonomi Digital Jurnal Ilmiah Akuntansi JURDIASRA Jurnal Akuntansi Kontemporer
Kusuma, Marhaendra
Universitas Islam Kadiri
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Social Sciences Other

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Capital Structure and Sustainability Performance: Leverage Modification through Equity Disaggregation Arisyahidin, Arisyahidin; Kusuma, Marhaendra; Ahamad, Abdul Hadi Bin; Nunes, Mariano
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 12 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v12i2.13643

Abstract

This study investigates the impact of capital structure on sustainability performance, with operating performance and earnings management acting as moderating variables. Capital structure is measured using the debt-to-equity ratio, considering total equity and equity attributable to each owner. The analysis is based on financial statement data and ESG scores from 921 companies across 11 Asian countries, covering 2,763 firm-year observations between 2020 and 2024. Moderated regression analysis was applied to test the hypotheses. The findings show that capital structure positively affects sustainability performance, with operating performance strengthening this relationship and earnings management weakening it. These patterns remain consistent during and after the COVID-19 pandemic and are confirmed when alternative measures are used. The theoretical implications highlight the importance of equity disaggregation, supporting the presentation of attributable equity in leverage calculations when assessing its effect on sustainability performance, alongside the moderating roles of operating performance and earnings management. The originality of this research lies in modifying the leverage calculation by disaggregating equity according to the attributable equity policy and examining its influence on sustainability performance, while also testing the moderating effects of operating performance and earnings management.
Can Transparency In Shareholders' Right Allocation Minimize Creative Accounting and Agency Conflict? Kusumaningarti, Miladiah; Kusuma, Marhaendra; Ahmad, Abdul Hadi Bin; Santos, Alfredo Dos
Jurnal Riset Akuntansi dan Keuangan Vol 13, No 2 (2025): Jurnal Riset Akuntansi dan Keuangan. Agustus 2025 [DOAJ dan SINTA Indexed]
Publisher : Program Studi Akuntansi FPEB UPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jrak.v13i2.83328

Abstract

This study examines the agent-principal and majority-minority principal interest relationships in creative accounting and examines the moderating role of transparency in allocation of rights in these relationships. A sample of 540 companies listed on the Indonesian Stock Exchange (IDX) from 2020 to 2024 with observational data of 2,641 firm-years. Result show that transparency in profit allocation rights can weaken the emergence of agency problems and creative accounting in the form of earnings management. Robustness test results show consistent results when creative accounting is measured by income smoothing. Additional test results indicate that transparency in equity allocation rights also contributes to weakening agency conflicts and creative accounting. This study is original, examining whether type 1 and type 2 agency problems can spur the emergence of creative accounting, and whether transparency in the allocation of rights to net income and assets can weaken the emergence of creative accounting.
Economic Financial and Sustainability Drivers of Firm Value: The Moderating Role of Dividends in Southeast Asia’s Oil, Gas, and Lubricant Sector (2021–2024) Yuliana, Agnes Prety Sinta; Kusuma, Marhaendra; Kusumanungarti, Miladiah
International Journal of Economics Development Research (IJEDR) Vol. 6 No. 6 (2025): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ijedr.v6i6.9461

Abstract

This study examines the economic influence of financial performance and sustainability performance on firm value, with dividends serving as a moderating variable, in oil, gas, and lubricant sub-sector companies across Southeast Asia during the 2021–2024 period. A quantitative causal research design was employed, utilizing secondary data derived from annual and sustainability reports of publicly listed companies in Southeast Asian stock exchanges. The sample comprises 18 companies selected through purposive sampling. The variables analyzed include financial performance (Return on Assets/ROA), sustainability performance (Environmental, Social, and Governance/ESG Score based on the 2021 GRI Standards), firm value (Price to Book Value/PBV), and dividends as a moderating variable. Data were analyzed using Moderated Regression Analysis (MRA) with SPSS version 26. The findings reveal that financial performance initially shows no significant effect on firm value; however, after the inclusion of dividends as a moderating variable, the effect becomes significant and negative. Sustainability performance (ESG Score) demonstrates a positive and significant influence on firm value before moderation, but this relationship loses significance once dividends are introduced into the model. Furthermore, dividends do not moderate the relationship between financial performance and firm value, yet they significantly and negatively moderate the relationship between sustainability performance and firm value. This suggests that higher dividend payouts may weaken the positive impact of sustainability performance on firm value, as investors tend to prioritize short-term returns over long-term sustainability benefits. These results imply that companies should carefully align dividend policies with sustainability strategies to sustain long-term firm value and investor confidence.
THE VALUE RELEVANCE OF UNREALISED EARNINGS Kusuma, Marhaendra; Marjukah, Anis; Kasim, Che Manisah Mohd
Jurnal Akuntansi Kontemporer Vol. 17 No. 1 (2025)
Publisher : Widya Mandala Surabaya Catholic University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33508/jako.v17i1.5886

Abstract

Research Purposes. To test the relevance of unrealized earnings in financial statements, the impact of implementing fair value accounting on IFRS that has been adopted by countries in Southeast Asia. Research Methods. The object of the study is financial sector companies in Indonesia, Malaysia, Singapore, the Philippines and Thailand, a sample of 156 companies, for the period 2019 – 2022 with observation data of n = 624. Hypothesis testing using multiple linear regression analysis. Research Results and Findings. Unrealized earnings, although income is ephemeral as a result of adjustment to fair value, have value relevance. However, the degree of value relevance depends on the hierarchy of fair value inputs and the possibility of being realized. Unrealized earnings from level 1 inputs and plans to be realized are more predictive and more reacted to by the market than other types. Testing the effect of unrealized earnings based on the hierarchy of fair value inputs and potential to be realized on cumulative abnormal returns as a reflection of market reaction, and on the Altman Z-Score as a reflection of the predictive power of future performance.
The Effect of Marketing Activities on Profitability with Others Comprehensive Income as Moderation: Evidence from Southeast Asia Andriana, Ririn; Kusuma, Marhaendra; Mohd Kasim, Che Manisah; Barreto, Carlos Afonso
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 1 (2025): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i1.2025.pp143-160

Abstract

This research aims to know moderated of others comprehensive income in link of marketing activities on the profitability of financial sector firm in the Southeast Asia region. Research on profitability determination has been widely conducted, but testing the moderating role of Others Comprehensive Income (OCI) in link marketing activities on financial profitability in financial sector companies has not been widely conducted. This is important because financial sector companies have large financial assets. The source of funding comes from funding funds that are inseparable from marketing activities. Ownership of large financial assets has an impact of other comprehensive income (OCI), especially the type of unrealized earnings from adjustment assets include financial types that are ready to be realized (AFS). Observation data of 612 from the financial statements of a sample of 153 financial sector companies in 2020 - 2023 in five Southeast Asian countries, namely Indonesia, Thailand, Malaysia, Singapore, and the Philippines. Data analysis using Moderated Regression Analysis and showing the results that the existence of OCI in financial sector companies is proven to strengthen the positive impact activities of marketing to ROA or profitability. The originality of this study is to test OCI’s moderated in link marketing activities on profitability. Large OCI AFS ownership in financial sector companies is important information for investors regarding future profitability, because AFS will be realized in the future, and its realization will certainly affect net income.
Marketing Management and Corporate Comprehensive Profitability with Leverage Moderation : South East Asia Evidence Marjukah, Anis; Sri Nugroho, Arif Julianto; Haris, Abdul; Kusuma, Marhaendra; Singh, Sanju Kumar
JMK (Jurnal Manajemen dan Kewirausahaan) Vol 10 No 3 (2025): September
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jmk.v10i3.7856

Abstract

This study aims to demonstrate the influence of marketing management on corporate comprehensive profitability and the moderating role of leverage in the relationship. Data were collected from 5,272 firm-years from 1,318 sample companies in Southeast Asia for the period 2021-2024. Moderated regression analysis was used to analyze the data. The results demonstrate that a more optimal marketing management role leads to greater corporate comprehensive profitability, and pressure from creditors, as indicated by a higher leverage ratio, strengthens the influence of marketing management on corporate comprehensive profitability. The novelty of this study lies in the use of various proxies to measure marketing management variables and the novelty of the model for testing the moderating role of leverage in marketing management's influence on corporate comprehensive profitability.
Pelatihan Akuntansi Praktek Mandiri Dokter Umum, Dokter Gigi Dan Keperawatan Di Kertosono Nganjuk Jawa Timur Kusuma, Marhaendra; Sari, Hanifah Puspita; Marjukah, Anis; Suaidah, Yuniep Mujati; Ratih, Nur Rahmanti
Jurnal Abdi Masyarakat Nusantara Vol. 2 No. 1 (2024): Jurnal Abdi Masyarakat Nusantara (JURDIASRA), Januari - Juni 2024
Publisher : Ikatan Cendekiawan Muda Akuntansi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61754/jurdiasra.v2i1.61

Abstract

The community service activity in the form of "Accounting Training for Independent Practice of General Practitioners, Dentists and Nursing in the Kertosono Nganjuk Area" is a collaboration of five permanent lecturers from four universities, namely Kadiri Islamic University, Widya Dharma University Klaten, STIE PGRI Dewantara Jombang and State Polytechnic Poor. This activity was attended by doctors and nurses in Kertosono who have non-BPJS Independent Practice businesses. This activity was held for two days, namely 15-16 December 2023 in the Kertosono Community Health Center meeting room at the presenters' own expense. The aim of this activity is to provide a practical understanding of the application of accounting for general practitioners, dentists and nurses who run independent business practices, and to train general practitioners , dentists and nurses prepare and interpret financial reports for independent practice businesses that are run. Keywords: Accounting; Independent Practice Doctor.
Pengaruh Fundamental Makro Ekonomi terhadap Penghasilan Komprehensif Lain dan Persistensi Laba Komprehensif Kusuma, Marhaendra; Saputra, Beny Mahyudi
Jurnal Kajian Akuntansi Vol 6 No 1 (2022): JUNI 2022
Publisher : Universitas Swadaya Gunung Jati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33603/jka.v6i1.6239

Abstract

AbstractThe application of fair value accounting in financial statements gives rise to other comprehensive income (OCI) as the difference between the historical value of assets (liabilities) and fair value. This study aims to provide empirical evidence of internal and external factors that affect OCI and persistence of comprehensive income, by examining the effects of exchange rate, interest, inflation, JCI, size, industry, leverage, financial assets, fixed assets, inventories, and sales on 504 companies IDX for the period 2016 – 2020. The results show that exchange rate, interest, inflation, JCI have an effect on the aggregate OCI value and for each item. Firm size affects the occurrence of OCI from adjusting the fair value of assets and liabilities. OCI persistence level is the lowest among net income and comprehensive income. OCI mediates the effect of macroeconomic and internal factors on the persistence of comprehensive income. The novelty of this research is to provide empirical evidence of the causes of OCI. So far, accounting research has only examined the persistence of net income, while the persistence of comprehensive income is still rare, especially in Indonesia.Keywords: Macroeconomic fundamentals; OCI; Persistence of comprehensive earnings Abstrak Penerapan akuntansi nilai wajar dalam penyusunan laporan keuangan, memunculkan penghasilan komprehensif lain (OCI) sebagai selisih nilai historis aset (liabilitas) terhadap nilai wajar. Penelitian ini bertujan memberi bukti empiris faktor internal dan eksternal yang mempengaruhi penghasilan komprehensif lain (OCI) dan dampaknya terhadap persistensi laba komprehensif, dengan menguji pengaruh kurs, bunga, inflasi, IHSG, ukuran, industri, leverage, aset keuangan, aset tetap, persediaan, penjualan terhadap OCI dan persistensi laba komprehensif, pada 504 perusahaan di BEI periode 2016 – 2020. Hasil menunjukkan faktor makro kurs, bunga, inflasi, IHSG berpengaruh terhadap nilai OCI agregat maupun permasing-masing item. Ukuran perusahaan mempengaruhi timbulnya OCI dari penyesuian nilai wajar aset dan liabilitas. Tingkat persistensi OCI paling rendah diantara laba bersih dan laba komprehensif. OCI memediasi pengaruh makro ekonomi dan faktor internal terhadap persistensi laba komprehensif. Novelty penelitian ini adalah memberi bukti empiris penyebab kemunculan OCI. Riset akuntansi selama ini hanya meneliti persistensi laba bersih, sedangkan persistensi laba komprehensif masih jarang, terutama di Indonesia.Katakunci: Fundamental makro ekonomi; OCI; Persistensi laba komprehensif
Tekanan Optimalisasi Laba terhadap Reaksi Pasar dengan Tax Avoidance sebagai Variabel Mediasi: (Studi Kasus: Perusahaan Sub Sektor Asuransi yang terdaftar di Bursa Efek Indonesia Tahun 2020 – 2023) Frana, Frana; Kusuma, Marhaendra; Athori, Agus
Akuntansi Pajak dan Kebijakan Ekonomi Digital Vol. 2 No. 4 (2025): Akuntansi Pajak dan Kebijakan Ekonomi Digital
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/apke.v2i4.1789

Abstract

This research aims to examine the effect of profit optimization on market reaction and the mediating role of tax avoidance in this relationship among insurance sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2023 period. Profit optimization is proxied by Return on Assets, market reaction by stock returns, and tax avoidance by the Effective Tax Rate. This research employs a quantitative approach using secondary data obtained from the financial statements of 17 insurance sub-sector companies, with a final sample of 10 companies selected through purposive sampling. Data analysis was conducted using classical assumption tests, multiple linear regression, and path analysis. The results indicate that profit optimization has a positive and significant effect on tax avoidance. However, tax avoidance does not influence market reaction, and profit optimization also does not have a direct effect on market reaction. Furthermore, tax avoidance is able to mediate the effect of profit optimization on market reaction. This study contributes to a deeper understanding of how earnings information quality, taxation strategies, and investor responses interact in shaping capital market dynamics within the insurance industry. The findings also provide a foundation for future research to explore external factors that may influence these relationships, offering additional academic value for strengthening subsequent studies.
Pengaruh Green Banking Disclosure dan Social Banking terhadap Nilai Perusahaan dengan Banking Sustainable Performance sebagai Variabel Mediasi Alisa Qurrota A'yun Khoirul Bariyah; Marhaendra Kusuma; Rike Selviasari
Akuntansi Pajak dan Kebijakan Ekonomi Digital Vol. 2 No. 4 (2025): Akuntansi Pajak dan Kebijakan Ekonomi Digital
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/apke.v2i4.1800

Abstract

This study aims to examine the effect of green banking disclosure and social banking on firm value with banking sustainable performance as a mediating variable. The population in this research consists of banking subsector companies listed on the Indonesia Stock Exchange during the 2021–2023 period, totaling 47 companies. The sampling technique used in this study was purposive sampling, resulting in a total of 30 data points that met the research criteria and could be analyzed. The analytical method employed was path analysis using SPSS version 25 to test the relationships among variables and the mediation effect. The results of this study indicate that green banking disclosure has a positive and significant effect on firm value. Social banking also has a positive and significant effect on firm value. Banking sustainable performance has a positive and significant effect on firm value as well. However, green banking disclosure does not have a positive and significant effect on banking sustainable performance, while social banking does have a positive and significant effect on banking sustainable performance. The mediation test results using path analysis reveal that banking sustainable performance is unable to mediate the effect of green banking disclosure on firm value. Conversely, banking sustainable performance successfully mediates the effect of social banking on firm value. These findings suggest that social banking is more effective in enhancing banking sustainable performance and firm value compared to green banking disclosure.
Co-Authors Abdul Haris Agustin, Beby Hilda Ahamad, Abdul Hadi Bin Ahmad Yani Ahmad, Abdul Hadi Bin Aina Lufitasari Akhmad Naruli Alisa Qurrota A'yun Khoirul Bariyah Andriana, Ririn Anggita Septiarni Anis Marjukah Arif Julianto Sri Nugroho Ariska Devi Agustin Suhariani Arisyahidin, Arisyahidin Armiyani, Nora Arum Athori, Agus BARRETO, Carlos Afonso Beny Mahyudi Saputra Dewi Wungkus Antasari Diana Zuhroh Edi Murdiyanto Fiola Amanda Purnamasari Fitria Nurul Izza Frana, Frana Gadis Ragil Krisistiya Hilda Agustin, Beby Imarotus Suaidah Ivana Wilda Afosma Jayanti Indah Fresilina Kasim, Che Manisah Mohd Kurnia Robik Kusumaningarti, Miladiah Kusumanungarti, Miladiah Laela Mohimmatul Kirom Luzy Nur Agustin Merinda Ratna Sari Miladiah Kusumaningarti Miladiah Kusumaningarti Mohd Kasim, Che Manisah Muhammad Alfa Niam Nunes, Mariano Nur Rahmanti Ratih Pramiana, Omi Prihat Assih Purwanti, Asih Tugi Puspita Sari, Hanifah Putri Agnestasya Permatasari Ratih, Nur Rahmanti Ria Lusiana Rike Selviasari Rike Selviasari Sanju Kumar Singh Santos , Alfredo Dos Santos, Alfredo Dos Sari, Hanifah Puspita Selviasari, Rike Shofia Fatimatuz Zahro’ siti isnaniati Soares, Jaime Sri Luayyi Srikalimah, Srikalimah Violy Amanda Salsabilla Wahyudi, Moch. Yuliana, Agnes Prety Sinta YUNIEP MUJATI SUAIDAH, YUNIEP MUJATI