AFRE Accounting Financial Review
Accounting and Financial Review (AFRe), is a publication of Graduate School Program, University of Merdeka Malang. The journal is an article published continuously which is intended not only as a place to share ideas, study, and analysis but also as an information channel to improve and develop accounting and finance science. This publication consists of scientific writings in the form of research finding, analysis, and application theory, conceptual idea, new book review, bibliography, practical writing from experts, academics, and practitioners. The published writings have been in the process of editing needed by the publisher without changing the substance as the original script. The writing in each publication is the personal responsibility of the author and it does not reflect the publisher’s idea.
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<![CDATA[The Effectiveness of Internal Control in Village Fund System ]]>
<![CDATA[Kezya Audela]]>;
<![CDATA[Ika Kristianti]]>
<![CDATA[ AFRE (Accounting and Financial Review) Vol 5, No 1 (2022): March ]]>
Publisher : <![CDATA[Postgraduate Program Merdeka University ]]>
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DOI: 10.26905/afr.v5i1.7469
<![CDATA[The Financial and Development Supervisory Agency forms Siskeudes to facilitate the village governance system and the village funds management. Internal control is one of the essential components to mitigate the risk of misuse of village funds. This study aims to analyze the implementation of internal control and the effectiveness of the implementation of internal control in controlling risk in the Siskeudes using the indicators listed in the Minister of Village Regulation Number 19 of 2015. The research was conducted in Gedangan Village using a qualitative descriptive method. The data was obtained through the process of interview and observation, analysis technique used is data triangulation. The results and discussion of the study indicate that the internal control in the village financial system has been implemented quite effectively because there are internal control efforts applied to each indicator in Minister of Village Regulation Number 19 of 2015. However, there is still a potential fraud because several internal control indicators that have been implemented not been followed up appropriately and periodically]]>
<![CDATA[Aksi dan Motif Seseorang Melakukan Kecurangan dalam Pengelolaan Dana Kemahasiswaan ]]>
<![CDATA[Adrian Izaak Rompis]]>;
<![CDATA[Aprina Nugrahesthy Sulistya Hapsari]]>
<![CDATA[ AFRE (Accounting and Financial Review) Vol 5, No 1 (2022): March ]]>
Publisher : <![CDATA[Postgraduate Program Merdeka University ]]>
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DOI: 10.26905/afr.v5i1.7468
<![CDATA[This study aims to explore the motivating motive of students who are members of the Student Association (in university X commonly referred to HMP) committee in committing fraud in the management of student funds using the fraud hexagon approach (pressure, rationalization, opportunity, capability, arrogance, collusion) and herding. This research was conducted using a qualitative descriptive method on 25 HMP at university X with primary data obtained through the distribution of open questionnaires to students involved in student fund management, semi-structured interviews, and observations, as well as secondary data in the form of documentation of related evidence. The results showed that all the motives in the fraud hexagon and the herding motive encouraged HMP functionaries to commit fraud in the management of student funds with various fraud modes. Other findings also show that fraudulent practices in the management of student funds have become a culture in the HMP organization]]>
<![CDATA[Corporate Social Responbility, Corporate Governance, dan Corporate Risk Disclosure terhadap Nilai Perusahaan ]]>
<![CDATA[Putri Astuti]]>;
<![CDATA[Yuli Chomsatu]]>;
<![CDATA[Agni Astungkara]]>
<![CDATA[ AFRE (Accounting and Financial Review) Vol 5, No 1 (2022): March ]]>
Publisher : <![CDATA[Postgraduate Program Merdeka University ]]>
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DOI: 10.26905/afr.v5i1.7072
<![CDATA[Stocks with prices cause the value of the company to be high. Firm value is very important, because high firm value generates wealth, high shareholder prosperity and increases market confidence in the company's performance. The purpose of this study is to analyze the effect of corporate social responsibility, corporate governance (independent commissioners, institutional ownership, audit committee), and corporate risk disclosure on firm value. Sampling in this study used purposive sampling. The sample companies in this study are 10 companies that have met the sampling criteria. The analysis tool uses "multiple linear analysis". The research findings indicate that the independent commissioner and audit committee variables have an influence on firm value. While corporate social responsibility, institutional ownership, and corporate risk disclosure have no effect on firm value.DOI: https://doi.org/10.26905/afr.v5i1.7072]]>
<![CDATA[Masih Berjayakah Big Four? ]]>
<![CDATA[Bill Mauboy]]>;
<![CDATA[Yeterina Widi Nugrahanti]]>
<![CDATA[ AFRE (Accounting and Financial Review) Vol 5, No 1 (2022): March ]]>
Publisher : <![CDATA[Postgraduate Program Merdeka University ]]>
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DOI: 10.26905/afr.v5i1.7475
<![CDATA[This study aims to examine the change of KAP from the big four to the non-big four and vice versa empirically on the market reaction with the date of the event being the date of the change of the KAP and to test the excessive reaction when the company announces the change of the KAP. The sampling technique in this study used purposive sampling with a total sample of 60 companies from 2017 to 2019. The results of this study were that there was a positive reaction when the company announced the change of KAP to bigfour and vice versa when the company announced the change of KAP out of bigfour have a negative influence. Furthermore, there was no excessive reaction from investors when the company announced the change of KAP]]>
<![CDATA[The Impact of Intellectual Capital Disclosure and Type of Ownership on Evaluation of a Company's Financial Performance after IPO ]]>
<![CDATA[Dyah Arini Rudhiningtyas]]>;
<![CDATA[Yuli Soesetio]]>;
<![CDATA[Chois Nuril Faizza]]>
<![CDATA[ AFRE (Accounting and Financial Review) Vol 5, No 1 (2022): March ]]>
Publisher : <![CDATA[Postgraduate Program Merdeka University ]]>
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DOI: 10.26905/afr.v5i1.7528
<![CDATA[This study aims to determine the effect of Intellectual capital Disclosure (ICD) and the type of ownership on financial performance after the IPO in short and medium period. This study uses a quantitative approach and multiple regression analysis. Data was obtained from prospectuses and financial statements of companies that conducted IPOs on Indonesia Stock Exchange for the period 2000-2015. The population in this study was all companies that conducted initial public offerings from 2000 to 2015, as many as 316 companies and 234 companies were selected as samples using purposive sampling methods. The results showed that Intellectual Capital Disclosure had a significant positive effect on short-term (1-year) and medium-term (3-year) financial performance post-IPO, however, type of ownership has no effect on short or medium-term financial performance post-IPO. These results show that the degree of intelectual capital disclosure can control the company's performance for the better. This provides broad insights for decision makers.]]>
<![CDATA[The Effect of Liquidity, Solvability and Assets on the Profitability of Women Entrepreneurs ]]>
<![CDATA[Rita Indah Mustikowati]]>;
<![CDATA[Hery Pratikto]]>
<![CDATA[ AFRE (Accounting and Financial Review) Vol 5, No 1 (2022): March ]]>
Publisher : <![CDATA[Postgraduate Program Merdeka University ]]>
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DOI: 10.26905/afr.v5i1.6940
<![CDATA[In recent years, several researchers have criticized the diversity of gender in influencing the financial performance of companies. Despite providing high benefits and variety in the field of entrepreneurship, female entrepreneurs continue to be seen as an insignificant factor in entrepreneurship due to the dominance of male entrepreneurs. The purpose of this study was to analyze the financial performance of SMEs in Malang Regency. Data were collected from 100 female entrepreneurs and analyzed using multiple linear regression. Data was collected by using a simple random sampling technique. The results showed that liquidity and solvency had no significant effect on the profitability of women entrepreneurs in Malang Regency, while assets had a significant influence on the profitability of women entrepreneurs in Malang Regency. This finding seeks to allocate sources of funds in order to carry out investment activities, provide liquid assets so that they do not lose if at any time they are disbursed, provide guarantees of their own capital to pay off long-term debts, utilize all assets owned in order to increase income.]]>
<![CDATA[Perbandingan Tingkat Akurasi Model Prediksi Financial Distress pada Perusahaan Sektor Property dan Real Estate ]]>
<![CDATA[Linda Ariany Mahastanti]]>;
<![CDATA[Astri Dian Utami]]>
<![CDATA[ AFRE (Accounting and Financial Review) Vol 5, No 1 (2022): March ]]>
Publisher : <![CDATA[Postgraduate Program Merdeka University ]]>
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DOI: 10.26905/afr.v5i1.7526
<![CDATA[This study aims to find the most accurate financial distress prediction model for use in the property and real estate sectors listed on the Indonesia Stock Exchange. The financial distress prediction models used in this study are the Altman model, the Springate model, the Zmijewski model, and the Grover model. The population in this study amounted to 79 of property and real estate sector companies listed on the IDX. There are 28 companies in this study that were used as research samples with a total of 112 observations for 4 periods. The sampling process used a purposive sampling technique. The data analysis method used is a different test using McNemar Test on SPSS version 26, the data from the model predictions are compares with sample category 1 (financial distress) and category 0 (non-financial distress). This study also uses robustness check to test the robustness of the first prediction results. The results showed that Grover model was the most accurate predictive model with an accuracy rate of 88 percent, then the Altman model at 76,8 percent, the Springate model at 55,3 percent, and the Zmijewski model at 68 percent.]]>
<![CDATA[Analysis of Volatility Spillover in African Stock Markets: Evidence from Nigeria, Ghana, and South Africa ]]>
<![CDATA[Peter Ali]]>;
<![CDATA[Samuel M Nzotta]]>;
<![CDATA[A.B.C Akujuobi]]>;
<![CDATA[C.E. Nwaimo]]>
<![CDATA[ AFRE (Accounting and Financial Review) Vol 5, No 1 (2022): March ]]>
Publisher : <![CDATA[Postgraduate Program Merdeka University ]]>
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DOI: 10.26905/afr.v5i1.7547
<![CDATA[The purpose of this paper was to analyze stock market return volatility spillover between in Sub-Sahara markets using Nigeria, Ghana and South Africa monthly data from January 2000 to December 2017. Preliminary analyses from descriptive statistics show that show mean monthly returns are positive for all the stock markets. Skewness coefficients show that the stock returns and interest rates distribution of all Sub-Sahara Africa stock markets are negatively skewed but inflation rate is positively skewed for Nigeria and South Africa, and flat for Ghana. Excess kurtoses are positive for all the stock markets and macroeconomic indicators, and Jarque-Bera statistics indicate the stock markets’ series and macroeconomic indicators are not normally distributed. The Unit roots tests results indicate that all the stock markets and macroeconomic indicators are first difference stationary. The results of multivariate BEKK-GARCH (1,1) model show evidence of volatility spillover in Sub-Sahara Africa stock markets. We therefore recommend amongst others that stock market authorities should formulate and implement policies that would mitigate any negative effect of stock return volatility on the wealth of retail investors so as to sustain investors’ confidence in the African stock markets. This will eliminate the destabilising impact on the investors’ confidence on the markets.]]>
<![CDATA[Organizational Commitment as Moderating the Relationship between Professional Commitment, Locus of Control, and Professionalism on Whistleblowing Intention ]]>
<![CDATA[Vierina Clyde]]>;
<![CDATA[Imam Abu Hanifah]]>;
<![CDATA[Munawar Muchlish]]>
<![CDATA[ AFRE (Accounting and Financial Review) Vol 5, No 1 (2022): March ]]>
Publisher : <![CDATA[Postgraduate Program Merdeka University ]]>
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DOI: 10.26905/afr.v5i1.7515
<![CDATA[The purpose of this study was to determine the effect of organizational commitment as moderating the relationship between professional commitment, locus of control, and professionalism on whistleblowing intention. The population were all 87 Government Internal Supervisory Apparatus (APIP) at the Inspectorate of Banten Province. This study used primary data to obtained important information from the respondents by using purposive sampling method. SmartPLS 3.3.3 was used to analyze the research purpose, that consist are descriptive statistics and hypothesis tested. The result showed that: First, professional commitment has a positive significant relationship toward whistleblowing intention. Second, the locus of control has a positive significant relationship toward whistleblowing intention. Third, professionalism has a positive significant relationship toward whistleblowing intention. Forth, organizational commitment moderate the relationship between professional commitment toward whistleblowing intention. Fives, organizational commitment moderate the relationship between locus of control toward whistleblowing intention. Six, organizational commitment moderate the relationship between professionalism toward whistleblowing intention.]]>
