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AFRE Accounting Financial Review
Published by Universitas Merdeka Malang
ISSN : 25987763     EISSN : 25987771     DOI : https://doi.org/10.26905/afr
Core Subject : Economy,
Economics, Econometrics & Finance
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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Articles 138 Documents
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Respon Jangka Pendek Pasar Saham Indonesia terhadap Wabah Pandemi Covid-19 Kristiana Oktavia; Robiyanto Robiyanto; Harijono Harijono
AFRE (Accounting and Financial Review) Vol 5, No 2 (2022): July 2022
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v5i2.7601

Abstract

The Indonesian stock market's response to the pandemic Covid-19 outbreak uses the event study method with abnormal return technical tools. This study aims to determine the stock market response to Covid-19, namely responding significantly negative and not because many stocks in other countries were affected by Covid-19. This event study method had carried out observations from 12 days before the announcement to 30 days after the announcement of Covid-19. The results of the data show that the data has no significant effect before and after the announcement by t-statistical analysis. In the significance test with daily observation data, the average abnormal return has no significant effect  before the announcement. Then, after the announcement, the average normal return on the 5th, 8th, 15th, 17th and 26th day responded significantly negative, although not entirely. The results of this study indicate that the response of the Indonesian stock market is significantly negative due to the Covid-19 outbreakDOI: https://doi.org/10.26905/afr.v5i2.7601
Kinerja Keuangan Terhadap Nilai Perusahaan: Peran GIC dan CSR Sebagai Pemoderasi Maelly Widiana Putri; Achmad Murdiono
AFRE (Accounting and Financial Review) Vol 5, No 3 (2022): November 2022
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v5i3.7899

Abstract

The purpose of this study was to examine the effect of financial performance on firm value moderated by green intellectual capital (GIC) and corporate social responsibility (CSR). This study uses mining companies listed on the Indonesia Stock Exchange (IDX). The side technique used is purposive sampling. The data used is secondary data in the form of company annual reports for 2017-2020. The data analysis technique was carried out using the partial least square method. The results showed that financial performance affects firm value. However, green intellectual capital cannot moderate the relationship between financial performance and firm value. Meanwhile, corporate social responsibility can strongly moderate the relationship between financial performance and firm value. DOI: https://doi.org/10.26905/afr.v5i3.7899 
Fraud Pentagon dalam Mendeteksi Fraudulent Financial Reporting pada Perusahaan BUMN Nur Hidayah K Fadhilah; Siti Rukoyah; Heliani Heliani
AFRE (Accounting and Financial Review) Vol 5, No 3 (2022): November 2022
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v5i3.7966

Abstract

The purpose of this study is to examine the fraud factors of the pentagon fraud theory in detecting fraudulent financial reporting in state-owned companies for the 2016-2019 period. The independent variables of this research are financial target, financial stability, external pressure, ineffective monitoring, external auditor quality, change in auditor, change in directors frequent number of CEO's pictures, meanwhile the dependent variable of this research is fraudulent financial reporting. The number of samples in the study was 164, which came from 41 companies. Purposive sampling is a sampling technique. Data analysis using logistic regression. The results of the study prove that change in auditor has an influence on fraudulent financial reporting. On the other hand, financial target, financial stability, external pressure, ineffective monitoring, external auditor quality, change in directors dan frequent number of CEO's pictures have no effect on fraudulent financial reporting.DOI: https://doi.org/10.26905/afr.v5i3.7966
Determinants of Consumptive Behavior of Generation Z: The Moderating Role of Financial Literacy Mukmin Mukmin; Jufrizen Jufrizen; Nadia Ika Purnama; Ade Gunawan; Satria Tirtayasa
AFRE (Accounting and Financial Review) Vol 5, No 3 (2022): November 2022
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v5i3.9514

Abstract

The purpose of this study was to determine the effect of Lifestyle, Self-Concept and Peer Groups on Consumptive behavior, and to examine the role of Financial Literacy in moderating the influence of Lifestyle, Self-Concept and Peer Groups on Consumptive behavior. This study uses a quantitative approach. To determine the size of the sample used Maximum Likelihood estimation in the Structural Equation Model (SEM) of 100-200 samples, then researchers will take a sample of 100-200 respondents to fulfill one of the requirements for a data analysis approach using SEM. As a result, as many as 167 students were used as research samples. The results of the study show that lifestyle, self-concept and peer groups have a positive and significant effect on consumptive behavior. Financial Literacy does not play a role in moderating the effect of Lifestyle and self-concept on Consumptive behavior. Financial Literacy plays a role in moderating the influence of Peer Groups on Consumptive behavior.DOI: https://doi.org/10.26905/afr.v5i3.9514
Growth Opportunity and Firm Value in Indonesian Manufacturing Firms Sugeng Haryanto; Sunardi Sunardi; Eko Ariestanto; Prihat Assih; Adi Suroso; Zaenal Aripin
AFRE (Accounting and Financial Review) Vol 5, No 3 (2022): November 2022
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v5i3.8936

Abstract

This study aims to analyze the effect of investment decisions, funding decisions, dividend decisions on firm value and whether growth opportunity affects the relationship between investment policy, funding policy and dividend policy on firm value. This research was conducted on a manufacturing company that went public on the Indonesia Stock Exchange. The number of samples in the study was 92 companies with a research period of 2015-2020 so that the amount of data analysis was 552. The data analysis technique used moderated regression analysis (MRA). The results of the study found that investment decisions have a negative effect on firm value. While funding decisions, dividend decisions have a positive effect on firm value. Growth opportunity is able to strengthen the influence of investment decisions on firm value. Growth opportunities weaken funding and dividend decisions. The results of this study indicate that growth opportunity is important information for investors, because it will be related to the sustainability and prospects of the company in the future.DOI: https://doi.org/10.26905/afr.v5i3.8936
Religiusitas dan Perilaku Kecurangan Akademik Mahasiswa di Masa Pandemi Covid-19 Diana Br Sihite; Evi Maria
AFRE (Accounting and Financial Review) Vol 5, No 3 (2022): November 2022
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v5i3.8049

Abstract

The purpose of this research is to examine the effect of religiosity and academic cheating of accounting students on online learning during the Covid-19 pandemic. This research was conducted on accounting students at Satya Wacana Christian University, with a total sample of 150 students. Data was collected from questionnaires distributed via email and other social media using google forms. Data were analyzed using linear regression analysis. The results of the research found that religiosity had a negative effect on the academic cheating behavior of accounting students during the Covid-19 pandemic. This means, the higher the level of religiosity of accounting students, the lower the level of academic cheating committed by accounting students during online learning during the pandemic, and vice versa. Therefore, the Accounting Study Program needs to increase the religiosity of its students, so that academic fraud can be reduced and the program can produce accountants and auditors who are honest and with integrity.DOI: https://doi.org/10.26905/afr.v5i3.8049
Kinerja Keuangan Badan Layanan Umum Bidang Pendidikan Sebelum dan Saat Pandemi Covid-19 Akidah Fitrah
AFRE (Accounting and Financial Review) Vol 5, No 3 (2022): November 2022
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v5i3.8404

Abstract

The purpose of this study was to analyze the financial performance of the Public Service Agency for Education before and during the COVID-19 pandemic in 2019-2020 with the object of research being the Universitas Negeri Malang. This research is a comparative descriptive research. The data source used is secondary data in the form of financial statements for 2019 and 2020 which have been reviewed by the Internal Audit Unit and have been audited by an external auditor. The data analysis method uses financial ratios and paired sample t-test to answer the hypothesis. Assessment of financial performance is based on the Regulation of the Director General of Treasury of the Ministry of Finance Number PER-32/PB/2014 concerning Guidelines for Performance Assessment of Public Service Agencies in the Education Sector using financial ratios with scoring. The total financial ratio score in 2019 or before the Covid-19 pandemic was 13.35 while the total financial ratio score in 2020 or during the Covid-19 pandemic was 11.50. With a maximum score of financial performance aspect of financial ratios based on the Regulation of the Director General of Treasury of the Ministry of Finance Number PER-32/PB/2014 of 19.5 indicates that the financial performance of Universitas Negeri Malang is still in the good category. The results showed that there was no effect of the Covid-19 pandemic on the financial performance of the Universitas Negeri Malang in 2020.
Value Risk Premium, Investor Sentiment and Stock Returns in Kenya. Nebat Galo Mugenda; Tobias Olweny; Joshua M Wepukhulu
AFRE (Accounting and Financial Review) Vol 5, No 3 (2022): November 2022
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v5i3.6637

Abstract

AbstractThis study sought to investigate the role of investor sentiment in the relationship between value risk premium and stock returns in Kenya, controlling for effect of market, size, profitability and asset growth. The variables were anchored on postulations in the Dividend Valuation Model. The study utilized monthly time series data on 60 firms listed at the NSE from 2011-2019. The result of ADF and P-P tests indicated a mix of variables stationary at level and 1st difference. The F-bounds cointegration test revealed long-run relationship among variables thus requiring estimation of both ARDL and VEC models. Results show weak evidence for existence of value risk premium at the NSE using the main effects model. The pricing effect of value risk premium is however enhanced in the interaction model. The interaction though not significant implying that there is no moderating effect of sentiment. Investors can therefore strategically build up their portfolios to allocate more funds to high book-to-market equity stocks and earn relatively high returns regardless of the market condition. The study further recommends a pricing model that incorporates investor sentiment as additional source of systematic risk in cost of capital decisions at the NSE.DOI: https://doi.org/10.26905/afr.v5i3.6637
The Effect of Carbon Performance, Foreign Ownership, and Firm Size on Carbon Emission Disclosure Cahyaningsih, Cahyaningsih; Rahmadiah, Deva Anggraeni
AFRE (Accounting and Financial Review) Vol. 7 No. 2 (2024): Vol. 7 No. 2 Juni 2024
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v7i2.10923

Abstract

This study analyzes the effect of carbon performance, foreign ownership, and firm size on carbon emission disclosure. Based on the sample selection criteria, researchers analyzed 14 companies from the energy, raw goods, and primary consumer goods sectors listed on the Indonesia Stock Exchange for 2019-2021. The analytical method used is panel data regression analysis with a random effect model. The results of the study show that carbon performance positively affects on carbon emission disclosure. Companies with high carbon emissions tend to disclose more carbon emission items. Foreign ownership and firm size negatively affect carbon emission disclosure. Companies with fewer foreign investors and fewer assets disclose their carbon emissions to earn investors' trust and improve their access to sources of capital necessary for business growth and development.DOI: https://doi.org/10.26905/afr.v7i2.10923
Firm Value in The Financial Sector: Enterprise Risk Management, Islamic Social Reporting, and Profitability Disclosure Maulana, Hartomi; Asmarani, Mutia; Astuti, Rahma Yudi; Hastuti, Ely Windarti; Ramdani Harahap, Soritua Ahmad
AFRE (Accounting and Financial Review) Vol. 7 No. 2 (2024): Vol. 7 No. 2 Juni 2024
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v7i2.11418

Abstract

This study aims to analyse the effect of disclosure of ERM, ISR and Profitability on the value of financial sector companies listed on the Sharia Securities List for four periods (2018-2021). The data obtained by researchers were 4 financial sector companies listed on the Sharia Securities List for four periods (2018-2021). The method used in this research is descriptive quantitative, with panel data regression analysis in the data analysis. The results found in this study are, there is no relationship between ERM and the value of financial sector companies. Then there is a negative relationship between ISR and firm value. However, in Profitability and the value of financial sector companies there is a significant positive influence. Likewise, the results of the simultaneous significane test conducted on firm value have a significant positive effect.DOI: https://doi.org/10.26905/afr.v7i2.11418

Page 11 of 14 | Total Record : 138

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