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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 68 Documents
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Examining the moderating role of religiosity on taxpayer awareness, digital tax services, and taxpayer compliance Bayu Adi; Siti Istikhoroh
AFRE (Accounting and Financial Review) Vol. 9 No. 1 (2026): March 2026
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v9i1.15129

Abstract

This study examines the influence of taxpayer awareness and tax service digitalization on taxpayer compliance and investigates the moderating role of religiosity. A total of 100 respondents were selected using purposive sampling, and the data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine relationships among the study variables. The findings indicate that taxpayer awareness positively affects taxpayer compliance, suggesting that individuals with greater awareness of their tax obligations tend to demonstrate higher compliance. Tax service digitalization was also found to positively influence taxpayer compliance, indicating that accessible and efficient digital tax services support compliance behavior. Religiosity strengthened the relationship between taxpayer awareness and compliance, suggesting that religious values reinforce the influence of awareness on taxpayers’ decisions to comply. However, religiosity did not moderate the relationship between tax service digitalization and compliance. One possible explanation is that, where digital tax services have become routine administrative mechanisms, their effectiveness may depend more on technological and service-related factors than on religious values. This study contributes to the tax compliance literature by integrating behavioral, technological, and moral perspectives within a single framework. The findings also highlight the importance of combining taxpayer education initiatives with accessible and high-quality digital tax services to support voluntary taxpayer compliance.
Digital taxation and tax compliance in Indonesian Marketplaces: A qualitative study of Shopee Sellers Rodhiyah Rodhiyah; Andi Iswoyo; Antoni Antoni; Pujianto Pujianto
AFRE (Accounting and Financial Review) Vol. 9 No. 1 (2026): March 2026
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v9i1.16896

Abstract

This study examines how Indonesian marketplace sellers interpret and respond to evolving income tax arrangements in e-commerce, focusing on inclusivity and practical compliance in platform-based trade. Previous studies on digital taxation have largely focused on measurable compliance outcomes using quantitative approaches, providing limited understanding of how MSME sellers interpret settlement deductions in marketplace transactions. Using an interpretive qualitative case study approach, semi-structured interviews were conducted with five active Shopee sellers representing different product categories and seller tiers. The findings reveal three main themes. First, sellers experience a perception–regulation gap, as deductions displayed in transaction settlements are often interpreted as taxes, although they may also include platform fees and other charges. This creates uncertainty regarding the nature of the deductions and contributes to perceptions of unfairness. Second, sellers adopt various margin-protection strategies, including price adjustments, product modifications, and the use of paid platform services. Third, sellers’ express expectations for a more transparent and practical system, including clearer invoice labeling, simplified procedures for micro sellers, and integrated guidance within marketplace platforms. This study contributes to the literature by highlighting how transparency, administrative burden, and platform governance shape sellers’ perceptions of digital taxation and tax compliance. As an exploratory qualitative study based on a small sample from a single marketplace, the findings should be interpreted within their context.
Green innovation and firm value: The mediating role of financial performance in Indonesian Non-Financial Firms Inez Rieke Dewanti; Rr. Sri Saraswati
AFRE (Accounting and Financial Review) Vol. 9 No. 1 (2026): March 2026
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v9i1.17184

Abstract

This study examined the effects of green process and green product innovation on firm value, with financial performance serving as a potential mediating mechanism. Financial performance was measured using Return on Assets (ROA) and Return on Equity (ROE), while firm value is assessed using Tobin’s Q. Following financial-data revalidation and outlier treatment, the study utilized a balanced panel dataset of 273 non-financial companies listed on the Indonesia Stock Exchange during 2021–2024, comprising 1,092 firm-year observations. Panel-data regression and Sobel mediation tests are applied to evaluate the proposed relationships. The results indicated that neither green process nor green product significantly affects ROA. Green process showed a marginally significant negative effect on ROE at the 10 percent level, whereas green product has no significant effect on ROE. In terms of firm value, green process showed a significant negative effect, while green product showed a marginally significant negative effect. Furthermore, neither ROA nor ROE significantly influences firm value, and neither variable mediates the relationship between green innovation and firm value. The study integrated Signaling Theory, the Resource-Based View, and Legitimacy Theory to explain how green innovation may function as a non-financial signal, strategic capability, or legitimacy-related activity. The findings implied that environmental initiatives and disclosures are more likely to be valued by investors when they are accompanied by measurable economic outcomes.
ESG, environmental innovation, and corporate profitability: Evidence of direct and lagged effects from Indonesia Tarsisius Renald Suganda; Dorothy Srikandi Halim; Probowo Erawan Sastroredjo; Boymurodov Farrukh Farkhod ugli
AFRE (Accounting and Financial Review) Vol. 9 No. 2 (2026): July 2026
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v9i2.16932

Abstract

This study investigates whether environmental innovation serves as a mechanism through which ESG performance influences corporate profitability in an emerging market context. While prior studies showed a direct association between ESG and firm performance, evidence on the mediating role of environmental innovation remains limited, particularly in Indonesia. Using panel data from all non-financial firms listed on the Indonesia Stock Exchange during 2012-2023, this study employs fixed-effects regression, mediation analysis, and lagged-effect testing. ESG performance is measured by ESG scores, environmental innovation is proxied by environmental innovation scores, and profitability is assessed using return on assets (ROA) and return on equity (ROE). The results indicate that ESG performance positively affects both environmental innovation and profitability. Environmental innovation significantly improves ROE and shows a weaker contemporaneous effect on ROA, while lagged analyses show positive impacts on both profitability measures. The findings extend the ESG-performance literature by demonstrating that environmental innovation acts as a transmission mechanism through which ESG performance generates financial benefits over time in an emerging market setting. For managers and policymakers, the results underscore the importance of aligning ESG initiatives with environmental innovation strategies and supportive regulatory incentives to enhance long-term profitability and sustainable value creation.
Revisiting board size, return on assets, and tax avoidance using Dynamic Panel Analysis: Evidence from Indonesia Ani Siska MY; Muhammad Ramadhani
AFRE (Accounting and Financial Review) Vol. 9 No. 2 (2026): July 2026
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v9i2.16959

Abstract

This study investigates the influence of board size and return on assets (ROA) on tax avoidance, as well as the moderating role of board size in the relationship between ROA and tax avoidance among property and real estate companies listed on the Indonesia Stock Exchange (IDX) during 2020-2024. A quantitative approach is applied within balanced panel data, while Two-Step System Generalized Method of Moments (GMM) is utilized to address endogeneity and capture dynamic relationships among variables. The results show that board size has a positive effect on tax avoidance, indicating that larger boards tend to be associated with higher levels of tax avoidance. In contrast, ROA negatively affects tax avoidance, suggesting that more profitable firms are less likely to engage in aggressive tax planning. The findings also reveal that board size moderates the relationship between ROA and tax avoidance by weakening the negative effect of profitability in tax avoidance through enhanced monitoring and oversight functions. These results emphasize the significance of corporate governance mechanisms in influencing corporate tax behavior and provide implications for regulators and companies in promoting tax compliance while maintaining operational efficiency.
Do foreign ownership and board characteristics matter for carbon emission disclosure in Indonesian banks? Khairun Nisaa; Doddy Setiawan
AFRE (Accounting and Financial Review) Vol. 9 No. 2 (2026): July 2026
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v9i2.16995

Abstract

This study analyzes the impacts of foreign influence on carbon emission disclosure across three dimensions: foreign ownership, foreign directors, and directors’ international experience. A dataset utilized in this study is 325 observations to 43 conventional commercial banks listed on the Indonesia Stock Exchange (IDX) over the period 2017–2024. Employing multiple linear regression with a fixed-effects model (FEM) in Stata 17, the findings reveal that foreign ownership shows no significant effect on CED. Implying the legitimacy pressure from ownership alone, as proposed by Legitimacy Theory, is insufficient without direct board involvement. In contrast, foreign directors and directors’ international experience demonstrates significantly affect CED, supporting Upper Echelons Theory, by which explains this effect through directors' characteristics. These findings suggest that director characteristics is driven more than foreign ownership in affecting carbon emission disclosure, highlighting the role of corporate governance in supporting the achievement of the Sustainable Development Goals (SDGs) in the Indonesian banking sector. This study contributes to the carbon disclosure and corporate governance literature by identifying three dimensions of foreign influence into a single analytical framework, as compared to previous studies that examined these factors separately, thus offering a more comprehensive governance perspective on how the involvement of foreign attributes can shape firms' strategic decisions to enhance carbon emission transparency.
Audit committee, real earnings management, and firm value: Evidence from Indonesia Arya Pradipta; Magda Siahaan
AFRE (Accounting and Financial Review) Vol. 9 No. 1 (2026): March 2026
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v9i1.17122

Abstract

This study investigates how audit committee effectiveness and real earnings management influence firm value by examining the mediating role of profitability and the moderating role of the debt-to-equity ratio (DER). Although prior studies have documented the direct effects of corporate governance and earnings management on firm value, limited evidence explains the underlying mechanism through which these relationships operate under different capital structure conditions. Using secondary data from 330 firm-year observations of Indonesian manufacturing companies during 2022–2024, this study employs Partial Least Squares Structural Equation Modeling (PLS-SEM), which is appropriate for simultaneously estimating multiple direct, mediating, and moderating relationships within a complex structural model. The results indicate that the audit committee improves firm value indirectly through profitability, whereas real earnings management negatively affects firm value. Furthermore, DER moderates these relationships, indicating that leverage alters the effectiveness of governance and profitability in enhancing firm value. Theoretically, this study extends Contingency Theory by demonstrating that capital structure conditions shape governance effectiveness. Methodologically, it illustrates the usefulness of PLS-SEM for simultaneously evaluating mediation and moderation effects in corporate governance research. From an accounting perspective, the findings provide evidence that governance quality, earnings management, and capital structure jointly influence firm value through financial performance.
Do green accounting and sustainability performance improve energy firms’ financial performance? Gema Sri Basyir; Lilik Handajani; Ayudia Sokarina
AFRE (Accounting and Financial Review) Vol. 9 No. 1 (2026): March 2026
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v9i1.17181

Abstract

This study aims to analyze the effect of green accounting and sustainability performance on the financial performance of energy sector companies listed on the Indonesia Stock Exchange. The research sample consisted of 15 energy sector companies during the 2019–2024 period, with a total of 90 observations obtained through purposive sampling. This study employed a quantitative approach using panel data regression analysis techniques. The results indicate that green accounting has a positive and significant effect on financial performance as measured by ROA and ROE, but a negative and significant effect on market performance as measured by Tobin’s Q. These findings suggest that environmental accounting practices provide more evident benefits for the company’s internal profitability, although such practices have not yet been fully perceived positively by the market. Meanwhile, sustainability performance, proxied by PROPER, has no significant effect on financial performance as measured by ROA and ROE, nor on market performance as measured by Tobin’s Q, indicating that environmental performance has not yet been translated into an increase in the company’s economic value. The implications of this study suggest that energy sector companies need to integrate green accounting and sustainability practices more strategically, so that they are not merely compliance-oriented, but are also able to strengthen internal profitability and enhance firm value in the long term.

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