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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 73 Documents
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External commodity uncertainty and accounting conservatism: Evidence from Indonesian Mining Firms Hairul Anam; Soegiharto Wijaya; Sudarmo
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.v9i2.17169

Abstract

Commodity-market instability changes several aspects in extractive firms: future cash flows, asset recoverability, impairment risk, and the credibility demands. This study examines whether commodity price volatility is associated with accounting conservatism and whether that association increase significantly under political-cost exposure and environmental scrutiny. The analysis includes 198 firm-year observations from Indonesian mining firms listed on the Indonesia Stock Exchange during 2014–2024. Accounting conservatism is measured through negative accruals scaled by total assets, while commodity price volatility is calculated as the annual standard deviation of monthly log returns for the benchmark commodity matched to each firm’s dominant activity. Two-way fixed-effects regressions with heteroscedasticity-robust standard errors show that commodity price volatility, political-cost exposure, and environmental scrutiny are positively associated with conservatism. Both interaction terms are also positive and significant. Economically, a one-standard-deviation increase in volatility corresponds to a 0.0066 increase in CONACC, approximately 13.5 percent of its sample mean. The marginal effect of volatility is larger at higher levels of political-cost exposure and environmental scrutiny. The findings support a conditional reporting-response explanation: external uncertainty, particularly in commodity, is associated with greater prudence, particularly when firms face stronger political visibility and environmental accountability. The study extends positive accounting, stakeholder, and legitimacy perspectives to an emerging-market extractive industry setting while recognizing that the observational design does not establish experimental causality.
Risk-adjusted performance, performance persistence, and portfolio diversification of multi-crypto exchange-traded products Guntur Kharisma Putra; Irwan Adi Ekaputra
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.v9i2.17399

Abstract

The proliferation of cryptocurrency-based exchange-traded products (ETPs) presents investors with a product-selection and portfolio-allocation challenge that the existing literature has examined only partially. This study constructs an exploratory, integrated four-stage investor-facing framework, including: risk-adjusted performance, out-of-sample persistence, cross-asset positioning, and portfolio diversification. The framework was applied to fifteen multi-crypto ETPs spanning Canada, Switzerland, the United States, and Brazil over 1 June 2022 to 31 December 2025. The performance varies; annual returns ranged from −34.68% to 46.24% and rankings shift materially when downside-risk metrics were applied. The persistence evidence is statistically insignificant; the Top-minus-Bottom spread is 0.64% per month (Newey-West t = 0.63), implying that historical alpha has limited predictive value. The ETPs occupy a distinct risk–return profile relative to BTC, ETH, gold, and the domestic equity index. In the portfolio stage, a 10% BTC sleeve shows the largest improvement in which the annualized return of +4.00%, Sharpe +0.253, with stable volatility and improved downside, thus combining a return effect and a diversification effect. A diversified ETP sleeve provides the most convincing ETP-based alternative, consistently outperforming a single-product sleeve on risk-adjusted metrics and turnover. The explained advantage widens once transaction costs are applied. Ultimately, the value of cryptocurrency exposure is conditional, depending on instrument form, allocation size, and investor access to spot assets.
ESG performance and firm performance: The mediating role of green technology innovation disclosure in Indonesian Firms Ajeng Tita Nawangsari; Bima Rafly Fachrezzi
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.v9i2.17410

Abstract

Abstract The increasing necessities of sustainable development has driven attention towards the relationship between Environmental, Social, and Governance (ESG) and firm financial performance, specifically for environmentally sensitive sectors. The available empirical results are still limited, and very few studies particularly examine whether Green Technology Innovation Disclosure (GTID) can act as a mediator between ESG and firm performance in emerging markets. This research attempts to examine the relationship between ESG and firm performance while testing the mediating role of GTID on energy and industrial companies listed on Indonesia Stock Exchange (IDX). Using a balanced panel data set of 82 companies over 4 years (2021-2024) with total 328 observations, by employing fixed-effects panel regression and the Generalized Structural Equation Modeling (GSEM) with 5,000 bootstrap replications estimate the indirect effect. The result indicated Insufficient evidence of a positive association between ESG and return on assets (ROA) that statistically significant at 10 percent. However, this relationship is sensitive to alternative specifications, as the ESG coefficient becomes statistically insignificant when return on equity (ROE) is used and is statistically significant only around the median of the conditional ROA distribution. More importantly, ESG performance is not significantly associated with GTID, GTID is not significantly associated with ROA, and the bootstrapped indirect effect is statistically insignificant. Thus, the findings do not support GTID as a mediating mechanism between ESG performance and firm performance. The study highlights the importance of distinguishing disclosure-based green technology measures from the substantive implementation and economic intensity of actual green technological innovation when evaluating their financial implications.

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