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Muhammad Khoiruddin Harahap
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Politeknik Ganesha Jl. Veteran Jl. Manunggal No.194 Labuhan Deli, Deli Serdang, Sumatera Utara Indonesia
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Owner : Riset dan Jurnal Akuntansi
Published by Politeknik Ganesha Medan
ISSN : 25487505     EISSN : 25489224     DOI : 10.33395/owner
Core Subject : Economy,
Economics, Econometrics & Finance
Owner (Riset dan Jurnal Akuntansi) adalah jurnal akademik yang berlandaskan nilai nilai keilmiahan. Owner diterbitkan 2 kali dalam setahun dengan periode Februari dan Agustus dipublikasikan oleh Program Studi Akuntansi Perguruan Tinggi Politeknik Ganesha Medan. Ruang Lingkup : Akuntansi Keuangan; akuntansi biaya; Pajak; Audit; Sistem informasi akuntansi; Pendidikan akuntansi; Akuntansi lingkungan dan sosial; Akuntansi untuk organisasi nirlaba; Akuntansi sektor publik; Tata kelola perusahaan: akuntansi / keuangan; Masalah etika dalam akuntansi dan pelaporan keuangan; Keuangan perusahaan; Investasi, derivatif; Perbankan; Pasar modal.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 1,502 Documents
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Capital Structure and Firm Value in Consumer Cyclicals: The Weakening Moderating Role of Profitability During Market Volatility 2021-2024 Fatimah; Tubastuvi, Naelati; Handayani, Erna; Fauziridwan, Meydy
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2937

Abstract

This study examines the influence of capital structure, investment decisions, and firm size on firm value, with profitability as a moderating variable. The novelty of this research lies in demonstrating that profitability weakens the relationship between capital structure and firm value, a finding that contrasts with most prior studies, and in employing a Fixed Effect Model (FEM) with Driscoll–Kraay standard errors to address heteroskedasticity. The sample consists of 38 firms selected from 163 consumer cyclical companies listed on the Indonesia Stock Exchange during 2021–2024, resulting in 152 firm year observations. The FEM Driscoll–Kraay results show that capital structure has a positive and significant effect on firm value, indicating that higher leverage can increase market confidence and enhance firm valuation. However, the moderation test reveals that profitability significantly weakens the effect of capital structure on firm value, meaning that when profitability increases, the contribution of leverage to firm value becomes less influential. Meanwhile, investment decisions and firm size do not significantly affect firm value, nor are their relationships moderated by profitability. These findings imply that managers must adjust leverage policies carefully during periods of high profitability, as its value-enhancing impact diminishes, while investors should prioritize analyzing capital structure and profitability as key indicators of firm strength.
Pengaruh Foreign Ownership terhadap Transfer Pricing dengan Implikasi terhadap Tax Avoidance (LQ45 2018-2023) Rosmawati, Dessy; Christine, Debbie
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2938

Abstract

This study uses a quantitative approach focusing on companies listed on the Indonesia Stock Exchange that are part of the LQ45 Index between 2018-2023. The sample selection uses purposive sampling. Data comes from secondary sources, found on idx.co.id. This study combines path analysis and panel data, testing using EViews 13. This study uses a robustness test to measure the robustness of the data from the research results. Structure I selected the Random Effect Model (REM), and structure II used the Common Effect Model (CEM). The results show that foreign ownership has a negative effect on transfer pricing, with a t-prob value of 0.0000 < 0.05 and a coefficient of -0.3788. Similarly, foreign ownership has a negative effect on tax avoidance, with a t-prob value of 0.0000 < 0.05 and a coefficient of -0.0255. However, transfer pricing has no effect on tax avoidance, as the t-prob. value of 0.2020 > 0.05. The Sobel test results show a value of 1.2476 < 1.96, indicating that transfer pricing does not act as a mediator between foreign ownership and tax avoidance. From a theoretical perspective, these results suggest that foreign ownership serves as a control mechanism that helps reduce aggressive transfer pricing for tax avoidance. The negative effect of transfer pricing on tax avoidance implies that transfer pricing policies are more related to operational efficiency than exploiting tax opportunities. The Sobel test results also support the idea that the relationship between foreign investors and tax authorities is not affected by transfer pricing policies.
Analisis Kesuksesan Implementasi Sistem Aplikasi Keuangan Tingkat Instansi (SAKTI) Modul Aset Tetap Utama, Wahyu Budi; Suwardi, Eko
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2940

Abstract

The Institution Level Financial System Application (SAKTI) is a nationally mandated integrated financial system developed to strengthen transparency and accountability in Indonesia’s public financial management. This study aims to evaluate the success of implementing the Fixed Assets Module of SAKTI in working units under Directorate General of Taxes Regional Office – Central Java II, using the DeLone and McLean Information System Success Model. A qualitative case study approach was employed, involving nine informants selected through purposive sampling. Data were collected via literature review, observation, and semi-structured interviews, and analyzed through data reduction, presentation, and conclusion drawing. The results reveal that system quality, information quality, and service quality remain constrained by issues such as data synchronization, limited training, and technical terminology comprehension. In contrast, user satisfaction and net benefits show positive outcomes, especially regarding efficiency, accessibility, and reporting accuracy. Overall, the implementation of the Fixed Assets Module is deemed moderately successful. This study contributes to the literature by providing an in-depth qualitative evaluation of a mandatory public financial system in Indonesia, highlighting the importance of technical support enhancement, regular user training, and improved system integration to optimize the module’s performance and sustainability.
Determinants of Carbon Emission Disclosure Among Indonesian SOEs: Empirical Evidence from Firm Size and Leverage Dynamics (2021–2024) Satria, Muhammad Rizal
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2941

Abstract

This study examines the influence of firm size and leverage on carbon emission disclosure among Indonesian State-Owned Enterprises (SOEs) during the period 2021–2024. Using secondary data obtained from sustainability and annual reports, this research adopts a quantitative associative approach with a sample of nineteen SOEs, resulting in seventy-six firm-year observations. Carbon emission disclosure is measured using a comprehensive index based on the Global Reporting Initiative (GRI) 305 Emissions standard, employing a structured content analysis of thirty-seven disclosure items. Multiple linear regression analysis is conducted after fulfilling classical assumption tests, including normality, multicollinearity, and heteroskedasticity diagnostics. The findings indicate that firm size is positively associated with carbon emission disclosure, suggesting that larger enterprises tend to disclose carbon-related information more extensively. In contrast, leverage is negatively associated with disclosure, indicating that firms with higher debt levels are less inclined to engage in voluntary carbon reporting. These results highlight the joint role of organisational scale and financial structure in shaping environmental transparency. To ensure robustness, additional analyses are performed using alternative variable proxies, winsorisation of extreme values, heteroskedasticity-consistent estimators, extended models with control variables, and panel data specifications. The results remain consistent across alternative estimations. This study addresses a gap in the literature by focusing exclusively on State-Owned Enterprises, which operate under heightened public accountability yet remain underexplored in carbon disclosure research. The key novelty lies in demonstrating that financial constraints, reflected through leverage, constitute a more persistent determinant of carbon emission disclosure than organisational size within publicly owned enterprises. This study is subject to limitations related to its SOE-specific focus and reliance on report-based disclosure data, providing avenues for future research in broader ownership and institutional contexts.
Dinamika Kebijakan Dividen Pasca-Pandemi: Studi Empiris pada Perusahaan Manufaktur di Indonesia Arisanti, Dessy; Burhanudin, Burhanudin
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2942

Abstract

This study examines the dynamics of dividend policy in manufacturing companies listed on the Indonesia Stock Exchange during the post-pandemic period of 2020–2024. Using panel data regression analysis, 40 manufacturing firms were selected through purposive sampling and analyzed using Eviews 12 software. Empirical evidence on corporate dividend policy behaviour in the post-pandemic period, particularly in developing countries, is still limited and shows inconsistent results. The results show that leverage and profitability have a negative and significant effect on dividend policy. This finding contradicts the signalling theory perspective and is important because it indicates that in the post-pandemic period, manufacturing companies in Indonesia prioritise profit retention to strengthen financial resilience and support reinvestment rather than using dividends as a performance signal. Furthermore, the negative and significant influence of leverage indicates that the higher a company's dependence on debt-based financing, the more limited its ability to distribute dividends to shareholders. Meanwhile, collateral assets, free cash flow, and investment opportunity set did not show a significant influence. The main contribution of this study lies in confirming that the relationship between profitability and dividend policy is contextual and not universal, especially in post-crisis emerging markets. In practical terms, the results of this study have implications for investor and company managers in evaluating the sustainability of dividends in uncertain economic conditions.
KEPEMILIKAN MANAJERIAL MEMODERASI HUBUNGAN ANTARA INTERNAL GOVERNANCE, ASIMETRI INFORMASI, DAN FREE CASH FLOW TERHADAP REAL EARNINGS MANAGEMENT: (STUDI EMPIRIS PADA PERUSAHAAN CONSUMER NON-CYCLICALS YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2020-2024) Hilda, Hilda Sri Hastuti; Nofryanti , Nofryanti; Rosini, Iin
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2949

Abstract

This study aims to examine the effect of internal governance, information asymmetry, and free cash flow on real earnings management, with managerial ownership serving as a moderating variable. The study employs a quantitative approach using secondary data obtained from the financial statements of consumer non-cyclicals sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The research sample consists of 28 firms selected through purposive sampling, resulting in 140 firm-year observations. Panel data regression analysis is applied using the Fixed Effect Model (FEM) and processed with EViews 13. The results indicate that internal governance and free cash flow have a significant effect on real earnings management, while information asymmetry does not exhibit a significant effect. Furthermore, managerial ownership does not moderate the relationship between internal governance and real earnings management. However, managerial ownership is found to strengthen the relationship between information asymmetry and real earnings management, as well as reinforce the effect of free cash flow on real earnings management. These findings suggest that managerial ownership plays a conditional role in influencing real earnings management practices. The study highlights the importance of strengthening internal governance mechanisms and enhancing financial reporting transparency to mitigate real earnings management and improve the quality of accounting information.
Kualitas Audit sebagai Pemoderasi: Pengaruh Pengungkapan ESG terhadap Kinerja Keuangan Perusahaan Migas di ASEAN Ulvy, Zatalini; Herianti, Eva
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2950

Abstract

This study examines the impact of ESG disclosures on the financial performance of ASEAN oil and gas companies, with audit quality as a moderating variable, using 130 firm-year observations from ASEAN Xchange-listed firms during 2020–2024 and panel data regression. Addressing the limited empirical evidence on the moderating role of audit quality in the ESG–financial performance relationship within environmentally sensitive industries in emerging ASEAN markets, this study fills an important research gap. The results show that environmental disclosure has a significant negative effect on ROE due to short-term cost burdens, while social and governance disclosures exhibit positive but insignificant effects. Audit quality, measured by multidimensional measurement, using Big4 affiliation, auditor tenure, and auditor opinion, positively moderates the relationship between environmental disclosure and financial performance, but shows no moderating effect for social or governance disclosures. Theoretically, this study contributes to legitimacy and stakeholder theory by demonstrating that the financial consequences of ESG disclosure depend on both disclosure content and the credibility of corporate reporting mechanisms. Practically, the findings suggest that ASEAN oil and gas companies should manage ESG disclosures strategically to avoid short-term cost burdens, while high audit quality enhances credibility, strengthens market trust, especially for environmental disclosures, and can support financing access and long-term financial performance.
Pengaruh Pengungkapan Lingkungan, Sosial, dan Tatakelola (ESG) dan Green Accounting terhadap Nilai Perusahaan Antonetta, Chelsea Diva; Simon, Febryanti
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2955

Abstract

Sustainability aspects are increasingly emphasized in modern business practices, including among companies listed on the Indonesia Stock Exchange. This development has been well supported by the launch of the ESG Leaders Index, which consists of 30 companies with strong sustainability performance. The implementation of Environmental, Social, and Governance (ESG) practices and green accounting not only serves as compliance with regulatory requirements but also acts as a signal to investors regarding a company’s commitment to sustainability. This study aims to analyze the influence of ESG Disclosure (Environmental, Social, and Governance), as well as green accounting, on firm value among companies included in the ESG Leaders Index for the 2022–2024 period. A quantitative approach is employed using panel data regression with the Fixed Effect Model with GLS cross-section transformation. The results reveal that environmental disclosure has a significant negative effect on firm value, social disclosure has a significant positive effect on firm value, governance disclosure has a significant positive effect on firm value, and green accounting shows no significant effect on firm value. These findings indicate that investors have begun to incorporate sustainability aspects as an important consideration when making investment decisions.
The Influence of Sustainability Performance and Institutional Ownership on Earnings Management In ASEAN Countries Sagita, Danti; Meutia, Inten; Yusrianti, Hasni
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2956

Abstract

This research is prompted by the escalating emphasis on sustainability performance and corporate governance across the ASEAN countries, along with persistent concerns regarding financial reporting manipulation that weakens the credibility and reliability of corporate disclosures. This study adopts a quantitative approach using secondary data from 238 non-financial sector firms in ASEAN (Indonesia, Malaysia, Singapore, and Thailand) over the 2016–2023 period. Data analysis was performed using panel data regression with the Fixed Effect Model (FEM), implemented through EViews version 12. The results indicate that sustainability performance does not exert a significant influence on earnings management, suggesting that sustainability initiatives in the ASEAN countries remain predominantly symbolic and have not yet functioned effectively as managerial monitoring mechanisms. In contrast, institutional ownership demonstrates a significant negative effect on earnings management, implying that higher levels of institutional shareholding are associated with reduced earnings manipulation levels. Regarding the control variables, firm size and leverage show significant negative effects on earnings management, whereas profitability and industry type show no significant impact. Overall, the findings imply that internal corporate attributes, particularly ownership structure and governance mechanisms, play a more substantial role than external factors in constraining managerial opportunism. This study provides important implications for managers, investors, and regulators across ASEAN countries to strengthen the corporate governance frameworks and encourage more substantive sustainability practices, enabling them to function not merely as compliance instruments but also as mechanisms for enhancing transparency and the integrity of financial reporting.
Pengaruh Corporate Social Responsibility terhadap Harga Saham: Peran Moderasi Ukuran Komite Audit pada Badan Usaha Milik Negara(2019-2024) Muslimin, Mualim; Nurdin, Emillia; Asni, Nur
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2957

Abstract

This study aims to assess the extent to which Corporate Social Responsibility (CSR) affects a company's stock price, as well as to examine the role of Good Corporate Governance (GCG) as a moderating variable in this relationship. This study focuses on State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange for the 2019–2024 period. The study population consisted of 70 companies, and sampling was conducted using a purposive sampling method, resulting in 25 companies being included. Based on the results of the model selection test, the appropriate model used in this study is the Random Effects Model (REM). The findings indicate that Corporate Social Responsibility (CSR), with a proxy for the natural logarithm of CSR expenditures, has an impact on stock prices, where increased CSR expenditures provide a positive signal to investors regarding the company's reputation and attractiveness. Furthermore, Good Corporate Governance (GCG), with a proxy for the number of audit committee members, is proven to strengthen the relationship between CSR and stock prices. Audit committees contribute to improving the quality of oversight, transparency, and reporting, thereby strengthening positive investor perceptions. Empirical results show that state-owned companies must pay attention to the size of CSR expenditures to influence share prices and consider the number of audit committees as a factor that can strengthen the relationship between Corporate Governance and share prices.

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