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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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Active versus Passive Equity Fund Performance in Indonesia: Evidence from Risk-Adjusted Measures and Manager Fees (2018–2025) Sitorus, Erika Marthalina; Ulpah, Maria
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.v10i1.3015

Abstract

This study examines whether actively managed Indonesian equity mutual funds deliver superior net-of-fee, risk-adjusted performance compared to the Jakarta Composite Index (JCI) as a proxy for passive investment. Using a quantitative approach, the analysis covers 119 conventional Indonesian equity mutual funds over the period 2018–2025, encompassing pre-COVID, COVID, and post-COVID market regimes. Risk-adjusted performance is evaluated using the CAPM-based Single Index Model and a matrix of Sharpe ratio, Treynor ratio, and Jensen’s alpha, with non-parametric statistical tests applied to assess performance differentials. The results indicate that, after fees, active equity mutual funds underperform the JCI benchmark across most performance measures, with median Sharpe ratios and Jensen’s alphas not statistically different from or lower than the benchmark. Evidence of partial market efficiency and widespread closet indexing is observed, while any behavioural mispricing appears insufficient to generate persistent alpha capable of offsetting higher management and expense fees. These findings suggest that active management does not provide significant added value in the Indonesian equity market over the long term. Investors may benefit more from passive investment strategies, while regulators are encouraged to enhance fee transparency and performance disclosure to support informed investment decisions.
Reinterpretasi Profitabilitas sebagai Sinyal Financial Distress: Peran Faktor Makroekonomi pada Perusahaan Sektor Keuangan Indonesia ‘Aziza, Najmi; Respati, Novita Weningtyas
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.v10i1.3019

Abstract

Financial distress is the first signal before a company goes bankrupt. This research is very important because it was conducted in the 2019-2023 period, which is the transition period from a pandemic crisis to an economic recovery full of uncertainty (crisis context). Although there is a lot of research on this topic, there is still a gap on whether traditional economic indicators still accurately predict risks in the financial sector when the world is in turmoil. This study examines the influence of exchange rates, inflation, and profitability on financial distress (Altman Z-Score) in 11 financial sector companies on the Indonesia Stock Exchange. The results of the study show an unusual finding: exchange rates, inflation, and even profitability have no effect on financial distress. This indicates an anomaly, where indicators that are usually very decisive do not become a direct threat to the financial sector during this period. These results show that the financial sector has strong resilience thanks to strict regulatory oversight. For investors and managers, these findings provide a lesson that in a crisis situation, profitability alone is not enough to assess risk, a deeper analysis of the company's internal policies and regulatory compliance is needed.
Kinerja ESG, Independensi Komite Audit, dan Biaya Modal: Bukti Moderasi dari Perusahaan Bursa Efek Indonesia Sari, Hotma Glorya Ika; Karlinah, Lady; Sugondo, Liem Yan; Ananta, Amelia
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.v10i1.3021

Abstract

This study investigates the effect of Environmental, Social, and Governance (ESG) performance on firms' cost of capital and examines the moderating role of audit committee independence in an emerging market context. The sample consists of 95 companies listed on the Indonesia Stock Exchange (IDX) during the period 2016–2023, resulting in 760 firm-year observations in a balanced panel dataset. Using panel data regression with a moderating approach, the findings indicate that ESG performance has a negative and significant effect on the cost of capital, with a one-point increase in ESG score reducing the weighted average cost of capital (WACC) by approximately 13.6 basis points. Audit committee independence also exhibits a negative effect on the cost of capital. However, the interaction analysis reveals that audit committee independence significantly weakens the negative relationship between ESG performance and the cost of capital, suggesting that the financial benefits of ESG practices are less pronounced when governance oversight is already strong. Theoretically, this study extends signaling theory by demonstrating that the credibility of ESG signals depends on existing governance structures; empirically, it provides evidence from an emerging market where governance and sustainability disclosures are evolving. The findings offer practical insights for managers and investors in aligning ESG strategies with governance mechanisms to enhance financial efficiency.  
Memaknai reliabilitas temuan audit berbasis machine learning: perspektif epistemik auditor dalam praktik audit modern Astuthy, Ritma Tri; Ahsan, Salsabila Adi; Said, Darwis; Syarifuddin, Syarifuddin
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.v10i1.3025

Abstract

Perkembangan machine learning telah mengubah praktik audit modern dari pendekatan berbasis sampling menuju audit berbasis analitik algoritmik. Meskipun teknologi ini menjanjikan peningkatan efisiensi dan kemampuan deteksi anomali, masih terdapat pertanyaan mendasar mengenai bagaimana auditor memaknai reliabilitas temuan audit yang dihasilkan oleh algoritma, terutama ketika proses pengambilan keputusan sistem bersifat black box. Penelitian ini bertujuan untuk mengkaji bagaimana auditor membangun, menegosiasikan, dan mempertahankan makna reliabilitas temuan audit berbasis machine learning dalam kerangka legitimasi epistemik dan identitas profesional.Penelitian ini menggunakan pendekatan kualitatif dengan metode Interpretative Phenomenological Analysis (IPA) untuk mengeksplorasi pengalaman subjektif auditor dalam berinteraksi dengan temuan audit berbasis algoritma. Data diperoleh melalui wawancara mendalam terhadap delapan auditor dengan latar belakang pengalaman profesional yang beragam, mulai dari auditor junior hingga auditor senior dan manajerial. Analisis dilakukan secara idiografis untuk mengungkap tema-tema interpretatif yang merefleksikan cara auditor memahami, menerima, maupun meragukan reliabilitas hasil algoritma dalam praktik audit. Hasil penelitian menunjukkan bahwa reliabilitas temuan audit berbasis machine learning tidak dipahami auditor semata-mata sebagai akurasi teknis sistem, melainkan sebagai konstruksi makna yang berkaitan erat dengan transparansi epistemik, professional judgment, dan legitimasi peran auditor sebagai pengambil keputusan. Auditor dengan literasi teknologi yang lebih tinggi cenderung memandang algoritma sebagai sarana penguatan legitimasi profesional, sementara auditor berpengalaman mengekspresikan skeptisisme yang berakar pada ketidakpastian epistemik dan perlindungan identitas profesional. Temuan ini mengindikasikan bahwa penerimaan machine learning dalam audit berada pada fase transisi, di mana algoritma diintegrasikan sebagai alat pendukung keputusan, bukan pengganti penilaian profesional. Penelitian ini memperluas literatur algorithmic auditing dengan menegaskan bahwa reliabilitas temuan audit berbasis algoritma merupakan fenomena sosial-epistemik, bukan sekadar persoalan performa teknis. Implikasi penelitian ini menekankan pentingnya pengembangan explainable AI, pembaruan standar audit, serta peningkatan kompetensi auditor agar adopsi machine learning selaras dengan nilai profesional dan akuntabilitas audit.
Literasi Fintech, Kompetensi Digital, dan Minat Karir Auditor Digital: Pendekatan Theory of Planned Behavior pada Mahasiswa Akuntansi Jusman, Jumriaty; Masrahati, Masrahati; Nouruzzaman, Ahmad; Purnama, Ikhsan
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.v10i1.3031

Abstract

The rapid digitalization of the accounting and auditing profession has increased demand for digitally skilled auditors, particularly those capable of operating in FinTech-driven environments. This study examines the simultaneous and partial effects of FinTech literacy and digital competency on students’ interest in pursuing a career as a digital auditor, drawing on the Theory of Planned Behavior (TPB) as the underlying theoretical framework. Using a quantitative approach, data were collected from undergraduate accounting students and analyzed using multiple linear regression with SPSS. The results of the F-test indicate that FinTech literacy and digital competency jointly have a significant effect on students’ interest in the digital auditor profession. However, partial testing reveals that both FinTech literacy and digital competency exhibit a negative and significant individual effect on career interest. These findings suggest that higher levels of knowledge and digital skills may simultaneously increase awareness of professional risks, technological complexity, and job demands associated with digital auditing, which in turn can reduce career interest. The results align with TPB by indicating that perceived behavioral control and attitude toward the profession may be shaped not only by competence but also by perceived difficulty and risk. This study contributes to the literature by highlighting the paradoxical role of digital competence and FinTech literacy in career intention formation and provides practical implications for accounting education in designing curricula that balance skill development with career orientation and risk awareness. This study contributes to the literature on digital audit career intentions by demonstrating that advanced digital capabilities may generate ambivalent effects on career interest, particularly through heightened risk perception and job demands. From a practical perspective, the findings imply that accounting curricula and audit education should not only strengthen digital and FinTech competencies but also address career orientation, professional readiness, and realistic perceptions of digital audit work.
Dynamic Capital Structure as Strategic Leverage: Evidence from Garuda Indonesia Wijaya, Oey Richard Arthur; Lubis, Arief Wibisono
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.v10i1.3038

Abstract

The core problem is whether Garuda’s failure to adjust in a timely manner became a strategic disadvantage that intensified avoidable distress. This study addresses gaps in research on SOE adjustment behaviour, leverage dynamics in aviation, and the economic cost of delayed rebalancing, framing capital structure as a strategic capability rather than a static ratio. This study uses a mixed-method design focused on Garuda Indonesia, benchmarked against nine airlines (2015-2024) through a multiple-case comparative panel. . The primary method is System GMM, used to estimate the Speed of Adjustment (SOA) and identify dynamic leverage behaviour, complemented by Random Effects estimation of leverage determinants and Monte Carlo simulation (?10,000 paths) to assess resilience outcomes.  Profitability negatively affects leverage (? = ?1.05; p < 0.01), while tangibility positively influences it (? = +0.62; p < 0.01), consistent with pecking order and trade-off theories. The System GMM estimation across ten airlines shows a significant lagged-leverage coefficient (? = 0.316; p < 0.01), implying a Speed of Adjustment (SOA) of 0.684, compared to a firm-level testing of Garuda that shows ? = 0.7493 or SOA of 0.257, and  actual cost of capital during distress that was 6.7x higher than it would have been under a balanced capital structure. After homologation, leverage persistence turned negative (? = -0.1464; SOA = 1.15), reflecting an overshooting phase consistent with rapid deleveraging, restored managerial discretion, and materially reduced adjustment frictions. These results verify that homologation substantially improved policy effectiveness. Monte Carlo simulations (10,000 paths) reveal a sharp improvement in resilience: Garuda’s mean DSCR rose from -1.56 pre-homologation (2015-2021) to +0.72 post-homologation (2022-2024), demonstrating reduced tail risk and a structural recovery in solvency without changes in operational volatility. The study contributes to capital structure theory by demonstrating that dynamic adjustment speed itself is a strategic variable, particularly under financial distress.
Dampak Implementasi Sistem Just In Time terhadap Efisiensi Biaya dan Produktivitas Tenaga Kerja pada Usaha Penggilingan Padi Skala UKM (Studi Kasus UD. Suka Kerja) Fahira, Dian; Ravika Mutiara Savitrah
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.v10i1.3040

Abstract

Business competition requires firms to improve productivity and efficiency to remain competitive. One strategy that can be adopted is the Just In Time (JIT) system, which emphasizes demand-based production and inventory minimization. This study analyzes the implementation of JIT and its impact on cost efficiency and labor productivity at UD. Suka Kerja, a small and medium-sized rice milling enterprise. Prior studies on JIT largely focus on large-scale manufacturing firms and operational efficiency, while empirical evidence on partial JIT implementation in SMEs, particularly its implications for labor productivity, cost control, and worker welfare, remains limited. This study employs a qualitative case study approach supported by quantitative performance analysis. Data were collected through observation, interviews, and documentation, and analyzed using the interactive model of Miles, Huberman, and Saldana with triangulation of sources and techniques. The findings indicate that although JIT implementation at UD. Suka Kerja remains partial and transitional, as reflected by residual inventory from previous periods and workflow adjustments, it has contributed positively to operational performance. Total production costs decreased by 1.35%, production cost productivity increased from 0.0000671 kg/IDR to 0.0000714 kg/IDR, and production efficiency reached 104.9% relative to the pre-JIT standard. In addition, working hours were reduced by 27.2%, resulting in a 32% increase in labor productivity. Cost control contributed dominantly to profit growth, accounting for 84.49% of the increase in net profit. However, these performance improvements were accompanied by social trade-offs, particularly reduced working hours and worker income, which affected labor acceptance of the JIT system. The findings suggest that while JIT enhances efficiency and financial performance in SMEs, its successful implementation requires alignment with human resource management policies to ensure balanced outcomes between operational efficiency and worker welfare.
QRIS Dan Fenomena Cashless Society: Efisiensi Pembayaran Digital Terhadap Perspektif Gen Z Sabrina, Luthfia; Inayah, Nurul; Syahbudi, Muhammad
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.v10i1.3042

Abstract

This study aims to analyze the efficiency level of the QRIS (Quick Response Code Indonesian Standard) digital payment system from the perspective of Generation Z in Medan. The four main indicators measured were transaction speed, ease of use, transaction costs, and system convenience and reliability. This study used a descriptive quantitative approach with 100 active QRIS user respondents. The analysis results showed that QRIS had an overall efficiency level of 79.85%, categorized as "Moderate" according to Tenriajeng's (2003) classification. Transaction speed (83.4%) and ease of use (83.6%) were the most efficient aspects, while transaction costs and system convenience and reliability (76.2%) still need improvement. Theoretically, these findings reinforce the relevance of the Technology Acceptance Model (TAM) and the Bank for International Settlements' concept of payment system efficiency, which emphasizes that perceptions of speed, convenience, and reliability are key factors in the acceptance of digital financial technology. In practice, QRIS has played a significant role in accelerating the transformation toward a cashless society, although improvements in system stability, digital infrastructure, and customer service are still needed to achieve optimal efficiency and strengthen national financial inclusion.
Implementasi Coretax terhadap Efisiensi Proses Administrasi Perpajakan dan Kepuasan Wajib Pajak di Era Digital: (Studi Kasus Di KPP Pratama Kediri) Artavia, Abrilla Hani; Kusumaningarti, Miladiah; Rahayu, Puji
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.v10i1.3044

Abstract

Starting in 2025, the integrated tax administration system (also known as Coretax) will be implemented in Indonesia with the aim of increasing the effectiveness and transparency of the country's tax administration system. The purpose of this study is to examine the effect of administrative process efficiency (y1) on taxpayer satisfaction (y2) after the implementation of Coretax (x). The method used is purposive sampling, with data collection techniques including observation, interviews, and documentation. The data analysis technique used is multiple linear regression analysis. The results of this study indicate that the large variable of administrative process efficiency (Y1) has a more dominant effect on the level of taxpayer satisfaction (Y2) after the implementation of Coretax (X), that the administrative process efficiency (Y1) has a more dominant effect. The implications of this study are to encourage taxpayer digital literacy so that services become faster and more effective.
The Economic Impact of Tourism and Infrastructure Development on Local Community Income: Case Study of Sembalun Tourism Destination Aolia, Jumatul; Dewi, Novi Yanti Sandra; Agustina, Ahadiah; Mukhlishin
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.v10i1.3049

Abstract

ABSTRACT This study aims to explore the economic impact of tourism development and infrastructure development on the welfare of local communities in Sembalun Village. The research method used is a quantitative approach with a descriptive design. The variables analyzed include tourism economy and infrastructure development as independent variables, and local community income as the dependent variable. Data were collected through a survey using a questionnaire with random sampling technique, with a sample of 100 respondents. The results showed that the tourism economy sector contributed 61.7% to the increase in community income, while infrastructure development contributed 23.3%. Simultaneously, the two variables contributed 47.9% to community income. The findings are expected to contribute to the development of sustainable and equitable tourism policies, as well as provide useful perspectives for stakeholders in formulating tourism and infrastructure-based regional development strategies. Based on the research results, it is imperative for the government and stakeholders to strengthen investment in the tourism sector as well as mutually supportive infrastructure development. Improved facilities and quality of public services, such as accessibility, transportation infrastructure, as well as the development of tourist attractions, will accelerate local economic growth and improve community welfare. Therefore, collaboration between tourism development and infrastructure development is a crucial factor in realizing sustainable and inclusive regional development. Keywords: Tourism economy, infrastructure development, local community income, Sembalun, economic development

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