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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 : 25487507     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 1,752 Documents
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Capital Structure, Financial Stability and Sustainability Performance In Indonesian Non-Banking Companies Risky Budianto; Harfiahani Indah Rakhma Ningtyas
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3580

Abstract

This study is to determine the effect of capital structure on the financial stability and sustainability performance of non-banking companies in Indonesia. Currently, similar research is still dominated by banking companies. The study used archival data with non-banking companies go public in Indonesia. Financial data is taken from the OSIRIS database and sustainability data is taken from the ESGI dataset. The number of observations was 2177 firm years from 2015-2021. It uses the panel data regression as the model’s application. Robustness tests and additional analyses also add depth to the research discussion. Structure capital statistically positively affects financial stability for shareholders and short-term debt, while other proxies of long-term debt and debt-to-equity have a statistically negative effect on financial stability. Structure capital also negatively affects sustainability performance for proxy shareholders and short-term debt, while long-term debt proxies and DER are insignificant on sustainability performance. This study isn’t carried out in all sectors so the measurement of financial stability and sustainability performance is still limited and needs to be tested more broadly. This study fills in the gaps in the findings of previous studies that are still debatable and adds a proxy for measuring capital structure to complement the discussion study.
The Instrumen Fiskal Islam dan Implikasinya terhadap Kesejahteraan Sosial: Tinjauan Sistematis dalam Konteks Perekonomian Indonesia Faisal Faisal; Rahmad Cahyadi; Yusrizal Yusrizal; Zuhrinal M. Nawawi
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3583

Abstract

Islamic fiscal policy offers an alternative approach grounded in Sharia principles for managing state revenues and expenditures, with the overarching goal of achieving social welfare (maslahah) and distributive justice. This study aims to analyze the theoretical foundations of Islamic fiscal policy, identify its primary instruments-including zakat, waqf, jizyah, kharaj, and 'ushr and examine their relevance and implementation challenges within the context of Indonesia's national economy and the contemporary global financial system. A systematic literature review method combined with descriptivequalitative analysis was applied to primary classical texts, government regulations, international institution reports, and indexed scientific articles published between 2014 and 2024. Findings indicate that Islamic fiscal instruments hold significant potential for reducing income distribution inequality, promoting inclusive growth, and strengthening state fiscal resilience. However, implementation faces several structural challenges, including: weak institutional capacity for zakat collection and management, insufficient regulatory integration of Islamic fiscal instruments into the state budget (APBN) framework, and low public literacy regarding Sharia-based fiscal obligations. This study recommends gradual integration of Islamic fiscal instruments through strengthened regulation, institutional reform of the National Zakat Board (BAZNAS), and harmonization with conventional fiscal systems as a strategic pathway toward equitable economic development.
Profitabilitas sebagai Katalisator: Keputusan Keuangan dan Valuasi Pasar Emiten Energi dan Barang Baku di BEI pada Era Pasca-Pandemi Nurul Zakiyah Zakiyah; Yuni Utami; Mohammad Arridho Nur Amin
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3587

Abstract

Market valuation of energy and basic materials firms is shaped not only by financial policy choices, but by the profitability fundamentals that validate those choices. This study examines the role of investment decisions, capital structure, and dividend policy on firm value while repositioning profitability from a static determinant to an active quasi moderator. Using balanced panel data from 56 companies listed on the Indonesia Stock Exchange (IDX) over the post-pandemic recovery period 2021–2024 (224 firm-years), and estimated through a Fixed Effect Model (FEM) with entity-clustered Robust Standard Errors, the findings reveal that capital structure exerts a significant positive effect on firm value, whereas investment decisions and dividend policy yield no significant direct impact. Moderated Regression Analysis (MRA) with mean-centering confirms that profitability significantly moderates both asset expansion and leverage utilization on firm value. Notably, profitability attenuates the effect of asset expansion on firm value consistent with the overinvestment hypothesis, whereby aggressive capital expenditure by high-profitability firms raises market concerns about value-destroying empire building. Conversely, profitability amplifies the positive effect of capital structure, confirming that high earnings effectively neutralize financial distress risk. These findings underscore that financial policy outcomes are profitability-contingent, offering investors a more reliable valuation lens for energy and basic materials issuers in volatile emerging markets.
The Price of Looking Green: Does Greenwashing Have Multiple Facets? Adinda Noor Widowati; Resi Ariyasa Qadri; Adita Queenola Larasati
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3598

Abstract

Sustainability reporting in the Basic Materials sector may present a favorable environmental image, yet such disclosure does not always correspond to actual environmental performance. This study aims to predict and explain the effects of Environmental Costs, Emission Intensity, and Waste Performance on Greenwashing, as well as the economic consequences of Greenwashing for ROA and Tax Avoidance. Using a positivist quantitative approach, this study analyzes firm-year observations of Indonesian Basic Materials companies during 2021–2023. The data were collected from annual reports, sustainability reports, financial statements, PROPER ratings, and ESG databases. The sample was selected using purposive sampling and examined through panel data regression and Sobel mediation testing. The results show that Environmental Costs and Emission Intensity significantly increase Greenwashing, whereas Waste Performance has no significant effect. Greenwashing significantly reduces ROA and lowers GAAP ETR, indicating a higher level of Tax Avoidance. The mediation test further shows that Greenwashing only mediates the relationship between Environmental Costs and ROA. These findings indicate that environmental activities do not automatically represent substantive capabilities when corporate disclosure is not aligned with actual environmental performance. This study contributes by using the GRI-PROPER gap to assess Greenwashing in high-impact listed firms within a broader emerging market regulatory setting. Keywords: Emission Intensity; Environmental Costs; Greenwashing; ROA; Tax Avoidance; Waste Performance.
Pengaruh Green Banking terhadap Profitabilitas Perbankan dengan Ukuran Bank sebagai Variabel Moderasi Halimah; Muhammad Fahmi; Rudy Kurniawan
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3603

Abstract

This study aims to analyze the effect of green banking through four dimensions, namely banks' policy related practice, daily operation related practice, customer related practice, and employee related practice, on profitability proxied by Return on Assets (ROA), and to examine the moderating role of bank size. Inconsistency in prior research findings and the limitation of single-index measurement approaches serve as the primary motivation for this study. The population consists of all conventional commercial banks listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024. The sample was determined using purposive sampling based on the completeness of financial reports and data availability, resulting in 24 banks with 96 total observations as balanced panel data. Data were analyzed using panel data regression with the Fixed Effect Model (FEM), selected based on the Chow and Hausman tests. The results indicate that only the employee related practice dimension has a significant positive effect on ROA, while banks' policy related practice, daily operation related practice, and customer related practice show no significant effect. Furthermore, bank size is not proven to moderate the relationship between any of the four green banking dimensions and profitability. This study concludes that the effectiveness of green banking on bank financial performance depends on the specific dimension implemented rather than institutional scale.
Pengaruh Pengungkapan ESG dan Kepemilikan Institusional Terhadap Return Saham Pada Sektor Consumer Cyclicals & Non-Cyclicals dalam Indeks IDX SMC Composite Virli Mutia Sofianti; Rahma Maulidia; Nina Febriana Dosinta
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3606

Abstract

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure and institutional ownership on stock returns of companies listed in the IDX SMC Composite Index for the period 2021-2024, with firm size and stock liquidity as control variables. The study employs a quantitative approach using panel data regression analysis. The sample was selected through purposive sampling from 470 companies in the IDX SMC Composite Index during the observation period. ESG disclosure is measured using a disclosure index based on OJK Regulation No. 51/POJK.03/2017, institutional ownership is measured by the proportion of shares held by institutions, stock return is calculated based on annual stock price changes, firm size is proxied by the natural logarithm of total assets, and stock liquidity is measured using the turnover ratio. Model selection is conducted through the Chow Test, Hausman Test, and Lagrange Multiplier Test. The results indicate that ESG disclosure has a positive and significant effect on stock returns, but institutional ownership does not have a significant partial effect on stock returns. This research is expected to provide empirical contributions regarding the relevance of ESG disclosure and institutional ownership in the small and medium capitalization segment in Indonesia.
Does Corporate Governance Matter for Accounting Conservatism? Ilma Alzaida; Ayu Puspitasari; Syarbini Ikhsan
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3607

Abstract

The relationship between firm size, leverage, and accounting conservatism is explored in this paper, using independent commissioners as a moderating variable. A sample consisting of 22 mining and energy enterprises listed on the IDX was established through purposive sampling. For hypotheses testing, this research utilizes multiple linear regression and Moderated Regression Analysis (MRA). The data analysis indicates that leverage negatively and significantly influences accounting conservatism, while firm size yields a significant positive outcome. Regarding the moderating mechanism, independent commissioners show no capacity to moderate the leverage-conservatism link, yet they markedly weaken the impact of firm size on accounting conservatism. This finding highlights that proper governance through independent commissioners elevates the reliability of financial disclosures, making excessive accounting conservatism less necessary for large corporations.
Pengaruh Financial Slack, Firm Size dan Carbon Performance terhadap Carbon Emission Disclosure Alya Agesti; Umiaty Hamzani; Ira Grania Mustika
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3610

Abstract

This study is motivated by the growing attention to climate change issues, which underscores the importance of corporate transparency in disclosing carbon emissions as a form of responsibility toward the environment and stakeholders. The objective of this study is to analyze the influence of financial slack, firm size, and carbon performance on carbon emissions disclosure among companies in the non-cyclical consumer sector listed on the Indonesia Stock Exchange during the 2021–2024 period. However, previous studies have reported inconsistent findings regarding the effects of financial slack, firm size, and carbon performance on carbon emissions disclosure. Furthermore, empirical evidence from the non-cyclical consumer sector remains relatively limited compared to carbon-intensive industries. This study employs a quantitative approach using secondary data obtained from annual reports and sustainability reports. The sample was selected using purposive sampling based on specific criteria, resulting in 26 companies with a total of 104 observations. Data analysis was conducted using multiple linear regression, preceded by tests of classical assumptions to ensure the validity of the analytical model. The results indicate that firm size has a significant effect on carbon emissions disclosure, whereas financial slack and carbon performance do not show significant effects. In conclusion, firm size is the dominant factor driving increased carbon emissions disclosure, while internal financial factors and carbon performance have not been proven to be primary determinants in such disclosure practices. This finding indicates that external pressures such as regulatory demands drive disclosure more strongly than internal factors.
Pengungkapan ESG Dan Nilai Perusahaan: Peran Moderasi Ukuran Bank Pada Perbankan Indonesia Ilmiatul Soleha; Ira Grania Mustika; Khristina Yunita
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3613

Abstract

ESG The enactment of OJK Regulation No. 51/POJK.03/2017 has transformed ESG disclosure from a voluntary practice into a regulatory requirement for banks operating in Indonesia, yet debate persists over whether this requirement actually leads to higher firm valuations. This study examines the relationship between ESG disclosure and firm value among conventional commercial banks listed on the Indonesia Stock Exchange over the 2022-2024 period, focusing on how bank size may strengthen or weaken this relationship. Using a purposive sampling approach, 27 banks were selected, resulting in 81 firm-year observations after winsorization at the 2.5th and 97.5th percentiles. ESG disclosure was measured through a self-developed index based on 50 GRI Standard indicators, firm value was proxied by Tobin's Q, and bank size was captured via the natural logarithm of total assets, with ROA and DER included as control variables. To address heteroscedasticity and autocorrelation concerns, the data were analyzed using Moderated Regression Analysis with a Fixed Effect Model and Newey-West HAC Standard Errors. Findings reveal that neither ESG disclosure, bank size, nor their interaction term has a statistically significant effect on firm value. Notably, smaller digital-based banks achieved substantially higher Tobin's Q values than larger conventional BUKU 4 banks, suggesting that investor attention has shifted toward growth potential and technological capability rather than asset size. Overall, these results suggest that signaling, stakeholder, and agency theories have yet to fully explain how ESG disclosure translates into firm value within Indonesia's developing capital market, where the link between ESG disclosure and valuation appears to remain weak and would likely benefit from a more mature investor base.
Pengaruh Transformasi Digital dan Proporsi Komisaris Independen terhadap Kualitas Pelaporan ESG pada Perusahaan ESG Quality 45 IDX KEHATI Nursela Nursela; Ira Grania Mustika; Vitriyan Espa
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3615

Abstract

Environmental, Social, and Governance (ESG) reporting in Indonesia continues to grow significantly in quantity, but this increase has not been fully accompanied by adequate sustainability information quality. Many companies have disclosed ESG information, yet the disclosures remain general and do not fully reflect transparency and substantive sustainability information. This study aims to analyze the effect of digital transformation and the proportion of independent commissioners on ESG reporting quality in companies included in the ESG Quality 45 IDX KEHATI during 2021–2024. The population consisted of all companies listed in the ESG Quality 45 IDX KEHATI index during the observation period. The sampling technique used purposive sampling, resulting in 88 observations. The study employed secondary data obtained from annual reports and sustainability reports. A quantitative approach with panel data regression analysis was applied. The results indicate that digital transformation and the proportion of independent commissioners have a significant positive effect on ESG reporting quality. These findings suggest that digital technology improves the effectiveness of sustainability data management and corporate information transparency, while independent commissioners strengthen the oversight function in ESG reporting practices. The study concludes that digital transformation and the proportion of independent commissioners are important factors in improving corporate ESG reporting quality and provides practical implications for companies and regulators in strengthening ESG implementation and reporting standards in Indonesia.

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